Best Crypto Exchanges in Pakistan

Best Cryptocurrency Exchanges in Pakistan

After reviewing 14 cryptocurrency exchanges available to users in Pakistan, we identified the top options that align with the guidelines set by the Securities and Exchange Commission of Pakistan (SECP). Our evaluation considered key factors such as fee structures, platform usability, the variety of supported digital assets, and PKR deposit methods. Below is a comparison table of the top 5 platforms for investors in Pakistan.

‍

1. Bybit

Bybit is the leading cryptocurrency exchange in Pakistan with a user base of 40 million. With a daily trading volume that frequently surpasses $25 billion, it offers a comprehensive suite of services, including spot, futures, and options trading on over 1,300 digital assets. Traders can leverage up to 100x on hundreds of derivatives contracts. 

The exchange’s user-friendly interface can be used in English, Urdu and 20 other languages. Additional features include staking options, a vibrant NFT marketplace, lending and borrowing services and a crypto debit card. It also regularly publishes its reserve holdings, guaranteeing that all user funds are backed on a 1:1 basis and always withdrawable.

• Fees: Maker fee of 0.02%, taker fee of 0.055% for futures, and 0.1% for spot trading.
• Supported Assets: Over 1,300 digital assets.
• Regulation & Licensing: Regulated across Asia and available in Pakistan.‍
• PKR Deposit Methods: Bank transfers, debit cards, Easypaisa, Jazzcash, Google Pay, credit cards and Apple Pay.

‍

2. Binance

Binance is tailored for large-scale investors and traders and serves over 200 million users in Pakistan and 100 other countries. With unmatched liquidity and a daily trading volume that consistently tops $50 billion, it supports a vast range of trading options, including spot, futures, margin, and peer-to-peer trading with 50x leverage. 

The platform is known for its advanced trading features, such as automated trading bots and a comprehensive API for institutional traders. Binance’s extensive range of services extends beyond trading, offering educational resources through Binance Academy, a launchpad for new token offerings, and staking options that allow users to earn rewards on their holdings.

• Fees: 0.1% for spot trades and 0.06% for derivatives.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: Regulated globally and available in Pakistan.‍
• PKR Deposit Methods: Bank transfers, credit cards, debit cards, and Easypaisa.

‍

3. OKX

OKX offers a wide range of DeFi products, including staking, yield farming, and access to decentralized exchanges (DEXs). The platform also supports spot and futures trading, with over 350 digital assets available for trading. The user interface is intuitive and can be used in Urdu, and it accepts PKR deposits, making it accessible for Pakistani users.

Beyond traditional trading, OKX is heavily invested in the Web3 ecosystem, offering tools for building decentralized applications (dApps) and participating in decentralized autonomous organizations (DAOs). The platform also features an NFT marketplace, native token (OKB Coin), a crypto wallet and on-chain staking for earning passive income on crypto holdings.

• Fees: 0.08% charge for spot trading.
• Supported Assets: More than 350 cryptocurrencies.
• Regulation & Licensing: Operates with a VASP license in Hong Kong and is available to use in Pakistan.‍
• PKR Deposit Methods: Bank transfers and credit or debit cards.

‍

4. Gate.io

Gate.io is a cryptocurrency exchange in Pakistan, known for its extensive selection of over 2,100 cryptocurrencies, making it a preferred choice for traders seeking to diversify their portfolios. The platform offers a comprehensive trading experience with features like spot trading, margin trading, and futures with 100x leverage supported. 

The interface is straightforward and supports PKR deposits, enhancing its accessibility for users in Pakistan. In addition to its vast selection of assets, Gate.io provides several advanced trading tools, including quantitative trading strategies, crypto lending, and a robust mobile app for trading on the go. 

• Fees: Maker orders at 0.1% and taker orders at 0.2%.
• Supported Assets: Over 2,100 digital assets.
• Regulation & Licensing: Operates from the Seychelles, providing services to Pakistani users.‍
• PKR Deposit Methods: Bank transfers, debit cards, credit cards, and PayPal.

