India has become one of the fastest-growing cryptocurrency markets with more than 15 million investors. Investors are putting some part of their wealth into cryptocurrency in the hope of a good return. One of the most popular cryptocurrency which attracts most of the investor is Bitcoin. If you also want to buy Bitcoin in India, here is our comprehensive guide on “how to invest in Bitcoin in India.”
You can buy Bitcoin in India by following these four simple steps:
How to Buy Bitcoin in India in 4 Easy Steps
1. Choose a Cryptocurrency Exchange
To start investing in Bitcoin, the very first thing is to choose an exchange. Cryptocurrency exchanges act as an online Marketplaces where buyers and sellers trade cryptocurrencies. There are several exchanges available in the market. Users are advised to choose an exchange that is user-friendly and offers low fees and more security. If you are confused about which exchange to choose, here are some recommendations:
You can find a list of trusted exchanges here.
After choosing the exchange, click the ‘Sign up’ button to create your account on the platform.
2. Choose a Payment Method
After account creation, the next step is to fund your account. Different exchanges offer funding options such as bank transfers, net banking, cryptocurrency wallets, or UPI. Before you choose any payment gateway, check the transaction fees associated with each payment method.
3. Place Your Order
After funding your account, you can place your order for Bitcoin. Just click the ‘Buy’ button and enter the amount you want to invest. Complete the transaction, and your purchased bitcoin will be transferred to your wallet.
4. Store your purchased Bitcoin
The cryptocurrency exchange usually offers an integrated Bitcoin wallet or recommends a trusted partner for safe storage. However, some individuals prefer added security and opt for offline storage options. Transferring your cryptocurrency from an exchange might involve a small withdrawal fee. Additionally, using a third-party wallet custodian comes with the risk of permanent loss if you misplace the private key serving as your wallet password, a situation that has left some Bitcoin holders unable to access their fortunes.
This is how you can buy Bitcoin in India generally. Overall, the process of buying Bitcoin in India on different exchanges is the same, but it slightly differs in terms of interface, features, fee, payment method, etc.
Here is this step-by-step guide to buying Bitcoin in India through popular exchanges such as Binance, KuCoin, Paxful, Paybis, and crypto.com.
If you are choosing Binance to buy Bitcoin in India…
Binance is among the most popular cryptocurrency exchanges, with millions of users globally. Indian investors can trade cryptocurrencies on Binance using INR. Follow the steps below to buy Bitcoin in India.
Step 1: Sign Up On Binance
Creating an account is the very first step to buying Bitcoin on Binance. Fill in the required details and use a strong password to protect your account. If you want to secure your wallet with next-level protection, you can activate two-factor authentication (2FA) by clicking on the “Security” option in your profile settings.
Step 2: KYC Verification
Complete your KYC (Know Your Customer) verification by submitting the required documents such as a valid identification card, utility bills, etc. To initiate the verification, go to your profile tab and select the “identification” option. Submit the required information and document and click the “VERIFY” button.
Now confirm that you have submitted the accurate details. After your verification is done, you can start trading.
Step 3: Buy Bitcoin through Binance P2P
Traders across the globe can trade Crypto with each other on Binance P2P (Peer-to-peer exchange). To visit the P2P marketplace, go to the wallet tab and select the P2P option from the dropdown menu.
Step 4: Fill in Your Bitcoin Purchase Requirements
Select BTC as gour cryptocurrency, click ‘BUY,’ and enter the amount you want to invest in INR. Choose your preferred payment gateway and click on “only show merchant ads”. Now it will show you the list of verified merchants as well as the bitcoin to INR price.
Step 5: Buy Bitcoin from Merchants
Select a merchant and click on the “BUY” button. Now enter the amount you want to invest. After you click on the “BUY BTC”, You have 15 minutes to make the payment to the merchant through the chosen method. After payment, click “Transferred, NEXT.”
Step 6: Receiving Bitcoin from the Merchant
The merchant will receive a notification to transfer the purchased Bitcoin to your account. You will receive your Bitcoin from the merchant, typically within a few minutes. If you do not receive it within a given time frame, you can “raise an appeal” by providing supporting evidence.
That’s all you need to buy Bitcoin in INR using your Binance account in India.
If you are choosing KuCoin to buy Bitcoin in India…
KuCoin is a cryptocurrency exchange that boasts a secure trading environment, lower transaction fees, and rapid withdrawal options.
Here is how you can buy Bitcoin in India using KuCoin Exchange:
1. Create an account on KuCoin
As with all cryptocurrency exchanges, the very first step is account creation on the platform. To do this, will need to click on the sign-up button and fill in the required information. Then, click on the “Next” button and you will receive a mail with an activation link attached to it. Click on that link to activate your account. Clicking on that link will redirect you to the KuCoin login page. Now, enter your credentials to log in to your account.
2. Secure your KuCoin account
The second step is to secure your account with 2FA (Two-factor Authentication). Go to Account and click on “Bind 2-step verification.”
Scan a barcode on your screen and enter a 6-digit verification code.
