Bitcoin in India is gaining momentum, and unlike the old days, it’s now legal to buy and sell Bitcoin in India. However, there are only a handful of quality sites where you can buy Bitcoin.
Update: Indian Bitcoin trading has cooled off following a banking ban in July 2018, so now the only way to trade cryptocurrencies is through P2P mode. That’s why many exchanges have come up with innovative P2P solutions to facilitate Indian traders. Do remember, it’s still legal to use Crypto in India. It’s only the banks which have banned the cryptos.
Note: When making a P2P transfer for cryptos, do not use any word like crypto, exchange name in the remark, that could identify the purpose of the transfer.
Here, I’m listing down those Indian Bitcoin exchange websites that you can use to buy and sell Bitcoin. I have listed these websites based on their popularity and ease of use.
One thing that I have noticed with almost all of the Indian Bitcoin exchange websites is their pricing differs in real time. So I would suggest that you don’t put all of your eggs in one basket. Instead, purchase Bitcoin from different places.
Here is the updated list of most popular Indian Bitcoin exchanges from where people from India can buy/sell Bitcoins:
- Koinex Loop
- Coinmama (Buy using debit/credit cards)
- Purse (Buy bitcoins using Amazon gift card)
- Changelly & Cex.io (Buy bitcoins using a debit/credit card)
- Binance (Use USDT for trading, later on, transfer profit to India exchange and withdraw in INR)
With this, let’s get started and look at all the popular Indian Bitcoin exchange websites.
Popular Indian Bitcoin Exchange Websites to Buy Bitcoins
Founded by IIT graduates, also crypto enthusiasts, Bitbns is an Indian crypto exchange which commenced operations in December 2017.
The Bitbns team focusses on ease of use, security, and customer support right from the beginning.
The Bitbns team has also pioneered the innovative P2P model for exchange cryptocurrencies and INR despite difficult times in the Indian crypto scene.
Here is a sneak peek into their model:
- Deposit money (INR) in Bitbns.
- Withdraw money (INR) from Bitbns.
Wazirx is another famous crypto exchange in India which has joined the party only recently.
It is founded by an experienced team which is continually innovating with a mission to involve every Indian in the blockchain revolution.
In the present situation, they have come up with a new way of peer to peer trading which enables Indians to withdraw and deposit INR while trading cryptocurrencies.
Here is the sneak peek into their methods:
If you want to sell your BTC worth $5000 which is equivalent to approximately ₹3.4 Lakhs INR, here’s what to do (Source):
- Sell your crypto (BTC in this case) for 5000 USDT. Your trades will execute instantly because our USDT market has great liquidity! Now since USDT is a stable coin, its value will not fluctuate like volatile cryptos.
- Put your 5000 USDT for sale on WazirX P2P.
- When someone comes to buy 5000 USDT on WazirX P2P, they will transfer ₹3.4 Lakhs to your bank account. 💰
Note: Wazirx escrows the funds, and provides appropriate dispute resolution wherever required.
Koinex is another famous cryptocurrency exchange in India which has been operating since early 2017.
Post-RBI’s ban, Koinex team also launched a P2P solution for Indians for them to trade cryptocurrencies safely with INR on and off ramps without breaking the law.
They have launched a new P2P platform where your assets are collateral, and then the INR deposits and withdrawals are processed.
- How To Sell On Koinex Loop
- How To Buy On Koinex Loop
Note: You can trade ETH, BTC, and XRP on it as of now.
Do you want to buy Bitcoin using cash?
Well, this is where LocalBitcoins comes into the picture. Here you can find a seller who wishes to sell Bitcoin using different payment modes (including cash). In the below screenshot you can see the various options available for an Indian to buy Bitcoin.
LocalBitcoins is also popular amongst those who are looking to buy Bitcoin using PayPal. From a security perspective, they have added a 2-factor authentication, and another level of authentication gets activated when you log in from a new device.
The price to buy Bitcoin is higher here, but for those looking to buy Bitcoin ‘off the radar’, it is an ideal choice. If you wish to buy Bitcoin via cash, make sure you do the transaction in a public place. If you are looking to sell Bitcoins in India at a higher price, this is a great choice for you.
Here is a step-by-step process to understand how you can buy/sell BTC using Paytm app in India:
CoinDelta Flux (This one is closed now)
CoinDelta is another new entrant that offers a multi-cryptocurrency exchange. They have listed many popular currencies, and are customer-centric. At the time of updating this list of Indian Bitcoin exchanges, these are the cryptos supported by CoinDelta, but now it has moved to a P2P model called Flux.
Flux is a peer-to-peer exchange where you can start trading cryptocurrencies in just a few steps. You can choose to buy or sell from a list of orders. A buyer transfers money directly to the seller’s account. It’s simple, quick and safe.
On flux, you can trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Tether (USDT).
Note: You can trade ETH, BTC, USDT, and XRP on it as of now.
Conclusion: Indian Bitcoin and altcoin exchanges
Well, these are the most popular Bitcoin websites and exchanges in India that you can use to buy and sell Bitcoin.
You can choose any of the websites listed above based on your preferences. I will keep updating the list as I discover quality websites to buy and sell Bitcoin.
- For all those outside India, here is a guide to buying your first Bitcoin.
Here is a list of websites from China, USA and other countries that support Bitcoin purchase for Indian residents:
- Cex.io: Costly but they support credit card.
- Changelly (Instant purchase)
- Binance (Use this for trading)
- BitMEX (Use this for margin trading)
Now, it’s your turn to recommend other ways through which you are still trading cryptocurrencies in India. Write back to us.
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