How to buy cryptocurrency in India

The Supreme Court of India has recently lifted the RBI ban on cryptocurrency in India. The ban lasted for approximately 2 years. The good news is, its still not too late! Cryptocurrencies have been in a bear market for the last 2 years, coinciding with the time of the ban. Indians can still get into Bitcoin and other cryptocurrencies at a relatively low price.

Since our article on the same topic last year, lots has changed and evolved. Koinex has shut down. Most of the other cryptocurrency exchanges had gone into hibernation at the time. Now, they are up and running again.

WazirX

wazirx - How To Purchase Bitcoin And Other Cryptocurrency In India

WazirX was founded in 2018. In this short period of time, it has established itself as one of the fastest-growing cryptocurrency exchanges in India.

Crypto behemoth Binance recently purchased WazirX in November 2019. WazirX Coins (WRX) were recently sold in Binance Launchpad. The Exchange is lead by the dynamic Nischal Shetty who is one of the pioneers in fighting the case against the RBI.

WazirX has a simple interface. The exchange has a listing of 80+ coins and counting.

Trading pairs
  • Bitcoin
  • Ethereum
  • Indian Rupee
Signing up for a WazirX account:
  • The first thing you should do is head over to the Sign Up page. You can do this by clicking on the Sign-Up button at the top right of your screen.
  • Next, you’ll be taken through a quick 4 step process so you can create a login and submit your details for verification.
    1. Email ID & Password
    2. Email Verification
    3. Mobile Verification
    4. KYC details

Deposit INR in WazirX: Read here
Withdraw INR in WazirX: Read here

Notable features:
  • Smart Token Fund (STF): It is a way of connecting Investors to skilled Traders. It helps the two grow their portfolios in a very simple, secure and transparent manner. An STF Investor is someone who doesn’t have the time or trading skills to manage their crypto portfolio, so they buy a Smart Token i.e pass on their portfolio to an STF Trader & let them manage it. An STF Trader is a skilled trader who gets to create their own Smart Token & lets the investors buy it i.e. collect an STF Investor’s portfolio. The STF Trader will then strategically manage their investors’ portfolios. When their trades make a profit, the price of the Smart Token increases. The investors can sell a Smart Token to book profits.
  • P2P: WazirX’s P2P feature is integrated with Binance now.

WazirX is also available as a mobile app.
Website: www.wzirx.com

CoinDCX 

CoinDCX - How To Purchase Bitcoin And Other Cryptocurrency In India

DCX is a Singapore-based company that specializes in crypto-enabled financial services. It is one of India’s trustworthy Cryptocurrency Exchange. The exchange has

  • 27,000+ monthly active traders
  • 200+ cryptos listed
  • $10M+ daily trading volume
Sign Up

The signup process is explained in this article.

Deposits and withdrawals

Deposit INR to your CoinDCX Wallet using UPI/IMPS. Get INR Withdrawals directly in your linked Bank Account.

Advanced Products:
  • DCXmargin is the margin trading platform of CoinDCX. With DCXmargin, you do not need to “own” or have possession of the underlying asset to enter a contract. The exchange provides the funding for you to trade against other assets, at a leverage ratio of up to 5:1.
  • DCXlend is a lending platform where you can earn interest through cryptocurrencies that you hold in your CoinDCX account. You can earn up to 2% interest on major cryptocurrencies like BTC and USDT.
  • DCXinsta is the one-stop-shop P2P to buy 75+ cryptocurrencies instantly with INR.
  • Futures trading is also available via DCXfutures

CoinDCX is also available as a mobile app.
Website: www.coindcx.com

Unocoin

unocoin - How To Purchase Bitcoin And Other Cryptocurrency In India

Unocoin is Back! This time with live INR deposits and withdrawals through the bank account. Unocion is one of the most trusted Indian crypto exchanges.

Current Trading Pairs:
  • BTC
  • ETH
Advanced features:
  • Lending
  • Systematic Buying Plan SBP
Deposits

You can deposit directly from your Bank Account to Unocoin’s Bank account. It is important to note that you have to provide the Bank Transfer reference number in the Unocoin deposit page.

Withdraw

Withdrawal in Unocoin takes 1 to 2 days. the withdrawal goes directly to your bank account.

Unocoin is available as a mobile app.
Website: www.unocoin.com

Bitbns

Bitbns - How To Purchase Bitcoin And Other Cryptocurrency In India

Bitbns is another very popular Indian cryptocurrency exchange founded in December 2017 by the Indian Institute of Technology (IIT) graduates. It has 70+ crypto assets.

Markets
• USDT
• INR

Sign Up
In order to buy, sell, borrow, lend you need to sign up for the exchange. Complete your KYC.

For KYC the following documents are valid: PAN card (Mandatory for Indian Users) for identification, Aadhar/Voter ID/Passport/Driver’s Licence for address, and bank account linking for withdrawals/deposits.

Deposit
P2P purchase option is available in Bitbns.

P2P USDT Transfer:
Using this option a user can:
• Directly purchase USDT by depositing INR.
• Directly sell USDT to withdraw INR.

P2P Bank Transfer:
Bitbns P2P Bank Transfer finds a match. A user can give a Tip to give an incentive to a transaction.

P2P Vouchers:
P2P Vouchers is another unique way where the INR Transfer happens, in the form of vouchers. Bitbns has a partnership with Bidforx. Once a match is found, a user has to log in to Bidforx and generate a voucher for the withdrawer and submit it.

Withdraw INR
The withdrawal process has similar features as the deposit process.

Other features:
• Margin Trading
• Lending
• SIP: Bitdroplet’s Systematic Purchase Plan (SIP in Bitcoin) allows you to invest as little as ₹77 per day.

Bitbns is also available as a mobile app.
Website: www.bitbns.com

Disclaimer:

The information discussed by Altcoin Buzz is not financial advice. This information is for educational, informational and entertainment purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Please do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented, we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Please follow the Rules and Regulations of the Government of your country while trading in cryptocurrencies. 

Further Read: How to Buy Crypto in Korea, Japan, Vietnam, Thailand, Myanmar, Europe, Singapore, India

 

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