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The 15 Cryptocurrency
Exchanges In India That
Are Bringing Bitcoin &
Ethereum To Mainstream
Zebpay, Unocoin Leads The Cryptocurrency
Exchanges Tally; Bitcoin And Ethereum Are The
Most Famous
Suprita Anupam

November 23, 2017 | 14 min read

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Image Credits: Manash Pratim

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With its price surging exponentially, Bitcoin’s comparison with Gold is

outdated. Bitcoin is limited, so is ‘Margarita, the Benjamin’ with a
composition of a special Cuvee of Grand Marnier, finished with Louis XIII
Cognac. As demand is catching up, the nine-year-old Bitcoin is already
priced on par with 42-year-aged Glenfiddich single malt scotch, and will
perhaps surpass a bottle of 50-year-aged scotch too, which is trading at
$32K at the whiskey exchanges across the world. However, in India, like
whiskey exchanges that are few and far between (trading aged single
malt scotch), there are limited cryptocurrency exchanges that are
reliable, regulated and that enable trading in Bitcoins and other
cryptocurrencies.

In India, as the Bitcoin fever is catching up with over 2,500 users trading
Bitcoin daily and the trading volume rising close to $20 Bn a year,
cryptocurrency exchanges are mushrooming with each passing day.
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the world of cryptocurrencies, hard-fork is a common phenomenon.
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However, for a hard-forked coin’s valuation, it is important to have the
backing of some independent exchanges that could benchmark their
values.

Amid 1315 cryptocurrencies along with crypto tokens available for

the trading at various cryptocurrency exchanges, it is crucial to check
whether the exchanges trading these cryptocurrencies are regulated or
not. In India, while mcap tokens and Onecoins received a bit of
controversy, globally, more than 50 cryptocurrency exchanges have
been shut down owing to the hacking, chaos and government policies.

In India, while the government policy regarding cryptocurrencies is the

new ‘Birbil Ki Khhichdi’, still in the cooking mode, a majority of the Indian
cryptocurrency exchanges have already adopted the KYC way to
minimise the trading risks. The Indian cryptocurrency exchanges have
also formed a foundation called Digital Asset and Blockchain
Foundation of India (DABFI) which decides the exchanges’ stand on
various issues such as hard-forks. Leading from the front, Bitcoin has
captured a major chunk of market shares, Ethereum, Litecoin and
Bitcoin Cash are slowly making their way into the Indian cryptocurrency
market.

Added to that, India is soon going to have its own digital cryptocurrency,
Laxmicoin. Founded by Raj Dangi and Mitts Daki, Laxmi Coin was
scheduled to be India’s first digital cryptocurrency, back in 2013.
However, after RBI press release over the cryptocurrencies in 2013, the
launch was suspended. The startup will be officially launched in 2018
now, and the ICO will start on March 31, 2018.

As many cryptocurrency enthusiasts looking forward to investing in

Bitcoins and other cryptocurrencies, however, are unaware of the
various cryptocurrency exchanges, their trading fee and other details;
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the article efforts to enlist the current active cryptocurrency exchanges
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across India. Readers are suggested to check the pricing index policy and
exchange regulatory parameters while investing in Bitcoins or other
cryptocurrencies. This is important, as pricing varies as per the indexing
policies; some exchanges do follow local demand-supply curve while
some, global index.

Cryptocurrency Exchange Startups In India

15
Total Number Of Cryptocurrency Exchange Startups In India

2017
Year Most Of The Cryptocurrency Exchange Startups Were Launched In

4
Number Of Funded Statups

Bitcoin (13), Etherium (8), Ripple (5)

Most Common Cryptocurrencies & And Number Of Platforms Offering
Them

6
Number Of Startups Who Aren't Charging Any Transaction Fee

Couple Of Hours
Average Registration Time On A Platform

Last Updated On: 22nd November, 2017

1.5kBitcoin, Ethereum Era: A List Of
The
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Cryptocurrency Exchanges In India

Please note that the order is arbitrary. The information has been collected from
press statements, publically available resources and websites.
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Unocoin

Launched In: 2013

Based Out Of: Bengaluru
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Founders: Abhinand Kaseti, Harish B V, Sathvik Vishwanath and
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Sunny Ray
Funding Details: Raised $1.75 Mn till date: $250K in Seed funding
and $1.5 Mn in Pre-Series A funding led by Digital Currency Group in
2016
Key Stats: Over 500K downloads, as of November 13, 2017
Cryptocurrency Offered: Bitcoin
Transaction Fee: 0.7% to 1%
Avg. Registration Time: 24-48 hours

Founded by Abhinand Kaseti, Harish B V, Sathvik Vishwanath and

Sunny Ray in December 2013, Bitcoin wallet Unocoin has registered over
500K downloads so far. Based in Bengaluru, Unocoin has partnered with
US-based Bitwage and Canada-based Paycase, in a bid to widen its global
user base. Recently, Unocoin has also entered into a strategic
partnership with the US-based software platform for the digital
currency, Blockchain. The partnership will allow seamless integration of
the Unocoin wallets with Blockchain wallets where Indian users can fund
their Blockchain wallets through Unocoin.

