Key Insights
Crypto has become increasingly popular. This trend is especially strong in India.
The major steps to buying Bitcoin within the country are typically straightforward.
These can range from choosing the right exchange to funding your account and simply buying and storing.
If security is a major concern for you, consider a private wallet to store your Bitcoin after buying
Buying Bitcoin in India isn’t as hard as it used to be, especially in 2024.
Crypto exchanges have now become more accessible and faster than ever, and their numbers are even growing.
With this crypto boom within the country, people now have several options for starting their crypto journey.
And if you’re looking at investing in Bitcoin, this guide will walk you through the general process of buying Bitcoin (or any other crypto) in India.
Buying crypto (Bitcoin) in India
Source: Binance
The guide will focus on speed, convenience, and, of course, safety. Without further ado, here’s what we’ve got:
1. Choose a Reliable Platform
This step alone can either make or break the entire investment experience.
The first step to getting some Bitcoin is choosing a trusted exchange or platform.
Exchanges simply connect buyers of certain cryptos with sellers where both parties can conduct quick and easy swaps.
Several crypto exchanges in India offer these services including:
Binance
WazirX
CoinDCX
ZebPay
Unocoin
CoinSwitch Kuber
All of the above platforms feature user-friendly apps and web interfaces. This makes it easy for even beginners to find their way around and make quick transactions.
But Why Choose a Reliable Exchange?
This question pretty much answers itself.
Using a trusted exchange makes sure that you get the right value for your money. A trusted exchange also protects you from dangers like scams and unreasonable fees.
Be on the lookout for platforms with a good reputation, strong security features and (possibly) 24/7 customer support.
2. Sign Up and Complete KYC
After choosing a platform, the next step is to sign up and complete the Know Your Customer (or KYC) process.
This procedure is mandatory in India and anywhere else in the world for buying and selling crypto. To do this, you might have to upload snapshots of documents like Aadhaar and/or PAN card.
You might also need other documents like a bank statement for verification. This depends mostly on the exchange, and should require easy-to-get documents.
Nothing too personal and nothing fancy.
KYC registration typically takes between one to three days for approval. It can even take between a few minutes to a few hours sometimes.
However once approved, the exchange will notify you via email or other means.
You can then buy Bitcoin (or any other crypto) without any restrictions.
3. Add Funds to Your Account
To buy Bitcoin, you need something—another form of money to swap it for.
This guide will assume that you have no crypto on hand. If this is the case, you might need to deposit some Indian Rupees (INR) into your account.
Most Indian exchanges offer methods of payment including:
UPI
Bank transfer
Net banking
Debit or credit cards
P2P deposits
If you’re looking for speed, choose either UPI or P2P deposits.
For P2P, certain vendors are available on exchanges, who are willing to give you crypto (mostly USDT, a digitized version of the US dollar) in exchange for its INR equivalent.
UPI on the other hand, is significantly quicker than most of the other options. Transactions go through instantly and there are no extra fees.
Choose any of the above methods and get ready to buy some Bitcoin.
4. Buy Bitcoin
When you have INR or USDT in your account, you can head to the “buy” or “spot” section on the main interface.
Binance homepage
Source: Binance
If you use Binance, you can check the top right corner of the homepage for “trade”.
Hover over that and click on “spot”
If you do not use Binance, other platforms typically have the same interface.
Simply head over to the homepage and look for anything similar to “spot”, “buy” or “trade”.
Binance’s spot page
Source: Binance
After finding and clicking on “spot”, you should see an interface similar to the above.
Don’t worry if if looks intimidating, because it really isn’t.
Typically at the bottom of the page, find the buy/sell section and follow the remaining instructions:
You can either choose to buy a specific amount of Bitcoin or Bitcoin for a set amount of INR/USDT (You don’t have to buy a whole Bitcoin)
Most platforms show you the current market price of Bitcoin so you can see how much you'll get before clicking “buy”.
How Instant Buying Works?
Buying Bitcoin
Source: Binance
The snapshot above shows the lower part of the spot page. Here, the user has set $100 (in USDT) as the amount of Bitcoin they would like to buy.
The page also shows that at a Bitcoin price of $62,500, a $100 purchase would return around 0.00159 BTC (a fraction of a single coin).
Once you click “buy”, the transaction should go through in a matter of seconds.
Head over to your wallet and check to see your Bitcoin successfully deposited almost instantly.
5. Store Your Bitcoin Safely
None of the above means anything without a proper way to store your purchase.
After buying, it is important to store coins securely.
While most platforms offer a wallet feature, you might consider moving your crypto into a separate wallet after buying.
This is important if you prefer safety and don’t mind a little hassle.
To transfer your crypto out of the exchange:
Simply copy the address of the recipient wallet (your external wallet).
Head to your in-exchange dashboard and find your newly purchased Bitcoin.
Find the “withdraw” button, click it and a popup should appear like so:
The withdrawal popup
Source: Binance
Fill in the appropriate fields, and cross-check everything. When you are satisfied, click “Send”
Wallet Types
Keep in mind that crypto is only as secure as the wallet it is put in. You should consider the following classes of wallets to choose the best one for your needs.
Hardware wallets: Physical devices like the Ledger or Trezor that store your Bitcoin offline.
Software wallets: Apps like Trust Wallet or Exodus that give you control over your private keys.
In-exchange wallet: Although there have been hacks on exchanges in the past, investors typically leave their crypto where it is. Weigh your options and proceed from there.
Overall, buying Bitcoin instantly in India will be easier than ever in 2024.
With the right platform and the right attitude to investing, you can become a proud Bitcoin owner In just a few steps.
With that being said, Happy investing!
#Crypto #India #Binance #WazirX #exchange