‍

5. KuCoin

KuCoin is widely recognized for offering some of the highest staking rewards in the industry. The platform supports over 700 digital assets and provides a range of services, including spot trading, margin trading, and futures. Users can earn significant rewards of up to 240% APY on hundreds of cryptocurrencies with both fixed and flexible staking terms. 

In addition to staking, KuCoin offers a range of services designed to enhance the trading experience, such as a peer-to-peer marketplace, crypto lending, and a launchpad for new token offerings. The platform also features an NFT marketplace, giving users access to trade thousands of NFTs directly through the interface.

• Fees: 0.1% for spot trading and variable maker/taker fees for derivatives.
• Supported Assets: Over 700 cryptocurrencies.
• Regulation & Licensing: Regulated in several jurisdictions and accessible to Pakistani investors.‍
• PKR Deposit Methods: Bank transfers, digital wallets, and debit or credit card transactions.

‍

Is Crypto Regulated in Pakistan?

Cryptocurrency is legal in Pakistan, but it operates within a complex regulatory environment. The State Bank of Pakistan (SBP) has issued public warnings about the risks, emphasizing that Bitcoin and other tokens are not considered legal tender. The Securities and Exchange Commission of Pakistan (SECP) has shown interest in developing a regulatory framework for digital currencies, as evidenced by their consultation paper released in November 2020.

Banks, financial institutions, and payment service providers have been directed by the SBP to refrain from facilitating transactions involving virtual currencies. The SBP, while not having officially legalized cryptocurrencies, has softened its stance since its earlier prohibitive view in 2018. There hasn't been a clear legal prohibition on individuals buying, holding, or trading digital assets.

‍

How is Crypto Taxed in Pakistan?

Cryptocurrency operates in a legal gray area in Pakistan, where it is not formally recognized but remains actively traded. The Federal Board of Revenue (FBR) has not yet established a specific tax framework for cryptocurrencies. The proposed tax structure, still under consideration, suggests that gains from crypto trading could be taxed at a rate of 15%, in line with the taxation of securities under Section 37A of the Income Tax Ordinance, 2001.

For individuals who receive cryptocurrency payments directly into Pakistani bank accounts, such income might be declared as freelancing income, subject to withholding tax. Alternatively, income received through local peer-to-peer (P2P) methods may need to be reported as income from other sources, with appropriate taxes applied. 

Although these practices are currently in use, they do not align with official Pakistan Tax Laws, and individuals should consult tax professionals to navigate these complex issues. The legal landscape for cryptocurrency taxation in Pakistan is still evolving, with proposals for a more formal tax structure under discussion.

‍

How to Buy Bitcoin in Pakistan

If you’re new to cryptocurrency investing, understanding the process of purchasing Bitcoin through an exchange is recommended. Pakistani investors must prepare specific documentation in order to use a trading platform. Here's a guide to help you get started:

1. Create an Account: Begin by signing up for an account on a trusted cryptocurrency exchange that operates in Pakistan. Complete the required verification process by submitting a photo ID and any additional documentation, such as a selfie or proof of address. 
2. Transfer Pakistani Rupees (PKR): Go to the deposit section of your account, choose PKR as your deposit currency, and specify the amount you want to transfer. You can make this deposit using bank transfers or a credit card, depending on the exchange's options. 
3. Choose Bitcoin: Navigate to the trading section of the platform and search for Bitcoin (BTC). Select the PKR/BTC trading pair to see the current market rate. Review the trading options available, such as market orders or limit orders. 
4. Execute the Trade: To purchase Bitcoin, click 'buy' or 'trade.' Enter the amount of BTC you wish to purchase or the PKR amount you're prepared to spend. Carefully review the order details, including the price and any associated fees, then proceed to execute the trade. 

This guide offers a straightforward approach for users in Pakistan to start trading Bitcoin, from setting up an account to making your first purchase.

‍

Bottom Line

In conclusion, Pakistan's crypto market is expanding, with platforms like Bybit, Binance, OKX, Gate.io, and KuCoin leading the way. Each exchange offers unique features, from high liquidity to extensive asset options, catering to the needs of Pakistani users. As regulatory discussions continue, these platforms provide secure ways to trade and invest in digital currencies.