Many people in India are searching for secure and efficient ways to buy, sell, and store cryptocurrencies.
One of the most popular and widely recognized platforms worldwide is Coinbase.
But is Coinbase available in India in 2024?
In this article, we’ll explore everything you need to know about using Coinbase in India, including available payment methods and alternatives for investing in cryptocurrencies.
Is Coinbase available in India in 2024?
Yes, Coinbase is available in India, but only for “send, receive, convert and store supported cryptocurrencies”. In other words, Indian investors cannot buy and sell crypto.
Alternative to Coinbase in India
Since you are most interested in trading cryptocurrencies, there are other cryptocurrency trading platforms available in India that you might consider:
- Binance: One of the largest cryptocurrency platforms in the world, offering a wide range of assets and competitive fees.
Binance summary
| Feature | Binance |
|---|---|
| Cryptocurrencies offered | 300+ |
| Fees | 0.1% (can be reduced with BNB) |
| Ease of use | Moderate (advanced features) |
| Funding options | Bank transfer, credit/debit cards (AED) |
| Regulated | No (not locally) |
Since Coinbase is not an option for trading, let’s take a closer look at the alternative mentioned above:
1. Binance
Overview: Binance is the world’s largest cryptocurrency exchange by trading volume and offers an extensive range of cryptocurrencies to trade. It is known for its low fees, advanced trading features, and robust security measures.
Why Binance is a great alternative:
- Wide range of cryptocurrencies: Binance offers over 300 cryptocurrencies, making it a great choice for investors looking to diversify their portfolios.
- Competitive fees: Binance has one of the lowest trading fees in the industry, starting at just 0.1% per transaction. You can further reduce fees by using Binance Coin (BNB) to pay for your transactions.
- Advanced trading features: For experienced traders, Binance offers advanced tools such as futures trading, margin trading, and staking.
- Binance supports deposits in Indian rupee (INR) via bank transfers, making it easy for Indian residents to fund their accounts. You can also use credit/debit cards to purchase cryptocurrencies directly.
Drawbacks:
- The platform can be complex for beginners due to the wide range of features and options available.
- Binance is still subject to regulatory scrutiny in various countries, so it’s essential to stay updated on any changes that might affect your access.
Why I cannot trade in Coinbase?
The most likely reason Coinbase allows you to store, send, and receive crypto but does not allow trading is due to regulatory restrictions. Here’s a more detailed explanation:
1. Regulatory uncertainty in India:
- The regulatory environment for cryptocurrencies in India has been uncertain and subject to change. Although the Reserve Bank of India (RBI) lifted a ban on cryptocurrency trading in 2020, ongoing discussions have been held about stricter regulations or even a potential ban on certain cryptocurrency activities.
- In April 2022, Coinbase announced the launch of its trading services in India but had to pause the feature within a few days due to issues with the Unified Payments Interface (UPI), which is commonly used for payment processing in India. This pause has not been resolved, which means trading is still not possible on Coinbase in India.
2. Payment processing issues:
- The Indian government has not yet provided clear guidance on how cryptocurrencies should be regulated, leading to financial institutions’ reluctance to facilitate crypto transactions. This has affected Coinbase’s ability to support crypto trading since users can’t use UPI or other local payment methods to trade deposits and withdrawals.
- Without access to these payment methods, trading functions are effectively disabled, but wallet functions (storing, sending, and receiving) remain possible.
3. Service availability in India:
- Coinbase might be providing only partial services in India due to these regulatory challenges. Many crypto platforms operate in a limited capacity in countries where trading regulations are complex or unclear, and Coinbase is likely following this model in India.
If you want to trade crypto, you may need to explore other exchanges that have adapted to the Indian market or wait for Coinbase to enable trading once regulatory and payment issues are resolved fully. It’s also advisable to keep an eye on any announcements from Coinbase or the Indian government regarding crypto regulations.
Conclusion
While Coinbase may not be available for trading in India, you can still find an excellent alternative: Binance. It caters to both beginners and experienced cryptocurrency traders. It offers a comprehensive selection of cryptocurrencies and advanced trading features, making it ideal for those who want more options.
We hope you found this article useful! Questions? Feel free to get in touch!
Franklin has three years of experience in Wealth Management as a Fund Research Analyst, has passed the CFA level II, and is the host of the "Edge Over Hedge" YouTube channel.
