Best Crypto Exchanges in India

Best Cryptocurrency Exchange in India

‍After thoroughly reviewing the 23 digital asset trading platforms available in India, we have identified the top options for residents. Our evaluation focused on their compliance with the Securities and Exchange Board of India (SEBI) guidelines, the supported cryptocurrencies, INR deposit options, features and services, and fee structures. Below is a detailed comparison table of the top five exchanges for Indian investors.

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1. Bybit

Bybit is the best overall crypto exchange in India, offering a user-friendly interface that can be used in Hindi and 24/7 local customer support. It provides access to over 1,200 digital currencies for spot trading and numerous futures and options contracts with leverage of up to 100x. The platform has a large user base of 32 million and a substantial daily trading volume of $25 billion. 

The platform offers easy onboarding with local INR deposit options, including UPI, net banking, and debit or credit cards. It also features an NFT marketplace, lending and borrowing services, staking opportunities, copy trading, TradeGPT and a crypto Visa card. Bybit's regular proof-of-reserve audits ensure a 1:1 backing of user funds, providing transparency and trust.

• Fees: There is a maker fee of 0.02% and a taker fee of 0.055% for futures trading and 0.1% for spot markets.
• Supported Assets: Over 1,200 digital assets.
• Regulation & Licensing: Regulated by global financial authorities and approved to operate in India.‍
• INR Deposit Methods: Bank transfers, UPI, debit cards, credit cards, Paytm, Google Pay, and Apple Pay.

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2. Gate.io

Gate.io is the top choice for altcoin traders. It offers a wide selection of 2,100 cryptocurrencies, including many lesser-known altcoins, memecoins, dog coins and NFT tokens. The exchange supports spot trading, futures, margin trading, and various staking options, catering to a diverse trading community with a daily trading volume exceeding $4 billion. 

There are more than 16 million registered users across India and 180 countries. Thanks to this global accessibility, it can be used in Hindi and 21 other languages. It provides a robust set of tools for technical analysis and portfolio management. Gate.io also features a unique IEO platform for new token launches and offers DeFi services, including lending and yield farming.

• ‍Fees: 0.1% for makers and 0.2% for takers.
• ‍Supported Assets: More than 2,100 digital assets.
• ‍Regulation & Licensing: Globally licensed and accessible to Indian users.
• ‍INR Deposit Methods: Bank transfers, UPI, and credit cards or debit cards.

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3. Binance

Binance is ideal for institutional investors due to its extensive range of OTC services and advanced trading features. It offers a comprehensive suite of products, including spot trading, futures, margin trading, staking, and a savings program. Users can trade over 350 cryptocurrencies on spot and derivatives markets with leverage up to 50x supported.  

As the world’s largest exchange with over 200 million registered users, it can be used in Hindi and provides live customer support in the language. It also provides a robust API for automated trading, making it suitable for large-scale investors and algorithmic traders. The exchange supports multiple fiat currencies and offers flexible INR deposit and withdrawal options.

• Fees: Spot trading is 0.1%, and the maker/taker rebate is 0.02%/0.07%.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: Adheres to SEBI and RBI regulations.‍
• INR Deposit Methods: Bank transfer, UPI, credit cards, debit cards and Paytm.

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4. CoinDCX

CoinDCX is based in Mumbai and has established itself as India’s leading cryptocurrency exchange, with a strong user base of over 15 million registered participants. The platform allows both spot and futures trading on an extensive range of over 500 digital currencies, with minimum investments starting from just ₹100. 

Its dedication to investor safety is evident through adopting a stringent 7M framework for screening tokens before listing. CoinDCX offers diverse investment products, including staking, futures trading and more. 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.

• ‍Fees: 0.5% for makers and 0.75% for takers.
• ‍Supported Assets: Over 500 crypto assets.
• ‍Regulation & Licensing: Regulated by the RBI.
• ‍INR Deposit Methods: Bank transfer, UPI, credit cards, debit cards and Paytm.

