Summary: In India, the most effective strategy for investing in Bitcoin and other cryptocurrencies involves platforms that adhere to the Reserve Bank of India’s (RBI) regulations. These reputable exchanges support investing with Indian Rupees (INR) through domestic bank transfers, UPI (Unified Payments Interface), and credit or debit cards.

Our detailed review has highlighted the top 5 exchanges in India for cryptocurrency investments. These platforms are noted for their compliance with regulatory requirements and their reliability, offering secure avenues for entering the cryptocurrency market.

  1. Bybit - Best Crypto Exchange in India
  2. Gate.io - Top Choice for Altcoin Traders
  3. Binance - Best Choice for Institutional Investors
  4. CoinDCX - Best India-based Crypto Platform
  5. OKX - Top Platform for DeFi Features
Website
Best Crypto Exchange in India
5.0 out of 5.0 by Datawallet

Bybit is best platform for Indian investors due to its support for over 1,000 digital assets, competitive fees, robust security measures, and compliance with regulations while accommodating INR deposits.

Website
Fees

Free Indian Rupee (INR) Deposits and 0.1% Trading Fees.

Available Cryptos

1,000 Cryptocurrencies (Spot, Futures & Options).

INR Deposit Methods

UPI, Bank Transfers, PayTM, Credit Cards & More.

Best Cryptocurrency Exchange in India

After conducting a thorough analysis of over 20 exchanges, we've pinpointed the top five platforms ideal for Indian investors. Our evaluation was based on several key factors including adherence to the Securities and Exchange Board of India (SEBI) regulations, diversity of crypto assets available, ease of use of the user interface, INR deposit options, and fee structures. For Indian investors looking for a crypto exchange that aligns with their specific investment needs, our detailed guide below offers essential insights and recommendations.

Exchange
Cryptocurrencies
Trading Fees
Deposit Methods
Key Features
Bybit
1,000+
Maker Fee 0.01% & Taker Fee 0.06%
Bank Transfer, UPI, Paytm, Debit Card & Credit Card
Staking, Options, Futures, Lending & More
Gate.io
1,700+
0.08% Trading Fee and 0.1% Spread
Bank Transfer & Credit Card
Derivatives, Earn, Staking, BNB Chain & More
Binance
350+
0.1% Spot Fee and 0.5% Spread
Bank Transfer & Credit Card
Derivatives, Earn Program, Staking, BNB Chain & More
CoinDCX
500+
Maker Fee 0.5% & Taker Fee 0.75%
Bank Transfer, UPI, Paytm, Credit Card or Debit Card
Staking, Futures Trading and Margin
OKX
300+
0.1% Trading Fees & 0.1% Spread
Bank Transfer, UPI & Debit or Credit Card
Options, Futures, OKX Wallet, DeFi Support & More

1. Bybit

Bybit secures the leading position for Indian cryptocurrency enthusiasts, offering a superior platform optimized for experienced traders. The exchange features an impressive selection of over 1,000 digital assets and provides versatile deposit options tailored to the Indian market, such as UPI, Paytm, and more, all supporting transactions in Indian Rupees (INR).

The platform boasts an extensive range of cryptocurrencies, with futures contracts maxing out at 25x leverage, a growing NFT marketplace, and crypto-staking options. This variety broadens investment choices across different cryptocurrency activities. Renowned for its competitive fees, 0.01% for makers and 0.06% for takers, Bybit also maintains robust security protocols and caters to an expansive user base of over 10 million, underlining its reliability and premier status in the industry.

  • Fees: Maintains a maker fee of 0.01% and a taker fee of 0.06%.
  • Supported Cryptocurrencies: Offers a wide range of over 1,000 digital assets.
  • Regulation & Licensing: Complies with international standards, specifically accommodating the Indian market with dedicated INR support.
  • INR Deposit Methods: Includes diverse options such as local bank transfers, UPI, debit and credit cards, Paytm, Google Pay, and Apple Pay.
Bybit India

2. Gate.io

Gate.io holds the position as the second-leading cryptocurrency exchange in India, celebrated primarily for its expansive altcoin offerings. The platform stands out with a portfolio of over 1,700 cryptocurrencies, making it a prime choice for traders looking to explore a broad range of digital assets. In the Indian cryptocurrency market, Gate.io is known for its low base fees, which start at just 0.1% for spot trades.

With a significant 24-hour trading volume that tops $5 billion and a thriving community of over 14 million users, Gate.io demonstrates its strong standing and popularity within the global cryptocurrency scene. The exchange augments its services with innovative features such as trading bots and a dedicated startup section, offering Indian users diverse and engaging market opportunities, including unique trading events and competitions designed to cater to the interests of Indian investors.

  • Fees: Gate.io maintains competitive rates, with fees starting at 0.1% for makers and 0.2% for takers.
  • Supported Cryptocurrencies: Features an impressive array of more than 1,700 digital assets.
  • Regulation & Licensing: Based offshore in the Seychelles; not directly licensed in India but remains accessible to Indian users.
  • INR Deposit Methods: Provides several options including local bank transfers, UPI, and credit cards to accommodate a broad spectrum of Indian investors.
Gate.io

3. Binance

Binance claims the third spot as a top platform in India, serving both novice enthusiasts and sophisticated institutional investors. It is globally recognized for its accessibility and comprehensive features that suit a remarkably diverse audience. Binance’s extensive cryptocurrency offerings include over 300 popular assets like Bitcoin, Ethereum, Solana, and Binance Coin, along with a variety of emerging tokens.

The platform shines with its array of versatile trading tools suitable for all skill levels, encompassing Futures and Margin trading. Binance also delivers real-time market analytics and advanced risk management tools, including Stop Loss and One-Cancels-the-Other (OCO) orders. Furthermore, it provides profitable opportunities through staking and savings programs, appealing to a broad spectrum of Indian investors.

