How to choose a crypto-trading platform for investing in digital assets
Subscribe to enjoy similar stories. Bitcoin breached the $100,000 milestone on 17 December, reaching an all-time high of $108,309, thanks to US President-elect Donald Trump’s support for digital assets.
Trump, who favours a friendly regulatory environment for digital assets, has also backed the idea of a strategic national Bitcoin stockpile. Though the cryptocurrency has shed some gains since then, the rally has reinvigorated investor interest in crypto trading.
In India, platforms such as CoinDCX, CoinSwitch, Mudrex, Binance, and WazirX facilitate trading in Bitcoin and other cryptocurrencies. According to Ajeet Khurana, former CEO of crypto-trading platform ZebPay, people should keep a few things in mind when choosing an exchange, like would they be able to move courts in India, or is the exchange under a foreign jurisdiction? Is the updated proof-of-reserve easily available? Is the exchange financially healthy? What other businesses does the exchange run? Is the exchange registered with the Financial Intelligence Unit (FIU)? Does it have robust KYC and AML practices? Mint compares the three widely used exchanges in India—CoinDCX, CoinSwitch, and Mudrex—based on key parameters, such as the time taken to complete the know-your-customer (KYC) verification, process to start investing, minimum investment amounts, investor protection measures, user growth, and transaction volumes.
All three platforms boast of an instant KYC process. Users can complete their KYC in under five minutes by uploading proof of their government ID and permanent account number (PAN).
“Things have been automated and made smooth for users, so you can get the KYC done very quickly," said Balaji Srihari, vice president at CoinSwitch. Anjali Kakkar,
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