Best Cryptocurrency Exchange Platform in India

ByJames
CRYPTOCURRENCY EXCHANGES

In India, experts recommend using an exchange regulated by the Securities and Exchange Board of India (SEBI) to buy and trade Bitcoin and other cryptocurrencies. By depositing Indian Rupees (INR) via bank transfer, UPI transaction or credit card, you can legally buy, deposit and trade digital assets.

For those starting their crypto journey in India, some trading platforms in the country. These platforms have earned a reputation as the most reliable and trustworthy choices available:

Leading Cryptocurrency Trading Platform in India

After extensive research on over 15 important cryptocurrency platforms, we have identified the top exchanges for Indian investors. Please see the list below for a full summary of the top five best cryptocurrency exchange in India.

Binance

Binance is the best overall cryptocurrency exchange in India, with the safest and most user-friendly trading interface. Binance India provides a dynamic and broad trading environment with over 350 trading pairs and quick Indian Rupee deposits. Binance India’s steadfast commitment to complying with local regulations further solidifies its position as the best overall exchange in the country.

  • Expense: Spot trading is 0.1% and derivatives have maker/taker fees of 0.02%/0.04%.
  • Supported cryptocurrencies: More than 350 cryptocurrencies are available on Binance.
  • Regulation and licensing: Licensed, regulated globally and available in India
  • Customer service: 24/7 live chat in Indian, Discord, Twitter, Email and more.  
  • INR deposit method: Bank transfers, IMPS transfers, NFTs, IPS, debit cards, credit cards and more.

 Bybit

Bybit is one of the best alternative platforms for  investing and trading cryptocurrencies in India. This Singapore-based exchange offers up to 100x leverage on perpetual contracts, making it one of the largest and most popular cryptocurrency exchanges in the industry. Bybit is renowned for not requiring KYC in order to use the site and services users from over 180 countries, including India.

  • Expense: There are no  deposit or withdrawal fees from Bybit. There is a rate of 0.1 in the spot market and the maker/futures taker discount is 0.01%/0.06%.
  • Supported Tokens: More than 400 cryptocurrencies.
  • Proof of reserve: Providing transparency 
  • Customer support options: Live chat, email, ticketing system, phone and social media.
  • INR deposit method: Bank transfer, debit card, credit card, UPI and PhonePe

OKX

OKX is a global cryptocurrency exchange headquartered in Seychelles, offering its services in over 60 countries, including India. This platform supports the widest range of INR deposits among all the exchanges on this list. OKX also offers a number of other features such as spot, margin, options and derivatives trading with up to 50x leverage, as well as an NFT market and hundreds of crypto staking options.

  • Expense: There are no fees for depositing or withdrawing money from OKX. There is 0.1 e in the spot market and the futures maker/taker discount is 0.02%/0.05%.
  • Supported Tokens: More than 340 cryptocurrencies
  • Proof of reserve: Provide proof of reserves.
  • Customer support options: Live chat, email, ticketing system and social networks.
  • INR deposit method: Bank Transfer, Debit Card, Credit Card, UPI, PayTM, IMPS, PhonePe and more.

CoinDCX

CoinDCX is an India-based cryptocurrency exchange  founded in 2018. It is the largest cryptocurrency exchange in India with over 13 million registered users and holdings of over 20 billion USD cryptocurrency. CoinDCX has many features, including spot and derivatives trading, cryptocurrency staking, and an advanced trading platform called CoinDCX Pro.

  • Expense: There are no fees for depositing or withdrawing funds from CoinDCX. There is a 0.% spot market rate and the futures maker/taker discount is 0.02%/0.05%.  
  • Supported Tokens: More than 200 cryptocurrencies.
  • Proof of reserve: No proof of booking provided.
  • Customer support options: Live chat, email, ticketing system and social networks.
  • INR deposit method: IMPS and UPI.

BitNasdaq

BitNasdaq, a leading Centralized Exchange (CEX) platform, excels in the cryptocurrency market for several reasons. Their commitment to robust security ensures the safety of users’ assets. With a diverse range of cryptocurrencies available, including Bitcoin and Ethereum, BitNasdaq caters to all types of traders. Its user-friendly interface, high liquidity, and competitive fees make it a top choice for cryptocurrency enthusiasts. BitNasdaq also offers exceptional customer support, setting it apart from competitors.

Is purchasing cryptocurrencies permitted in India?

Buying and trading cryptocurrencies in India is legal since the Supreme Court lifted the ban by the Reserve Bank of India in March 2020. Regulated entities must follow the guidelines of the RBI, including customer due diligence  and AML/CFT measures. However, the legal status of cryptocurrencies is still up in the air because the Indian government has not yet regulated them. Some states have proposed their own regulations, so it’s important to stay up to date with any changes.

Cryptocurrency trading is not illegal in India, but it is in a gray area as the regulatory framework for cryptocurrencies is still evolving. The Indian government has taken steps to limit the use of cryptocurrencies, but  has not yet banned them completely. The legality of cryptocurrency trading may have changed, I recommend you  check the  regulations in force in India.

In India, how are cryptocurrencies taxed?

According to the Indian Income Tax Department, cryptocurrencies are taxable in India. Crypto assets are classified as virtual digital assets (VDA) and profits earned from trading, selling or spending cryptocurrencies are subject to a 30% tax rate, plus surcharges and 4s. There is also a 1% withholding tax (TDS) on the transfer of crypto assets exceeding RS 50,000 in a financial year. The tax rates apply to private investors, commercial traders and anyone transferring crypto assets, and there is no distinction between short-term and long-term profits. Taxpayers must report profits from Cryptocurrencies/NFTs under Appendix – Virtual Digital Assets (VDA) in their tax returns.

How to Buy Bitcoin and Cryptocurrency in India

Changing Indian regulations make buying cryptocurrency relatively simple. Here is a brief guide to buying digital assets:

  1. Platform selection: Choose a SEBI regulated platform like Binance India, Bybit, OKX, CoinDCX or WazirX. Consider unique features, supported assets, and fees.  
  2. Create an account: Register on the platform of your choice, provide your personal information, and complete  KYC and AML compliance verification.
  3. Deposit: Send INR via bank transfer, UPI transaction or credit card to buy crypto.
  4. Buy cryptocurrency: Go to exchange, choose your favorite cryptocurrency and place your order.
  5. Investment guarantee: Transfer purchased assets to a private wallet for added security.

Conclusion

In summary, our analysis has identified the top five cryptocurrency exchanges in India, taking into account factors such as regulatory compliance, digital asset diversity, user experience and deposit method. Binance leads the group, followed by Bybit, OKX, CoinDCX and WazirX.

Although cryptocurrency trading  is legal in India, it is essential to stay updated with regulatory changes. Indian authorities classify crypto assets as virtual digital assets (VDA) for tax purposes, applying tax rates accordingly. By choosing a trustworthy and RBI-approved exchange, Indian investors can  venture into the cryptocurrency space with confidence.