Where and How to Buy Bitcoin and Crypto in India | 2022 Guide
According to recent research, there were over 15 million crypto users in India as of July 2021. India has been the hotbed for the growth of cryptocurrency, with millions of investors preferring crypto as an alternative asset to gold. It’s an excellent place to market any upcoming crypto projects.
How to Buy Crypto in India
Although many Indians are already using crypto, a more significant chunk of the country’s population has not heard of cryptos like Bitcoin, Ethereum, and Bitcoin Cash. Others have heard about crypto but do not know how to start and the legality of digital assets.
Let’s talk about how to buy Bitcoin and other cryptocurrencies in India!
Is it Legal to Buy Crypto in India?
You are allowed to buy and own virtual currency in India. The regulatory pathway for crypto is more uncertain in India than in most countries, as the government has voiced concerns around the use of crypto in recent years. However, crypto trading is legal, and international exchanges like CrossTower have even entered the Indian market despite this measure of political uncertainty.
You can buy crypto from the exchanges listed below, following the regulations provided by each of the exchange networks.
How Do I Ensure that My CryptoCurrency is Stored Safely?
Of course, the most important thing to consider for the safety of your crypto assets is the wallet choice. The crypto industry has hundreds of wallet options, with new ones always emerging. When selecting a wallet from the vast choices, consider their deposit and withdrawal policies.
Recently, there has been a rise in non-custodial wallets and cold wallets. A cold digital wallet keeps your assets safe by using cold storage options like hard drives, paper wallets, etc. Some users choose to keep some funds in a cold wallet and a smaller sum in a more accessible wallet, like a mobile wallet for easier access.
What is the Current Legal Status of Cryptocurrency in India?
For several years now, the legal status of cryptocurrency has been undecided. Recently, the government has proposed bills to ban crypto. Cryptocurrency is the fastest-growing asset class in the nation, and the Indian government remains wary of the sudden change.
However, the government also proposed a new way to tackle crypto, which involves finding a reasonable way to regulate crypto. Today, crypto is neither legal nor illegal in India as the matter remains under discussion. However, potential crypto investors should do thorough research before investing in crypto.
The Best Exchanges to Buy Crypto in India
1 CryptoWallet.com #1 Recommended
Similar to a stock exchange, a crypto exchange platform provides trading opportunities for crypto assets. There are hundreds of crypto exchanges today, and many of them provide services to Indians.
However, CryptoWallet.com combines a wallet and trading platform for top-performing assets like Bitcoin and Ethereum. Users can even spend crypto in stores as real money using the CryptoWallet.com debit card!
For an all-in-one crypto banking solution, we recommend downloading the CryptoWallet.com app here.
2 Coinbase
Coinbase is the most popular digital currency exchange platform, allowing users to exchange crypto for fiat currencies. It supports nearly 100 virtual currencies and many other fiat currencies like Indian Rupee. It has a solid reputation as a trusted and user-friendly platform. However, its fees are well above the industry average, standing at 2.49%.
It accepts multiple payment options, including bank transfers, debit/credit cards, Paypal, wire transfers, etc. Depending on the mode of payment, it could take you a few hours to 5 days to complete a transaction. Also, non-verified accounts often lead to delayed transactions. Here are its pros and cons;
Pros (What We Like)
- The most trusted crypto broker
- Provides over 100 assets
- Accessible in over 100 countries.
- Fast verification
Cons (What We Don’t Like)
- Relatively costly trading charges when compared to other platforms
- Unverified accounts face delayed transactions
- Custodial network
3 Binance
Binance is currently the largest cryptocurrency exchange platform globally. This highly reputable platform was developed with absolute user-friendliness for easier crypto trading. The trading fees in Binance range from 0.1%-4% depending on the type of trade and payment methods.
Binance supports over 250 cryptos, including Binance coin. It also supports dozens of fiat currencies such as the Indian Rupee. Many different payment options are available on the platform.
Pros (What We Like)
- Available in almost all countries globally
- A wide selection of fiat and crypto assets, including India’s rupees
- Multiple payment options
- Active customer care desk
- Supports India’s native fiat currency, Rupee
- Debit card and credit card payments are acceptable
Cons (What We Don’t Like)
- Long verifications sometimes taking ten days
- Faced bans in multiple countries
4 WazirX
The WazirX platform is top India-based cryptocurrency broker currently. The network, created in March 2018, is one of the best networks to access cryptocurrency within India. According to the WazirX founder, the platform has over 2 million users, and over 1 million joined the platform this year.
