Indian cryptocurrency market is expected to double by next year. Level of awareness is very low as compared other market, even Asian. The currency, majorly governed by investors in USA, Europe and Korea, slowly gaining popularity in Indian market. In 2016, 2% of the $140 billion crypto market cap was reportedly purchased by residents of India.
Over the past 2-3 years, Bitcoin/ Crypto exchanges have started to pop up in India market, giving the investors an ease to purchase cryptos in local currency. Few of the names as below-
- BTCXIndia – India’s crypto-token marketplace
- Unocoin – India’s Bitcoin Company
- Zebpay – India’s Leading Bitcoin Exchange
- Coinsecure – India’s Bitcoin Exchange
- EthexIndia – India’s marketplace for Ethereum Token
- BitIndia – A Blockchain Wallet and Crypto Exchange (to be launched in 2018)
BitIndia has currently launched its tokens – BITINDIA TOKENS, as a part of their ICO. For detailed review please click
However, a good understanding of these companies in terms of their business model is important to choose the right crypto company in India
- Crypto Exchange – An exchange where traders can buy and sell cryptocurrencies using fiat currency or other cryptocurrencies. The exchange act as an online platform which the buyer and seller can trade. Currently, BTCXIndia is operating on this model. However, the company only offers ripple currency – XRP only.
- Bitcoin Wallet Company – These are not exchanges or marketplaces which provides an option to investors to buy and sell from other investors. Infact, they are intermediary companies or brokers with an online platform. One can purchase bitcoin/ cryptocurrency from these intermediaries and store in the wallet offered by them. The price offered by these company is usually higher than the global price for that cryptocurrency. At times, the price could be 5 – 15% higher than the global price for that currency.
Please note, the cryptocurrency companies or exchanges which do not allow trading with other investors, as in case of a marketplace, could be crypto brokers with online platforms.
It is important for one to follow global cryptocurrency prices as well understand about the business model of a particular crypto company before opening an account for currency purchase.
Sharing my personal observations (not a fact), companies or exchanges in India are offering cryptos at a price higher than global market. At times, this has been as high as 20% more than the global price and also have their own price movement pattern, which could be both because of local traders or computed algorithm they are following to control the price movement locally . So, it is important to do a thorough research on exchanges/ companies in India before choosing a right platform for investing.