Navigating the dynamic world of cryptocurrency can seem like stepping into a labyrinth for beginners. With countless platforms to choose from and a myriad of cryptos to invest in, where does one start? Fortunately, this article aims to shine a light on this path, serving as your guiding compass in the realm of digital currency. We'll take a deep dive into the top five crypto brokers for beginners in India, meticulously comparing them to arm you with the knowledge needed to make informed choices.
1
Exness - Best for beginners in India
Exness is one of the world’s largest brokers, known for its competitive trading conditions, high security, and wide selection of assets. The company serves over 700,000 active clients and processes a monthly volume exceeding $4 trillion.
While specializing in currency pairs, Exness also offers CFDs on stocks, commodities, indices, and cryptocurrencies. The broker caters to all experience levels with various account types – from cent accounts and social trading for beginners to high leverage and Expert Advisor support for seasoned professionals.
Exness holds multiple international licenses, including the stringent FCA and CySEC, ensuring trader funds are protected.
With features like 24/7 support, fast withdrawals, and analytics tools, Exness strives to provide an optimal trading experience.
👍 Advantages of trading with Exness for traders from India:
•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
•Wide range of CFDs, including over 100 currency pairs;
•Zero deposit and withdrawal fees;
•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Disadvantages of Exness for traders from India:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
2
TeleTrade - Best for beginners in India
TeleTrade is a global broker serving clients worldwide. They offer trading on Forex, indices, stocks, metals,cryptocurrencies, and energies. While lacking PAMM accounts and certain investment options, TeleTrade boasts a robust copy trading service, a strong affiliate program, and diverse account types (ECN, NDD, crypto). With sufficient leverage (up to 1:500) and spreads from 0 pips, the broker caters to various trading styles, including scalping, intraday trading, and medium to long-term strategies.
TeleTrade supports traders with market analytics, expert forecasts, an economic calendar, and a comprehensive education section on their website.
👍 Advantages of trading with TeleTrade for traders from India:
•detailed analytical section;
•informative educational section.
👎 Disadvantages of TeleTrade for traders from India:
•no PAMM accounts or other money management options;
•a small range of trading instruments;
•few withdrawal options;
•support is available 24/5;
•withdrawals delayed;
•technical support responds slowly;
•sometimes it takes a long time to verify data.
3
Bybit - Best for beginners in India
Bybit is a leading cryptocurrency exchange specializing in derivatives trading. Its proprietary trading platform is user-friendly but caters primarily to experienced traders who are comfortable with advanced financial instruments. Integration with TradingView provides seamless market analysis and trade execution.
Bybit allows highly leveraged trading of up to 100x with a clear and transparent fee structure. For those seeking alternative investment strategies, Bybit offers copy trading programs for both derivatives and spot markets, enabling users to automatically replicate the trades of successful investors.
The exchange provides 24/7 customer support, a safe banking environment, and instant deposits/withdrawals. Additionally, Bybit offers a crypto debit card, allowing users to spend their digital assets on everyday purchases.
👍 Advantages of trading with Bybit for traders from India:
•It has a convenient, intuitive proprietary trading platform that is presented in the browser version, which eliminates conflicts with the operating system and braking when sending orders;
•Integration with TradingView allows users to simplify crypto market analysis and trading via a single platform;
•Combination of futures and perpetual contracts trading;
•There is an order book that allows you to assess the depth of the market and current trading volumes;
•It has a minimum entry threshold. The cost of a BTC/USD futures contract is USD 1;
•It is possible to open long and short positions with subsequent mutual recalculation.
👎 Disadvantages of Bybit for traders from India:
•It has conditions for trading futures that are difficult for beginners, such as the formula for calculating the leverage, the terminology of the funding size and the premium index, funding rates, etc.;
•Lacks a mechanism to protect the interests of traders in the event of controversial issues;
•The mechanism of classic cryptocurrency trading is almost undeveloped. Only USDT, ВТС, and ЕТН are available for purchase.
4
Libertex - Best for beginners in India
Libertex is an online broker that provides access to trading CFDs on stocks, commodities, cryptocurrencies, and more. The company has been in the market for over 10 years. One of the advantages and distinctive features of the broker is its proprietary web trading platform with non-standard functionality designed for novice traders. It features a user-friendly interface, high information content, and advanced technical functionality.
👍 Advantages of trading with Libertex for traders from India:
•fast registration process;
•usability of the platform. It has a user-friendly interface for trading online on a PC or laptop as well as other devices;
•more than 300+ CFDs on stocks, precious metals, oil and gas, indices, cryptocurrencies - almost all popular trading underlying assets in one platform;
•tight spreads;
•investment account providing for investing in real stocks without commission fees.
👎 Disadvantages of Libertex for traders from India:
•Libertex accounts have fees subject to the underlying asset. For example, a 0.0005% fee is charged on Forex CFD.
•No proprietary technological solutions for passive investing.
•Libertex is available only in the web version and mobile app which doesn’t allow adding custom indicators and advisors. Algorithmic trading is not available.
5
Deriv - Best for beginners in India
Deriv is a brokerage company that started its activities in 1999. Deriv's mission is to make trading accessible. For this reason, the company has low minimum deposit requirements, but high-quality working conditions. DTrader is one of the broker's several proprietary trading platforms. Two others are Deriv bot and Deriv MT5. Deriv offers its clients to trade Forex assets, stocks, indices (including synthetic ones), CFDs, commodities, and options. Deriv is an international broker licensed and regulated by the following bodies: Vanuatu Financial Services Commission (VFSC, 14556), Malta and Labuan Financial Services Authority (MFSA, 71479 and Labuan FSA, MB/18/0024), BVI FSC (SIBA/L/18/1114). The rights of traders are guarded by the Financial Commission, of which Derive is also a member.
👍 Advantages of trading with Deriv for traders from India:
•Low level of the minimum deposit.
•A wide range of payment agents for replenishment of the deposit and withdrawal of earned funds.
•Availability of trading instruments of different groups: currency pairs, stocks, indices, metals, etc.
•Broker regulation by several authorities from different countries.
•Round-the-clock client support.
•Choice of three convenient trading platforms.
•No commission for maintaining a trading account and using its platforms.
👎 Disadvantages of Deriv for traders from India:
•The tutorials provided on the site may not be enough for novice traders.
•Deriv has only a few ways to contact support.
•The broker does not serve clients from several countries, such as the USA, Canada, Malaysia, Israel, and others.
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
Exness Commissions and Fees
Exness charges only trading fees. These are spreads on Standard and Pro accounts and spreads + fees per lot on Raw Spread and Zero accounts. The company doesn’t withhold non-trading fees.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard Cent |
$0.3 |
No |
|
Standard |
$3 |
No |
|
Standard Plus |
$10 |
No |
|
Raw Spread |
$0 |
No |
|
Zero |
$0 |
No |
|
Pro |
$1 |
No |
TeleTrade Commissions and Fees
Our analysts analyzed the broker’s trading and non-trading fees. The first was the company's spread, the second was additional fees for withdrawing funds.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard ECN |
$17 |
No |
|
Professional NDD |
$9 |
No |
|
Sharp ECN CENT |
$2 |
No |
|
Cryptocurrency account |
$3 |
No |
Bybit Commissions and Fees
The Traders Union experts analyzed the Bybit platform documents regulating the trading conditions for differentiation of commissions. The commission depends on which category is assigned to the trader: Maker or Taker. The Taker commission is 0.075%; whereas the Maker commission is 0.025%.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
From $ 20 |
No |
Libertex Commissions and Fees
TU experts have analyzed Libertex trading conditions. The broker's fee policy is flexible, that is spreads are charged on all account types, and fees in the form of percentage of the trade amount are charged on some account types.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Libertex Real |
From 0.1% |
Yes (PayPal or Skrill – No) |
|
МТ4, МТ5 Market |
From 0.1% |
Yes (PayPal or Skrill – No) |
|
МТ5 Instant |
From 0.1% |
Yes (PayPal or Skrill – No) |
Deriv Commissions and Fees
Deriv was analyzed by the experts at the Traders Union to establish the amounts and types of fees that the broker charges its clients. It was not possible to establish exact data on the size of the spread because Deriv offers a fixed commission and a floating spread, so the commission size for different assets and different types of accounts may differ. There are no fees for maintaining a trading account, however, for inactivity, the broker may charge an additional commission. Withdrawing funds and replenishing an account with Deriv are free. Any commission, in this case, is set by the payment agent. No hidden fees were found.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Real account |
From $1 |
Yes - established by trading platform and payment system |
How to choose a crypto broker for beginners in India
Choosing the right cryptocurrency broker in India as a beginner is one of the most essential steps in your crypto journey. All cryptocurrency investments come with risks, and it's crucial to minimize them by selecting a reputable broker. Here are some key factors to consider when choosing a crypto broker in India:
Security and safety
Prioritize the security of your investments. Look for a broker that offers robust security features such as two-factor authentication (2FA), encryption, and cold storage for your funds. Research the broker's history to see if they've experienced security breaches in the past. Additionally, ensure that they comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, as this helps protect against fraudulent activities.
