CoinSwitch vs Mudrex.

Facts side by side for Indian users. Not a rating or a recommendation. Last checked November 2026.

Registered with FIU-INDYesYes

Crypto withdrawalsUnclearUsers report sell-to-INR only; some guides say withdrawals are allowed. Check in the app.YesReported as allowed.

INR depositsUPI and bank transferUPI and bank transfer

Proof of reservesNot verifiedNot verified

Incidents on recordNone listedNone listed

Coins listedNot trackedNot tracked

CoinSwitch: incidents and reports

No incidents on our board.

Mudrex: incidents and reports

No incidents on our board.

User reports: Wide gap between USDT buy and sell prices.

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Questions

Is CoinSwitch or Mudrex safer?

Neither is "safe" in absolute terms. Compare the facts above: FIU-IND registration, whether you can withdraw crypto to your own wallet, and past incidents. Whichever you use, keep only what you trade on the exchange and turn on two-factor authentication.

Do CoinSwitch and Mudrex deduct 1% TDS?

Exchanges registered with FIU-IND and serving Indian users are expected to deduct 1% TDS on crypto sales. Check your AIS on the income tax portal to confirm what was deducted under your PAN, and claim it in your ITR.

Can I use both CoinSwitch and Mudrex?

Yes. Many people use more than one exchange. For tax, report trades from every exchange in Schedule VDA and match the TDS in your AIS.

Educational only, not a recommendation. Facts come from the exchanges and reliable reporting; check the app before you act. Read how to choose an exchange.