How to Sell Crypto in India in 2022

Cryptocurrency has taken the investment world by storm, capturing the hearts of retail investors everywhere along with major Wall Street institutions. India has always had a huge interest in crypto, despite unwelcoming regulations and policies from the government and central bank.

Now, with many people either in profit or reluctant to hold crypto due to a central bank crackdown, the demand to sell crypto in India is higher than ever.

How to Sell Crypto in India

The risk of rushing into a sale is that you might incur unnecessary fees, or even lose your funds altogether. We’ve researched the best crypto exchanges you can use to cash out your cryptocurrency. In this piece, we also highlight some of the key facts about using Bitcoin and crypto in India in 2022. Let’s begin!

Is it Legal to Buy & Sell Crypto in India?

Yes, it’s legal to trade crypto in India, and there are 15 million crypto investors in India compared to 23 million in the US. However, the Indian government has taken a firm stance against Bitcoin and crypto.

A recent bill proposed would actually criminalize possession of cryptocurrency if passed. It’s unclear whether this bill will become law, but the uncertainty is concerning for many traders in the country.

The Indian government seeks to regulate the crypto markets and intends to roll out the first phase of a CBDC (Central Bank Digital Currency) model by the end of the year.

How to Cash out Crypto in INR (Indian Rupees)

The best means of converting your crypto to fiat in India is via exchanges like CryptoWallet, WazirX, etc. All you have to do is sign up on one of these trusted platforms, follow all the requirements of the platform (like e-mail verification, account security set-up, and KYC set-up), and then cash out.

Sounds easy, except for one thing — how do you identify a trusted exchange?

How to Choose the Best Crypto Exchange

There is currently an informal recommendation from the central bank to commercial banks warning against crypto transactions and major banks have begun to follow through by dissuading users from linking their bank accounts to crypto businesses.

So first, you may want to identify trusted platforms like CryptoWallet and WazirX that offer direct bank withdrawals for easy transactions. Other things to look out for include trade volume, UI simplicity, security, range of altcoins to choose from, customer support, and accessibility.

Our list below accounts for features and limitations that come with exchanges, allowing you to make an informed decision on where to sell or buy cryptocurrencies.

The Best Exchanges to Sell Crypto in India

2 WazirX

This platform is touted to have the most number of crypto users in India and it may well be the safest and quickest eye-catch when looking for trusted exchanges in the country.

  • Fees: Fees: 0% for P2P trades, up to 0.2% for spot trades
  • Limits: Rs 100 minimum deposits and 3 BTC maximum withdrawal 

Pros (What We Like)

  • High trade volume
  • Supports staking

Cons (What We Don’t Like)

  • Leverage trading is unavailable

3 CoinDCX

This is another Indian-based exchange with a focus on offering a simplistic, straight-to-the-point crypto trading experience with a wide range of coins to buy and sell.

  • Fees: 0.1% takers/makers fee
  • Limits: Rs 100 minimum deposit, Rs 1000 minimum withdrawal and 5 Lakh maximum withdrawal

Pros (What We Like)

  • It offers both futures trading and staking features

Cons (What We Don’t Like)

  • Low trading volume

4 Binance

Binance is the biggest cryptocurrency exchange (by volume) in the crypto markets today, the platform is packed with many features to satisfy its customers across the world.

  • Fees: Fees: 0.1% makers/takers fee 
  • Limits: No minimum deposit and 100 BTC maximum withdrawal for verified account

Pros (What We Like)

  • Worldwide trade reach
  • Large trading volume
  • A wide range of coins available on the platform

Cons (What We Don’t Like)

  • Complex user interface (Beginners might find it difficult to navigate)
  • Serious lack of customer support, with numerous complaints and even protests and lawsuits

5 Bitbns

Indian crypto exchange pioneered by graduates of one of the 23 Indian Institutes of Technology(IIT) which the platform rides on to sell its indigenousness.

