Ethereum is one of the largest cryptocurrencies in the market. With a market cap just below that of Bitcoin’s, it is certainly not forgettable as a coin. Ethereum is not just an alternative to fiat currencies and a digital way of transferring value P2P like Bitcoin. Ethereum’s network acts as a platform for programmers and developers to create software called ‘smart contracts’. These form the basis of up and coming technologies like DeFi (Decentralised Finance) and DApps (Decentralised Apps).
Ether is the coin that works on the Ethereum network and supports all the transactions made on the platform. There are mainly two ways of owning Ethereum as a coin – mining it or buying it on an exchange. Mining Ethereum or any other cryptocurrency is very difficult because of the amount of computing power it consumes. With the emergence of mining pools and the phenomenal growth in hashing power, individuals with home computers can hardly hope to make any money by mining Ethereum by themselves.
The only viable option for owning Ether and investing in the future of Ethereum is to buy it on exchanges in return for fiat currencies like INR. You can do this very easily by using CoinSwitch Kuber.
Convert ETH to INR.
In this blog, we will guide you through the entire process of how you can invest in Ethereum through CoinSwitch Kuber. If you’re a beginner investor who’s looking to enter the crypto market, this guide will work very well to get you started on your initial buys.
Also Read: What is EIP-1559 & Its effect on ETH Price
P.S. It’s easier than you think!
How To Buy Ethereum (ETH)
You can trade Ethereum in India through CoinSwitch Kuber. As a global aggregator of liquidity in the crypto market, CoinSwitch Kuber is one of the best places to buy your coins in India. Not only do we have a very easy-to-use interface, but we also have more than 14 million active users already!
As an exchange, CoinSwitch works to act as a seamless platform for buyers and sellers to interact on. If you’re a beginner looking to buy Ethereum (ETH) in India, you must find a seller who’s willing to trade with you at a selected price. CoinSwitch makes that really easy. As a buyer, you have two options if you want to buy Ethereum(ETH): place a Market or a Limit order.
In a Market Order, CoinSwitch shows you the price at which your buy order for Ethereum can be instantly placed on the market. This indicates that there are lots of buyers out there who are willing to trade fiat with you for ETH. Once you confirm your market order, you buy Ethereum at the said price.
In a Limit Order, however, you have more leeway in terms of price. If you have a specific price point at which you would like to buy your crypto coins, you can set a Limit order that goes off the moment the market hits that price point. You can do this for your Sell Orders as well. CoinSwitch’s algorithms handle the exchange of money and coins for you with the buyer/seller on the other end. Once it is completed, the platform sends you an email to confirm the execution of your order.
Let’s check out how to buy the ethereum in india
Steps Involved In Buying Ethereum (ETH) in India
CoinSwitch is an exchange that provides for investing in Ethereum in India as well as other cryptocurrencies. Below are the steps you need to follow to buy Ethereum (ETH) in India with INR.
Step 1: Open CoinSwitch
CoinSwitch is available as a mobile app for both Android and iOS devices. You can click on the respective links to be guided directly to the respective download pages. You could also visit our website and enter your phone number and we’ll SMS you a link to the app!
Once the app is installed, move on to the next step.
Step 2: Register and open an account
Once you have installed the app, you need to create an account so that the app can process your identity and hold coins for you on the exchange itself. Here are the steps that you need to follow:
- You will be asked to enter your mobile number for OTP verification on the app. You must make sure that you enter a correct and valid mobile number for seamless communication with our team here at CoinSwitch. Once the OTP is received and entered by you, you will be asked to set a PIN on the app for added security. We encourage you to use random numbers that are hard to guess to secure access to the app.
- You’re in! After successfully setting your PIN up, you will be directed to the home page.
For any queries, please feel free to contact our Support Team here.
Step 3: Complete your KYC
You’re in! If you’re new to a crypto exchange, you must take this opportunity to explore the app and see all that it has to offer. However, if you want to start investing right away, there are a few more things that we’ll have to get out of the way first.
The next process is called the KYC (Know Your Customer) process. This is a step that has been mandated by the Government of India and is required to verify your identity with your bank and our servers. Here at CoinSwitch, we want you to start investing right away and hence, we’ve optimised the KYC process to make it shorter and ever so efficient. Completing all of it takes less than 5 minutes!
To complete this step, head on to the ‘Profile’ section of the app in the bottom right corner and click on ‘User Verification’.
- Enter your name, PAN number, date of birth and email address for basic verification of your identity. Once this is done, you will be asked to upload your PAN card’s picture along with a picture of a government-issued ID card to complete the verification.
For more details on how to register for CoinSwitch and the entire KYC process, check out our YouTube guide.
Step 4: Step verification
It takes a few moments for the app to get everything sorted and once that’s done, you’re notified that your verification is successful. Voila! You’re now ready to head on over to the Market section of the app and buy Ethereum (ETH) in India with INR!
Step 5: Add bank details
To transfer funds from your bank account to the CoinSwitch app, you need to provide the app with the relevant details. These include your account number and IFSC code only. The app sends Rs. 1 to your account to verify if the details are correct and if they are, the account is linked to your profile.
CoinSwitch Kuber is one of the only crypto exchanges in the country that seamlessly allows you to transfer funds to the app by Net Banking or UPI.
For Net Banking:
- Transfer money to the given bank account details on the app through your preferred mode of transfer. The funds will reflect in your wallet as soon as they are received by us. The process may take up to 48 hours to complete.
- Enter the amount you want to transfer and your preferred UPI ID
- CoinSwitch will send you a request on your UPI app
- Once the transaction has gone through successfully, the funds will be reflected in your wallet within 10 minutes.
If you’re stuck in any part of the process, our Support Team will be very glad to help you out. Contact them here.
Wrapping It Up
Ethereum is one of the most fundamentally sound cryptocurrencies out there after Bitcoin. Even though a large part of its potential capabilities hasn’t been tested out in reality yet, investors are betting heavily on this altcoin. Buying Ethereum in 2021 is still worth it (and is definitely not too late) because of the upcoming Ethereum 2.0 upgrade that’s set to bring more efficiency, speed, and less latency to the network.
Frequently Asked Questions
How much does it cost to buy Ethereum?
As of 16th December 2021, you can buy Ethereum on CoinSwitch Kuber for INR 3,09,000 approximately.
Is Ethereum a good investment?
Yes, Ethereum is one of the most fundamentally capable altcoins in the crypto market. Investing in Ethereum in 2021 also makes sense because of the upcoming Ethereum 2.0 upgrade, which is supposed to bring much-needed changes to the network in terms of fees, speed of verification, and bottleneck reductions.
Which is the best place to buy Ethereum?
CoinSwitch Kuber is the largest crypto exchange operating in India with more than 14 million active users. At CoinSwitch, you can buy Ethereum and hundreds of other coins at a minimum of INR 100 only!
How can I legally buy Ethereum?
You can legally buy Ethereum in India because there is no law in the country that prevents investors from holding or trading in cryptocurrencies.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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