Bitcoin has rapidly become one of the largest and most influential asset classes globally, with a market capitalization surpassing $1 trillion. While the technology behind Bitcoin is complex and tricky, purchasing Bitcoin is now easier than ever. According to Chainalysis, a leading research and analytics firm, India is currently the fastest-growing country in cryptocurrency adoption.
But lack of Crypto Awareness and local law & Regulations many people can't access Bitcoin. For those looking to invest in Bitcoin from India, the process is straightforward. In this guide, we’ll cover everything you need to know to buy Bitcoin instantly in India in 2024, using Indian Rupees (INR ₹).
What We'll Cover
How to Choose the Right Exchange - Tips on selecting a trustworthy platform for buying Bitcoin.
Different Methods for Buying Bitcoin in India - Explore the most efficient ways to purchase Bitcoin using INR.
Buying Guide Of Bitcoin in India Through Binance - Learn How to buy Bitcoin in India on Binance Exchange in simple Way.
Things to Avoid When Buying Bitcoin - Learn the key mistakes to avoid while purchasing Bitcoin.
Why Trust Binance for Buying Bitcoin in India - Discover why Binance is a leading exchange for Indian user
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🏵️ How to Choose the Right Exchange
The first and foremost, and likely the hardest question is: What makes a good cryptocurrency exchange, and how do you choose the Best Exchange to Buy Bitcoin in India? We reviewed over 25 crypto exchanges in India, and hands down, Binance stands out as the most powerful yet user-friendly platform for trading cryptocurrencies. Below are some key factors to consider when choosing the right exchange:
Security – Binance offers world-class security features to protect users, including 2FA (two-factor authentication), biometric login, and passkeys.
Recognition – Binance is the world's largest digital asset exchange, trusted by over 200 million users globally, making it the most recognized platform in the cryptocurrency space.
Liquidity – Liquidity is one of the most critical factors in trading. Binance provides the best liquidity in the market, ensuring that you don’t have to wait for your orders to be filled.
Trust – Binance pioneered the Proof of Reserves trend in the industry. They don’t use your assets behind the scenes, maintaining a 1:1 ratio of everything held by users on the platform.
Regulation – Sometimes, crypto exchanges fail to comply with local laws, which can create significant problems for users. Fortunately, Binance is fully regulated under India's regulatory body, FIU.
🔼 Different Methods for Buying Bitcoin in India
There are several methods to buy Bitcoin in India. After choosing the right exchange and completing the verification, the first problem users face is deciding what the best method to purchase Bitcoin is. Now, we'll discover the different methods you can try to buy Bitcoin in India.
1. Direct P2P Purchase
This method is used by many users as it doesn't involve any third party. You just Pay the ammount for your Bitcoin through your Bank account and you'll get Bitcoin instantly in Your wallet. P2P Purchase rapidly growing because you can Directly Buy Bitcoin With Your Bank Account.
2. Purchasing through Conventional Spot Trading
This method is most recognised and widely used among all crypto traders & investor. SPOT trading buy is the simplest and efficient way to purchase Bitcoin in India.You Can Check Full Guide
🎯 Direct P2P Purchase Via ₹ INR
Peer to Peer (P2P) is the easiest and Fastest Growing Method to Buy Bitcoin Worldwide. P2P doesn't involve any middleman or third party. It's very simple and less time consuming than other methods.
Step 1: Open the Binance app. Select [Trades] then go to [P2P].
Step 2: Choose the Buy tab and select the filter icon at the top-right part of your screen.
Step 3: Select Your Coin which You want to Buy For Indian crypto buyers, please select INR. Then, tap Yes.
Step 4: Tap the BTC tab and choose the offer that works best for you. Complete the transaction by promptly completing the needed transfer of your Indian rupees to the available payment options.
Step 5: You'll notified via Email and in-app notification about the confirmation of your transaction. This Process Hardly takes 10 Minutes. And After Confirmation You'll receive Your Bitcoin In your Wallet.
🖍️ Things to Avoid While Buying Bitcoin
Purchasing Bitcoin is a great feeling, but sometimes due to our lack of caution, we make mistakes while buying Bitcoin. Here are some tips you can follow:
While purchasing Bitcoin through your local currency, e.g., ₹INR, always check the price and convert it to USDT to know the actual price you are paying for the trade.
When using P2P, always check the seller's information, read their user reviews, and review their completed trades. There are bad actors in crypto.
When you purchase Bitcoin through P2P, always confirm that you have received your crypto before paying the seller.
⏺️ Why Trust Binance for Buying Bitcoin in India
1. Regulated Under India Government :
Binance is Fully regulated under India's Finance Body FIU. That gave Binance a legal licence to operate in India.
2. Indian Rupee (₹) Support :
Binance Support Indian Ruppe. That itself clear lot of hurdles for millions of Indian user. People can directly buy Bitcoin with INR through their Bank Account.
3. Simple User Interface :
Binance has the simplest user interface for any crypto exchange. They even have a dedicated lite mode for crypto newbie to explore and trade. Read Full Guide Here.
4. Low Fees :
Binance offers a aggressive low fee. You won't even notice the fee while trading it's so low. Binance don't charge any hidden charges and Holding fees for Wallet.
🔼 Data Credit
> Binance
> LiveMint
> Coinmarketcap
