How to buy Bitcoin in India? A familiar question among traders in India. Bitcoin existed since 2009. But most exchanges to buy Bitcoin came to India a few years later.
But the 2017 bull run changed the landscape of Bitcoin in India. Then a large section of traders became aware of Bitcoin. Traders started buying and trading them.
Table of Contents
- Step 1: Choose the Best Exchange to Buy Bitcoin in India
- Step 2: Know the Market Before You Buy Bitcoin in India
- Step 3: Understand the Pros & Cons to Buy Bitcoin in India
- Step 4: Buy Bitcoin in India
- Is it Worth to Buy Bitcoin In India?
Step 1: Choose the Best Exchange to Buy Bitcoin in India
There are many factors to look at the exchange to buy Bitcoin online in India. First, whether INR deposit and withdrawal are there. Second, liquidity, since the user base is small in India.
Also, Look if the platform is on the web, desktop, Android, and iOS. Security is crucial due to attacks on sites. Below we have listed the best sites to buy bitcoin in India.
WazirX, started in 2018, grew to number one site to buy bitcoin in India. They provide 70+ coin pairs to trade with. Also, Trading pairs are available for BTC, USDT, and INR. You can use their platform on both web and mobile.
The platform can scale and handle millions of trade. Users can buy bitcoin with INR. The smallest deposit is Rs.100. Besides, they can withdraw INR to the bank real fast. Also, Signing up is easy and takes no time. Another highlight is the P2P market. Users can buy and sell bitcoin from others. The P2P platform acts as a middle man to ensure safe sales.
Also, They charge a 0.2% fee on Spot and 0% on P2P. In 2019, Binance acquired them. This has made it easy for Indians to switch between these platforms. Above all, it Helps users onboard with INR and trade on a global platform.
Binance started in 2017 and grew to the leading crypto site in the world. Users were first attracted to the large number of altcoin listing they had. During the 2017 bull run, they grew to number one exchange in a few month’s time.
Besides, They were able to impress users with the scale of traffic the site can handle. With a large user base, they were able to have the liquidity for large trades. Soon they rolled out many payment options, a decentralized exchange (DEX), futures, and margin trading. They charge a flat 0.1% fee on trades.
You can hold BNB and get 25% less on fees. Holding BNB is good for fees and the fact that DEX and Smart Chain use BNB. You can trade on both Web and Mobile. The growth path they are on, we can see them on the number one spot for a long time.
Bitbns started in late 2017. The name comes from Bitcoin Buy n Sell. You can buy digital currencies with INR. In other words, You can load money via P2P, UPI, NEFT, IMPS, or RTGS. There are more than 70 coins to trade. High security is a plus. They provide P2P trading.
You can use Bitbns on both mobile and desktop. Besides, They have 24×7 support. They charge a 0.25% fee on trade. This is in line with fees charged by global sites. Like other sites, they do charge fees to transfer digital money out of the site.
Also, you need to do KYC needs to trade on Bitbns. Btibns platform has good UX. Margin trade is present for a few coins. You can use the API to trade on Bitbns. Sign up is quick and easy. Bitbns is a good choice to buy and trade bitcoin in India.
KuCoin is a global site to buy and sell Bitcoin. They started in 2017. You can trade more than 400 pairs of virtual currencies. You can buy bitcoin with cards such as a debit card or a credit card. 0.1% is the fee they charge with trades. It is easy to sign up and complete KYC.
They have a strong name among traders. Their UX is good for both starters and experts. You can buy bitcoin on both web and mobile. Good 24×7 support. You can use both spot and margin trade on the site.
Provides 20x return on margin trades. It is a safe site to trade. They say you can create an account in 10 seconds. You can buy or sell bitcoin with OTC. You can trade using API.
Changelly is a good site to buy and convert BTC and other coins. They started in 2015. They provide a good way to switch coins. Besides, They let you use API to trade. With them, you can buy 140+ coins. Also, Converting coins might take 5 – 20 minutes.
At the same time, You can buy bitcoin with credit card and debit card. You need to pay fees when you buy with cards. They charge a 0.5% fee on trades. You can use them on the web, mobile, and few block chain wallets.
All that you need to change coins is an email id. KYC is not a must. Most sites have some pairs of coins. With this site, you can make your own pairs to trade with. 24×7 support has good reviews. Users around the world can sign up on the site.
Zebpay, is one of the oldest bitcoin merchant in India. They started in 2014. First, they sold BTC and added more coins by 2017. You can use them on mobile and web platforms. But they are more used on mobile.
Besides, the cryptocurrency trading platform is easy to use and has good UX. At one point, their app had close to 3 million downloads. You need an Indian phone no: to sign in. It has low trading fees. Like other sites, its easy to move money in INR. You can connect the bank account to do so.
The platform is secure and can scale fast. They store coins on a cold bitcoin wallet. You can use their app to make BTC payments over the lighting network. At one point they were the biggest app to buy bitcoin in India.
BuyUcoin, is an Indian site to buy BTC and other virtual currency. They started in 2016. Trade fees are high on the site. BTC price to buy-sell is on the high side. Fees to move coins out of the site is also high.
Besides, to deposit INR there is a 2% fee. They offer 30+ coins to trade. Also, They do have an OTC desk to make large buys. The site is easy to use. User reviews of the site’s UX are good. You can buy coins with fiat currency like INR on the site. We need to connect a bank account to move money in and out.
