- Are you Looking for the best Indian Bitcoin exchanges?
- Wondering how could you buy Bitcoin In India?
- Want to trade crypto in India?
Read on to learn how to buy Bitcoin In India, and find the best Indian crypto exchanges.
In case if it’s your first time, and looking to buy Bitcoin in India:
Bitcoin in India is gaining momentum, and it is legal to buy and sell Bitcoin in India. However, there are only a handful of quality Indian crypto exchanges where you can buy Bitcoin.
P2P model is yet the best way to buy/sell cryptocurrency in India. Many exchanges offer innovative P2P solutions to facilitate Indian traders.
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 and trading 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:
- Binance (Use USDT for trading, later on, transfer profit to India exchange and withdraw in INR)
- Localbitcoins (Multiple Indian Payment options)
- Paxful – An alternative for P2P buying/selling
- Cex.io (Buy bitcoins using a debit/credit card)
With this, let’s get started and look at all the popular Indian Bitcoin exchange websites.
A few things to know before buying Bitcoins in India:
- Bitcoin is not illegal in India and RBI has made this clear in 2020 that they have not banned crypto in India.
If you like, you can read in-depth about status and future of Bitcoin in India here.
Well, it’s a no-brainer that RBI & the Indian government will start taking Bitcoin seriously as it’s being adopted by more users globally. I’m pretty sure you are already aware of how popular Bitcoin & Blockchain technology has become in the past three years.
In fact, Bitcoin is very stable. The current speculation is that it will cross the $20,000 threshold in 2020. Well, only time can tell…
But for now, purchasing Bitcoin is sound advice & a risk worth taking.
Without further ado, let’s follow the steps below, get our first Bitcoin wallet for free and then purchase Bitcoin.
Step-by-step guide for Indians to purchase Bitcoin
Head over to the WazirX & sign up for an account
- You will get a registration verification email from WazirX; click on it to verify your registration.
- Log in to your newly created WazirX account.
- The next step is to complete the KYC. Start by adding your bank account details. This is where you will also receive money when you decide to sell your Bitcoin. You need to add your bank account, UPI and if you like, you can also add PayTM account details.
- The bank account should belong to the same person/organization operating this WazirX account. You may only add one bank account.
- Click on “Next”.
In the next step, you need to update your documents for the KYC. Here are the documents that are required:
- Copy of Pan card
- Your photo
- Address proof (Aadhar card showing address OR Driving license OR Passport page showing address)
- Passport page/Aadhar card showing photo
In my case, I used my Passport + my Pan card to verify my account. This KYC verification will take about a day & once that is done, you will be able to start buying Bitcoins.
Note: Even if you don’t buy Bitcoin at this time, you still have created a free Bitcoin wallet address for yourself. You can use this at any time to receive Bitcoins from anyone.
How WazirX works?
WazirX is a Bitcoin exchange that connects buyers and sellers. That means you will be directly buying Bitcoin by depositing INR to Wazirx platform.
They also have P2P option where you can buy directly from any seller via WazirX platform. However, since direct INR Deposit and withdrawal is added by Wazirx, the P2P method is not that important anymore.
WazirX works as a gateway for users to convert INR to USDT and Vice-versa. Using this USDT you can buy Bitcoin in India or other cryptocurrencies supported by the platform. It may sound overwhelming for the first time, but just follow the steps and within minutes you will figure out the complete process.
Adding funds to your Wazirx account
To Add INR to your Wazirx Wallet, login to dashboard, and click on funds
Click on Deposit, and you will see the options for “INR Deposit”
Click on Standard deposit or Instant deposit (If instant deposit is available)
Simply deposit the funds using your UPI or IMPS/NEFT/RTGS method.
On the next page, you need to add transaction details.
Within 24 hours you will have funds (INR) in your Wazirx account.
Now, from here you should be able to purchase Bitcoin using INR, instantly.
- IMPS, RTGS, NEFT & UPI | Additional steps after deposit | Available 24×7 | Zero fee
- Deposit only via your registered bank account
- You cannot deposit from or withdraw money to somebody else’s account
- Once the transfer has been initiated, add the details below for verification. (Takes up to 1 business day)
Buy Bitcoin from WazirX:
Now, you have USDT into your WazirX account and now, you can head over to Wazirx Exchange and buy Bitcoin using your USDT balance.
On this screen, you can set on which price you wish to buy Bitcoin.
For example, in the above screenshot, I have set the price at $11280 and used the total at USD 100.
Click on place buy order and within minutes you will have Bitcoin in your Wazirx wallet. You can click on funds at the top and you will be able to access your purchased Bitcoin.
You can click on withdraw to transfer Bitcoin to your wallet. For short term, you can use a mobile wallet such as Guarda, Atomic to store your coin. However, if you are storing Bitcoin for longer period or have a large sum, you should better get a Bitcoin hardware wallet such as Ledger Nano X.
Overall Wazirx has simplified the process to buy Bitcoin in India.
Popular Indian Bitcoin Exchange Websites to Buy Bitcoins
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. Deposit and Withdrawal using the UPI method has made buying Bitcoin in India fast and instantaneous. WazirX mobile app is feature-rich and lets you trade crypto from anywhere.
Here is the sneak peek into Wazirx 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 via UPI or NEFT.
- The support is fast and reliable. The Wazirx community is super active on Twitter and telegram.
Note: Wazirx escrows the funds, and provides appropriate dispute resolution wherever required. Read: How to purchase Bitcoin in India using WazirX
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.
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. Do check our detailed BitBNS review.
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.
Conclusion: Best 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.
- CoinMama (Instant purchase)
- Binance (Use this for trading)
- ByBit (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.
Do share this post with your network on Twitter & Telegram!
Also, check out:
- 20+ Online Websites That Accept Bitcoins
- Here Is How You Can Accelerate Stuck Bitcoin Transactions
- How To Buy Bitcoins In India [Tutorial]
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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