We may receive affiliate commission when you click certain products. Read our important disclosure to learn more.
You want to buy Bitcoin in India.
But, Bitcoin buying can be somewhat confusing for beginners.
That’s where Bitpremier comes in.
This guide will teach you everything you need to know about buying Bitcoin in India, with several payment methods.
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.Visit Unocoin
Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.
Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!
Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily, and $20,000 monthly.Visit Coinmama Read Review
LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange. Due to the nature of the exchange, it's available in pretty much every country.
On the exchange, users to trade among themselves. Due to the nature of the transactions on the exchange, there is a resolution and feedback system.
It also allows users to post a quick buy or quick sell ad on the exchange platform. It is one of the best cryptocurrency exchanges for peer to peer trading.
LocalBitcoins is one of the better exchanges for users concerned with their privacy. Bitcoin can be purchased in person without linking an identity to an exchange.Visit LocalBitcoins Read Review
Changelly takes a different approach to the exchanging process. Instead of letting users store their cryptocurrency on their exchange, they set up conversion transactions. Users select an input and output currency and an amount.
In the above example, I selected .1 BTC and an opposing amount of ETH is automatically determined at the going rate. Then, Changelly provides an address to send the Bitcoin to and asks for an address to send their Ethereum to.
This effectively cuts out one step and swaps currencies in real-time. In exchange for their services, Changelly charges .5% on transactions. Fiat currencies such as the US Dollar and Euro can be used, but have slightly higher fees. Pretty cool!Visit Changelly Read Review
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.
Bitcoin, the most dominant cryptocurrency according to CoinMarketCap, is gaining awareness and adoption in India. However, pioneer cryptocurrency is still not widely used in the Asian nation. Currently, one bitcoin can be exchanged for approximately 240,000 Indian Rupees, the local currency of India.
In April 2018, the Reserve Bank of India, India’s Central Bank made an announcement stating that commercial banks and all other firms associated with the Reserve Bank should stop offering services to cryptocurrency companies. However, the Central Bank noted that there was no ban on Bitcoin.
The move by the central bank was purported to shield its population from getting scammed by others through crypto, which is basically anonymous.
The blanket ban was also to disallow Indians from losing the money invested in crypto to ICO exit scams, digital exchange hacks, and other ways the money could be lost through crypto.
There was also a case of Amit Bhardwaj, an Indian who began several bitcoin-based Ponzi schemes and made over $300 million after absconding.
Until September 28, 2018, cryptocurrency exchange, Zebpay used to be the leading digital currency exchange to purchase bitcoin with Indian Rupees.
This was as a result of Zebpay not being able to obtain a banking feature from financial institutions in the country.
Five months prior to Zebpay’s shutdown, India’s Central Bank had placed a ban on banks to associate with companies trading in bitcoin and all other cryptocurrencies. The ban disallowed Zebpay users to purchase or sell Bitcoin, hence the closure of the exchange in the country.
Zebpay was regarded as one of the top three exchanges in India. In fact, the exchange was the first to start the Know Your Customer (KYC) and Anti-Money Laundering (AML) in India.
The shutdown of the digital assets was regarded as highly impactful on the bitcoin space in India. The Zebpay team explicitly stated that it was not going to adhere to impractical policies laid down by financial bodies in the country.
Zebpay was so functional and widely used in India to the point that it offered features such as Mobile Balance Recharge, purchase of Amazon vouchers, purchase of Domino’s Pizza, Uber and several other features.
The popular opinion about the Indian government’s resolute decision not to regulate cryptocurrency in the country is that it believes crypto will boom once it’s regulated. This practically means that the Indian government is against the mass adoption and flourishing of crypto in its nation.
Several people think that India’s position in technology globally is far behind and they should be thinking of integrating cryptocurrency into their system in order to set the pace.
Countries like France, Malta, Switzerland, and even fellow Asian nation, Japan, have created friendly regulations for crypto.
India is, however, doing the opposite of this. It is believed that if all exchanges leave India, it might be difficult for the country to catch up once the global mass adoption of crypto starts.
Generally, in India, there are not many places that use Bitcoin as a method of payment or even accept the digital currency as a form of payment.
Most people that buy and use Bitcoin in the nation are tech savvy or see Bitcoin as a financial instrument to invest in and gain high returns on investment.
The future of cryptocurrency in India is quite uncertain. Techies in the country, however, believe that the effect of the blanket ban will cripple several other local exchanges and subsequently facilitate very slow adoption of bitcoin in the nation.
Local exchanges are the best way for citizens to use cryptocurrencies and if there aren’t any, people will lose interest in utilizing bitcoin.
The Reserve Bank of India has, however, in a contradictory measure, declared that they would create their own form of centralized Indian Rupees on the blockchain.
It has been forecasted that just like India’s delay to tap into the dot com boom of the early 2000s, there will be another brain drain from India as a result of the unfriendly attitude to bitcoin by the government.
There are several factors you’ll want to consider when choosing a Bitcoin exchange. Here are some of them: