I already covered how to buy bitcoins in India, there seems to immense interest in other cyrptocurrencies too which is why I am writing this guide. In this article, you will get beneficial tips on how to buy Cryptocurrency in India, how to keep them safe and the frequently asked questions (FAQs).
The first and foremost step to buy cryptocurrency is to have a wallet, which is literally an online app which keeps your currency for you. The wallet may be a desktop or mobile wallet, or even a physical one from an exchange, an independent service, or a private provider.
The first step for how to buy Cryptocurrency in India is by choosing your exchange, making an account, adding your bank account details, proceeding to deposit your chosen currency such as INR for Indians – and then through this buying Cryptocurrency for trading and more. There are a number of exchanges, either Indian or foreign, which offer different types of account flexibility and liquidity to suit your needs. This also has P2P exchange or Peer to Peer, which lets you transact from self to chosen beneficiary. You have to register with your photo, and ID proof such as Aadhar card, PAN Card, voter card or passport, affiliated bank details, address proof and more. This process will take minutes to hours – depending on the traffic of the network. If you want it to be by card (credit or debit), UPI, bank transfers or even via PayPal, the exchange will rely on you.
The methods for how to buy cryptocurrency in India have the option of Indian exchange, foreign exchange or P2P websites.
Here are some trustworthy websites through which you can buy Cryptocurrency in INR.
- CoinSwitch Kuber
This platform lets you have easy exchanges without having to search a lot. This automates the process of finding the best trading rate, and produces the liquidity of India’s leading exchanges. Users have an ability to exchange more than 100 cryptocurrencies, which will be at their highest pace. Using KYC, the gateway is made secure. You can deposit your funds either through UPI or through direct bank deposit (NEFT, IMPS or RTGS). Withdrawal of the funds is easy as well, and can be done through the app – which is available on Google Play Store or through the website. Similarly, when it comes to cryptos, this method is quick. You can search for the currency like Bitcoin, Ethereum, Ripple or any other you want to purchase, and get the current price as well as the balance of cryptocurrency that you’d get after purchasing.
ZebPay is another medium of exchange where you can buy cryptocurrencies through INR. The fee for the transaction is minimal, along with the security available for each transaction. It is available to seasoned users via Pro-trader, and on the phone via Android and iOS. There is a live cryptocurrency buying and selling price counter available on both media along with this. ZebPay allows you, similarly to CoinSwitch, to register your KYC, add a bank account and invest on the go in cryptocurrency. It helps you to work through a simple dashboard with your tokens and capital.
In India, this is another top ranking exchange. It offers KYC, which takes place within a couple of hours, and has improved the process of identification and verification. In addition, it has a robust infrastructure that can manage multiple transactions distributed via internet, Android & iOS, Windows, and Mac apps. Bitcoin, Ethereum, Ripple, Litecoin and more cryptocurrencies are available here.
If you wish to use foreign currencies, CEX.IO has a fast and secure way to buy cryptocurrency. The business is officially licenced in the United Kingdom, and has the Money Services Business status of FinCEN (USA). Around the same time, CEX.IO pays a great deal of attention to security problems and the sensitive data of customers. With different options, you can make an instant order, or wait for clear conditions for the execution of the order. With VISA, PayPal Debit MasterCard or MasterCard, you can trade in Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Zcash, Dash and much more.
This is another forum for secure exchange. It is accessible worldwide, and stores the vast majority of digital resources in safe offline storage. Your insurance policy protects the servers. Here, you can build an Android and iOS app account, as well as the Coinbase website. You can securely purchase, store, and sell cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and others.
The term peer-to-peer is an element of exchange between participants without central body participation in a crypto marketplace. By nature, P2P takes a decentralised approach, that promotes direct interaction between people and groups. An example of a P2P website would be LocalBitcoins. On this website, individuals from different countries can convert their local currency into Bitcoins, where you can create advertisements for buying and selling Bitcoins from and to other LocalBitcoin users, where they can choose the payment method and exchange rate. Responding to these advertisements opens a trade chat, and escrow protection is automatically activated. The best part of this is that it is direct human exchange, with no other platform in the middle.
As you are thinking about how to buy cryptocurrency in India, similarly you should also plan on how to keep it safe. If it is an online wallet, always keep your keys secure. To make your Cryptocurrency secure, continuously upgrade your mobile device or computer operating systems and applications, as the technology will aid in maintaining the security of your wallet. Desktop wallets are safer than phone wallets or any other which exist digitally. But again, you have to keep your software up to date and functional. Hardware wallets are malware-resilient, and you will be able to recover the funds using a seed phrase if you happen to lose the wallet. But you have the responsibility to keep it intact. A more complex but also similarly secure way is to have a paper wallet, which provides true anonymity as well; they are simply a cryptocurrency seed written on a piece of paper in some way. Wallets are not the only point. You also need to look for exchanges which keep your bank account and trading account safe. To make this extra secure, Know Your Client (KYC) and Anti Money Laundering (AML) options are available, so always opt for this. Start by investing small, and if you think it is feasible, spread your exchange across different platforms, as cryptocurrency is subject to market risk.