Best Crypto Exchanges in India

Best Cryptocurrency Exchange in India

We reviewed and ranked the 21 cryptocurrency exchanges operating in India to identify the best options for local investors. The evaluation considered adherence to Reserve Bank of India (RBI) regulations, INR deposit methods, supported cryptocurrencies, fee structures, and features. Below is a detailed overview of the five leading digital asset platforms for Indian residents.

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1. Bybit

Bybit is the best cryptocurrency exchange in India, offering access to over 1,500 digital assets for spot trading, plus 440 derivatives contracts and options markets with leverage up to 200x. Home to over 55 million registered users, it provides a user-friendly interface that supports multiple languages, including Hindi, and offers 24/7 local customer support to cater to the Indian market. 

Additionally, it features an NFT marketplace, lending and borrowing services, a demo account, staking opportunities, copy trading, and a crypto Visa card. Bybit's commitment to security is evident through regular proof-of-reserve audits, ensuring a 1:1 backing of user funds. The platform also offers easy onboarding with local INR deposit options, including UPI, net banking, and cards.

• 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 1,500 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, BRI, BniBank, QRIS, Google Pay, and Apple Pay.

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2. OKX

OKX stands out in the Indian market for its extensive range of decentralized finance (DeFi) services. The platform offers lending and borrowing services, on-chain yield farming, a Web3 crypto wallet (OKX Wallet), and an NFT marketplace. It supports over 350 cryptocurrencies for spot, futures, and options trading with leverage up to 100x. 

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

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

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3. Gate.io

Gate.io supports over 2,700 digital assets, including altcoins, DeFi tokens, and NFTs. The platform has spot trading, futures, and margin trading. It also provides a suite of automated trading tools, including spot grid bots, futures grid bots, and the martingale strategy bot. The copy trading feature allows users to mirror successful traders' strategies in both spot and futures markets.

It extends beyond trading with its innovative investment and earning opportunities. Users can explore Simple Earn, which offers flexible and locked staking options for earning interest up to 130% APY on digital assets. Gate.io also supports crypto lending and borrowing through its Crypto Loan service. Auto-Invest simplifies dollar-cost averaging for long-term investors.

• ‍Fees: 0.1% for makers and 0.2% for takers.
• ‍Supported Assets: More than 2,700 digital assets.
• ‍Regulation & Licensing: Not regulated in India but available to local investors.
• ‍INR Deposit Methods: UPI and credit cards or debit cards.

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4. Binance

Binance is the world’s largest exchange, offering spot trading, margin trading, and futures contracts. Users can trade over 350 cryptocurrencies on spot and derivatives markets with leverage up to 50x supported. Advanced trading tools, including customizable trading bots and copy trading features, enable users to automate strategies and replicate successful traders' portfolios.

Institutional clients benefit from the VIP & Institutional Services, which include lower trading fees, personalized support, and advanced trading solutions. Beyond trading, Binance offers the Earn program allowing users to stake cryptocurrencies, while the Launchpad provides early access to promising token projects. The Loan services enable users to borrow funds against their crypto assets. 

• Fees: Spot trading is 0.1%.
• 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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5. CoinDCX

CoinDCX is an exchange based in Mumbai that supports spot trading with a vast selection of cryptocurrencies, including popular pairs like BTC/INR. For those interested in leveraged trading, it provides margin trading options, allowing users to trade with up to 6x leverage across over 400 markets. It also offers futures trading with up to 100x leverage on more than 270 pairs.

The Earn feature enables users to earn passive income by staking their digital assets. For high-net-worth individuals and institutional investors, CoinDCX offers Prime and Enterprise services, delivering personalized solutions, dedicated account management, and access to exclusive market insights. Additionally, the VIP program offers reduced fees for high-volume traders.

• Fees: 0.5% for makers and 0.75% for takers.
• Supported Assets: Over 400 cryptocurrencies.
• Regulation & Licensing: Registered with the RBI.
• INR Deposit Methods: Bank transfer, UPI, credit cards, debit cards and Paytm.

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Is Crypto Regulated in India?

India's approach to cryptocurrency regulation is still evolving. The Reserve Bank of India (RBI) has historically expressed concerns about digital assets. In 2018, the RBI prohibited banks from facilitating cryptocurrency transactions; however, this ban was overturned by the Supreme Court in 2020, allowing exchanges to operate under existing financial regulations. 

The Securities and Exchange Board of India (SEBI) is the temporary body overseeing crypto activities. Despite the absence of a comprehensive regulatory framework, the Indian government has taken steps to address the crypto sector. 

In 2021, the Cryptocurrency and Regulation of Official Digital Currency Bill was introduced, aiming to create an official digital currency while imposing restrictions on private cryptocurrencies. However, as of 2024, this bill has not been enacted, leaving the legal status of cryptocurrencies in a state of ambiguity.

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How is Crypto Taxed in India?

In India, the taxation of crypto transactions is governed by specific provisions introduced in the Union Budget 2022. The Finance Act, 2022, implemented a flat 30% tax rate on income derived from the transfer of virtual digital assets (VDAs), which include cryptocurrencies and non-fungible tokens (NFTs). 

Additionally, a 1% Tax Deducted at Source (TDS) is levied on payments made for the transfer of VDAs exceeding ₹50,000 in a financial year for specified persons and ₹10,000 for others. This TDS is applicable from July 1, 2022, and aims to capture transaction details for better compliance and tracking.

It's important to note that losses incurred from the transfer of VDAs cannot be set off against any other income, nor can they be carried forward to subsequent years. Furthermore, gifts of cryptocurrencies are taxable in the hands of the recipient under the head 'Income from Other Sources,' subject to certain exemptions.

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How to Buy Bitcoin in India

Indian investors looking to purchase Bitcoin can use platforms that support Indian Rupee (INR) transactions and comply with the financial guidelines set by the Reserve Bank of India (RBI). Follow this guide to buy BTC in India:

1. Choose a Crypto Exchange: Start by selecting a cryptocurrency exchange that supports INR deposits and complies with RBI regulations.
2. Create an Account: Register on the chosen platform by providing your basic details, such as name and email address. Complete the Know Your Customer (KYC) process, which typically involves uploading a government-issued ID and proof of address.
3. Deposit Indian Rupees (INR): Navigate to the exchange’s deposit section and select your preferred payment method, such as UPI, bank transfer, or debit card. Enter the desired deposit amount in INR and follow the instructions provided by the platform to complete the transaction.
4. Find Bitcoin (BTC): Once your INR deposit is credited to your account, go to the trading section of the platform. Search for Bitcoin or “BTC” and locate the INR/BTC trading pair, which allows you to purchase Bitcoin using Indian Rupees.
5. Complete the Purchase: Enter the amount of Bitcoin you wish to buy or specify how much INR you want to spend. Review the transaction details, including applicable fees, and confirm your purchase.

These steps make it simple for Indian users to purchase Bitcoin securely through exchanges that accept Indian Rupees.

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Bottom Line

India's cryptocurrency scene is rapidly evolving, with the Reserve Bank of India (RBI) working to create a secure investment environment. Investors can choose from reputable platforms like Bybit, OKX, Gate.io, Binance, and CoinDCX, each offering unique features to suit various trading styles. 

These exchanges allow Indian investors to participate in the global crypto market while staying compliant with local regulations