Best Crypto Exchanges in Bangladesh
Get started in cryptocurrency with our curated list of the best crypto exchanges in Bangladesh, designed for secure and compliant trading.
Summary: In Bangladesh, the smartest way to invest in Bitcoin and other cryptocurrencies is to use platforms that follow the rules set by the Bangladesh Bank. These platforms let you put money into cryptocurrencies using Bangladeshi Taka (BDT) through local bank transfers, mobile banking services, and card payments.
Our in-depth research has singled out the top 5 exchanges in Bangladesh. Chosen for their strict adherence to local financial laws and their trustworthiness, these exchanges provide a safe pathway into the world of cryptocurrency investments.
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Best Cryptocurrency Exchanges in Bangladesh
After carefully reviewing over 20 exchanges, we have pinpointed the top five platforms ideal for Bangladeshi investors. Our assessment concentrated on factors like adherence to Bangladesh Bank regulations, the diversity of crypto assets available, ease of the user interface, methods for depositing Bangladeshi Taka, and the cost implications. For investors looking for an exchange that fits their precise cryptocurrency investment requirements, our detailed overview below offers essential advice and suggestions.
1. Bybit
Bybit has become the top choice for cryptocurrency exchange in Bangladesh, offering a vital resource for local investors. This platform accommodates a broad range of users, from beginners to expert traders, thanks to its intuitive interface. With access to over 1,000 digital assets, Bybit is a standout in the crypto space. It guarantees safe transactions on its secure and compliant platform and facilitates easy Bangladeshi Taka (BDT) deposits.
Bybit is known for its wide selection of cryptocurrencies, staking options, and futures contracts, providing up to 100x leverage and maintaining high liquidity. This flexibility makes it suitable for various investment strategies. Its appealing fee structure, with a maker fee of 0.01% and a taker fee of 0.06%, along with a global user community of more than 20 million, underscores its dependability and efficiency in the cryptocurrency market.
- Fees: Maker fee at 0.01% and taker fee at 0.06%.
- Supported Cryptocurrencies: Offers access to over 1,000 digital assets.
- Regulation & Licensing: Adheres to global regulatory standards, ensuring a trustworthy operation in Bangladesh.
- BDT Deposit Methods: Supports bank transfers, electronic payments, credit/debit cards, and other local methods.
2. Gate.io
Gate.io secures its rank as the second-best cryptocurrency exchange in Bangladesh, especially noted for its superior altcoin variety. The platform makes its mark with an expansive selection of over 1,700 cryptocurrencies, offering an appealing choice for those looking to trade a wide range of digital assets. In the crypto market, Gate.io attracts attention for its competitive base fees, starting at just 0.1% for spot trades.
With a daily trading volume that surpasses $5 billion and a user base of more than 14 million, Gate.io demonstrates a strong presence and popularity in the global crypto arena. The platform further enhances user experience with distinctive features like trading bots and a specialized section for new startups, giving users various engaging market opportunities.
- Fees: Gate.io introduces competitive fees, starting at 0.1% for maker orders and 0.2% for taker orders.
- Supported Cryptocurrencies: Features an impressive array of over 1,700 digital assets.
- Regulation & Licensing: Operates offshore in the Seychelles, not directly licensed in Bangladesh but remains accessible to users.
- BDT Deposit Methods: Supports local bank transfers, mobile banking, and credit cards, accommodating a broad spectrum of investors.
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3. MEXC
MEXC claims its spot as the third-best cryptocurrency exchange in Bangladesh, showcasing a robust portfolio of over 300 crypto assets and facilitating high-leverage futures trading, with leverage possibilities reaching up to 200x. This aspect is particularly advantageous for traders with a more developed level of experience. Holding a license in Estonia and with headquarters in Seychelles, MEXC complies with stringent regulatory standards, ensuring a reliable trading environment.
In Bangladesh, MEXC addresses a variety of trading needs with services such as spot and margin trading, staking, and Initial Exchange Offerings (IEOs). Its capacity to handle over $2 billion in daily trading volume reflects a strong commitment to market flexibility and user security. MEXC's comprehensive trading solutions, attractive fee structure, and focus on improving the user experience solidify its position as a preferred platform for traders.
- Fees: Presents competitive maker fees from 0.020% to 0.060% and taker fees between 0.060% and 0.080%.
- Supported Assets: Offers a broad selection of over 300 cryptocurrencies, encompassing major assets and various altcoins.
- Regulation & Licensing: Holds an Estonian license and operates from Seychelles, providing a dependable regulatory framework for users.
- BDT Deposit Methods: Includes multiple deposit options such as bank transfers, debit, and credit cards.