Within the four-year span, Unocoin has also introduced some new
features such as the Bitcoin Systematic Buying Plan (SBP), Bitcoin Point
of Sale (POS) App and Bitcoin Over-The-Counter trading (OTC).

The company has successfully raised close to $2 Mn funding so far. Seed-

funded with $250K, Unocoin raised $1.5 Mn in a Pre-Series A funding led
by Digital Currency Group in 2016. The other investors who participated
in the round were Founders Club, Boost VC, ah! Ventures, Bnk To The
Future, Mumbai Angels and Blume Ventures.

According to the company statement, on April 7, 2016, the Unocoin

business was transferred to Unocoin Technologies Pvt Ltd which is a
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fully owned subsidiary of a holding company in Singapore named
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Unocoin Technologies Pte Ltd.

Belfrics 

Launched In: 2014

Based Out Of: Bengaluru/Kualalumpur
Founders: Praveen Kumar
Cryptocurrency Offered: Bitcoin
Transaction Fee: 1%
Registration Time: Instant

Belfrics claims to aggregate the feeds of multiple cryptocurrency

exchanges to deliver a deep pool of liquidity for effective trade
execution. The company provides solutions for buying and selling of
Bitcoins, Points-of-scales (POS) solutions, Bitcoin web payment gateway
and mobile credit cards.

Bitxoxo 

Launched In: 2016

Based Out Of: Warangal
Founders: Hesham Rehman and Mohammed Rezwan
Cryptocurrency Offered: Bitcoin, Bitcoin Cash, Ethereum and
Ripple
Transaction Fee: No extra charge, claims the company
Registration Time: Instant

Warangal-based exchange wallet Bitxoxo was founded by Hesham

Rehman and Mohammad Rezwan in 2016. The platform allows Bitcoin
 1.5k to buy, sell and gift Bitcoins. As per the company, it doesn’t
traders
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charge any fee for these services. Bitxoxo also allows payments and
withdrawals through IMPS.

The company plans to add other cryptocurrencies such as Bitcoin Cash,

Ethereum and Ripple as well. The exchange is yet to launch its
iOS/Android apps.

BTCXIndia

Launched In: 2013

Based Out Of: Hyderabad
Founders: Mupparaju Siva Kameswara Rao
Key Stats: Less Than 5K downloads, as of October 27, 2017
Cryptocurrency Offered: Bitcoin, Ripple, Ethereum
Transaction Fee: 1%
Registration Time: Within Hours

Founded by Mupparaju Siva Kameswara Rao in 2013, BTCXIndia is

managed by Hyderabad-based S Capital Solutions Pvt. Ltd. The platform
allows users to trade in Bitcoin, Ethereum and Ripple. The exchange had
to shut down its operations on May 8, 2015, after Kotak-Mahindra bank
pulled the plug on it. However, the exchange resumed operations on July
5, 2017, after moving to Andhra bank.

The company also operates ETHEXIndia which offers ETH Wallet system
enabling real-time trade between ETH and INR. Its Android app has little
under 5K downloads.

BuyUCoin

Launched In: 2016

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Based Out Of: Delhi
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Founders: Atulya Bhatt, Devesh Aggrawal and Shivam Thakral

Key Stats: 15K users, according to their website
Cryptocurrency Offered: Bitcoin, Ethereum, Litecoin, Bitcoin Cash,
Ripple, Dash, Monero, Z-Cash, Factom, Lisk, Ethereum Classic, NEO
and popular crypto-tokens like Golem, Augur
Transaction Fee: No extra fee, claims the company
Registration Time: 1-24 hour

Founded by Atulya Bhatt, Devesh Aggrawal and Shivam Thakral in

July 2016, Delhi-based BuyUCoin is registered as iBlock Technologies
Private Limited. The exchange offers multi-cryptocurrency trading
features. The platform accepts cryptocurrencies like Bitcoin, Ethereum,
Litecoin, Bitcoin Cash, Ripple, Dash, Monero, Z-Cash, Factom, Lisk,
Ethereum Classic, NEO and popular crypto-tokens like Golem, Augur,
Stratis in India.

The exchange claims to have more than 15K users.

