Best Crypto Exchanges in India

Summary: 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) through bank transfers, UPI transactions, or credit cards, you can legally acquire, stake, and trade digital assets.

For those beginning their crypto journey in India, we've evaluated the top 5 trading platforms in the country. These platforms have earned a reputation for being the most reliable and trustworthy choices available:

1. Binance - Best Overall Crypto Exchange in India
2. Bybit - Best Alternative Crypto Exchange in India
3. ‍OKX - Best Exchange for Beginners
4. CoinDCX - Best India-based Crypto Exchange
5. WazirX - Best Alternative India-based Crypto Exchange
   

Top Crypto Trading Platforms in India

After thorough research of over 15 key cryptocurrency platforms, we have determined the top exchanges for Indian investors. Our evaluation incorporates multiple crucial aspects such as the regulation and licensing by the Reserve Bank of India (RBI), the spectrum of supported digital assets, user interface quality, INR deposit methods, fees, and other considerations to precisely rank these platforms. For a comprehensive summary of the top five cryptocurrency exchanges in India, please refer to the following list.

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1. Binance

Binance stands out as the best overall crypto exchange in India, providing the safest and easiest trading platform to use. With more than 350 trading pairs and speedy Indian Rupee deposits, Binance India delivers a versatile and expansive trading environment. Users can benefit from many features, such as spot trading, futures, margin trading, and staking, making it the ultimate destination for Indian investors. Binance India's unwavering dedication to adhering to local regulations further cements its position as the best overall exchange in the nation.

• Fees: Spot trading is 0.1% fee and derivatives are maker/taker fees at 0.02%/0.04%. INR deposits are free.
• Supported Cryptocurrencies: Over 350 cryptocurrencies are available on Binance.
• Regulation & Licensing: Globally licensed, regulated and available in India
• Customer Support: 24/7 Live Chat in Indian, Discord, Twitter, Email and more.
• INR Deposit Methods: Bank Transfers, IMPS Transfer, NFT, IPS, Debit Card, Credit Card and more.

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2. Bybit

Bybit is one of the best alternative platforms for crypto investing and trading in India. This Singapore-based exchange offers up to 100x leverage on perpetual contracts, making it one of the largest and most popular crypto exchanges in the industry. Bybit serves users from over 180 countries, including India, and is known for not requiring KYC for platform use. Additionally, Bybit offers a wide range of supported tokens, audited proof-of-reserves, support for over 30 languages and is the second largest by trading volume in the world.

• Fees: There are no fees to deposit or withdraw funds from Bybit. There is a 0.1% fee on spot markets, and the futures maker/taker rebate is 0.01%/0.06%.
• Supported Tokens: 400+ cryptocurrencies.
• Proof of Reserves: Provides transparent 1:1 proof-of-reserves audited daily.
• Customer Support Options: Live Chat, Email, Ticketing System, Phone & Social Media.
• INR Deposit Methods: Bank Transfer, Debit Card, Credit Card, UPI & PhonePe

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3. OKX

O‍KX is a global crypto exchange based in Seychelles that offers its services to over 60 countries including India. The platform supports the widest range of INR deposits out of any exchange in this list. OKX also provides several other features such as spot, margin, options and derivatives trading with up to 50x leverage, plus an NFT marketplace and hundreds of crypto staking options.

• Fees: There are no fees to deposit or withdraw funds from OKX. There is a 0.1% fee on spot markets and the futures maker/taker rebate is 0.02%/0.05%.
• Supported Tokens: 340+ cryptocurrencies
• Proof of Reserves: Provides proof-of-reserves.
• Customer Support Options: Live Chat, Email, Ticketing System & Social Media.
• INR Deposit Methods: Bank Transfer, Debit Card, Credit Card, UPI, PayTM, IMPS, PhonePe and more.

