Estimated reading time: 11 minutes
In this article, we will be talk about how to buy Bitcoin in India? We will discuss about various crypto exchange platforms in India offering you to buy and trade bitcoin. We will also see how you can buy bitcoin using mobile as well as laptops.
Table of contents
- Summary (TL;DR)
- What is bitcoin?
- How to buy bitcoin in India?
- Buy bitcoin in India using Android or iOS
- How to buy bitcoin in India using a laptop?
- Why invest in bitcoin?
- Things to remember before investing or buying a Bitcoin?
- Buy Bitcoin in India: Pros and Cons
- Buy Bitcoin in India: Conclusion
- Frequently Asked Questions
- Bitcoin is a valuable commodity, and its value has only been rising over time.
- At the time of writing this article, buying Bitcoin is legal in india.
- You can easily buy bitcoin in India, either using your laptops or mobile phones to buy a bitcoin.
- You can use your android/apple mobile device to create an account on one of the Indian crypto trading exchanges.
- Then, you need to complete your KYC on mobile apps in no time.
- Depositing and withdrawing INR using mobile phones also have a simple procedure, as explained below.
- To use a laptop, you can follow the steps below and complete the sign-up and KYC procedure.
- You buy a bitcoin from an exchange website and then withdraw it in your bitcoin wallet.
- Bitcoin has the highest return rate, which is approximately 12,000% in five years.
- You should always be aware of market risks involved while buying a bitcoin and scammers on the internet.
What is bitcoin?
Bitcoin is one of the oldest and most valuable cryptocurrencies. It is a decentralized currency with its value increasing drastically over time. They are generated through bitcoin mining and exists on a public ledger called Blockchain.
How to buy bitcoin in India?
You can buy bitcoin using your mobile apps as well as your laptop. Bitcoin has a very high return when compared to other investments. Hence, many investors are shifting to cryptocurrency due to the sudden rise in its value.
Let’s have a look at the detailed steps of buying a bitcoin in both ways.
Buy bitcoin in India using Android or iOS
Mobile applications help you trade on the go, and you don’t need to worry if you don’t have a laptop. You can also use mobile applications to buy bitcoins. Some of the mobile platforms are:
- WazirX (Referral code: ad4e888q) (Andriod, iOS)
- Unocoin (Referral code: U-305402) (Andriod, iOS)
- Colodax (Referral code: IFO102589090270) (Andriod, iOS)
- CoinDCX (Referral code: 70297373) (Andriod)
- Zebpay (Referral code: REF43483299) (Andriod, iOS)
Use a referral code to get a discount on the fee.
We will be using the example of WazirX to explain the entire process. However, it is also a basic outline of how most of the apps function. So you can follow this steps for almost any other app.
Steps to sign up on WazirX
The very first step in buying a bitcoin is creating an account. Hence, let’s have a look at the sign-up procedure at WazirX.
- First, successfully download and install the app. (Use ad4e888q referral code to get a discount on the fee)
- Then, click on the sign-up button and enter your email.
- Click the submit button after you enter all the necessary details.
- After this, you’ll receive a code on your provided email.
- Enter the code received, and you’re all done creating an account.
Steps to complete KYC
After completing the sign-up process and successfully logging into your account, you’ll have to submit the necessary KYC details on WazirX, and to do so; you can following these steps:
- Login to your account and go to your account section.
- Then click on the complete your KYC tab.
- After which, enter all the necessary details, which match your government-approved IDs.
- Then enter your PAN number and Aadhar number to complete your identification.
- You’ll have to click and upload a selfie, picture of your PAN card, and Aadhar card.
- You’ll have to enter your bank details to complete this procedure and receive INR in times of withdrawals.
- It will take the platform up to three hours to complete the verification from their side.
- When this is completed, you can start buying bitcoin.
On completing your KYC, you are eligible to make a deposit as well as a withdrawal.
Steps to deposit on WazirX
These are the necessary steps to deposit in your trading wallet.
Case 1: Deposit INR
- Go to your account section and click on your current balance.
- Then click on the deposit button.
- You’ll be prompted to a new tab. Here choose your preferred mode of payment.
- Now enter all necessary details and make a transaction of the amount you desire.
- The amount would reflect in your wallet within 3-24 hours.
Case 2: Deposit cryptocurrency
- To deposit a cryptocurrency, go to the account section in the app.
- Then click scroll down and click on the cryptocurrency you wish to deposit in.
- Then on the next page, click on deposit.
- You can deposit by scanning the QR code on your screen. Or by sending the cryptocurrency to the address below the QR code.
- Once you initiate the transaction, you’ll receive your crypto asset in your account within twelve hours.
Steps to withdraw on WazirX
After you’ve successfully bought a bitcoin, you can either keep it in the application’s wallet or withdraw it and store it in your vault. These are the necessary steps to withdraw the bitcoin:
- Go to the profile section and scroll down to bitcoin.
