Bitcoin buying can be somewhat confusing for beginners…
We get that. Which is why we want to teach you how to buy Bitcoin in India, with several payment methods.
There are several factors to consider when choosing a Bitcoin exchange. These include:
- How high are the exchanges fees?
- How high are the purchasing limits?
- What payment methods does the exchange support?
- How fast is delivery?
- How good is the exchanges customer support?
Now that you know what to look for in an exchange, we will list some of the most popular options in India, allowing you to make an educated decision.
Unocoin is one of the most popular exchanges in India. In fact, their exchange is specifically designed for Bitcoin. If you want to trade other cryptocurrencies, try Unodax, their digital asset exchange.
Unocoin allows users to purchase Bitcoin via IMPS, NEFT, and RTGS bank deposits. 3-24 hours after the payment reaches Unocoins accounts, you will receive your Bitcoin.
For fees, Unocoin charges a .7% trading fee. For those looking to trade often, this fee can go down to .5% with enough volume. As far as limits go, Unocoin allows users to buy 10 BTC a day, and sell 2 BTC a day. These are pretty high limits, considering they reset every day. Similarly to fees, after enough trades are made, limits can be increased.
Zebpay is a cryptocurrency brokerage based in India. Zebpay allows users to deposit funds via RTGS, NEFT, and IMPS. There are no fees for depositing currency into the exchange, and there are .2%-.25% fees for each purchase.
For limits, Zebpay has a minimum transaction of 5,000 Lacs, and a max of 50. Per day, users with the first tier of verification can transact 1-2 crores.
Zebpay also has Android and iOS apps, making it easy to purchase and trade Bitcoin on the go.
Coinmama is another great option, specializing in credit and debit card purchases. They are based in Israel but serve an impressive amount of countries, including India.
In addition to selling Bitcoin, Coinmama sells 7 other cryptocurrencies, including Ethereum, Litecoin, and Ripple.
Coinmama charges 5% fees upon purchasing, with an additional 5% from their payment provider Simplex. Coinmama has very high limits, and they can be increased upon purchasing enough cryptocurrency.
LocalBitcoins is another option that uses an escrow service to allow person to person exchanges of Bitcoin. Users select amounts of currency, as well as a method. For example, I could choose to exchange 100 INR for Bitcoin, and vendors who want to provide this service for a premium are available to facilitate the exchange.
Changelly is a unique exchange, as it cuts out a step in the cryptocurrency purchasing process. On Changelly, you select an input and output currency. After selecting the two currencies, you provide a deposit address for the output currency and send currency to a provided address. The two currencies are then swapped in a quick fashion, making it easy for both parties.
Changelly allows users to directly purchase Bitcoin and other currencies with fiat. For fees, Changelly’s fees are .5% + 5%. .5% is the fee Changelly takes, and 5% is the fee Simplex takes.
Virwox is another option that is also pretty unique. Virwox isn’t exactly a cryptocurrency exchange, but rather a virtual asset exchange. Virwox allows video game currencies such as second life lindens to be exchanged for several currencies, including Bitcoin. The fees are somewhat high at around 10%, but is an option for users who want to use Paypal or video game currencies to buy Bitcoin.
Bitcoin ATMs are a great private way of obtaining Bitcoin. First, find a Bitcoin ATM near you, and deposit cash. You will be promoted for a Bitcoin address, and will be sent Bitcoin! This is a simple method allowing you to not have to deal with the hassle of exchanges. Most Bitcoin ATMs will charge between 5%-10% for their services.