Zebpay

Launched In: 2015

Based Out Of: Singapore
Founders: Mahin Gupta, Sandeep Goenka, Saurabh Agrawal
Funding Details: Raised $1.12 Mn to date: $125K in Seed funding
and $1 Mn in a follow-on round from Arjun Handa, Nagendra
Chaudhary and Amit Jindal in 2016
Key Stats: Over 1 Mn downloads, as of November 10, 2017
Cryptocurrency Offered: Bitcoin
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Transaction Fee: INR 10 fee on all INR withdrawals. Bitcoin transfer
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to other users carries a Bitcoin network fee which is usually 0.0001
BTC
Avg. Registration Time: Few hours normally

Founded by Mahin Gupta, Sandeep Goenka and Saurabh Agrawal in

2015, the Singapore-headquartered and Ahmedabad-based Zebpay is one
of India’s leading exchange for Bitcoin trading. The app-enabled
exchange has its IT offices in Ahmedabad and Mumbai. With over 1 Mn
downloads, the exchange claims to command over 60% of the Bitcoin
trade in India.

It received the best new Bitcoin company award at CoinAgenda

Conference, Las Vegas in 2014. Coming to the story of its inception,
Manik Gupta, one of the cofounders had set up a Bitcoin exchange called
Buysellbitco.in in early 2012. However, in 2015, the exchange was re-
established as Zebpay with two more founding partners – Sandeep
Goenka and Saurabh Agrawal.

Seed-funded with $125K, Zebpay had successfully raised $1 Mn in Series

A funding round led by investor Arjun Handa in 2016. The other
investors who participated in the round were Nagendra Chaudhary and
Amit Jindal. The company has reportedly been in talks with US-based
investors to raise another $4 Mn-$5 Mn in Series B funding round.

Coinsecure

Launched In: 2014

Based Out Of: Delhi
Founders: Benson Samuel and Mohit Kalra
Funding Details: Has raised $1.2 Mn till date
Key Stats: Over 10K downloads, as of November 13, 2017
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Cryptocurrency Offered: Bitcoin
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Transaction Fee: 0.3%

Registration Time: 48 hours

Founded by Benson Samuel and Mohit Kalra in 2014, Delhi-based

Coinsecure is an Indian real-time Bitcoin trading platform. The exchange
enables the trading process through deposits and withdrawals of
Bitcoins and Indian rupees.

Registered as Secure Bitcoin Traders Pvt. Ltd, Coinsecure offers Bitcoin

wallet, exchange, trading and merchant services along with other
Blockchain based services. The company has its head office in Delhi and
an R&D division in Bengaluru.

The company launched a Bitcoin exchange on January 1, 2015. The

platform offers users access to an algorithmic trading Bitcoin exchange,
a Blockchain explorer, free APIs for all their products, a mock trading
platform where customers can try trading without real money as well as
on-chain and off-chain wallet services. As of May 2017, the company was
consistently handling over 3,000 BTCs a month in terms of volume.

The exchange wallet has noted 10K-50K downloads so far and has raised
$1.2 Mn in funding till date.

Coindelta

Launched In: 2017

Based Out Of: Pune
Founders: Rajdeep Singh, Shubham Yadav and Manish K
Cryptocurrency Offered: Bitcoin, Litecoin, Ethereum, Ripple,
Omisego etc.
Transaction Fee: 0.3%
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Registration Time: Instant
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Founded by Rajdeep Singh, Shubham Yadav and Manish K in 2017,

Pune-based Coindelta is a cryptocurrency exchange offering markets in
BTC and INR for trading. The platform enables its users to buy and sell
cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, OmiseGO,
Qtum and more. With no deposit fee, Coindelta is based on a maker-taker
model with trading fee as low as 0%.

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A maker is a party whose order exists in the order book before the trade
occurs, while a taker is a party who places an order that matches the
maker’s order. Makers are incentivised because their orders provide
liquidity in the market and takers are the ones who remove this liquidity
by taking makers’ orders with their own.

The exchange also offers 24/7 customer care support.

CoinSwitch

Launched In: 2017

Based Out Of: Bengaluru
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Founders: Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari
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Cryptocurrency Offered: More than 100 cryptocurrencies including

Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash
Transaction Fee: Depends on the exchange a user select for the
transaction
Avg. Registration Time: Not Required

Unlike other digital asset and bitcoin exchanges, one doesn’t need an
account to use CoinSwitch. The exchange offers the conversion of one
cryptocurrency to another. It is a cryptocurrency exchange, claims to
provide the best exchange rate on transactions by aggregating all
leading exchanges and comparing their rates in real time. One just needs
to choose the altcoins or blockchain tokens one would like to exchange,
input the receiving address and send funds.

FlitPay

Launched In: 2017

Based Out Of: Jaipur
Founders: Ashish Sangai and Akash Bansal
Cryptocurrency Offered: Bitcoin
Transaction Fee: No transaction fee, claims the company
Avg. Registration Time: WIthin 24 hours

Founded by Ashish Sangai and Akash Bansal this year, Jaipur-based

Flitpay is a Bitcoin marketplace. The exchange app currently has less
than 5K downloads on Google Play.