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4. Binance
In Bangladesh, Binance secures its position as the fourth-best platform, welcoming casual enthusiasts and institutional players. Designed for broad accessibility, Binance also offers a spectrum of advanced functionalities, positioning it as a well-rounded choice for many users. Its vast selection of cryptocurrencies, including over 350 assets such as Bitcoin, Ethereum, Solana, and Binance Coin, as well as a variety of emerging tokens, stands out.
Binance's versatile trading tools, including Futures and Margin trading, cater to users of all levels of experience. The platform further provides real-time market analytics and sophisticated risk management features, like Stop Loss and OCO (One-Cancels-the-Other) orders. Additionally, Binance's staking and savings programs present opportunities for passive income, making it attractive to a wide range of Bangladeshi investors.
- Fees: Binance offers competitive trading fees, starting at 0.1%.
- Supported Assets: A broad range of over 350 cryptocurrencies.
- Regulation & Licensing: While globally licensed, Binance operates without direct regulation in Bangladesh, yet remains accessible to investors.
- BDT Deposit Methods: Includes Bank Transfer, mobile banking options, Credit/Debit Card, among others, serving a diverse Bangladeshi user base.
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5. OKX
OKX establishes itself as the fifth-ranking platform for cryptocurrency trading in Bangladesh, highlighting its diverse portfolio of over 300 crypto assets, including top cryptocurrencies like Bitcoin, Ethereum, Solana, and Celestia, as well as widely-used stablecoins such as USDT and USDC. It has evolved into a full-fledged financial hub for investors, offering significant liquidity and a broad selection of premium crypto assets.
One of the standout features of OKX is its dynamic DeFi ecosystem, powered by the OKT Chain, which offers functionalities akin to Binance's BNB Chain. This innovative element of OKX enables high-yield DeFi investments, attracting traders searching for high returns. Beyond its comprehensive DeFi solutions, OKX accommodates a variety of trading preferences with options for spot, margin, futures, and options trading. The platform also boosts its appeal with an active NFT marketplace and efficient DeFi portfolio management tools.
- Fees: OKX upholds competitive fees, with a 0.08% charge for spot trading.
- Supported Cryptocurrencies: Hosts an extensive array of over 300 cryptocurrencies, including major stablecoins.
- Regulation & Licensing: Follows international regulatory standards, ensuring a secure trading environment for Bangladeshi users.
- BDT Deposit Methods: Offers diverse deposit methods including bank transfers and credit card options.
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Is Crypto Regulated in Bangladesh?
Cryptocurrency regulation in Bangladesh is in a nuanced state. Despite the country's initial skepticism towards digital currencies, significant strides have been made towards understanding and potentially integrating blockchain technology into its framework.
In 2020, the Government of the People’s Republic of Bangladesh released the National Blockchain Strategy, signaling an acknowledgment of blockchain's importance in ushering in the Fourth Industrial Revolution (4IR). This document not only recognized the potential of blockchain technology to solve complex problems and achieve Sustainable Development Goals (SDGs) but also outlined Bangladesh's ambition to become a blockchain-enabled nation.
However, the regulatory environment for cryptocurrencies such as Bitcoin remains stringent. The Bangladesh Bank, the country's central bank, had previously issued warnings against the use of cryptocurrencies, citing legal concerns under existing financial laws. Transactions in virtual currencies were deemed illegal, falling foul of the Foreign Exchange Regulation Act, 1947; the Anti-Terrorism Act, 2009; and the Money Laundering Prevention Act, 2012. The stance highlighted the potential for financial harm and legal consequences for individuals engaging in cryptocurrency transactions, advising the public to avoid them to prevent legal and financial repercussions.
How is Crypto Taxed in Bangladesh?
In Bangladesh, cryptocurrency transactions fall outside the purview of formal taxation due to the legal status of digital currencies as outlined by the Bangladesh Bank. As a result, the National Board of Revenue (NBR), Bangladesh's principal tax authority, does not currently enforce or outline specific tax regulations on cryptocurrency earnings or transactions. This situation stems from the central bank's advisories against engaging in such transactions, which are considered non-compliant with the nation's existing financial laws and regulations.
Bottom Line
In wrapping up, this blog post meticulously navigates through the top cryptocurrency exchanges in Bangladesh, highlighting Bybit, Gate.io, MEXC, Binance, and OKX as pivotal players for those keen on diving into the cryptocurrency market while adhering to regulatory guidelines set by the Bangladesh Bank. These platforms, distinguished by their robust security measures, diverse asset offerings, and user-friendly deposit options, offer investors a secure gateway to the rapidly evolving world of digital currencies.
As Bangladesh moves towards a more blockchain-friendly future, these exchanges represent the forefront of safe, compliant, and innovative cryptocurrency trading within the country's emerging digital finance landscape.
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