  • Fees: Binance offers competitive trading fees, starting at 0.1%.
  • Supported Assets: An expansive range of over 350 cryptocurrencies.
  • Regulation & Licensing: Binance is globally licensed, but not directly regulated in India. That said, Binance is available to Indian investors.
  • INR Deposit Methods: Includes Bank Transfer, UPI, Credit/Debit Card, Paytm, among others, accommodating a wide Indian user base.
Binance India

4. CoinDCX

Situated in Mumbai, CoinDCX has established itself as India's fourth-ranked cryptocurrency exchange, with a strong user base of over 14 million registered participants. The platform allows investments in Bitcoin, Ethereum, and an expansive array of over 500 other cryptocurrencies, with minimum investments starting from just ₹100. Its dedication to investor safety is evident through the adoption of a stringent 7M framework for screening tokens prior to listing.

CoinDCX offers a diverse range of investment products designed to meet the varied needs of investors, including options like Buy/Sell, Learn, CIP, Earn, Futures, Margin, among others. This diverse offering underscores its pivotal role in nurturing the Indian Crypto Ecosystem. With an emphasis on ease of use and accessibility, the platform's app facilitates portfolio expansion starting from small investments, backed by robust security measures including top-tier risk monitoring and asset insurance.

  • Fees: Implements a fee structure of 0.5% for makers and 0.75% for takers.
  • Supported Assets: Features a broad spectrum of over 500 crypto assets in both spot and futures markets.
  • Regulation & Licensing: CoinDCX operates out of Mumbai with licensing from local regulatory bodies.
  • INR Deposit Methods: Supports a range of deposit methods including Bank Transfer, UPI, Credit/Debit Card, and Paytm.
CoinDCX

5. OKX

OKX is identified as India's fifth-leading cryptocurrency exchange, notable for its robust DeFi (Decentralized Finance) integration. Featuring a versatile portfolio of over 300 crypto assets, OKX ventures beyond ordinary spot trading into futures, options, and margin trading. For DeFi aficionados, the OKX Wallet stands out, integrating fluidly with premier DeFi protocols such as AAVE and Uniswap, facilitating high staking yields and fast transactions.

Based in Seychelles and compliant with its regulatory frameworks, OKX ensures uninhibited operation within India. The platform is particularly appealing to institutional traders and DeFi practitioners, thanks to its advanced API functionalities, excellent liquidity, and native web3 protocol compatibility. This positions OKX as a gateway to extensive market opportunities, catering to niche long-tail markets within the cryptocurrency landscape.

  • Fees: OKX distinguishes itself by eliminating deposit and withdrawal fees, offering 0% maker fees, and maintaining competitive 0.2% taker fees.
  • Supported Cryptos: Boasts a rich selection of over 300 cryptocurrencies, including giants like Bitcoin, Ethereum, and Solana.
  • Regulation & Licensing: Adheres to international regulatory standards, seamlessly operating in the Indian market.
  • INR Deposit Options: Supports a comprehensive range of deposit mechanisms such as local bank transfers, UPI, debit and credit cards, plus other digital payment methods for Indian users.

Is Crypto Regulated in India?

Cryptocurrency regulation in India is under active consideration, but a definitive regulatory framework is not yet established. The Reserve Bank of India (RBI) and the Indian government have not recognized cryptocurrencies as legal tender, but there is no outright ban on their use. Legislative efforts are being directed towards integrating virtual digital assets (VDAs) within the existing financial regulatory framework. This includes amendments to the Prevention of Money Laundering Act and the Companies Act to encompass activities related to VDAs.

Significant steps include the proposed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which suggests a structured approach towards regulating private cryptocurrencies and indicates the potential introduction of a state-backed digital currency. The evolving nature of these regulations highlights the Indian government's cautious yet receptive stance towards integrating cryptocurrency into its financial system.

As India engages in global regulatory discussions, especially under its G20 presidency, it is expected that future cryptocurrency regulations will aim for alignment with international standards. This ongoing evolution underscores the need for investors and users to stay informed about the legal and regulatory changes affecting digital assets.

How is Crypto Taxed in India?

In India, cryptocurrencies, classified as virtual digital assets (VDAs), are subject to specific taxation rules under the Income Tax Act, 1961. The tax regime includes a 30% tax on income from VDA transfers. This tax is distinct and additional to the standard income tax, allowing only the cost of acquisition as a deductible expense and prohibiting the offsetting of losses from these transactions.

The legislation also mandates a 1% withholding tax on VDA purchases. If the transaction involves non-cash components, the tax must be settled before completing the transaction. Cryptocurrency exchanges have defined responsibilities under this framework, particularly in handling withholding taxes in complex transactions involving multiple parties or in-kind exchanges.

Moreover, applying Goods and Services Tax (GST) to transactions involving VDAs is under assessment, especially regarding service fees collected by exchanges. The legal framework continues to evolve, especially in managing cross-border VDA transactions and integrating them into the national economic and regulatory environment.

Bottom Line

For those looking to step into or expand their footprint in India's cryptocurrency market, the choice of exchange is paramount. Our targeted review has distilled the five best platforms based on stringent criteria, including adherence to SEBI regulations, variety in cryptocurrency offerings, ease of use, reliable INR deposit methods, and transparent fee structures.

Bybit secures the lead with its broad asset selection and low fees, while Gate.io excels in altcoin diversity. Binance offers robust tools for institutional investors, CoinDCX stands out for local engagement, and OKX is recommended for its deep integration with DeFi protocols. Each platform is tailored to cater distinctly to specific investor profiles, ensuring secure and efficient trading experiences.