Koinex 

Launched In: 2017

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Based Out Of: Mumbai
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Founders: Rakesh Yadav, Rahul Raj and Aditya

Nayak
Cryptocurrency Offered: Bitcoin, Litecoin,
Ethereum, Ripple and Bitcoin Cash
Transaction Fee: 0.2-0.25%
Avg. Registration Time: 4-5 hours

Founded by Rakesh Yadav, Rahul Raj and Aditya Nayak in August

2017, Mumbai-based Koinex is a multi-digital assets exchange.The multi-
cryptocurrency platform offers trading of Bitcoin, Litecoin, Ethereum,
Ripple and Bitcoin Cash.

PocketBits

Launched In: 2016

Based Out Of: Nasik
Founders: Sohail Merchant
Cryptocurrency Offered: Bitcoin, Ethereum
Transaction Fee: No Fee
Avg. Registration Time: Instant
PocketBits offers Bitcoin trading services to institutions and trading
professionals.

Operated by Defacto Technologies, PocketBits is a digital currency wallet

and platform where merchants and consumers can transact with new
digital currencies like Bitcoin and Ether.

ThroughBit
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Launched In: 2016
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Based Out Of: Bengaluru

Founders: Abhishek Gopal, Mohammed
Roshan and Anandprabu Rajendran
Cryptocurrency Offered: Bitcoin, Ethereum
and Falcon
Transaction Fee: ~0.9%
Avg. Registration Time: 1 hour

The Bengaluru-based multi-cryptocurrency exchange was launched in

2016. Founded by Abhishek Gopal, Mohammed Roshan and Anandprabu
Rajendran, ThroughBit offers buy-sell facilities of cryptocurrencies such
as Bitcoins, Ethereum and Falcon. Here, it is worth noting that Falcon is a
centralised smart contract/cryptocurrency pegged to Indian fiat
currency value i.e. 1 INRF will always be equal to INR1. At present,
INRFalcon can’t be sold anywhere else, except on ThroughBit. The INRF
has been introduced to minimise the banking transactions.

Currently, the exchange does not offer the app-enabled trading facility.

Coinome

Launched In: 2017

Based Out Of: Mumbai
Founders: A Subsidiary of Billdesk
Cryptocurrency Offered: Bitcoin, Bitcoin Cash
Transaction Fee: 0.1% and 0.3% for Makers and Takers respectively
Avg. Registration Time: Instant

Headquartered in Mumbai, Coinome allows users to be onboarded via an

instant e-KYC process. Under the process, a user needs to register
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his/her
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and activation of the account. With Billdesk being the promoter of the
exchange, Coinome will have an easy window to build trust and deal with
cybersecurity threats, which are currently the key concerns of
cryptocurrency exchanges across the world.

Coinbase is an open order book cryptocurrency exchange. Similar to

conventional stock exchanges, the platform enables deals between
buyers and sellers.

REDIPAY

Launched In: 2017
Based Out Of: Delhi
Founders: A Subsidiary of Indiweb Holdings
Cryptocurrency Offered: Bitcoin, Litecoin, Dogecoin, Ethereum
Transaction Fee: 0.5% to 5%
Avg. Registration Time: Instant (E-KYC)

Delhi-based REDIPAY aims to connect cryptocurrency traders and

investors from the US and India. Launched as a cryptocurrency
brokerage for Bitcoin, Litecoin and Dogecoin; REDIPAY is now offering
Ethereum too. This will be followed by simultaneous launches of live
order books for other poplar cryptocurrencies such as BCH, XRP,
Ethereum Classic, Dash and other cryptocurrencies over the course of
2018, claims the company.

Except a few, most of these cryptocurrency exchanges have been set up

in 2016-2017, marking the soaring popularity of Bitcoins in India in the
last couple of years. While many of these cryptocurrency exchanges have
not attracted Seed/Series funding yet, it has been a subject of great
debate at Bitcoin forums whether VCs and exchanges manage to raise
 1.5k of the same scale as Bitcoin trading. Once the futures are up on
profits
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the listing at exchanges, probably the scenario might change for
exchanges too!

[If you know any other Cryptocurrency exchange startups that must be included
in this list, send us an email at editor@inc42.com]

Note: We at Inc42 take our ethics very seriously. More information about it can be
found here.

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 Archived in Features and tagged Belfrics, Bitcoin, Bitcoin Exchange, Bitxoxo, Coinsecure,
Cryptcocurrency Exchange, Cryptocurrency, Cryptocurrency startups, Exchange, Koinex,
Unocoin, Zebpay.
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