Binance vs Bybit P2P in India – Which Is Better for Buying USDT with INR?
For Indian users buying USDT with rupees, there are two main P2P markets: Binance P2P and Bybit P2P. Both are registered with India’s Financial Intelligence Unit (FIU-IND), both accept UPI and bank transfers, and their current order fees need to be checked before trading. They differ in price at any given moment, in the depth of offers for each payment method, and in what they tell you about sellers. OKX stopped serving Indian users in 2024, so it isn’t covered here.
Which one is cheaper right now? See the live comparison and which exchange has the cheapest USDT in India over the last 7 and 30 days.
At a glance
| Binance P2P | Bybit P2P | |
|---|---|---|
| FIU-IND registered | Yes (2024) | Yes (early 2025) |
| UPI, IMPS, bank transfer | Yes | Yes |
| PhonePe, Paytm, Google Pay | Yes | Yes |
| Digital Rupee (e₹) | Yes | Yes |
| Fee to take an existing offer | Check market/account fee | Check current fee |
| Seller speed info | When the advertiser was last online | Average release and payment time |
| Order count shown | Last 30 days | Last 30 days |
| Where USDT arrives | Funding wallet | Funding account |
Price
Neither is always cheaper. The gap moves hour by hour and can be more than a rupee per USDT; in coinglee’s snapshot on 3 October 2026, Binance’s best buy price was ₹1.37 below Bybit’s. For a fixed 1,000 USDT quantity, that difference is ₹1,370 before fees; for a fixed rupee budget, compare the quantities instead.
Prices also differ by payment method on the same exchange. UPI and bank transfer are usually cheapest; PhonePe, Paytm and Google Pay offers often cost more. Compare by method on the UPI, bank transfer and Digital Rupee pages.
Depth of offers
The number of offers changes through the day and by amount. Binance usually has more offers overall; Bybit sometimes has better prices for specific methods or amounts. If coinglee shows “only a few sellers at this amount” for one exchange, check the other. Larger trades in particular can find more offers on one platform. The conversion pages show how many offers fit each amount.
Speed and seller information
- Bybit publishes each advertiser’s average release time, which coinglee shows in the offers table. In the 3 October snapshot, Bybit advertisers were releasing in under a minute.
- Binance shows 30-day orders, completion rate and when the seller was last online.
On both, check completion rate and recent orders before you pay.
TDS handling
Under Indian law, the buyer of a crypto asset deducts 1% TDS when paying the seller once yearly thresholds are crossed. On P2P, check each exchange’s order details for how TDS is shown and keep your records. Your tax position is the same whichever exchange you use. See 1% TDS and 30% tax on crypto.
Safety
Both hold the seller’s USDT in escrow and have an appeal process. The main risk on either platform is the same: receiving or sending money linked to fraud, which can lead to a bank account freeze after a cyber-crime complaint. Read how to trade P2P safely in India and triangle scams and fake UPI screenshots.
Which should you use?
| If you… | Use |
|---|---|
| Want the lowest price | Compare both at the moment you trade; the live board does it for you |
| Want fast release | Bybit, using the release times in coinglee’s offers table |
| Trade large amounts | Whichever has more offers at your amount, usually by IMPS |
| Pay by PhonePe or Paytm | Compare method prices first; UPI is often cheaper |
Many regular users keep verified accounts on both and use whichever is better on the day.
Step-by-step guides: Binance P2P India, Bybit P2P India.
Compare the same amount, not just the headline rate
Suppose two hypothetical offers cost ₹103 and ₹104 per USDT. For 100 USDT, the difference is ₹100. For a fixed ₹20,000 budget, the first gives about 194.17 USDT and the second 192.31 USDT, before any deductions. These are two different comparisons. Use the converter with the amount you actually intend to spend.
Then check that both offers accept that amount and your payment method. A cheaper offer with a ₹50,000 minimum cannot satisfy a ₹20,000 order. A quoted release average also isn’t a deadline for your next order. Keep price, limits and payment compatibility ahead of speed when comparing, and review the final confirmation screen before committing.
Should you move coins to the cheaper exchange first? Include the withdrawal charge, deposit minimum and transfer delay before comparing. A small apparent saving may disappear during the transfer, and a screenshot’s price is not reserved for you.
Check the current Binance P2P fee schedule and the order confirmation. Taker fees can depend on the fiat market and account, so the quoted price is not necessarily the total cost. Add any applicable fee, payment charge and withdrawal cost separately.