How To Buy Bitcoin In India
Bitcoin is the most popular cryptocurrency. Bitcoin catches people’s interests after the epic bull run of 2017. Many investors and new buyers wanted to buy bitcoin after 2017. The road of Bitcoin is full of ups and downs in India. The Reserve Bank of India (RBI) has placed a ban on buying and selling of cryptocurrencies using bank accounts in May 2018.
Many Indian cryptocurrency exchanges shut down because of the RBI ban to stop people to buy bitcoin using banks and investors lose a good amount of money. The crypto community files a patent against the RBI ban and after 2 years of fighting the Supreme Court of India gives decision in favor of the crypto community. The Supreme Court has uplifted the RBI ban on 4 March 2020.
After the decision, all the cryptocurrency exchanges in India start accepting bank transfers and withdrawals. Now it is very easy to buy Bitcoin in India. It takes only 5 minutes to create an account and deposits INR to buy bitcoin.
After doing a lot of research, the Bitcoinik team is sharing the best cryptocurrency exchanges to buy bitcoin in India. Here we will tell about those websites/platforms which we have used many times in recent years.
- Wazirx
- Zebpay
- Giottus
- Paxful
- LocalBitcoin
Wazirx
Create Wazirx Account
Reputation Level – Very High
Volume/Liquidity – Very High
Wazirx is one of the best cryptocurrency exchanges to buy bitcoin in India. Wazirx is backed by an experienced and crypto enthusiastic team. The founder of Wazirx Nischal Shetty has a very good reputation in the crypto community. Recently Wazirx is acquired by the crypto industry-leading exchange Binance.
Now Wazirx has the resources and trust of Binance that makes it the first choice for Indian users.
Advantage of Wazirx
- Easy to Use
- Nice User Interface
- Fast KYC Verification
- Got Binance Trust
- A very low Trading fee of 0.1% (when paid in WRX tokens)
- Trusted Founder and Team
- P2P Trading Platform
- Support Instant Deposit and Withdrawals
Disadvantage of Wazirx
- Only 6 INR Pairs (Will List more in Future)
- The P2P Platform is Confusing for New Users
How to Buy Bitcoin on Wazirx?
- Visit the Wazirx exchange website or download the Wazirx application on your smartphone
- Create an account just by entering email address and password
- Complete KYC verification by uploading the required documents
- Deposit INR using NEFT, RTGS, IMPS or UPI on given Wazrix account details
- Go to markets and select BTC/INR pair
- Enter the price and quantity and create an order (the order will fill partially or completely depending on the volume)
- Congratulation, You made your first Bitcoin purchase on Wazirx 🙂
Create Account on Wazirx
Zebpay
Create Account on Zebpay
Reputation Level – Very High
Volume/Liquidity – Low
Whenever there is a discussion of crypto or Bitcoin in India, Zebpay will be mentioned in either a positive or negative way. Zebpay is one of the most famous Indian cryptocurrency exchange. Zebpay was founded in 2014 and providing services all over India and some other countries also.
Zebpay stopped its services after the RBI banking ban in May 2018. The Reserve Bank of India (RBI) banned buying Bitcoin and other cryptocurrencies using bank accounts in May 2018. The banking ban is uplifted by the Supreme Court of India on 4 March and all Indian cryptocurrency exchanges start direct deposit and withdrawal to bank accounts.
Zebpay returns to the Indian market on 5 March and starts all the services of trading, deposit, and withdrawals.
Advantages of Zebpay
- Easy to Use
- Fast KYC Verification
- Low Trading Fee of 0.25%
- Supports Instant Deposit and Withdrawals
- Good user rating and reviews
- Support Bitcoin lightning network
Disadvantages of Zebpay
- Very high exchange rates
- Weak privacy
- KYC compulsory
Paxful
Create Account on Paxful
Reputation Level – High
Volume/Liquidity – High
Paxful is an online marketplace that allows users to buy or sell bitcoin peer to peer (p2p) in India. Paxful was launched in 2015 and it provides its services in many countries including India.
The Paxful exchange provides more than 300 payment methods to its users to purchase bitcoin including Paypal, Wire Transfer, Cash Deposits, Paytm, Gpay (Google Pay), IMPS Transfer, Credit Cards, VISA, Debit Cards, Amazon gift cards, and many online wallets transfers.
Paxful has a Bitcoin withdrawal fee of 0.0005 BTC and it takes 1% as a fee for trading from Bitcoin sellers.
The KYC or identity verification is not compulsory for Bitcoin trading and withdrawal where KYC only required when the credit card or cash payment method used.
Advantages of Paxful
- Easy to start and good for new users
- Good user interface
- Good customer support
- instant buy/sell
- a wide variety of payment methods accepted
Disadvantages of Paxful
- Exchange rates are higher
- Centralized exchange
- There is a possibility of scam in P2P exchanges
- The P2P Platform is Confusing for New Users
Create Account on Paxful
LocalBitcoins
Create Account on LocalBitcoins
Reputation Level – High
Volume/Liquidity – High
LocalBitcoins is a marketplace for peer to peer (p2p) Bitcoin trading where buyers and sellers connect and deal with each other directly. It was founded in 2012.
LocalBitcoins provides its exchange services in many countries around the world including India.
There is a good trading volume on the LocalBitcoins exchange in India and it provides good market rates also.
LocalBitcoins provides a variety of payment methods including Paypal, Wire Transfer, SEPA, Moneygram, Cash Deposits, Paytm, Gpay, IMPS Transfer
Advantages of LocalBitcoin
- Easy to get started
- Good market rates
- Good reputation
- Good Volume
- It provides good security features
Diadvantages of LocalBitcoin
- Weak Privacy
- Centralized exchange
- KYC compulsory
- There is a possibility of scam in P2P exchanges
- The P2P Platform is Confusing for New Users
Create Account on LocalBitcoins
Giottus
Create Account on Giottus
Reputation Level – Low
Volume/Liquidity – Low
Giottus is a cryptocurrencies trading platform in India that allows Indian users to buy bitcoin using Indian currency INR. It was founded by two IIM Calcutta Alumni – Vikram and Arjun in 2018 and headquartered in Tamilnadu, India.
The Giottus exchange support payment methods such as IMPS, RTGS, NEFT, UPI, and other online bank transfers as well where it supports almost all banks throughout India.
It charged a trading fee of 0.25% for buying bitcoin and other cryptocurrencies on their exchange platform.
Also, if withdrawal and deposit transactions of the user’s fund do not process in 30 minutes then the Giottus exchange gives away 10 xrp tokens free as per their promise.
Advantages of Giottus
- Easy to start and good for new users
- Good user interface
- Good customer support
Disadvantages of Giottus
- New exchange and reputation is low
- High exchange rates
- Weak privacy
- KYC compulsory
- Centralized Exchange
