Best Crypto Exchanges in Bangladesh

Best Cryptocurrency Exchanges in Bangladesh

Following a review of the 11 cryptocurrency exchanges accessible in Bangladesh, we have identified the top options for local investors. Our assessment considered compliance with Bangladesh Bank regulations, fees, supported cryptocurrencies, and Bangladeshi Taka (BDT) deposit methods. Below is a comparison of the best five platforms for traders in Bangladesh.

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1. Bybit

Bybit is the best crypto exchange in Bangladesh, providing an unparalleled trading experience for users with a user-friendly interface accessible in Bengali and 22 other languages. Serving 40 million users worldwide, it has more than $25 billion in daily trading volume across both order books. The platform supports over 1,400 digital assets to buy and trade.

It offers diverse trading options, including spot, futures, and options trading, with leverage up to 100x for derivatives. In addition to its trading capabilities, Bybit provides staking services, a lending and borrowing feature, copy trading, a demo account, advanced trading bots and an NFT marketplace for those interested in digital collectibles. 

• Fees: The maker fee is 0.02%, and the taker fee is 0.055% for futures trading. The spot trading fee is 0.1%.
• Supported Assets: Offers access to over 1,400 digital assets.
• Regulation & Licensing: Adheres to global regulatory standards and is available to Bangladeshi investors.‍
• BDT Deposit Methods: Bank transfers, electronic payments, credit cards, debit cards, paymentbKash and Nagad.

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2. Gate.io

Gate.io is recommended for altcoin enthusiasts in Bangladesh, offering one of the broadest selections of cryptocurrencies among global exchanges. There are over 2,100 cryptocurrencies available, making it ideal for those wanting to diversify their portfolios. The platform supports various trading options such as spot, margin, and futures markets with 100x leverage.

The exchange is home to over 16 million registered users and has over $8 billion in daily trading volume. It also provides a range of DeFi products, including liquidity mining and on-chain staking, allowing users to earn rewards on their assets. Gate.io is known for its strong security measures, including cold storage and multi-signature wallets. 

• Fees: 0.1% for maker orders and 0.2% for taker orders.
• Supported Assets: Over 2,100 digital assets.
• Regulation & Licensing: Operates offshore in the Seychelles but is available in Bangladesh.
• BDT Deposit Methods: Bank transfers and credit cards.

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3. MEXC

MEXC is the top platform for futures trading in Bangladesh, offering up to 200x leverage, one of the highest available in the market. This exchange caters to experienced traders who seek high-risk, high-reward opportunities through leveraged trading. MEXC supports 800 digital assets, including popular cryptocurrencies and newer tokens.

In addition to its powerful leverage options, MEXC provides advanced charting tools, trading bots, and a comprehensive educational section to help traders enhance their strategies. The exchange also offers spot trading, staking, Initial Exchange Offerings (IEOs) and DeFi products, making it a versatile platform for various trading needs. 

• Fees: Maker fees from 0.02% to 0.06% and taker fees between 0.06% and 0.08%.
• Supported Assets: More than 800 cryptocurrencies.
• Regulation & Licensing: Holds an Estonian license and is available in Bangladesh.‍
• BDT Deposit Methods: Bank transfers and debit or credit cards.

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4. Binance

Binance is Bangladesh's leading institutional trading platform, offering comprehensive services to its 210 million customers. It supports more than 350 digital assets and several trading options, including spot, margin, futures, and options trading. The platform also offers staking, lending, and savings products that allow users to earn interest on their crypto holdings.

The platform is known for its advanced trading tools, such as customisable charts and an OTC desk. It also offers a robust API for algorithmic trading, making it a preferred choice for institutions. With its deep liquidity, low fees, Bengali interface and wide range of services, Binance is the top choice for serious traders and institutions in Bangladesh.

• Fees: Spot trading from 0.1%, and the futures maker/taker rebate is 0.01% and 0.06%.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: Globally licensed and available in Bangladesh.‍
• BDT Deposit Methods: Bank transfer, credit cards and debit cards.