4. CoinDCX

CoinDCX is an Indian based cryptocurrency exchange that was founded in 2018. It is the largest crypto exchange in India with over 13 million registered users and holds more than 20 billion USD worth of cryptocurrencies. CoinDCX has a wide range of features including spot and derivatives trading, crypto staking and an advanced trading platform called CoinDCX Pro.

• Fees: There are no fees to deposit or withdraw funds from CoinDCX. There is a 0.%% fee on spot markets, and the futures maker/taker rebate is 0.02%/0.05%.
• Supported Tokens: 200+ cryptocurrencies.
• Proof of Reserves: Does not provide proof-of-reserves.
• Customer Support Options: Live Chat, Email, Ticketing System & Social Media.
• INR Deposit Methods: IMPS & UPI.

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5. WazirX

WazirX is another popular cryptocurrency exchange based in India that was founded in 2018. It is best known for its P2P services which allows users to directly buy and sell cryptocurrencies at a pre-determined price. WazirX offers multiple markets including spot trading, margin trading and derivatives trading.

• Fees: Deposit and withdrawal fees vary depending on the asset, view detailed summary here. Spot trading fee is 0.2%.
• Supported Tokens: 150+ cryptocurrencies.
• Proof of Reserves: Does not provide proof-of-reserves.
• Customer Support Options: Live Chat, Email & Social Media.
• INR Deposit Methods: UPI, IMPS, NEFT & RTGS.
  

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Is it Legal to Buy Crypto in India?

Buying and trading cryptocurrencies in India is legal since the Supreme Court lifted the Reserve Bank of India's ban in March 2020. Regulated entities must follow RBI guidelines, including due diligence on customers and AML/CFT measures. However, the Indian government has yet to regulate cryptocurrencies, and the legal status remains uncertain. Some states have proposed their own regulations, making it crucial to stay informed of any changes.

crypto trading is not illegal in India, but it's in a grey area as the regulatory framework for cryptocurrencies is still developing. The Indian government has taken steps to curb the use of cryptocurrencies, but it has not banned them outright. The legality of crypto trading may have changed, I would advise you to check the current regulations in India.

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How is Crypto Taxed in India?

According to the Indian Income Tax Department, cryptocurrency is subject to tax in India. Crypto assets are classified as Virtual Digital Assets (VDAs), and profits made by trading, selling, or spending crypto are subject to a 30% tax rate, plus surcharge and 4% cess. There is also a 1% Tax at Source (TDS) on transfers of crypto assets exceeding RS50,000 in a financial year. The tax rate is applicable to private investors, commercial traders, and anyone transferring crypto assets, and there is no distinction between short-term and long-term gains. Taxpayers should report gains from Crypto/NFTs under Schedule - Virtual Digital Assets (VDA) in their Income Tax Return.

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How to Buy Bitcoin and Crypto in India

India's evolving regulations make purchasing cryptocurrencies relatively simple. Here's a brief guide for 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. Account Creation: Register on your chosen platform, provide personal details, and complete verification for KYC and AML compliance.
3. Funds Deposit: Deposit INR via bank transfer, UPI transaction, or credit card for purchasing cryptocurrencies.
4. Cryptocurrency Purchase: Navigate to trading, select your preferred cryptocurrency, and place an order.
5. Investment Security: Transfer purchased assets to a private wallet for enhanced security.

India's regulatory environment offers a secure framework for crypto trading, making it suitable for both novice and experienced investors.

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Bottom Line

In summary, our analysis has pinpointed the top five cryptocurrency exchanges in India, considering factors such as regulatory adherence, variety of digital assets, user experience, and deposit methods. Binance leads the pack, with Bybit, OKX, CoinDCX, and WazirX following suit.

While trading cryptocurrencies is legal in India, staying informed about regulatory shifts is essential. Indian authorities classify crypto assets as Virtual Digital Assets (VDAs) for tax purposes, applying appropriate taxation. By opting for a trustworthy and RBI-approved exchange, Indian investors can confidently venture into the cryptocurrency domain.