Overall, the legal status of Bitcoin in India is not so positive. Although not officially banned, India’s finance minister has stated that the government does not recognize Bitcoin as a legal currency. Moreover, banks are closing accounts that are suspected to be related to Bitcoin. However, you can still buy and sell Bitcoin in India as usual, only risk that you are at risk of having your bank account closed. Also, it’s hard to trade or use Bitcoin for anything speculative abroad. Here are ways you can use to buy and sell Bitcoin in India.
Buy Bitcoin on local exchanges
Using cryptocurrency exchanges is one of the most popular and convenient ways to buy and sell Bitcoin. However, due to regulations from the Reserve Bank of India (RBI) – that regulated financial companies can no longer legally trade with cryptocurrencies – you may not be able to pay for an exchange account. Its cryptocurrencies are equal to Indian banks. The situation has significantly affected the country’s cryptocurrency landscape, even being forced to close some domestic cryptocurrency exchanges.
You can find India’s leading Bitcoin exchanges as follows.
- Bitbns
This is a domestic exchange established by IT graduates and also crypto enthusiasts. Bitbns is an Indian cryptocurrency exchange that started operating in December 2017. The exchange focuses on ease of use, security, and 24-hour customer support.
Bitbns is also a pioneer in the P2P model to exchange cryptocurrencies and INR amid a difficult time for the Indian cryptocurrency market. If you use Bitbns, you will need to verify your account with Aadhar and PAN cards to connect your bank account and deposit or withdraw cash to/from your Bitbns wallet.
- Koinex
Koinex is India’s most advanced cryptocurrency exchange. This is the first complete exchange to support multiple cryptocurrencies/tokens on one platform. Koinex aims to bring the magic of Blockchain technology to India. Bitcoin – the first cryptocurrency in the world – was introduced in 2009, and since then, more than 1,000 tradable tokens have been born. However, for a long time, India missed the tremendous opportunity that the rest of the world had enjoyed. And Koinex was built to close that gap.
They have been built through advanced technology. Proprietary trading tools, wallet and platform architecture, A-level security, UI / UX user-centric, and tons of user-requested features are some of the highlights from Koinex.
- Unocoin
Unocoin is one of the most popular cryptocurrency exchanges in India. Their exchange is specially designed for Bitcoin. You can buy Bitcoin with any Indian bank account through online banking or NEFT and RTGS. After 3 – 24 hours after paying to your Unocoins account, you will receive your Bitcoin.
For fees, Unocoin charges a 0.7% transaction fee. For those who want to trade regularly, this fee can be reduced to 0.5% in sufficient volume. Unocoin allows users to buy 10 BTC per day and sell 2 BTC per day.
- WazirX
Last but not least, you can try buying and selling bitcoin in India using a service like WazirX. While the platform is still in beta, it includes both a cryptocurrency exchange and peer-to-peer trading service, which allows trading of cryptocurrencies with Tether (USDT).
What Is WazirX? How To Register On WazirX?
Buy Bitcoin on the international exchanges
You should not limit yourself to local Indian Bitcoin exchanges when buying and selling Bitcoin in India; you can expand to other global platforms.
- Coinmama
Coinmama was founded in 2013 in Israel. Since then, the platform has grown to serve more than 1 million customers in more than 180 countries, with more than 30 employees, including India.
This cryptocurrency exchange offers a lot of convenience. You can buy Bitcoin with a debit or credit card. The second advantage is that the Bitcoin buying process is fast and straightforward because you don’t need to find buyers yourself. The third is an exchange operating in most countries. And is a reliable broker point.
However, the downside of the exchange is high fees at 5.5% for each transaction and 5% for each credit or debit card transaction.
Coinmama accepts credit or debit cards issued by Visa or Mastercard. The company also recently started accepting SEPA payments, with a 0% processing fee. Prices are quoted in EUR or USD.
What Is Coinmama? How To Register On Coinmama?
- CEX.io
CEX.io was founded in 2013 in London as a Bitcoin exchange and mining provider. At some point, its mining group, called Ghash.io, is so large that it accounts for 42% of the total network mining capacity. In January 2015, cloud-based mining operations ceased operations, and today, CEX.io acts only as a cryptocurrency exchange.
Established in 2013 as the first cloud mining provider, CEX.io has become a multi-functional cryptocurrency exchange, trusted by over a million users
What Is Cex? How To Register On CEX.Io? How To Buy Bitcoin With Credit Card On CEX.Io
- Changelly
This exchange allows you to buy Bitcoin with Litecoin, Dogecoin, other altcoins, etc. Changelly works in almost every country, but you’ll need another cryptocurrency to buy Bitcoin. Exchanges happen practically immediately because Changelly never controls your tokens, only exchanges them.
