How To Buy And Sell Bitcoin In India?

Cryptocurrencies are the buzz word for the 21st century. The 2008 Financial crisis and 2020 COVID-19 Pandemic is one of the worst disasters that ever hit Earth. People started to think of ways how we can avoid this kind of emergency in the future. A guy named Satoshi Nakamoto, came forward and published the Bitcoin white paper. This paper formed the basis of Bitcoin as we know today. Satoshi Nakamoto thought that the whole financial system was corrupted. He wanted to make a currency that was not easy to produce like the fiat currency and which has limited supply. 

Since then, Bitcoin has come a long way. In India, Bitcoin started its game relatively latter. However, when it began, there was no one stopping it. Initially, The Reserve Bank of India (RBI) banned all the cryptocurrency exchanges in India. However, the Supreme Court of India struck off crypto ban and allowed individuals and organisations to trade cryptocurrencies. 

With this began the new age of cryptocurrency in India. Cryptocurrencies provide one of the highest returns on your investment. And what is the most famous cryptocurrency? Bitcoin. In this article, we will let you know about the best Bitcoin exchanges in India.

Top 3 Exchanges to Buy Bitcoin in India

Now the Supreme Court of India lifted the Reserve Bank Of India ban on cryptocurrencies, more people have been looking to buy bitcoin and other cryptocurrencies in India. Here are the top 3 exchanges to buy Bitcoin in India legally. Let’s Get Started….

ZebPay

ZEBPAY is one of the leading Bitcoin exchanges in India. Before the RBI ban on cryptocurrency, it had more than 3 million active users. Now it has resumed its services and is offering you Bitcoin in exchange for Indian currency – rupee.  

Official Website – ZEBPAY – Buy BTC At India’s Leading Exchange 

ZEBPAY tried hard to help its customers, even when it was banned. They moved thier office to Singapore so that it can seamlessly serve its customers. Now the ban has been lifted and ZebPay is back in India with full force to help their loyal customers.

How To Buy Bitcoin On ZebPay?

• Before you can start trading on any online portal, you have to create your account. Go to ZEBPAY and create your free account. 
• You will be required to share your mobile number and other details for KYC verification. 
• It may take 2-3 working days to approve your account, but once approved, you can deposit money using any of the following mediums: UPI, RTGS, IMPS, and NEFT.
• You will be provided with a digital wallet that can be used to purchase crypto.
• Not only this, but ZEBPAY also allows you to buy crypto for other crypto, i.e., you can buy Litecoin for Bitcoin or vice versa. 
• The spread between the buying and selling prices is relatively smaller in ZEBPAY as compared to other players in the market. 
• ZEBPAY also provides you Multi-Geo Authentication and Multi-Sig for Cold Wallets. 
• The charges charged by ZEBPAY are very reasonable as compared to their counterparts. It charges you 0.7% per transaction, which is relatively less if you compare it with the Indian Stock Market.

No doubt, ZEBPAY is our number one contender. 

Binance

Binance is another excellent place to buy Bitcoin in India. It allows you to trade anywhere, be it Mobile, Desktop, or Application. The Application of Binance is very famous and has more than 1 million downloads. Most international experts also prefer Binance over other exchanges.

Official Website – Binance – No.1 Cryptocurrency Exchange In The World

Binance has one of the most supportive communities. They are there to solve any doubt related to buying or selling crypto. You can join the discussion in their worldwide communities. 

Binance also maintains a blog to help its users. You can get all articles related to cryptos in their blogs. 

How To Buy Bitcoin On Binance?

• The first thing you have to do before you can buy and sell Bitcoin is to register yourself in their online portal. 
• One crucial thing about Binance is that they do not ask for verification if your withdrawal limit is less than $2 per day. 
• You can add money to your wallet using any credit or debit card. 
• Now you can start depositing cryptocurrencies. You should consider depositing Ethereum (ETC) because it has a pair with all other cryptocurrencies in the market. So it offers you the most considerable flexibility.
• To deposit Ethereum, you can go to Funds > Deposits. 
• If you are a first-timer, we would recommend you to start with small amounts of ETC. This is to make sure that your funds reach the Binance account.
• Now you should check your balance. To do so, go to Funds > Balances. 
• Now you are ready to place a buy order for Bitcoin. Hover on to Exchange > Basic. You can buy BTC using ETH. This is one of the most convenient methods for buying Bitcoin in Binance.
• Place a buy order and wait for the BTC to be transferred to your account.

