Choosing a crypto exchange in India involves more than comparing cryptocurrency prices or the number of listed coins. For Indian traders, access to INR, trading fees, transaction size, compliance and the ability to convert digital assets into rupees are important considerations.
The requirements become more specific for high-net-worth individuals (HNIs), proprietary trading firms and businesses handling substantial cryptocurrency transactions.
This makes Carret vs Bybit a relevant comparison for users exploring crypto trading platforms in India.
Bybit offers a global cryptocurrency trading ecosystem with spot markets, derivatives and institutional services. Carret focuses on institutional crypto OTC trading and INR onramp/offramp infrastructure designed for the Indian market.
Both provide access to cryptocurrency trading, but they serve different trading requirements.
What Is Carret?
Carret is an FIU-IND registered Virtual Digital Asset Service Provider (VASP) offering cryptocurrency trading infrastructure in India.
The company focuses on large-volume crypto transactions, institutional OTC trading and INR onramp/offramp solutions.
Carret's primary services include:
Institutional crypto OTC desk for large trades.
INR-denominated trading for supported cryptocurrencies.
INR onramp/offramp APIs for businesses.
Dedicated OTC trade partners for onboarding and large transactions.
Unlike a conventional retail crypto exchange, Carret's primary offering is designed around large transactions and business-facing infrastructure.
Its OTC desk allows eligible customers to request quotations for supported cryptocurrencies and confirm a trade after reviewing the offered price.
Carret
What Is Bybit?
Bybit is a global cryptocurrency exchange offering trading products for retail, professional and institutional participants.
Its ecosystem includes spot trading, derivatives and other cryptocurrency-related products, subject to regional availability.
Bybit also offers institutional trading services, including OTC trading for qualifying customers.
Bybit announced its FIU-IND registration on February 6, 2025.
Bybit Press
Carret vs Bybit: Quick Comparison
Feature | Carret | Bybit |
|---|---|---|
Primary focus | Institutional OTC and INR infrastructure | Global cryptocurrency exchange |
Target audience | HNIs, institutions, traders and businesses | Retail and institutional traders |
INR-focused OTC trading | Yes | Depends on available products and eligibility |
Spot trading | OTC-focused crypto offering | Yes |
Crypto derivatives | Not a core Carret offering | Yes |
Large crypto transactions | Dedicated OTC desk | Institutional and OTC services |
Business API | INR onramp/offramp API | Trading and institutional APIs |
Dedicated OTC partner | Yes | Institutional services subject to eligibility |
FIU-IND registration | Yes | Yes |
1. Crypto Exchange in India: Global Trading vs INR-Focused Infrastructure
One of the main differences between Carret and Bybit is their approach to cryptocurrency trading.
Bybit operates a global exchange ecosystem, giving eligible users access to cryptocurrency markets and trading tools.
This structure serves traders looking to place orders independently, trade different assets and use advanced market features.
Carret concentrates on a different trading requirement.
Its OTC platform is designed for customers looking to buy or sell cryptocurrencies in larger quantities using INR.
For example, an Indian proprietary trading firm looking to acquire a substantial amount of USDT may prefer to receive a quote for the complete transaction before committing to the trade.
Carret's OTC desk provides this functionality through a quote-based trading model.
For someone searching for the best crypto exchange in India, the distinction is whether they need conventional exchange features or a dedicated service for larger INR-denominated transactions.
2. OTC Trading: What Makes Carret Relevant for Large Trades?
Over-the-counter, or OTC, trading involves buying or selling cryptocurrency through a negotiated or quoted trade rather than relying exclusively on a public exchange order book.
Large cryptocurrency orders can move through several price levels on an exchange.
As a result, the final average purchase or sale price may differ from the price initially displayed.
This difference is known as slippage.
Carret's OTC desk allows eligible customers to request a quotation for their intended trade size.
Once the customer accepts the quote, the price can be locked according to the applicable transaction terms.
This makes the OTC model relevant to high-volume traders who need to evaluate the total cost of a transaction before placing an order.
Bybit also offers OTC services, so traders should compare the actual trading terms rather than assume that large transactions are only available through Carret.
For Indian customers, the relevant factors include INR access, quotation quality, minimum trade size and onboarding requirements.
3. INR Access: An Important Factor for Indian Crypto Traders
For Indian users, the availability of INR-based trading can influence the entire cryptocurrency trading process.
Carret's OTC offering supports the following published pairs:
Trading pair | Use case |
|---|---|
USDT/INR | Buy or sell USDT using Indian rupees |
BTC/INR | Buy or sell Bitcoin using INR |
ETH/INR | Buy or sell Ethereum using INR |
For example, a business that needs to convert INR into USDT can approach Carret for an OTC quotation.
Bybit provides fiat-related services, but the available currencies, methods and product eligibility depend on the user's location and applicable terms.
When comparing crypto exchanges in India, customers should verify that their intended INR transaction is supported rather than relying only on the availability of global crypto markets.
4. Trading Fees: Carret vs Bybit
Trading fees are an important consideration when evaluating a cryptocurrency platform.
However, for a large transaction, the final effective trading rate can matter more than the headline fee.
Carret's published OTC terms state a trading fee of 0.1% of the transaction value, included in its all-inclusive quotation.
Bybit's fees vary depending on the trading product, account tier and applicable transaction conditions.
For a large USDT purchase, a trader should compare the total INR required for the same quantity of USDT.
The final cost can depend on the quoted exchange rate, transaction charges and any applicable taxes.
An OTC transaction is not automatically less expensive than an exchange trade. Customers should compare actual prices available for the intended order size.
5. Compliance and FIU-IND Registration
Compliance is another consideration when choosing a crypto trading platform in India.
Carret is an FIU-IND registered VASP, while Bybit announced its FIU-IND registration in February 2025.
FIU-IND registration relates to India's anti-money-laundering reporting framework.
For eligible customers, Carret's OTC onboarding involves applicable KYC and AML verification.
Institutional customers may also need to provide relevant business and ownership documentation.
Registration does not eliminate cryptocurrency market risk or guarantee against losses.
6. Who Should Consider Carret's Crypto OTC Desk?
Carret's services are designed around customers with large transaction requirements.
Its OTC desk may be relevant to:
HNIs buying or selling substantial cryptocurrency amounts.
Proprietary trading firms managing digital-asset inventory.
Arbitrage traders requiring INR-based crypto conversions.
Crypto businesses needing large USDT transactions.
Fintech and Web3 platforms exploring INR onramp/offramp integration.
For these customers, dedicated OTC functionality and INR access may be more relevant than the number of cryptocurrencies available on a retail exchange.
Frequently Asked Questions
Is Carret an alternative to Bybit in India?
Carret offers an alternative for eligible customers seeking institutional crypto OTC trading and INR onramp/offramp infrastructure. It is not a direct replacement for Bybit's entire trading ecosystem.
Which crypto exchange in India supports large USDT transactions?
Several platforms offer large-volume cryptocurrency services. Carret provides a dedicated OTC desk supporting USDT/INR transactions for eligible customers.
What is the minimum amount required for Carret OTC trading?
Carret's published minimum trade size is equivalent to $20,000, subject to the applicable eligibility and onboarding requirements.
Is Carret FIU-IND registered?
Yes. Carret is an FIU-IND registered VASP offering crypto OTC trading and INR infrastructure in India.
Looking for a Crypto OTC Desk in India?
Carret offers institutional crypto OTC trading and INR onramp/offramp solutions for high-volume traders and businesses.
Whether you need to buy USDT using INR, execute large Bitcoin transactions or explore crypto infrastructure for your business, Carret provides a dedicated OTC service.