Changelly.com is the best instant cryptocurrency exchange platform with the best exchange rates for BTC, ETH, LTC, XRP, ADA and 140+ other cryptocurrencies
Changelly uses automated trading robots that integrate with some of the largest trading platforms, including Poloniex, Binance, and Bittrex. It works by bidding and asking the several exchanges to propose the best price available for trading pairs. This is similar to the service provided by Shapeshift.
- Binance
Binance is one of the largest cryptocurrency exchanges in the world. Binance was founded by Changpeng Zhao (CZ) – former development manager at Blockchain.com. After conducting the ICO, Binance launched the trading platform in July 2017.
The name Binance comes from a combination of “Binary” and “Finance.” Meaning is to represent the emerging digital financial system.
Binance supports nearly 400 trading pairs on its platform. In which BNB (Binance Coin) is an internal coin issued by Binance to fund the development of Binance.
What Is Binance? How To Register On Binance?
Link: binance.com
- BitMEX
BitMEX is a Bitcoin exchange, and other cryptocurrencies are derivatives of Bitcoin with leverage up to x100 times. Founded in 2014 in Hong Kong, Bitcoin Mercantile Exchange – or BitMEX is the exchange owned by HDR Global Trading Limited.
Buy Bitcoin in India through peer-to-peer platforms (P2P)
Not every Bitcoin user is satisfied with the level of anonymity and security provided by online cryptocurrency exchanges. Despite their convenience, Bitcoin transactions are still most famous among peer-to-peer platforms, as they tend to give their users more privacy and freedom.
- LocalBitcoins
The most popular P2P platform is LocalBitcoins. It serves as a local billboard for everyone who wants to buy and sell Bitcoin. When you register on the platform, you post an ad or search for local people/organizations that want to buy or sell Bitcoin through your preferred methods and at your preferred price. When you find a suitable buyer/seller, you agree to the terms of the transaction (bank transfer, Paypal, face-to-face meeting, cash, etc.). Note that not every seller is trustworthy, so be sure to check their history and reviews first.
- Paxful
Paxful is another alternative to LocalBitcoins. It works the same way.
Besides LocalBitcoins and Paxful, you can try decentralizing P2P Bitcoin exchanges like Bisq.
What Is Paxful? How To Register On Paxful? How To Buy And Sell Bitcoin On Paxful?
- Bisq
Bisq stands out from the other exchanges mentioned above, as this is a decentralized cryptocurrency exchange that allows you to buy and sell cryptocurrencies (including Bitcoin) without registering.
Cryptonex is another P2P cryptocurrency platform that allows you to instantly exchange cryptocurrencies, INR, and other currencies with your credit/debit card. Unlike Bisq, however, the service is not anonymous, and the boarding process plus KYC/AML verification takes longer.
Buy Bitcoin in India at Remitano
Remitano is an online peer-to-peer escrowed marketplace that facilitates the buying and selling of cryptocurrencies. The cryptocurrency trading platform is designed to support the buying and selling of cryptocurrencies with both fiat and cryptocurrencies. That is, Remitano is only an intermediary third party to ensure the safest transactions, and transactions will be made directly between buyers and sellers together. According to the introduction, Remitano is a product of Babylon Solutions Limited based in the Republic of Seychelles (registration number Seychelles Reg. No. 168830).
According to the introduction on the official website, the Remitano exchange is currently providing services in some major countries such as the U.S., Malaysia, Vietnam, Nigeria, Cambodia, China, and some other developed countries. As an online crypto-exchange platform, Remitano has a global reach, servicing clients across more than 30 countries. Remitano is also one of the largest cryptocurrency exchanges in Malaysia, Nigeria, and Vietnam.
The platform supports the most popular cryptocurrencies that include, but are not limited to, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple’s XRP, and Tether. Remitano accepts payments by bank transfer and in cryptocurrencies.
Link: remitano.com
What Is Remitano? How To Register On Remitano? How To Buy And Sell Bitcoin On Remitano?
Buy Bitcoin through Bitcoin ATM
Up to now, there is only one Bitcoin ATM in India. You can take a look here.
Source: Coinatmradar
These are the methods you can use to buy and sell Bitcoin (BTC) in India. Although there are currently no Bitcoin ATMs in the country, there are plenty of alternatives to how you can receive BTC. Despite the unwelcome regulatory environment, an increasing number of innovative Indian Bitcoin exchanges, thus sparking a new wave of financial freedom, anti-censorship, and entrepreneurship in India.
Read more:
- Top 10 Best Exchanges To Buy Bitcoin
- India’s Cryptocurrency Exchange Is Booming During The Extended Nationwide Lockdown