In this article, we will discuss 4 ways to buy bitcoin in india.
On 6th April 2018, The Reserve Bank of India (RBI) has issued a statement today ordering all companies and businesses that are registered with them, to stop dealing with entities that deal with cryptocurrencies. The announcement comes with a warning that all dealings with the cryptocurrency market and entities that represent them must be terminated within a stipulated period of three months.
On 4th March 2020, Supreme Court of India has struck off Reserve Bank of India’s (RBI) banking ban against bitcoin and other cryptocurrencies. The Court held that RBI Circular dated 6th April 2018 is unconstitutional.
Update: (5 March 2020)
Mumbai-based CoinDCX became the first exchange in India to fully integrate bank account transfers after a crypto-friendly court ruling.
Other three major cryptocurrency exchanges – Zebpay, Unocoin and Wazrix have also enabled bank deposits and transfers.
Here are top 4 ways to buy bitcoin in india-
Buy Bitcoin on LocalBitcoins
A bitcoin-start-up company in Finland, Local Bitcoins facilitates the over-the-counter trading of local currency for bitcoins. It is p2p trading exchange supporting every payment method and allows people from varying countries to purchase bitcoin for their local currency. In India, this company has operations in all major cities including New Delhi, Kolkata, Ahmedabad, Surat, Chennai, Hyderabad, Chandigarh, Pune, Guwahati, and several more.
How can we buy Bitcoin
- Once logged-in, the users on the home page can enter the amount of crypto they would like to purchase/sell (under the Quick Buy/Sell options) and choose the country and the preferred payment method.
- On pressing Search, a list of advertisement traders along with their username, number of completed trades, and trade-feedback score. The payment method of each advertisement is also specified in the next column followed by the price/BTC and the limits column which shows the price of one BTC and the largest and smallest unit of BTC you can buy respectively.
- For detailed information about the trade, the user can press the Buy It is advised that you check whether the amount is correct.
- The next step is to press the Send Trade Request button.
- The trades are escrow-protected and the peers have an option to ‘chat’ with each other. The payment window has a time running and it is imperative that you pay before that time runs out failing which the trade will be canceled and users can lose their money.
- The user should Mark Payment Complete which stops the trade from being canceled automatically.
- Once your payment has been received and a confirmation is given, the escrow deposits the coin into your Local Bitcoins wallet.
Buy Bitcoin on WazirX
Another p2p trading platform, WazirX is on its way to becoming India’s most-trusted bitcoin exchange. The exchange allows you to buy, trade, and sell Bitcoin, Litecoin, Ripple, Ethereum, and many other cryptocurrencies in India. Also, this exchange has its native token WRX. And The exchange is built on KYC, has mobile apps for Android and iOS, and claims to provide multiple hundred transactions per second.
How can we buy Bitcoin
- WazirX connects a buyer and seller while acting as an escrow account.
- The seller is required to deposit the crypto with the exchange which is escrowed by the exchange during the transaction.
- When the buyer makes the payment in INR, the exchange releases the crypto on getting a confirmation from the seller.
Buy Bitcoin on InstaShift
InstaShift allows users to buy and/or sell cryptocurrency in a novel multi-party p2p model in an over-the-counter experience. The exchange provides the option of selling crypto in escrow and requires every buyer to have an existing wallet—which would not be a problem for crypto enthusiasts. The users can also receive money directly in their bank accounts and their crypto in InstaShift accounts.
How can we buy Bitcoin
- On the homepage of the website, the users will find a Buy option under which they are required to enter the number of coins they want to purchase and an equivalent fiat amount they’ll have to pay.
- To place the order, the buyers have to go through a mobile number verification.
- When the order is placed, the exchange looks for a matching seller.
- Once matched sellers have been identified, a timer runs on the screen under which the buyer has to transfer the fiat amount to the seller account.
- On completing the transaction, the buyer selects the I Have Paid After the seller confirms the payment, the crypto is transferred to the buyer’s account. In case the confirmation is delayed, or not received, buyers can raise a dispute with the exchange.
Buy Bitcoin on Bitbns
Bitbns is an advanced p2p Indian crypto trading platform. Like Localbitcoins, it has an inbuilt wallet where you can store your bitcoins and crypto assets. It facilitates the crypto trading of 65 crypto assets in a p2p model.
How can we buy Bitcoin
- On the homepage, Start Trading Now option will lead you to a signup screen. Follow the procedure, signup and then login into your account.
- Once you have logged in after doing KYC verification (if you skip KYC, you won’t be able to deposit and withdraw fiat and withdraw crypto assets), go to your wallet section.
- Deposit the amount of cryptocurrency you wish to sell in the crypto wallet. If you want to buy Bitcoins, then deposit amount in fiat in the fiat wallet.
- After depositing both fiat and crypto, you’re ready to trade in crypto assets.
- Click over any cryptocurrency shown on home screen or top-bar you wish to buy/sell.
- Put the amount of crypto/fiat as per the manner of trade (buy or sell) and place the order.
And just like that, you can buy Bitcoin and many more crypto assets in india.
We have listed only popular and generally preferable options for dealing with crypto assets in India. Other honourable mentions are Remitano and Paxful, where you can buy Bitcoins and other crypto assets.
LocalBitcoins is a great platform to buy/sell bitcoins in large amount, But for smaller amounts : Wazirx is the best platform to trade bitcoin in india for smaller amounts. and If you like trading through USDT then Binance is the right place to go.
Consensys Backed Indian Startup – Transak launched a simple and convenient solution to buy bitcoin through Bank transfer. Binance backed wazrix also intregated their solution into thier product to enhance the bitcoin buying experince for indian consumers.
India’s most popular cryptocurrency exchange – Zebpay resumed their trading service in India, and currently offering crypto to INR pair trading with zero trading fees.
London based Payment Startup – Cashaa started deposits and withdrawl services for indian consumers.
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