Bitcoin, the world’s largest cryptocurrency, reached an all-time high of $108,309 on December 17, fueled by U.S. President-elect Donald Trump’s pro-crypto stance. His advocacy for a supportive regulatory environment and a national Bitcoin stockpile has reinvigorated investor interest globally, including in India.
Indian platforms such as CoinDCX, CoinSwitch, and Mudrex have seen heightened activity as investors flock to explore cryptocurrency trading. But how should one choose the best platform? Experts suggest evaluating key aspects, including safety features, regulatory compliance, onboarding ease, and investment options.
Comparing Indian Crypto Platforms
Know-Your-Customer (KYC) Process
All three platforms — CoinDCX, CoinSwitch, and Mudrex — offer instant KYC verification. Users can upload their government ID and PAN to complete the process in under five minutes.
“Things are automated and made smooth for users, so you can get the KYC done very quickly,” said Balaji Srihari, Vice President at CoinSwitch. Anjali Kakkar, Vice President of Corporate Communications at CoinDCX, similarly highlighted the platform’s hassle-free KYC process. Mudrex integrates with India’s Digital Locker system for swift onboarding.
Ease of Investing
The process to start trading is seamless across all platforms. CoinSwitch enables users to deposit funds and begin investing within minutes, while CoinDCX facilitates instant deposits. Mudrex also offers systematic investment plans (SIPs) for crypto index funds starting at ₹500 per month.
“UPI verification and deposit happen instantly, in 5-10 seconds. Once the deposit is made, you can proceed to buy desired cryptocurrencies,” said Edul Patel, CEO of Mudrex. Investments can begin with as little as ₹100 on all platforms, making crypto accessible to beginners.
Safety and Security Measures
Security is a paramount concern for cryptocurrency investors. High-profile incidents, such as the $233-million hack of WazirX in 2023, have underscored the importance of robust safety measures.
CoinDCX has established a Consumer Investment Protection Fund, which currently holds ₹55.57 crore. “The fund is designed to protect customer funds in case of unforeseen events such as hacks or exchange failures,” said Kakkar.
CoinSwitch stores 95% of user funds in cold wallets, which are offline and less vulnerable to cyberattacks. “To run our day-to-day operations, we need only the remaining 5%, so there will be no issue with daily trading activities,” explained Srihari.
Mudrex relies on institutional-grade custodians like Sifu and BitGo to store funds securely. These custodians are trusted by financial institutions and government entities for their advanced security measures.
Protecting Investments
As cryptocurrency adoption grows, platforms are increasingly prioritizing investor protection. Whether through secure cold wallets, insurance funds, or rigorous KYC protocols, these measures provide a safety net for users navigating the volatile crypto market.
For Indian investors, platforms like CoinDCX, CoinSwitch, and Mudrex offer user-friendly interfaces, low entry barriers, and comprehensive security features, making them viable options for both beginners and seasoned traders.