A Small Tip For Beginners – If you want to buy a large amount of Bitcoin, try to buy it at different price levels instead of buying all at once. This strategy is called unit-cost averaging.

Unocoin

The 3rd most useful exchange to buy Bitcoin in India is Unocoin. This exchange is specifically designed to trade Bitcoins. They have a separate portal, Unodax, for other digital assets. 

Official Website – Unocoin – Leading Cryptoassets Trading and Blockchain Company

The payment methods supported by Unocoin are NEFT, IMPS, and RTGS. The gap time between your placing of orders and receiving Bitcoin is a bit more in this exchange. You may have to wait for as much as 24 hours before your Bitcoin reaches your account.

As of fees, Unocoin is immensely customer-friendly and charges only a 0.7% trading fee. If you are a regular trader, then this fee can go as low as 0.5%.

How To Buy Bitcoin On Unocoin?

• As already stated, Unocoin has two portals. However, you do not need to register in both the portals. Enrolling in any one of them can help you use both of them.
• You will have to complete KYC before you can buy and sell Bitcoin in Unocoin. You would be required to share your Name, Mobile Number, Address, PAN Card Number, etc. 
• To keep your assets safe, it allows you to use paper wallets. This is very helpful for Cold Storage.
• Like other exchanges in the list, you can upload money to their digital wallet using NEFT, UPI, and IMPS. You can also use a credit or debit card for this purpose.
• This balance can be used to buy Bitcoin or Ethereum on the exchange. For any other digital assets, you should use Unodax.
• Unodax lists 27 different cryptocurrencies, including LTC, USDT, XRP, TUSD, etc. 

No doubt, Unocoin is very user-friendly. Buying and selling Bitcoin is very easy in this portal. 

Conclusion 

After the Supreme Court of India lifted the ban on the trade and use of cryptocurrency, this industry has slowly revived in India. Bitcoin penetration in India is relatively small as compared to other developed countries. Therefore, there is no doubt that Bitcoin can have a very bright future in India. The only hurdle was the blanket ban by RBI. This results in the slow adoption of Bitcoin and other crypto currencies in India. 

Bitcoin is like all other digital currencies. It rises in value when it gets public attention. However, cryptocurrencies are not dependent on the government. They were designed to be a separate entity than the government. They were designed so that the government cannot control them. Cryptocurrencies could easily be accessed via mobile phones in countries without banking infrastructure.

Frequently Asked Questions (FAQs)

1. Is Buying Bitcoin Safe in India? 

Yes, Bitcoin provided the best returns as compared to any other asset class in the last decade. This is the reason why so many investors want to invest in Bitcoin. You should understand that the future of Bitcoin and other crypto currencies in India is very bright. Now, It’s 100% legal to buy Bitcoin in India.

2. What are the charges involved in buying Bitcoin?

Every exchange charges you some amount of money as a service fee. This fee differs from exchange to exchange. Generally, this fee is 1%. However, if you are a trader who works on high volume, then this can be as low as 0.5%.

3. What are the other options instead of Bitcoin?

The cryptocurrency market is very vast. Bitcoin is only one option out of 100s of cryptos out there. You can invest in Ethereum (ETC), Litecoin (LTC), Dogecoin (DTC), etc. However, Bitcoin gets the advantage of being the first mover. 

4. How much does it cost to buy 1 Bitcoin?

There is no fixed price of Bitcoin. Price of Bitcoin changes in the same way as the stock market. You can find the present rate of Bitcoin by logging into any one of the exchanges mentioned above. However, one more thing you should take care that you never have to buy one complete Bitcoin. You can buy it in parts as well.

5. What Is Bitcoin Mining And How Many Bitcoins are left?

Bitcoin was designed in such a way that you cannot have an unlimited supply of this asset like fiat currency. You can only mine 21 million bitcoins. There are 17 million bitcoins currently available. That means you are left with only 5 million bitcoins.

If there’s anything you think I’ve missed – talk to me in the comments below!

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