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5. OKX

OKX is best for users interested in DeFi and Web3 products, offering a wide range of innovative services beyond traditional cryptocurrency trading. It supports a comprehensive suite of DeFi services, including staking, yield farming, and liquidity mining, allowing users to earn passive income on their digital assets. 

The platform also provides access to various Web3 applications, such as DEXs and its OKX wallet. It supports spot, margin, and futures trading with a strong focus on user security and privacy. OKX is equipped with advanced security measures, including cold storage for funds and multi-factor authentication, ensuring that users’ assets are well-protected. 

• Fees: 0.8% charge for spot trading, a maker fee of 0.02% and a taker fee of 0.07%.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: Follows international regulatory standards and is accessible from Bangladesh.‍
• BDT Deposit Methods: Bank transfers and credit cards.

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Is Crypto Regulated in Bangladesh?

In Bangladesh, cryptocurrency operates in a legal grey area, with the government and central bank issuing warnings but still need to establish a clear regulatory framework. While digital currencies are not recognised as legal tender, the Bangladesh Bank has emphasised the risks associated with cryptocurrencies, particularly concerning money laundering and terrorist financing. 

The Bangladesh Bank recently issued warnings about the risks associated with Bitcoin, leading to confusion over whether digital currency transactions are legal. The Bitcoin Foundation Bangladesh, responding to this ambiguity, has stated that the central bank's statements are more cautionary than outright prohibitive. 

Jon Matonis, executive director of the Bitcoin Foundation, argues that while the use of Bitcoin is not explicitly banned under current laws, clarity is still needed regarding the legal implications of transacting or educating others about digital currencies. Despite these challenges, Matonis suggests that Bangladesh should consider the potential benefits of Bitcoin.

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How is Crypto Taxed in Bangladesh?

In Bangladesh, the taxation of cryptocurrencies is still emerging, as digital currencies still need to be fully regulated or recognised by the government. Currently, there are no specific tax laws that directly address cryptocurrency transactions. However, given the country's general principles of income tax law, any profits derived from cryptocurrency trading could potentially be subject to income tax under the National Board of Revenue.

Individuals engaging in crypto transactions are advised to keep detailed records of their activities and report any earnings as part of their annual tax filings. As Bangladesh continues to explore the regulatory landscape for digital assets, more defined tax policies will likely be introduced, aligning with global practices while considering the local economic environment.

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How to Buy Bitcoin in Bangladesh

For those in Bangladesh new to cryptocurrency, purchasing Bitcoin through a trusted digital asset exchange is important to understand. Here’s a simple guide to help you get started:

1. Create an Account: Start by selecting an exchange supporting Bangladesh users. Sign up for an account and complete the required verification process, which typically involves providing a valid photo ID and additional documents such as a selfie or proof of address.
2. Deposit Bangladeshi Taka (BDT): Navigate to the deposit section of your account, choose BDT as your deposit currency, and enter the amount you wish to transfer. Deposits can usually be made via bank transfer, mobile payment services, or credit card.
3. Choose Bitcoin: In the trading section of the platform, search for Bitcoin (BTC). Look for the BDT/BTC trading pair to view the current market rate. Depending on your trading preferences, you can place different types of orders, such as market or limit orders.
4. Execute the Trade: When you’re ready, click ‘buy’ or ‘trade’ to purchase Bitcoin. Carefully review all order details, including the price and any associated fees, before completing the transaction.

This guide provides a straightforward approach for users in Bangladesh to begin trading Bitcoin, from setting up an account to making your first purchase.

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Bottom Line

In conclusion, cryptocurrency in Bangladesh remains in a regulatory grey area, with the Bangladesh Bank issuing cautionary warnings but not banning its use. Platforms like Bybit, Gate.io, MEXC, Binance, and OKX offer reliable services, supporting local currency deposits and various trading options. As regulations develop, staying informed and choosing the right exchange is important for complaint cryptocurrency trading in Bangladesh.