Are you looking to make money by trading cryptocurrencies in India?
If yes, then you should know about the tax system levied by the Government of India.
Hi, I am Abizer Izzy – founder & writer of AffReborn.com, and lately a crypto enthusiast. In this post, I am covering the best Binance alternatives and competitors in India, especially for Indian users.
The cryptocurrency situation in India is like the Rainy season which is unpredictable. You never know what is going to happen in the future.
The cryptocurrency bill was to be passed in the Winter Session of the parliament, in 2021, but it didn’t happen. (Source taken from Forbes)
While some countries believe in the power of decentralization, some don’t. India is an emerging country in the technology sector and is therefore in the race for cryptocurrency regulation.
Cryptocurrency In India is now under the eye of the Government of India. In the year 2022, the Government of India announced that all cryptocurrency users have to pay a 30% tax on profit. Also, users will be levied 1% TDS by the crypto exchanges.
If the crypto exchange doesn’t deduct 1% TDS, then the user has to file an income tax return. Not doing so will end up in a disastrous situation leading to 7 years of prison.
Since Binance does not deduct TDS for Indian users, these Binance alternatives are worth checking out. Let me introduce Binance and then will drill down the Binance competitors list.
Table of Contents
CZ (Changpeng Zhao) is the founder and CEO of Binance – the biggest crypto exchange in the world. Binance was launched by CS in July 2017 and today it is the largest & most dominant digital asset exchange by trading volume across the globe.
He Yi is the Co-founder and CMO of Binance with immense experience in the tech sector.
Binance is a leading cryptocurrency exchange offering cryptocurrencies and virtual tokens trading. Apart from Bitcoin, Ethereum, Cardano, Dogecoin, and more altcoins, Binance has its blockchain-based token, BNB.
Every user registered on Binance is required to complete KYC for trading any virtual asset. Indian users need to register on the Binance app and complete KYC as required.
List of Best Binance Alternatives In India In 2024
WazirX is India’s biggest and most trusted Bitcoin & cryptocurrency exchange platform. The platform allows you to trade Bitcoin and Altcoins using Indian payment methods like UPI.
🌟 Few reasons why you should use the WazirX trading platform as a Binance alternative:
- It is India’s most secure exchange as no frauds have been reported till now.
- KYC verification takes less than 24 hours.
- Infrastructure is built to handle rocket-speed transactions.
- Unstoppable & works seamlessly on any device.
- An intuitive platform that is simple & easy to use.
- Features that enhance your trading skills.
- WazirX automatically deducts 1% TDS for all Indian users.
- You can download your trading history & reports.
🤑 WazirX Referral Program:
If you are a blogger/affiliate marketer, WazirX allows you to earn affiliate commissions. You earn 50% of the trading fee from your referrals.
There are no rules and WazirX accepts your application instantly even if you don’t own a website.
Coinbase is a popular and easy trading platform for buying and selling cryptocurrencies. The platform allows you to create and customize your Web3 profile. You can further explore the platform to find the hottest & most popular NFTs.
Coinbase was started in 2012 and has been serving crypto enthusiasts for over a decade now.
Brian Amstrong is the Co-founder and CEO of Coinbase.
🌟 What makes Coinbase a good choice for crypto trading?
- Buy, Sell, and keep a record of all your cryptocurrencies in one place.
- Vault protection enhances your security.
- The Coinbase app is available for Android & iOS.
- Supports 100+ countries including India.
- It is easy to start and the quick KYC process makes it a hassle-free platform.
🤑 Coinbase Affiliate Program
Coinbase does have its affiliate program and offers a 50% commission on trading fees. You can join the Coinbase affiliate program on Impact Radius, but you might not get instant approval.
Bybit was founded in 2018 by Ben Zhou who had a bag full of experience as a forex broker. The journey from 2018 till now has been overwhelming.
Now, Bybit has opened its global headquarters in Dubai and has also acquired ISO 27001:2013 certification.
The platform serves its customers worldwide in over 160 countries along with 24/7 customer support.
🌟 What makes Bybit a preferred choice for Indian users?
- Full suite of products – Spot, Derivatives, NFT Marketplace, Bybit Earn, Options, DEX, Crypto, and Web3.
- Buy your first crypto in under a minute.
- P2P trading at 0 fees.
- Rest and Websocket API.
- Fetch market data historically including order book, k-line, etc.
- Multiple payment methods are supported including credit or debit cards.
- Round-the-clock multilingual support.
🤑 Bybit Referral Program:
There are two types of rewards offered by Bybit. The first is the invitation reward where you & your invited friend both earn 25 USDT along with 1000 USDT of Mystery box.
Another reward is the commission, so when your referral starts trading, you earn 30% of the commission on every trade.
