How to Buy Cryptocurrency in India
Buying cryptocurrency in India
The economy in India is labeled as the fifth largest economy in the world, with Gross Domestic Product or GDP derived from pharmaceutical and IT services, as well as tourism, textile, telecommunication and even automobile industries. It is clear to see how such a large and well-developed economy could further benefit from cryptocurrencies and cryptocurrency trading. The Supreme Court of India ordered the Indian government to establish a regulatory system for cryptocurrencies and cryptocurrency trading in 2019. Until this task is complete, Bitcoin will unfortunately remain unrecognized as a payment method by any state authority. Having said that, those who procure income from Bitcoin should expect to pay taxes on it. This is because the Indian laws regulate taxation on any and all forms of income. For a country as large as India, it has only one Bitcoin ATM to offer. It is located in the Garage Society in Gurugram. Recent news speculates that Crypto could be made illegal in India and residents forced to sell their holdings.
As of 20/03/2021
These exchanges all accept customers from India. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options