Range of supported cryptocurrencies
Consider what cryptocurrencies you intend to trade. Some brokers offer a wide range of cryptocurrencies, while others focus on a select few. Choose a broker that supports the coins you're interested in. Remember that more established cryptocurrencies like Bitcoin and Ethereum are often available on most platforms, but if you're interested in lesser-known coins, do your research to find a broker that offers them.
Fees and charges
Understand the fee structure of the broker. Brokers charge fees for transactions, withdrawals, and other services. Look for transparency in fee disclosures and compare the fees with other brokers. Low fees might be attractive, but also consider the overall value provided by the platform, including security and customer support.
Reputation and reviews
The best crypto brokers for beginners in India will have a good reputation both online and offline. Read online reviews and user experiences to get an idea of how other people have fared with the platform. Look for any red flags, such as a history of technical issues, poor customer service, or hidden fees. A well-established, reputable broker is generally a safer choice, especially for beginners.
Ease of withdrawals and deposits
How easy is it to deposit and withdraw funds from the platform? Look for a broker that offers multiple payment methods, such as credit cards, bank transfers, and e-wallets. Also, consider the withdrawal process; some brokers may have extended processing times or high withdrawal fees.
Is crypto trading legal in India in 2024?
As of October 2024, trading and investing in cryptocurrencies is allowed in India. However, cryptocurrencies are not recognized as legal tender in the country and are not regulated by the Reserve Bank of India. As a result, it is still a gray area as the Indian government has yet to pass any specific legislation or regulatory framework governing the use and trading of cryptocurrencies. But remember to stay updated on any changes in laws and regulations that may impact the legality of crypto trading in India.
Is crypto trading taxable in India 2024?
Yes, cryptocurrency trading is taxable in India in 2024. The Indian government introduced a taxation framework for Virtual Digital Assets (VDAs), including cryptocurrencies, in the 2022 budget. The gains from trading, selling, or swapping cryptocurrencies are subject to a flat tax rate of 30% (plus applicable surcharge and 4% cess) on profits made on or after April 1, 2022. This tax rate applies irrespective of whether the income is treated as capital gains or business income.
In addition to the flat tax rate, there is a 1% Tax Deducted at Source (TDS) on the transfer of crypto assets if the transaction exceeds INR 50,000 in a financial year (or INR 10,000 in some instances). Indian exchanges automatically deduct this TDS, while individuals trading on foreign exchanges have to file their TDS returns manually[3][5].
Remember that cryptocurrency transactions are also subject to other taxes, such as Income Tax at the individual slab rate for specified transactions likely to be considered additional income, including mining and staking rewards or airdrops of crypto.
Pros and cons of crypto trading for beginners
Trading crypto is not a get-rich-quick scheme. It requires patience, knowledge, and understanding of market trends. However, it can also be an exciting and profitable venture for beginners. Here are some pros and cons to consider before diving into crypto trading:
Pros of crypto trading
Potential for high returns. Cryptocurrencies have seen significant price leaps, and some investors have created substantial fortunes by taking on the risk of investing in early-stage cryptocurrencies. With a good understanding of market trends and careful investment strategies, it is possible to earn high profits in the crypto market.
Decentralized market. Unlike traditional financial markets, the cryptocurrency market is decentralized, meaning there is no central authority or government controlling the market. This decentralization provides more freedom and flexibility for traders to make their own decisions without being influenced by external factors such as government policies or regulations.
24/7 Market. The cryptocurrency market operates 24 hours a day, seven days a week, unlike traditional markets that operate on specific business hours. This allows traders the convenience of trading at any time, making it easier to manage and track their investments.
Low barrier to entry. Cryptocurrency trading has a relatively low barrier to entry compared to traditional financial markets. Most exchanges do not require high minimum deposits, and there are no restrictions on who can invest in cryptocurrencies.
Cons of crypto trading
High volatility. While the potential for high returns is attractive, the crypto market is highly volatile, meaning prices can fluctuate significantly in a short period. This level of volatility can result in significant gains or losses and requires traders to be cautious with their investments.
Lack of regulation. Due to its decentralized nature, the crypto market is largely unregulated, leading to potential security risks and scams. This lack of regulation also means there are no safety nets or protections for traders if something goes wrong.
Technical knowledge required. Cryptocurrency trading requires a certain level of technical knowledge, such as understanding blockchain technology and how to use digital wallets. Without this knowledge, it can be challenging for beginners to navigate the market.
Hacking risks. With all transactions being conducted online, there is always a risk of hacking and cyber attacks in the crypto market. Traders must take extra precautions to secure their digital assets and personal information.