- Click on the bitcoin tab, and on the next screen, click on withdrawal.
- Then enter the address you wish to withdraw your asset to or scan the QR code on the other device.
- You will receive your bitcoin in your desired wallet within twelve hours.
How to buy bitcoin in India using a laptop?
To buy a bitcoin, you need to sign-up to an Indian crypto exchange website first. Here’s a list of some of the best crypto platforms in India:
All of the above platforms require a KYC to optimize your trading experience. Let’s go through the steps to sign-up, KYC, and deposit.
We will be using CoinDCX to explain all these steps. However, they are a basic outline applicable to all of the platforms.
Steps of sign up on CoinDCX
The very step to buy a bitcoin is creating a trading account on CoinDCX. You can follow these step to create an account:
- Visit the website of your desired exchange and click on the sign-up button.
- Then enter your email and password to receive the confirmation code.
- Enter the confirmation code sent in your provided email.
- Login to the website, and your account is ready to make a purchase.
Steps of KYC on CoinDCX
To buy or sell bitcoin, you also need to complete your KYC on the platform. You can follow the following steps to do so:
- First, go to your Profile tab from the top right corner of the home page.
- Then click on the “KYC verification” tab on the left side of the screen.
- Now click on the ‘upload KYC documents’ button.
- Upload or click the pictures of your government-approved ID cards.
- Complete entering your details.
- After completion, the platform will verify all the details and documents within three hours.
Steps to deposit on CoinDCX
To purchase bitcoin, you need to deposit INR. However, you can also deposit a cryptocurrency and sell it to buy a bitcoin. You can use the following steps to make a deposit:
Case 1: Deposit INR
- Click on the Funds tab on the top of the page and select the ‘deposit’ option.
- Then on the next page, click on the INR tab.
- Now select your preferred payment method and make a deposit.
- Your deposit amount will reflect in your wallet within six hours.
Case 2: Deposit cryptocurrency
- The first step would be to click on the deposit button from the “Funds” tab.
- Now click on the cryptocurrency you wish to deposit.
- Either scan the code or transfer the assets to the address provided.
- Your assets will reflect in your account soon.
How to withdraw from CoinDCX?
To withdraw the bitcoin you just bought, you can take the following steps:
- Click on withdraw tab from the ‘Funds’ button.
- Then choose bitcoin to make a withdrawal.
- Now either scan the QR code or enter the address of the receiving wallet.
- You will successfully receive your bitcoins in the wallet after deduction of the withdrawal fee (if any).
Why invest in bitcoin?
At the time of writing this article, Bitcoin hold around 69% of the cryptocurrency market share. Cryptocurrency is the fastest-growing asset and offers a very high liquidity market.
Various banks and financial institutions are investing in Bitcoin due to their high returns. In the long run, Bitcoin have larger returns as compared to many other stocks.
For example, in the past twenty years, the average five-year return of Nifty has been 14.2%. At the same time, Bitcoin has a return of 11,292.56% in five years, since 15 February 2016.
Things to remember before investing or buying a Bitcoin?
Before you dive straight into investing, there are things you need to know and understand. You can keep in mind the following list:
- The crypto market is volatile, and its value can go to extremes in no time.
- The number of bitcoins you own does not decrease with its market value.
- You can buy and store as many Bitcoins as you want and sell them whenever you want to.
- Do not invest more than you are ready to lose.
- Start with minimal investments and notice the market fluctuations.
- Things can take time since learning is a slow process, so do not hurry over anything.
Buy Bitcoin in India: Pros and Cons
Everything has two sides, just like a coin, and so does cryptocurrency or investing in crypto. Let’s look at a few of them:
|Bitcoin has a high market value.||Sudden rise and fall in the market value are typical in cryptocurrencies.|
|You can trade on the go and around the clock.||Various frauds and scams are common in the crypto market.|
|It is a decentralized currency. Hence no bank or country can control it or put a barrier in its use.||Understanding the market can be a tedious task.|
|It gives enormous returns if you carry forward trades wisely.|
Buy Bitcoin in India: Conclusion
There are many options available for you to buy a bitcoin in India. You can use your mobile and laptop, and the procedure to do so is effortless. You can follow all the steps above to buy bitcoins. It is effortless, and you only need to sign-up and complete your KYC to begin your trading journey.
Frequently Asked Questions
There are no laws on cryptocurrency in India as of February 2021. However, the Indian government is formulating laws that can be released soon.
As of now, since there are no laws, Bitcoins are neither legal nor illegal. Like the USA, many developed countries tackle bitcoins without a ban on them and with fair government laws.
During a trade, the seller puts up a price, and a buyer also puts up a price. Then crypto platforms automatically connects them and makes the trade possible. Hence the money goes to the trader after maker and taker fee deductions.
While making a trade on a trading platform, you buy bitcoin when the market is low and the price has decreased. Then you sell the bitcoin when the price has increased—maintaining a margin between the two, which will be your profit.
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