Best Cryptocurrency Exchanges in India for 2022 – Forbes Advisor INDIA

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In India, different cryptocurrency exchanges levy different charges and fees. Let’s take a closer look at what these fees correspond to:

Registration fees

The majority of cryptocurrency exchanges in India, such as WazirX, Zebpay, Bitbns, and Unocoin, have waived membership fees altogether. However, there may be a very small amount of membership fees in the case of inactive accounts.

Deposit fees

These fees are charged when the user deposits money or coins on the crypto exchange to initiate the purchase or sale. The amount of deposit fees depends entirely on how the user transferred the money, whether through payment service providers, Mobikwik, crypto wallet, UPI, Net banking or bank transfers.

Trading fees

Trading fees are the most important part of the cryptocurrency exchange’s fee mechanism. Trading fees can be viewed as a fixed percentage of the amount of crypto a trader buys or sells, or an exchange can charge based on orders placed, such as makers and takers, being charged differently. So, before going any further, it is crucial to understand Maker and Taker fees.

A maker is a party that creates liquidity on the exchange by selling cryptocurrency

The taker is the party that takes out the liquidity by buying the cryptocurrencies.

Both the maker and the taker pay a certain amount of fees for the transaction. However, manufacturers generally pay less.

Trading fees vary between exchanges, ranging from almost 0% to 0.25% at most exchanges. However, it should be noted that some exchanges claim not to charge any fees to the user, one should look carefully, that if they charge as a spread – the difference between the rate of buying or selling the cryptocurrency . And, usually, this rate is higher than the trading fee.

withdrawal fee

Some exchanges charge the user when withdrawing fiat money. Money withdrawal occurs when a user places a sell order on the exchange, and then the funds are reflected in his wallet. The user can here withdraw money, in whole or in part, to his registered bank account, for which he can be charged. The user also has the option of withdrawing in coins, which also has a cost.

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