Summary
India maintains a complex but increasingly clear regulatory framework for cryptocurrency trading. The Reserve Bank of India (RBI) recognizes digital assets while implementing strict reporting requirements. Indian investors can access crypto through multiple regulated exchanges that support INR deposits via UPI and bank transfers. The country imposes a 30% tax on crypto gains and a 1% TDS on transactions. For Indian traders seeking the best crypto exchange in India, several platforms stand out due to their features, security, and user experience:
- Binance – Largest global exchange with INR support
- WazirX – Leading Indian exchange with extensive local payment options
- Bybit – Advanced trading features with competitive fees
- Unocoin – Established Indian platform with simple interface
- CoinDCX – Regulated exchange with extensive educational resources
Best Crypto Exchanges in India
The Indian cryptocurrency market has evolved significantly, with multiple exchanges now offering direct INR trading pairs and local payment methods. These platforms comply with local regulations while providing access to global crypto markets. Indian traders particularly benefit from UPI and IMPS support for instant deposits.
1. Binance
Users:
200m
Free Demo:
Mobile App:
Bonus:
$100
Cryptos:
400+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.05%
Pros
- Most comprehensive crypto exchange
- Most advanced features and products
- 24/7 customer support
- 400+ cryptocurrencies
- Reputable with over 200 million users
- Best liquidity
Cons
- Not beginner friendly
- Restricted in many regions due to regulations
- EU traders must use BNFCR for futures trading
Overview
Reaching over 200 million registered users in 2024, Binance is by far the largest crypto exchange in the world. The platform is incredibly comprehensive, offering crypto traders all the tools they need to make a profit in the crypto market.
With over 400 cryptocurrencies to trade, leverage of up to 125x, directly integrated charts from TradingView with tons of technical analysis tools, and many more features, Binance has secured its spot as one of the best crypto exchanges.
Binance offers a wide variety of products, including spot, margin, futures, and options trading, staking, lending, P2P, automated bot trading, copy trading, and even an NFT marketplace. It is safe to say that crypto geeks will find everything they are looking for on Binance.
The trading fees on Binance are very affordable. Binance charges 0.1% trading fees on the spot market (makers and takers alike), which is the industry standard. Where Binance excels is the futures market with fees of only 0.02% for makers and 0.05% for takers.
2. WazirX
Users:
15M
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
300+
Leverage:
Not Supported
Spot Fees:
0.40%/0.40%
Futures Fees:
Not Supported
Pros
- 24/7 multilingual support
- Strong security measures, including 2FA and encryption
- User-friendly features like QuickBuy and P&L tracking
- High liquidity ensures swift transactions
- Offers over 300 cryptocurrencies
Cons
- No futures trading available
- Limited global availability
WazirX Overview
WazirX is a major cryptocurrency exchange serving over 15 million users globally, with a primary focus on the Indian market. The platform supports trading of more than 300 digital assets, making it suitable for traders seeking diverse investment options.
The exchange implements a flat fee structure of 0.40% for both maker and taker orders in spot trading. WazirX offers essential features like QuickBuy for simple purchases and P&L tracking for portfolio management. The platform does not support futures trading, which limits options for advanced traders.
Security is prioritized through multiple measures including two-factor authentication and encryption protocols. The exchange maintains 24/7 customer support in multiple languages, ensuring assistance is always accessible.
WazirX requires KYC verification for all users and provides a mobile application for trading on the go. The platform maintains high liquidity levels, facilitating quick execution of trades. However, the exchange faces limitations in global accessibility, restricting its services in certain regions.
While the platform lacks a demo account for practice trading, its straightforward interface makes it accessible for both new and experienced traders.
3. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
4. Unocoin
Users:
2.4M
Free Demo:
Mobile App:
Bonus:
Upto ₹300 worth of Bitcoin
Cryptos:
113+
Leverage:
Not Supported
Spot Fees:
0.20%/0.30%
Futures Fees:
Not Supported
Pros
- Simple interface suitable for beginners
- High-level security protocols
- Offers unique features like Shake & Earn and Paper Wallet
- Provides resources for learning about crypto
- Low fees with perks for high-volume traders
Cons
- No futures trading available
- Limited Support Hours
- Limited options for dispute resolution
5. CoinDCX
Users:
14M
Free Demo:
Mobile App:
Bonus:
Upto ₹100 bonus
Cryptos:
322+
Leverage:
25X
Spot Fees:
0.50%/0.50%
Futures Fees:
0.021%/0.064%
Pros
- Supports 500+ cryptos
- ISO/IEC 27001:2022 certified and FIU-compliant
- Quick automated tax reports
- Free INR deposits and withdrawals
- 24/7 live chat support
Cons
- High price volatility
- Primarily serves Indian users
CoinDCX Overview
CoinDCX is a leading cryptocurrency exchange serving over 14 million users, primarily focused on the Indian market. The platform supports trading of more than 500 cryptocurrencies, providing extensive options for diversification.
The exchange implements a spot trading fee structure of 0.50% for both maker and taker orders. For futures trading, fees are set at 0.021% for makers and 0.064% for takers, with leverage available up to 25x. CoinDCX offers free INR deposits and withdrawals, reducing transaction costs for Indian users.
