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Buy Bitcoin In India

Last updated 19th Aug 2022
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There are many similarities with buying Bitcoin in India compared to the rest of the world, but there are some important differences. We’ll be looking at all the ways you can buy Bitcoin in India, including brokers, exchanges, and P2P marketplaces, as well as everything you should consider before jumping into the world of Bitcoin trading.

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What Options Do I Have When Buying Bitcoin in India?

Like many other countries, there are plenty of ways to buy Bitcoin in India. Some of the most popular options include:

Brokers:

  • One useful way to buy Bitcoin is through a brokerage. You’ll find many popular brokers online who facilitate Bitcoin transactions among users. They act as a middleman when you want to purchase cryptocurrencies. They are often relatively easy to use, and you can use them for trading CFDs, so you won’t have to worry about holding the underlying Bitcoin asset if you intend to trade again soon.

Exchanges:

  • Another of the most popular ways to buy Bitcoin in India (and other crypto coins) is through the many popular crypto exchanges on the internet. These services let you buy Bitcoin directly from the exchange at a predetermined price, including a markup to cover costs and help the exchange profit.

Often, you can pay for Bitcoin using your fiat currency or any other crypto coins you may own (Ethereum, Litecoin, Dogecoin, etc.)

P2P Marketplaces (Decentralized Exchanges):

  • We also found that many Bitcoin investors prefer to use the P2P marketplace. These decentralized exchanges allow you to purchase Bitcoins from another party without getting in the way. Instead, you deal with the seller directly, and you’re also afforded greater anonymity in some cases, which is good news if you value privacy in your online transactions.

Pros and Cons of Buying Bitcoin in India

Pros

Large amount of brokers

Cons

Instability of crypto market

How to Buy Bitcoin in India?

There are a few steps you need to follow if you want to buy Bitcoin in India. These include:

Step 1: Find a crypto service
Step 2: Make an account and deposit funds
Step 3: Purchase your Bitcoin
Step 4: Get a secure wallet

Where to Buy Bitcoin in India?

There are lots of places you can buy Bitcoin in India, both international and domestic. We’ve collected some of the top sites below to give you a good place to start.

For Beginners

If you are completely new to Bitcoin, these platforms are a good place to dip your toes in.

ZebPay:

  • ZebPay is a domestic cryptocurrency exchange through which you can buy, sell, and trade crypto. It is one of the most trusted exchanges in the country and offers a robust approach to security, protecting your crypto wallet. In addition, they also have a dedicated app that is easy to use and works on both iOS and Android. The downside is you can only use this crypto exchange if you are an Indian resident or living in India.

Coinbase

  • Coinbase is a fantastic platform for beginners to the crypto market because you can buy and sell Bitcoin and other cryptocurrencies. The user-friendly design benefits those just starting, though you’ll have to contend with fees higher than other exchanges.

For Experienced Users

If you have some idea about crypto trading and want an alternative to your current platform, you may wish to try the following options:

Binance:

  • Binance is a great way to trade and store Bitcoin, thanks to its competitive fees. You also get the chance to earn interest with a Binance India savings account. The Binance credit lets you spend crypto quickly and easily. You can also take out loans in Bitcoin if you so wish. As such, this is a diverse and secure platform that is popular with people across the globe and in India.

Kraken:

  • Kraken is another good option if you are looking to purchase Bitcoin and not worry about low fees. They also offer a generous trading limit, so if you’ve got the money to invest, this is a fantastic option. You’ll also benefit from high-quality security protocols and numerous available cryptocurrencies.

Bittrex:

  • We recommend Bittrex to anyone who enjoys simple account creation and quality security with a convenient, user-friendly interface. Bittrex has plenty of one-minute charts to understand the market and is usually free from interruptions. You also don’t need to worry about fees, as Bittrex keeps them as low as possible.

What to Consider When Buying Bitcoin in India?

