Where to Buy Bitcoin in India: Cryptocurrency Exchanges Lower Their Fees
Since the supreme court lifted the RBI ban, more people have been looking to buy bitcoin and other cryptocurrencies in India. Responding to community feedback, a number of cryptocurrency exchanges have lowered their fees as the Indian crypto sector continues to grow.
Indian Crypto Exchanges Cutting Fees
The Indian crypto sector has been growing ever since the Supreme Court of India lifted the banking ban imposed by the central bank, the Reserve Bank of India (RBI). More people are now interested in bitcoin and other cryptocurrencies, and local crypto exchanges are seeing increased trade volumes and signups, even during the nationwide lockdown.
One of the main factors why a user chooses one cryptocurrency exchange over another is the fee structure. Due to popular demand on social media, a number of crypto trading platforms have lowered their fees. Below are some popular bitcoin and cryptocurrency exchanges in India, as well as the fees they are charging.
Wazirx, a popular crypto exchange in the country, charges 0.1% when paid through WRX, CEO Nischal Shetty told news.Bitcoin.com. “We lowered our USDT fees to make it zero fees for transfer to Binance,” he detailed. “So effectively maximum users in India now enjoy 0 fee USDT transfer from Wazirx to Binance and for other withdrawals, the fee has been lowered to 1.5 USDT.” The CEO further shared, “We’re planning to lower withdrawal fees for other tokens as well over time.” Wazirx’s fees can be found here.
Zebpay, formerly one of the largest cryptocurrency exchanges in India, recently relaunched in the country. The exchange announced that starting Friday it is waiving “the normal 1.5% netbanking fee through April 10.” Furthermore, “users can trade BTC-USDT, ETH-USDT, XRP-USDT, ETH-BTC & TUSD-USDT with no trading fees this month.” The exchange currently charges a withdrawal fee of 0.00049 BTC. Zebpay’s fees can be found here.
Other Indian Exchanges With Competitive Fees
Some cryptocurrency trading platforms have already been focusing on offering competitive fees to their users. Popular Indian crypto exchange Coindcx charges 0.0005 BTC for withdrawals. CEO Sumit Gupta shared with news.Bitcoin.com: “We have been competitive since [the] start as a policy as we believe in crypto adoption. As we have been maintaining the best price, compared to some competitors, we didn’t have to bring the fees down.” Coindcx’s fees can be found here.
Unocoin, one of the oldest cryptocurrency exchanges in India, charges a fee of 0.7% to buy or sell bitcoin. Users can upgrade to a gold membership and the fee will drop to 0.5%. Unocoin’s fees can be found here.
Other well known cryptocurrency exchanges in India include Cashaa, Pocketbits, Giottus, and Bitbns. London-based banking platform Cashaa launched its Indian operations in October last year; its fees can be found here. Pocketbits advertises 0% trading fees and a BTC withdrawal fee of 0.0003 BTC; its fees can be found here. Giottus offers a BTC withdrawal fee of 0.0001 BTC, and the platform’s fee schedule can be found here. Bitbns charges a BTC withdrawal fee of 0.0005 BTC; its fees can be found here.
Furthermore, Indians can also use peer-to-peer marketplaces such as Localbitcoins and Paxful to buy and sell bitcoins directly from sellers in INR. They can also use local.Bitcoin.com to buy and sell BCH. India currently has no direct cryptocurrency regulation but the government is reportedly discussing a regulatory framework for cryptocurrencies with the central bank.