You need an Indian phone no: to use the site. But, sign up is quite simple. It is a secure site. You can use 2FA to protect your account.
CoinDCX is a good site to buy BTC in India. They started in 2018. You can buy more than 100+ coins. Besides, you can buy coins using INR. We can deposit money using IMPS or NEFT.
They charge a 0.1% fee to trade. Looking at other sites, this is low fees. Fees vary based on coins to move it outside the site. They are available on mobile and web. It is easy to sign up. You need to do KYC to trade. It is safe to use. They use 2FA to get users safe. Their UX is nice and has good user reviews.
Margin and futures trade is there on the platform. Also, You can trade 250+ coins with 6x leverage. There is a near limitless order book on the site. Finally, They are safe to use. They store coins in a cold cryptocurrency wallet.
Unocoin is one of the first sites to sell bitcoin in India. They started in 2013. They were one of the first sites Indians used to store BTC. You can buy cryptocurrencies like Bitcoin, Ripple, Ethereum, Litecoin, and Dogecoin with INR. You should connect a bank account to move money in and out of the site.
Fees are on the higher side of worldwide rates. Like others, they do charge fees to move digital currency out of the site. You can buy BTC and other coins on both web and mobile platforms. Also, Sign up and KYC is quick and easy.
The point often overlooked, Platform UX is good. The security score is high and coins are stored in a cold online wallet. They are the first to get bitcoin ATMs in India. But, had to remove it later due to state laws.
LocalBitcoins is a P2P site to buy bitcoin. You can buy BTC using a payment system like a credit card, debit card, PayPal, or Skrill. Buyers here use IMPS, NEFT, and Bank Transfer most times. Besides, They are one of the best sites to buy bitcoin with PayPal. Also, It is a private way to buy BTC. Buyer and seller connect and trade and the site acts as a middle man.
The site ensures the safety of transactions. There is no buying or selling limit. They are one of the oldest sites to start selling bitcoin. Also, They charge 1% fees on all trades. Support is fast to solve issues.
The site gives reviews of both buyers and sellers. You can buy bitcoin after confirming user reviews and ratings. You need to verify the email and phone. Also, ID required for large volumes traded.
Step 2: Know the Market Before You Buy Bitcoin in India
As we mentioned earlier, Bitcoin gained prominence in India during the 2017 bull run. This in no time created an ecosystem of bitcoin sites and traders. This included sites that existed and ones in the making during the bull run.
But the sudden surge was short-lived. With Bitcoin price plummeting to less than half in a few weeks. 2018 was the year crypto-currency sites had to swim against the tide to keep up with falling user base and liquidity.
Also, The nail in the coffin moment for Bitcoin sites came in April 2018. RBI issued circular banning banks to provide services to entities dealing with crypto. This added to the failing user base and liquidity of sites.
Some went out of business, while others tried to keep living with crypto to crypto trading models.
2019-20 was a stagnant market for crypto in India. Like markets around the world, India went into a downward trend. Most of the trade took place in sites outside India.
At that time, the IAMAI filed a lawsuit against RBI. The hearing was on during 2019-20. More sites and entities joined the lawsuit. The hearing concluded in January 2020. The Supreme Court of India lifted the ban imposed by RBI.
This has revitalized crypto and traders in India. Many sites that shut their doors in 2019 opened up. Also, Most sites opened up their INR deposit and withdrawal. This enabled users to sell and buy bitcoin with INR.
Also, Liquidity on these sites is in a growing phase. Analysts predict BTC can reach its glory after the Bitcoin halving.
Step 3: Understand the Pros & Cons to Buy Bitcoin in India
Unlike other currencies, Bitcoin does not have a central authority. To record ledger Bitcoin uses a Peer to Peer network. Also, its inventor Satoshi Nakamoto used the power of blockchain technology to keep track of all the transactions.
Now, there are only 18 million bitcoins in circulation. When all bitcoins are mined, the max supply of bitcoins that ever will be is 21 million. Around every four years, the bitcoin network reduces the bitcoin mining reward. The bitcoin mining reward to the miner is the way new Bitcoins enter the market. This increases the value of bitcoin.
Step 4: Buy Bitcoin in India
Buying bitcoin in India is easy these days. There are many sites with INR support. Also, Users can buy, sell, and trade in INR today.
Also, All sites in India offer BTC. But, Traders should confirm whether alt-coins are there while choosing a bitcoin exchange. Besides, More number of coin pairs available the better for trading. Also, Easiness to register and confirm identity is a factor.
Besides, you should also check payment methods. There are sites that let you buy bitcoin with credit card. Sites from you can buy bitcoin with debit card. Also, sites to buy bitcoin with PayPal and other payment processors.
We created this list based on user reviews of these exchanges. Looking at key factors like liquidity, security, and payment methods. This list will help you find the best crypto exchange to buy Bitcoin in India.
Is it Worth to Buy Bitcoin In India?
In a process called Halving, bitcoins created while mining blocks get to half. By 2140, all the bitcoins are to be out to the market. Ring a bell? Bitcoin has the traits of a global currency. As well as an asset to store value. Bitcoin’s lower fees and global acceptance have caught the attention of traders.
Many investors compare Bitcoin to Gold. Like Gold, there is only a limited supply of Bitcoin. The cost to produce new ones is expensive like gold.
Also, Bitcoin is ideal for the ease of transferring value across nations. Unlike currency, bitcoin is cheap and fast to move value across continents.