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5. OKX

OKX is recommended for DeFi products in India, offering a wide range of decentralized finance services, including lending, on-chain yield farming, a dedicated crypto wallet, and an NFT marketplace. The exchange supports a broad selection of 350 cryptocurrencies and provides advanced trading features like spot, futures, and options trading with 100x leverage. 

It also offers a unique dual-investment product for managing risk and maximising returns of up to 98% APY. The platform is known for its robust security measures and user-friendly interface, which can be used in Hindi and several other languages. OKX is powered by its native token, OKB Coin, which can be staked on the exchange to receive low trading fees and high yields.

• ‍Fees: 0.1% maker fees and 0.2% taker fees.
• ‍Supported Assets: More than 350 cryptocurrencies.
• ‍Regulation & Licensing: Globally regulated and available in India.
• ‍INR Deposit Options: Bank transfers, UPI, debit and credit cards.

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Is Crypto Regulated in India?

India's stance on crypto regulation is evolving, with the Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) presenting different perspectives. SEBI proposes that various regulators oversee different aspects of cryptocurrency activities, such as treating tokens like securities and regulating stablecoins under the RBI. This indicates a willingness to integrate private virtual assets into a regulated framework. 

In contrast, the RBI views private digital currencies as a macroeconomic risk and supports stricter regulation, particularly on stablecoins. Despite a past ban by the RBI, later overturned by the Supreme Court, the country is moving toward formal regulation. This includes potential oversight by multiple agencies and consumer protection measures under the Consumer Protection Act. 

Although the Indian government has not recognised cryptocurrencies as legal tender, there is no outright ban on their use. Residents are allowed to buy, trade and hold digital assets like Bitcoin and Ethereum. Legislative efforts are being directed towards integrating virtual digital assets (VDAs) within the existing financial regulatory framework.

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How is Crypto Taxed in India?

Cryptocurrency taxation in India is governed by specific regulations introduced in the 2022 Union Budget. The government classifies cryptocurrencies as "Virtual Digital Assets" (VDAs), with gains from their transfer taxed at a flat rate of 30%, plus a 4% surcharge, regardless of whether these gains are treated as capital gains or business income. 

Additionally, a 1% Tax Deducted at Source (TDS) is applied to transactions exceeding ₹50,000, or ₹10,000 in certain cases, under Section 194S of the Income Tax Act. This TDS aims to track and regulate the trading of digital assets. No deductions are allowed except for the acquisition cost, and losses from VDAs cannot be offset against other income. 

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How to Buy Bitcoin in India

If you're new to cryptocurrency investment in India, understanding how to purchase Bitcoin through a digital asset exchange is essential for making informed financial decisions. Here's a clear and short guide to help you get started:

1. Create an Account: Visit the website of a reliable cryptocurrency exchange and sign up for an account. Click on "Sign Up" and complete the verification process by uploading a valid photo ID and, if required, a selfie or proof of address. This step is essential to comply with the exchange's KYC (Know Your Customer) requirements.
2. Deposit Indian Rupees (INR): Navigate to the deposit section of your account, select INR as your deposit currency, and enter the amount you wish to deposit. You can fund your account using various methods, including bank transfers, UPI, or credit/debit cards. Confirm and complete the transaction using the chosen method.
3. Choose Bitcoin: Once your account is funded, go to the trading section and search for Bitcoin (BTC). Select the INR/BTC trading pair to view the current market rate. Review the available trading options, such as market and limit orders, to decide how you want to proceed with your purchase.
4. Execute the Trade: To buy Bitcoin, click 'buy' or 'trade' and enter either the amount of Bitcoin you wish to purchase or the amount of INR you want to spend. Carefully review the order details, including the price and any applicable fees, before finalising the trade.

This guide provides Indian users a straightforward path to begin trading Bitcoin, covering each step from account creation to executing trades.

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Bottom Line

In conclusion, India's cryptocurrency market is expanding, with regulatory support and growing investor interest. Choosing the right exchange is key for those entering this space. Our top picks are Bybit, Gate.io, Binance, CoinDCX, and OKX. These regulated crypto investment platforms provide secure and accessible options for trading digital currencies in India.