Bitcoin, the world's largest cryptocurrency, breached the $100,000 milestone on 17 December, reaching a record high of $108,309, thanks to US President-elect Donald Trump's support for digital assets. Trump, a proponent of a friendly regulatory environment for digital assets, has also endorsed the idea of a strategic national Bitcoin stockpile. Although the cryptocurrency has lost some of its gains since then, the rally has renewed investor interest in crypto trading. In India, platforms such as CoinDCX, CoinSwitch, Mudrex and Binance facilitate trading in Bitcoin and other cryptocurrencies.
Ajeet Khurana, former ZebPay CEO, 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.
This story is from the December 26, 2024 edition of Mint Bangalore.
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This story is from the December 26, 2024 edition of Mint Bangalore.
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