CoinDCX is trusted by over 1.3 crores + of Indians to buy & sell Bitcoin and Altcoins using its app. The CoinDCX app is available to download on AppStore and Google Play Store.
Simply download and install the app, register your account, complete KYC, and start trading for as low as INR ₹100.
🌟 Is CoinDCX a better WazirX alternative? Let’s find out the top reasons to choose CoinDCX:
- Uses a 7m framework for finalizing crypto tokens that ensures quality tokens are listed.
- A manifold of products that include Buy/Sell, Learn, Earn, Futures, Margin, etc.
- Building the Indian cryptosystem with a larger vision.
- Quick to download, install, complete KYC, and start trading.
- Anyone can start trading for as low as INR ₹100.
- Multilayer encryption keeps your funds safe & secure. CoinDCX stores customers’ funds in multi-sig cold wallets.
🤑 CoinDCX Referral Program:
You can join the CoinDCX referral program and earn a 20% commission on your referrals trading fee. But this applies only to Futures trading.
The happiness part is that you can earn a 50% commission on INR trading done by your referrals every time.
KuCoin is a renowned crypto exchange platform that helps you trade faster with cards, fiat, etc. When you sign up on KuCoin as a new user, you get 100 USDT in rewards.
Next, when you deposit or buy any crypto, you get 400 USDT in rewards. Finally, when you start trading, you receive up to 1400 USDT in rewards.
For completing pro trading tasks, KuCoin offers up to 1000 USDT in rewards.
At KuCoin, you will find 700+ coins and discover highly profitable coins not found elsewhere. You can also interact with pro investors from around the globe and access the latest news.
With KuCoin’s largest social trading platform, you will never miss out on any hot news. KuCoin is known as the People’s Exchange serving customers in around 200+ countries having 20+ global communities.
You can trade from anywhere and soar profits with KuCoin’s mobile app available for Android & iOS both.
🌟 Why should you choose KuCoin?
- It is fully secure incorporating the latest security technologies.
- Users can start trading for as low as $1.
- There is no restriction on the exchange between fiat and crypto.
- It supports over 50 fiat currencies via P2P and credit/debit cards.
🤑 KuCoin Affiliate Program
One of the highest-paying cryptocurrency affiliate programs is KuCoin. The KuCoin affiliate program offers up to 60% commission to affiliates.
For every referral, affiliates earn a 60% commission from referral trading fees. Not just that, when your referrals become sub-affiliates, you are entitled to second-level commissions. This means you make money simply with your sub-affiliates referrals.
With Kraken, you can gain enormous profits by buying cryptocurrencies in minutes for as low as $10. You can instantly buy and sell over 200+ cryptocurrencies by connecting your payment method.
If you aren’t sure where to start, you can learn each step of your crypto journey from Kraken’s Learning Center.
🌟 Should I register at Kraken?
- For any support assistance, you can contact the support team 24/7/365 via Live chat, phone, and email.
- With a few clicks, you can earn up to 24% in rewards annually once you stake your assets with Kraken.
- An intuitive, powerful & easy-to-use interface allows you to Trade spots and margins.
- The prices are stable, so you can trade easily at large volumes.
- Kraken’s low latency API energizes your trading limits enabling you to trade faster.
🤑 Kraken Affiliate Program:
There is no traffic requirement for websites willing to join the Kraken affiliate program. But social media influencers must have at least 5K followers.
For every referral, you get a 20% commission on the trading fee.
Pros and Cons of Binance Alternatives In India
|Easy joining and KYC
|Trading fees might be higher.
|Earn commissions from referral programs
|TDS is deducted automatically.
|Trade in INR with multiple payment options.
So this was all from my side in this blog post covering the best Binance alternatives in India. I recommend WazirX as I have used its platform.
The WazirX exchange platform becomes a bit quirky during high-volume trades, but that’s okay. WazirX P2P exchange is a big-time saver that you shouldn’t miss out on.
Best of luck with your crypto journey!
Be Healthy, Be Wise, and Keep Sharing!
Take Care Reborns
(FAQs) Best Binance Alternatives In India
Is it free to join the WazirX crypto exchange platform?
WazirX or any other cryptocurrency exchange platform doesn’t charge anything to any of its customers. You only have to pay the trading fees for all your transactions.
Do Indian users have to pay tax on cryptocurrency?
Yes, the Government of India has levied a 30% tax on crypto profits and 1% TDS on crypto transactions. It is mandatory to file Income Tax Returns and doing so will result in getting yourself into prison.
Which is the best Binance alternative in India?
I have listed some of the best Binance alternatives in India in this post. For me, the best is WazirX because of its intuitive dashboard and easy payments.