Security measures include ISO/IEC 27001:2022 certification and FIU compliance, with regular third-party audits ensuring asset transparency. The platform provides 24/7 live chat support and automated tax reporting features. Users can earn interest on their crypto holdings through staking options.
CoinDCX requires KYC verification and offers a mobile application for trading. However, the platform operates in an unregulated environment in India, presenting potential legal risks. The exchange lacks a demo account for practice trading, and protection against market volatility is limited.
Is Crypto Legal and Regulated in India?
Cryptocurrency trading is legal in India, operating under specific regulatory frameworks. The Reserve Bank of India (RBI) maintains oversight of crypto activities while implementing compliance requirements for exchanges. The Securities and Exchange Board of India (SEBI) works alongside the RBI to develop comprehensive cryptocurrency regulations.
The government mandates crypto exchanges to register with the Financial Intelligence Unit India (FIU-IND) and follow strict KYC/AML protocols. Indian exchanges must maintain transaction records and report suspicious activities. The Prevention of Money Laundering Act (PMLA) now includes virtual digital assets within its scope, requiring exchanges to maintain additional compliance measures.
Indian crypto exchanges must implement a three-tier KYC system: basic KYC for small transactions, full KYC for higher volumes, and enhanced due diligence for high-value traders. The RBI maintains oversight through mandatory quarterly reports on transaction volumes, user numbers, and compliance metrics.
Is Crypto Taxable in India?
India implements specific taxation rules for cryptocurrency transactions. The government levies a 30% tax on crypto income, with no provision for offsetting losses against gains. Additionally, a 1% Tax Deducted at Source (TDS) applies to all crypto transactions exceeding ₹10,000.
Traders must report crypto transactions in their annual tax returns. The Income Tax Department requires detailed documentation of all crypto trades, including the purchase price, sale value, and holding period.
The tax framework applies to various crypto transactions:
- Mining income faces 30% tax rate plus applicable surcharge
- NFT transactions incur similar tax obligations as cryptocurrency trades
- Crypto-to-crypto trades trigger tax liability at each conversion
- Gift tax applies to cryptocurrency received as presents
The Income Tax Department requires quarterly advance tax payments for significant crypto trading income. Failure to comply with crypto tax regulations can result in penalties up to 50% of the tax amount due, plus interest charges at 1% per month.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in India.
How to Buy Crypto in India
Indian investors can purchase cryptocurrencies through regulated exchanges that support INR payments. Binance offers a comprehensive platform with competitive fees and extensive crypto pairs.
- Choose a Crypto Exchange: Start by selecting a reliable cryptocurrency exchange that supports INR transactions. It’s crucial to verify the payment methods they offer and understand their KYC (Know Your Customer) requirements.
- Register and Verify Your Identity: Once you have chosen an exchange, proceed to create an account. You will need to complete identity verification by submitting the necessary KYC documents, which typically include proof of identity and address.
- Fund Your Account: After your account is verified, you can deposit INR using various methods such as UPI (Unified Payments Interface), IMPS (Immediate Payment Service), or direct bank transfer. These options allow for instant funding of your account.
- Select Your Cryptocurrency: Browse the available cryptocurrencies on the exchange. You can choose from popular options like Bitcoin, Ethereum, or explore other altcoins based on your investment strategy.
- Execute Your Trade: Place your order by selecting either a market order (which buys at the current market price) or a limit order (which buys at a specified price). Make sure to review the transaction details before confirming your trade.
- Transfer to a Secure Wallet: Finally, for added security, move your purchased cryptocurrencies to a private wallet. This step helps safeguard your assets from potential exchange vulnerabilities, ensuring they remain under your control.
By adhering to these guidelines, Indian investors can confidently explore the cryptocurrency landscape and make well-informed choices. This approach empowers them to navigate the market with greater clarity and understanding.
Best Crypto Wallets in India
Indian cryptocurrency enthusiasts can choose from a variety of secure wallet options to safeguard their digital assets. For those prioritizing security, hardware wallets such as Ledger and Trezor are ideal choices, offering robust protection for long-term storage of cryptocurrencies. These devices store your private keys offline, significantly reducing the risk of hacking or theft.
For everyday transactions, mobile wallets like Trust Wallet and MetaMask are popular due to their ease of use and convenience. These wallets enable quick access to your funds and allow for seamless transactions on the go.
Additionally, the Exodus wallet stands out for its multi-currency support and user-friendly interface. It strikes a perfect balance between security and accessibility, making it an excellent option for both novice and experienced investors. When selecting a wallet, Indian users should carefully evaluate factors such as the types of cryptocurrencies supported, backup options, and compatibility with local exchanges to ensure a secure and convenient crypto experience.
Bottom Line
For Indian investors seeking the best crypto exchanges in India, Binance stands out with its extensive feature set, competitive fees, and reliable INR support. The platform processes over $5 billion in daily trading volume and supports direct INR deposits through multiple payment channels.
WazirX provides an excellent alternative with its focus on the Indian market and comprehensive local payment options. The exchange offers instant INR deposits via UPI and IMPS, maintaining strong relationships with Indian banks. Both platforms maintain strict security standards while offering access to a wide range of cryptocurrencies, ensuring Indian traders can participate in global crypto markets efficiently.