  • Fees: 0.25% flat fee
  • Limits: Rs 100 minimum deposit and 25 Lakhs maximum withdrawal

Pros (What We Like)

  • Offers direct bank withdrawals
  • Large variety of coins to trade

Cons (What We Don’t Like)

  • Low trading volume
  • Customer support is below average

6 Remitano

Primarily focused on online peer-to-peer cryptocurrency trading while also offering crypto investment options

  • Fees: 1% trading fee
  • Limits: Rs 20 minimum deposit and 370 Lakhs maximum withdrawal

Pros (What We Like)

  • Reliable escrow services, with traders often reaching a gentleman’s agreement that often competes with regular exchange rates

Cons (What We Don’t Like)

  • Identity verification is a big deal on the platform and maybe a tussle for a beginner. Requirements may vary depending on your daily transaction volumes

7 Giottus

  • Fees: 0.25% flat fee
  • Limits: 2 BTC maximum withdrawal 

Pros (What We Like)

  • Relatively low transaction fees when compared to many Indian crypto exchanges

Cons (What We Don’t Like)

  • Limited options of crypto assets to trade; only popular cryptocurrencies like BTC, ETH, USDT, and XRP.

8 Cashaa India

Known as the crypto bank, Cashaa offers a multi-banking account from other countries. Looking to save retail investors (i.e cryptocurrency holders) and exchanges currently facing issues from traditional banks due to RBI’s negative view on crypto trading, Cashaa is set to launch in India in 2021.

  • Fees: Up to 1.49%
  • Limits: Rs 1000 minimum deposit

Pros (What We Like)

  • Crypto lending and borrowing is available

Cons (What We Don’t Like)

  • High transaction fees
  • INR deposits can take days

9 ZebPay

Zebpay is one of the earliest exchanges in India which with multi-platform support (IOS and Andriod).

  • Fees: Up to 0.25% 
  • Limits: Rs 100 minimum deposit and 1 BTC maximum withdrawal

Pros (What We Like)

  • High security and measures such as storing coins in a cold wallet

Cons (What We Don’t Like)

  • User identity verification process is time-consuming

10 Colodax

The Indian-based crypto exchange which charges no fees for INR deposits and withdrawals.

  • Fees: Up to 0.2%
  • Limits: 1 BTC maximum withdrawal

Pros (What We Like)

  • INR deposits and withdrawals are free and quick

Cons (What We Don’t Like)

  • Limited trading pairs

11 BuyUCoin

One of India’s earliest crypto exchanges to offer peer-to-peer transactions (P2P) enabling holders of cryptocurrencies to trade amongst themselves while offering escrow services.

  • Fees: Up to 0.24%
  • Limits: Rs 20 minimum deposit, 5 Lakh maximum withdrawal

Pros (What We Like)

  • Good referral benefits
  • Solid affiliate program

Cons (What We Don’t Like)

  • Often might experience slight transaction delays

FAQ

Is selling crypto legal in India?

Absolutely. The government agenda however makes it clear that it is a highly unregulated market to deal in cryptocurrencies and offers no protection for investors in the crypto space. Millions of Indians prefer to invest in crypto than in gold and over 15 million Indians are invested or deal in cryptocurrencies as of July 2021 according to the IndiaTimes.

How do I sell my crypto for cash?

Exchanges such as CryptoWallet and Wasirx are the easiest means to sell your crypto for cash.

Can I invest in crypto from India?

The uncertain regulatory climate has given some investors pause for thought. In-depth research into the assets of your choice is a must. Once you identify a reliable exchange, all you need do is set up your KYC which may require official government documents as proof of your identity depending on the exchange.

How to withdraw crypto in India

Having registered on a platform (exchange) being the first step in the withdrawal process, one may withdraw by buying USDT on the exchange or direct cash exchange in a P2P transaction. Funds can be withdrawn at any time of the day, on any day of the week. However, the speed of the transaction may vary depending on the platform.

How many cryptocurrencies can I sell at a time?

There is no limit to the amount of crypto you can sell. The main challenge is how long it might take to complete/fill your order as many of the exchanges struggle with infrastructure maintenance with many complaints been around server crashes. Also, India’s instant payment systems – UPI transactions – are still not available on most platforms.

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