Now click on the submit button to complete your Two-factor authentication.
3. Identity Verification
The next step is to verify your identity. Here, you will be asked to set up some security questions.
After setting up your security questions, “Confirm” your email address. You will receive an email with a link attached to it.
Clicking on that link will redirect you to the KuCoin page notifying you that your email has been verified.
The next step is to complete your KYC (Know Your Customer). To do so, submit the required details and documents and check whether the status shows as ‘completed.’
Now you have completed the Identity verification.
4. Fund your account
The next step is to fund your account. To do so, go to “Assets” and select Bitcoin. Click on “Deposit” right next to ‘Bitcoin’.
Copy the wallet address to make your deposit. You can check “Deposit history” to see your pending deposits and processed deposits.
5. Start trading Bitcoin
Once your account is funded, you can start trading. Go to “Markets” choose Bitcoin and click on “Trading” right next to it.
Now enter the amount you want to invest and click on the “Buy” button. You will receive your purchased Bitcoin in your wallet.
If you are choosing Paxful to buy Bitcoin in India…
You can buy Bitcoin on Paxful by investing as little as $10. It’s a peer-to-peer platform that connects traders directly without needing any intermediaries. Plus, it offers nearly 400 payment methods, robust security, safe trading, and much more.
Here’s a step-by-step guide on how to buy Bitcoin in India on Paxful:
1. Sign up for a Paxful account
As with every exchange, the very first thing here is to create an account on the platform. You’ll need a valid email address, phone number, and ID to get started. After Creating your account, You will receive a Bitcoin wallet with Two-factor authentication.
2. Choose a vendor
The next step is to find a vendor to buy Bitcoin.
Go to the main menu, click on the “Buy” option, and select “Buy Bitcoin.” Now enter the amount you want to invest in INR and choose a payment method. Click on the “Find Offers” to see the list of sellers that meet your criteria.
Now you will see the following screen:
Choose an offer that suits you and click on the “Buy” button to view the details.
4. Start trading
Now enter the amount of Bitcoin you want to buy or the amount of money you want to invest. Click “Buy now” to start the trade. This will open a live chat with the seller, where you’ll receive further instructions.
5. Make the payment and receive your BTC
Once all requirements are met and the vendor approves, make the payment and click “Paid” immediately. The vendor’s Bitcoin is held in escrow to prevent them from accepting your payment without releasing the cryptocurrency. Once the seller confirms receiving the payment, the Bitcoin will be released from escrow and sent to your Paxful Wallet.
That’s all you need to do to buy Bitcoin in India through Paxful.
If you are choosing Paybis to buy Bitcoin in India…
Here’s a step-by-step guide to buying Bitcoin on Paybis:
1. Create an account on Paybis
To buy Bitcoin in India, you’ll first need to create an account on Paybis. account creation only requires a valid email address and phone number. After signing up on the platform, you need to complete KYC (Know Your Customer) verification. It will take only a few minutes to verify your identity on the platform.
2. Specify the amount
Next, decide how much Bitcoin you want to buy or how much amount you want to invest. You can either enter the amount in BTC or INR.
3. Complete the transaction and receive BTC instantly
Choose the method of payment offered by Paybis such as Apple Pay, Google Pay, Skrill, and PIX, and complete the transaction. Once you complete the payment, you’ll receive your Bitcoins within a few minutes.
If you are choosing Crypto.com to buy Bitcoin in India…
Crypto.com allows users to conveniently buy cryptocurrency through two methods:
1. Crypto.com App
2. Crypto.com Pay
If you want to purchase cryptocurrency using the Crypto.com DeFi Wallet through the Crypto.com App, follow these steps:
1. On the DeFi Wallet’s home screen, tap “Buy.”
2. Choose “Bitcoin”.
3. Click “Connect,” and you will be asked to link your DeFi Wallet and App accounts.
4. Select Bitcoin as your preferred currency and enter the amount you want to invest. Now tap “Next.”
5. Review your transaction details and confirm your purchase.
6. You will receive your purchased Bitcoin in your wallet. You can view the status of your transaction in “Transaction History” located at the top right corner on the ‘Buy Crypto’ page.
Frequently Asked Questions (FAQs)
Yes, you can buy Bitcoin in India legally. Key steps include submitting essential documents for KYC, placing an order on a cryptocurrency exchange, and transferring the payment from your bank account.
Yes, you can invest 1000 Rs in Bitcoin. The minimum investment amount differs depending on the exchange you choose.
You will need the substation amount of money to buy a whole Bitcoin. However, you can own a portion of it by investing as little as 100 Rs.
Now the price of 1 Bitcoin is 28,48,726.29 INR. At the current exchange rate, you would get approximately 0.00003513 Bitcoin (100 / 28,48,726.29) with Rs100.
The minimum amount to invest in Bitcoin depends on the exchange you choose. However, you can invest even as little as 100 Rs in Bitcoin.
Of course, you can buy Bitcoin in India. Trading Bitcoin in India is neither illegal nor regulated.