If you are looking to buy Bitcoin in India and would like to know the key things to consider about the crypto market, we suggest brushing up on the following:

Volatility:

  • Volatility is a crucial concept surrounding the value of Bitcoin and other cryptocurrencies. You need to remember that the value of Bitcoin constantly fluctuates. As such, you’ll experience drops in price just as often as you’ll see the value rise.

Security:

  • You’ll also want to ensure whatever method you use for buying Bitcoin is secure; this includes how you store your coins. You’ll want to think about which type of wallet you are going to use (hot wallets/cold wallets etc.) or if you are going to keep your funds in your exchange wallet. It’s good to understand the advantages of these methods before buying Bitcoin.

Your Crypto Deals Cannot Be Reversed:

  • When you perform a crypto transaction, the deal is permanent and cannot be altered or edited once complete. As such, this can result in lost funds if you input your wallet address incorrectly. Therefore, it is essential you double-check your information before the transaction is processed. If possible, keep your information on a password-protected file so you can copy it over and avoid any issues. Even then, you should still make sure your information is correct, just to be on the safe side.

Crypto Trading is Not Anonymous:

  • It is important to know that most exchanges and brokers require KYC documentation before you can buy Bitcoin and any other crypto on the service. You may also need to provide other details like your phone number, email address, or proof of earnings. While India does not have any regulation rules, other countries and platforms based in those countries will.

Even if you are using an international Bitcoin exchange, you may still have to follow the rules and regulations of its base country, which includes providing an ID.

Regulation:

  • As aforementioned, India does not currently have any regulations for the cryptocurrency market, which allows for plenty of unregulated exchanges and brokers to take advantage of the situation. Therefore, if you want to ensure your funds are protected, we recommend reading reviews and going with popular crypto companies like Coinbase or ZebPay if you want to buy cryptocurrencies safely.

Who accepts Bitcoin in India?

If you want to spend Bitcoin tokens in India, you’ll need to draw up a list of all the places that will accept them. Luckily, many establishments and companies will accept Bitcoin, although you are still more likely to find places to spend them online than in-store. We recommend signing up for Coinmap and using that service to discover ATMs and stores in your location that’ll accept Bitcoin.

What Payment Methods Can I Use to Buy Bitcoin in India?

Below are some of the most popular ways to pay for Bitcoin in India and across the globe:

PayPal:

  • PayPal is accepted by plenty of Bitcoin brokers and exchanges, though not always. If you intend to pay with PayPal, you can link your exchange and PayPal accounts and deposit funds that way. This is a great way to protect your financial information if the exchange is hacked.

Credit/Debit Card:

  • You may also wish to link a debit or credit card to your exchange to deposit funds that way or even purchase Bitcoin directly. You can also use NetBanking and bank wire transfer to move funds into your exchange account or buy Bitcoin directly, depending on your chosen crypto platform.

    For example, ZebPay only accepts bank transfers or NetBanking.

Other Cryptocurrencies:

  • Many exchanges and brokers on the internet will let you use any other cryptocurrency to buy Bitcoin. For example, if you have already bought Ethereum or Litecoin tokens, you may be able to deposit them into your exchange account and then complete a trade for Bitcoin. This could be a good way to diversify your cryptocurrency holdings.

Final Thoughts

To conclude, you have plenty of options for buying Bitcoin or other cryptocurrencies in India. You may wish to use a domestic exchange such as ZebPay or one of the well-known international exchanges like Coinbase or Kraken. Take some time to check out customer feedback regarding any platform to ensure you’re making the right decision, then consider how you want to use the platform and whether or not you are better off trying somewhere else. You may also want to consider using cash or crypto ATMs to purchase Bitcoin if they are in your area.

In addition, you may also want to ensure you know as much about the market as possible. Keep up to date with the latest news and understand concepts like volatility, short and long-term positions, etc. This will enable you to make better value purchases and get the most out of your investment moving forward.

FAQs

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Danny Maiorca

Danny Maiorca

Danny is a freelance writer specialising in technology and finance. Prior to working for himself, he spent several years working within those sectors in London. Since then, Danny has relocated to Denmark.