It has become more than easy to buy bitcoin in India after the Supreme court of India lifted the crypto ban. Many investors have shown interest in the market, giving opportunities to more and more crypto companies to offer their best services.
These companies could be exchanges that help individuals to buy bitcoin in India, e.g. CoinSwitch. Bitcoin is one of the most gainful investment options offering high ROI. Being part of the decentralized economy it also gives the user the benefit to maintain privacy over the network.
Let us run through the information that you must know before you buy bitcoin in India.
A crypto exchange platform like CoinSwitch, Unocoin, Zebpay, etc. can help you buy Bitcoin in India. These exchanges enable individuals to buy, sell, and trade cryptocurrencies with complete security and ease.
Once you create an account on any of these exchanges, you can then buy Bitcoins with either NEFT, RTGS, UPI, etc. Depending upon the payment mode you selected while creating the account.
Most of these exchanges support bank transfers, and some also support debit and credit cards. This means users can easily buy Bitcoin in India on the exchange once they link their account to any of the payment modes convenient to them. E.g. Binance has partnered with simplex to allow users to make payments via Debit and Credit cards while buying a cryptocurrency.
Let us take the example of CoinSwitch to understand the steps and procedures involved in buying Bitcoin in India.
- STEP 1: Visit www.coinswitch.co. there you'll see an instant coin converter with two dropdowns. Select "INR" from the list of options in the left dropdown and BTC in the right downtown. Click "View all Offers". It will show all the offers from exchanges for INR to BTC conversion.
- STEP 2: Select the recommended exchange where you can buy BTC with INR at the best rate.
- STEP 3: Enter your BTC wallet address to receive the BTC and move to the next step.
- STEP 4: Here, you have to make the payment in INR. Once the payment is processed, you will be asked to share your personal details and ID card for KYC and then you will immediately receive BTC in your wallet as soon as the KYC verification is done.
Here is the list of 4 Best exchanges to buy bitcoin in India:
- CoinSwitch: CoinSwitch is one of the fastest-growing cryptocurrency exchange in India. They remove all the fuss and intricacies involved in the crypto trading and simplify the process for end-users. They allow users to trade over 400+ cryptocurrencies. It is a cryptocurrency exchange aggregator that pools liquidity from some of the major exchanges to provide the best rates to its users.
- ZebPay: Launched in the year 2014, relaunched in 2020 it is a highly local cryptocurrency exchange platform. Zebpay supports six cryptocurrencies including Bitcoin (BTC) and hence could be one of the places where you can buy Bitcoin in India.
- CoinDCX: It is one of the largest and safest exchange to buy bitcoin in India. The platform is built to provide a user - friendly experience to users. If you are looking to purchase BTC in India, then CoinDCX might help you with their faster simpler, and uninterrupted flow of capital.
- WazirX: It is one of the most simple, easy to use, and beginner-friendly platform to purchase bitcoin in India. It also has its own coin WRX for trading on its platform. They also enable P2P network transactions to allow safe and fast transactions between the parties involved.
After the Supreme court lifted the crypto ban in India, many crypto investors and enthusiasts have shown interest in this decentralized ecosystem. India is expected to see a wave in the crypto industry with more and more people looking to diversify their portfolios. But before you buy bitcoin in India, there are a few things one must know.
- Cryptocurrency isn't just Bitcoin: There are around 6000 + cryptocurrencies available for users to buy, sell and trade with. Depending on the exchange you select and the cryptocurrencies it supports, you can opt for your desired digital asset. Bitcoin isn't the only cryptocurrency out there. Ethereum, Ripple, Litecoin are also some of the top cryptocurrencies to invest in India.
- Security: Although the exchanges where cryptocurrencies are traded are highly secure and follow the industry norms. It is essential to take measures on your end to avoid loss or theft of your assets. It is at all times advisable to never share your private key details with anyone and also ensure that you store all of your digital assets in a secure wallet.
- The Volatility of the Market: Crypto market, as we know, is highly volatile making it difficult for investors to predict the prices of cryptocurrencies mostly because cryptocurrencies do not hold any intrinsic value and it's price mainly depends on the market sentiments and media. Also, the market is still emerging meaning there are a lot more opportunities for it to grow and evolve.
- Have a diversified portfolio: Having a diversified crypto portfolio can help you mitigate the risks involved. It also enables you to protect your funds from unexpected market swings.
- Transactions on the Bitcoin Network Cannot be Reversed or Cancelled: Any transaction performed on the network can neither be reversed nor canceled, so it is always advisable to double-check the transaction before proceeding.
- There are only so many Bitcoins: There can only be 21 Million Bitcoins out of which 17 Million are in circulation, and 4 million Bitcoins are yet to be mined.
- Increased adoption rates of Bitcoin: The mass adoption of Bitcoins is increasing as more and more businesses, individuals and manufacturers accept it as a mode of payment.
- A central authority does not govern the decentralized payment network: Instead, all the transactions are recorded digitally on the blockchain, ensuring the privacy of the user.
- Most promising Cryptocurrency: It was the first cryptocurrency invented by Satoshi Nakamoto and is one of the most popular and trusted digital currency.
- Attractive ROI: Bitcoin has generated nearly 3500% ROI since 2015.
Bitcoin is definitely a good investment option as its network is getting more reliable with increased adoption rates. Although one must be ready to take risks, analyze, and take investment decisions.
Yes, it is legal to buy Bitcoin as well as other cryptocurrencies in India. As the crypto ban has been lifted by the Supreme court of India back in March
There are several exchanges where you can buy Bitcoin in India, but one of the best platforms will be CoinSwitch. It is well integrated with some of the largest exchanges around the world and offers the best rate.
You can buy Bitcoin and sell it immediately. Unlike the stock markets, the cryptocurrency market does not have an opening and closing time, allowing more room for speculation.
The minimum amount of Bitcoin that you can buy can be worth anywhere from INR 700/ - INR 1000/-depending upon the exchange/app that you are using.
The safest way to store Bitcoin is to have a secure wallet. It could either be a hardware wallet or a cold storage wallet.
You can sell your Bitcoins either via an exchange or perform a P2P transaction. Exchanges act as an intermediary, you can place a sell offer in the exchange you have an account with, and as soon as someone matches your offer, the exchange will complete your transaction.
Bitcoin is currently mostly used as a long term investment/asset. Bitcoin as a payment service can not scale to compete with Paypal, Mastercard, etc.
In India, there are several exchanges like CoinSwitch, Zebpay, Unocoin, etc. that can help you to invest in Bitcoin. If you are looking to buy Bitcoin in India, then, these exchanges can make your crypto investing effortless.
After buying Bitcoins, wallets are a great way to protect your crypto investments. You can easily move your Bitcoins to either a hardware wallet or a cold storage wallet to protect your coins against cyber attacks.