In March, the Indian government removed the 2 years long “unconventional” ban imposed on Bitcoin trading in India. How to buy bitcoins in India is something everyone is looking out for. The ban was removed just 2 weeks before the lockdown in the country.
Consequently, the market of bitcoin has started getting pace in the growth of the fintech market. Most of the Indian businesses are seeing investment in cryptocurrency not as a simple and overnight way to become super-rich but to make yourself strong and sturdy financially.
However, India is facing its worst economic crisis in the last three decades, the crypto trading market is seeing a major spike.
According to Bitcoin.com, since the lockdown began, BTC volumes have increased 10X. The Bitcoin trading volumes have surpassed the spikes of December 2017. Now, when a great number of businesses are heading towards this old but a great financial aid, many new crypto exchange services have been launched.
Let’s take a look at how Bitcoin is bought, circulated, and stored on Indian grounds.
How to Buy Bitcoins or Cryptocurrency in India
Buying cryptocurrency in India is now the easiest than ever before. Online websites namely, ‘Bitcoin Exchanges’ allows a person to exchange their local money and store their cryptocurrency in virtual mode. You can coincide with these currencies as one invests money in banks.
Moreover, there are five important factors everyone should keep in mind before buying cryptocurrencies-
- Location- One has to check the rules and regulations on how to buy Bitcoin in their country. In India, you can buy Bitcoin from any established and trustable source.
- Payment method- Buyers can pay for such currencies via their credit card, bank transfer, or cash.
- Type of cryptocurrency- It is interesting to know that there are many other forms of virtual money excluding Bitcoin. These include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, etc.
- Cost of fees- The cost of purchase of cryptocurrency could vary, depending upon the channel you choose to buy.
- Store- You can select either Online wallets or Software wallets for storing cryptocurrencies. These wallets will be linked to your bank details and sometimes Aadhaar details.
From Where to buy cryptocurrency
With many companies taking part in selling legit Bitcoins, new opportunities have emerged for the buyers in the market. Here are some of the top-rated and rewarding Bitcoin platforms in India.
Coinbase is among the top known cryptocurrency sellers globally. At present, the platform exercises its 25 million registered users in 32 countries. It allows an easy to understand dashboard to the user to trade in Bitcoins online. Additionally, any user can do real-time trading with no additional charge.
With over 50 million users, Binance is the world’s largest Bitcoin trading platform. The website is known to sell, buy, or share cryptocurrencies in more than 150 cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Link, Tezos, Cardano, and Binance Coin.
Unocoin is India’s leading Bitcoin vendors and is known for its easy to use features on their app. At Unocoin, a user can buy or sell Bitcoins online at the lowest transaction fees. All-in-one wallets for all crypto holdings, automated bitcoin buying with fixed amount and frequency, etc. are some other prominent features you will get.
Zebpay was launched in January 2020 and gave their customers a ‘Zero Trading Fee’ benefit. With over 3 million customers worldwide, Zebpay offers real-time tracking, 24X7 price alerts, and instant fund deposits. Buyers can also exchange their currency with another crypto with simple and easy inflation steps.
Bitbns is a real-time UPI payment driven Bitcoin investment platform. The platform allows a user to buy, sell, and lend cryptocurrencies online at low trading fees. The website has its app on the Play Store and has 1,00,000 downloads and a rating of 4.1 out of 5.