Market manipulation. Market manipulation remains a substantial problem in cryptocurrency, with influential people, organizations, and even bots manipulating prices and trends for their benefit. This can make it challenging to accurately predict market movements.
How to start crypto trading for beginners in India?
Step 1: Educate yourself
Before venturing into crypto trading, dedicate time to learning about the basics of cryptocurrencies, blockchain technology, and how the trading process works. Understand the risks involved and keep abreast with the latest news and trends in the crypto market. You should also familiarize yourself with different trading strategies and techniques to help you make informed decisions.
Step 2: Choose the right trading platform
Select a reputable crypto trading platform that offers a user-friendly interface, strong security measures, a wide range of cryptocurrencies, and excellent customer support. Some popular platforms in India include WazirX, CoinDCX, and Binance.
Step 3: Set up your trading account
Once you've chosen a platform, set up a trading account. This usually involves providing some personal information and complying with KYC (Know Your Customer) procedures, as required by the platform.
Step 4: Start with a demo account
Most platforms offer a demo account with virtual funds. This allows you to practice trading without risking any real money. Utilize this feature to get comfortable with placing trades and understanding market trends.
Step 5: Begin trading
After practicing with a demo account, you can start actual trading. Consider starting with small investments and gradually increasing your portfolio as your confidence and skills improve. Always remember the risks involved, and never invest more than you are willing to lose.
Can I start crypto trading in India without investment?
Yes, you can start crypto trading in India without any initial investment. While this may limit your trading options, there are several ways to start earning from cryptocurrency for free. Some of these include:
Airdrops
Airdrops are a way to receive free cryptocurrency tokens. Companies or projects distribute these tokens to the crypto community for various reasons, often to promote their project or reward users. To participate in airdrops, you must sign up for the project's newsletters or follow their social media channels. When they distribute tokens, you'll receive them in your wallet. However, not all airdrops are valuable, and you may need to do some research to find the legitimate ones.
Faucets
Crypto faucets are websites or apps that dispense small amounts of cryptocurrency for free. To get started, you need to visit a crypto faucet and complete simple tasks like solving captchas or playing games. In return, you'll receive a small amount of cryptocurrency. Faucets are a slow way to accumulate crypto, but they can be a fun and educational way to get started without any investment.
Staking and yield farming
Staking involves holding and "locking up" a specific cryptocurrency in a wallet to support the network's operations. In return, you earn rewards in the same cryptocurrency or another token. Yield farming, on the other hand, involves providing liquidity to decentralized finance (DeFi) platforms and earning rewards. Both of these methods allow you to earn passive income from your existing crypto holdings.
Referral programs
Some cryptocurrency exchanges and platforms offer referral programs that reward you for referring new users. When someone signs up using your referral link, you may receive a percentage of their trading fees or a one-time bonus. Promoting the platform to friends and followers can help you earn some cryptocurrency without investing your own money.
Bounty programs
Some blockchain projects offer bounty programs to reward users for contributing in various ways, such as bug hunting, content creation, or community engagement. By actively participating in these programs, you can earn tokens that can be traded or sold on exchanges. It's a great way to earn crypto for your skills and contributions.
Earn through content creation
If you're a content creator, you can earn cryptocurrency through platforms that reward users for content, such as Steemit or Hive. These platforms allow you to publish articles, videos, or other content, and you'll receive rewards based on the engagement and quality of your work.
Summary
Many brokers are available for traders from India, but not all of them offer good conditions. In this review, TU experts chose the Best crypto brokers for beginners in India 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Crypto Brokers For Beginners in India
| Exness | TeleTrade | Bybit | Libertex | Deriv | |
|---|---|---|---|---|---|
|
Overall score |
9.34 |
8.92 |
9.8 |
8.27 |
8.42 |
|
Execution of orders |
9.6 |
3.21 |
9.62 |
6.1 |
9.55 |
|
Investment instruments |
8.79 |
6.7 |
6.26 |
7.24 |
8.73 |
|
Withdrawal speed |
8.79 |
7.79 |
8.28 |
9.71 |
9.54 |
|
Customer Support work |
9.29 |
8.41 |
7.52 |
9.24 |
5.94 |
|
Variety of instruments |
8.02 |
8.75 |
9.41 |
6.37 |
9.27 |
|
Trading platform |
1 |
8.29 |
8.09 |
6.16 |
7.82 |
|
|
|||||
|
|
|
|
|
|
|
FAQ
What is a demo account and why is it important?
On a demo account, you trade by using virtual funds. It is important to choose a broker offering a demo account both for beginners, who are only learning, and for experienced traders, who can use this account type to test new strategies or EAs risk-free.
Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
Best Crypto Brokers For Beginners by Countries
Related Articles
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.