CoinSwitch says it is India's biggest crypto platform, with more than 2.5 crore registered users. It keeps everything in rupees and is simple enough for a first purchase. The catch: you can't withdraw your coins to your own wallet.
The easiest start for a beginner, with a strong record on transparency: its March 2026 proof of reserves showed about ₹613 crore more in reserves than customers held. The big trade-off is custody, your coins stay on CoinSwitch and you can only cash out in INR.
| Best for | Beginners and INR-only investors |
|---|---|
| Founded / HQ | 2017 · Bengaluru |
| FIU-IND registered | Yes, registered with FIU-IND; ISO 27001 certified; no FIU penalty found |
| INR deposits | UPI, IMPS/NEFT bank transfer |
| Spot trading fee | Tiered, roughly 0.04% to 0.40% on spot depending on volume (check the live fee page) + GST |
| Futures | Yes, INR-margined futures and INR options |
| SIP / recurring | Yes, monthly SIP from ₹100 |
| Coins listed | 250+ |
| 1% TDS deducted | Yes, automatically; tax reports in the app |
| Security record | No hack of its own found. Publishes proof of reserves (₹2,360 crore reserves vs ₹1,747 crore customer holdings on 31 Mar 2026). |
| Official website | coinswitch.co |
CoinSwitch is designed for people buying crypto for the first time. Add money by UPI or bank transfer, pick a coin and buy in rupees. The 1% TDS on sells is deducted for you and the app produces tax reports. Once you are comfortable, CoinSwitch PRO adds an order book, INR-margined futures and INR options, and the Smart Invest feature offers rules-based strategies.
Monthly SIPs start at ₹100, an easy way to invest a fixed amount each month without timing the market (how crypto SIPs work).
CoinSwitch does not let you send coins to an outside wallet or another exchange. You buy and sell in rupees and withdraw INR to your bank. That keeps the app simple and safe from wrong-address mistakes, but it means you can never take self-custody of your coins or use them on-chain. If owning your own keys matters to you, use a different app.
CoinSwitch is registered with FIU-IND and holds ISO 27001 certification. We found no hack of CoinSwitch itself. It was exposed to the 2024 WazirX hack through assets it held there, and later launched a ₹600 crore programme to help WazirX victims recover losses. Its sixth proof-of-reserves report, as of 31 March 2026, showed about ₹2,360 crore in reserves against ₹1,747 crore of customer holdings.
Beginners who want to buy and hold in rupees with as few moving parts as possible, and INR futures traders who don't need to move coins on-chain. Anyone who wants to withdraw crypto should look at CoinDCX or ZebPay instead.
CoinSwitch is registered with FIU-IND, follows Indian KYC rules and publishes proof-of-reserves reports. No exchange is risk-free, so don't keep more there than you need to.
No. CoinSwitch only lets you sell to INR and withdraw rupees to your bank. You cannot send coins to an external wallet.
You can start SIPs from ₹100 a month; one-off buys also start from small amounts.
Yes, automatically on sells. It is reported against your PAN and you can claim it when filing your income tax return.