The makers and takers fee is 0.2%, slightly above the industry average of 0.1%, and there is no deposit fee in the network. The network is easy to use for both individual and institutional investors. Its transaction process could take up to 72 hours, depending on the transaction type.
Pros (What We Like)
- Highly secured with regular audits
- INR is an accepted payment option, thus convenient to Indian investors
- An excellent user interface
Cons (What We Don’t Like)
- Inconsistencies since the exchange freezes from time to time
- Very few trading options, lacking futures and other trades
5 Unocoin
Unocoin is an Indian-based crypto market platform introduced about seven years ago to the Indian market. Primarily, several reviewers have noted that the network is highly user-friendly with an excellent interface.
The transaction fees for this platform are pretty fair, standing at 0.4% and 0.6% for makers and takers respectively. Unocoin processes and completes transactions in just about 3-4 hours.
Pros (What We Like)
- User-friendly interface
- Fair transaction charges
- Trusted by many within India
- It’s a highly liquid network
- Cold wallet for bitcoin storage
Cons (What We Don’t Like)
- A long and tedious verification process
- Higher fees when compared to platforms like finance
- Supports a single digital asset
6 BuyUcoin
BuyUcoin is a crypto broker launched in 2016 to cater to India’s increasing need for crypto services. The network supports top popular cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, XRP, etc. Like the exchanges above that work in India, BuyUcoin supports the native fiat INR and has over 1 Million Users.
Depending on the type of transaction, BuyUcoin can complete transactions in just 24 hours. Its makers and takers fee is 0.42% and 0.84%, respectively, way above the trading average of 0.1%. What are its Pros and Cons?
Pros (What We Like)
- Easy to use for bor the beginner and knowledgeable person
- It has an independent wallet for storing digital currencies
- It prides itself in delivering excellent market rates
- High-speed transactions, including deposits and withdrawals
Cons (What We Don’t Like)
- The fees are higher than other platforms
- The customer service is relatively inefficient, including not answering phones and emails
7 CoinDCX
CoinDCX is a Mumbai-based crypto exchange platform launched in 2018. The platform offers efficiency when depositing and withdrawing fiats almost instantaneously. Since it’s made for Indians, it supports the native INR currency.
The network supports over 195 crypto assets, including the top assets like bitcoin, XRP, ETH, BCH, EOS, etc. The average transaction cost stands at about 0.1%. Here are the pros and cons:
Pros (What We Like)
- Near-instant withdrawal
- Highly reputable in India
Cons (What We Don’t Like)
- Poor customer services
- They do not offer peer to peer exchanges
8 Bitbns
Introduced in December 2017, Bitbns is a crypto exchange platform based in India and offering a vast array of exchange options. The network has listed over 90 assets to trade with, and its margin trading option has 28 assets.
Bitbns supports the native Indian currency INR, and withdrawals often take as little as 4 hours. The network uses an adjusting fee structure that reduces costs with as transaction value rises. Currently, the lowest transaction fee is 0.025 BTC for the highest trade volumes.
Pros (What We Like)
- KYC is easy to pass quickly
- User-friendly interface for both experts and beginners
- The network has good liquidity
Cons (What We Don’t Like)
- Customer services leaves a lot to be desired
- Could delay withdrawals of INR to almost two weeks
9 Zebpay
Zebpay is a Singapore-based crypto exchange platform available for Indians. The platform has a 0% fee policy for some types of crypto transactions as well as fiat deposits and withdrawals.
Withdrawals from Zebpay typically take 1- 3 days to complete. Every account has to be active monthly or else pay a membership fee of 0.0001 BTC. It’s an excellent platform and has its pros and cons as follows;
Pros (What We Like)
- Zero trading fees for some transactions
- Useful mobile app to streamline user experience
Cons (What We Don’t Like)
- The network supports very few crypto assets
- The platforms liquidity is low due to low activity; that is why they introduced the zero-fee policy
10 CoinSwitch
Launched in 2017, Coinswitch is a crypto aggregator for digital currency exchanges. It recently introduced Coinswitch Kuber, a platform specially designed for retail investors in India. Kuber can complete transactions in 15-30 minutes. However, withdrawals could take seven days.
The transaction fees at Coinswitch range from 0% to 0.49%, depending on the method of exchange. It has a minimalist interface and was designed to accept deposits in INR.
Pros (What We Like)
- Simple and user-friendly interface
- The KYC process is also friendly and speedy
Cons (What We Don’t Like)
- Some reviewers argue that it has hidden fees
- The withdrawal fees are higher than normal
- No futures, staking, and other trading options
Frequently Asked Questions
Can I buy Crypto for 1000 rupees?
Depending on your choice of crypto exchange, you may be able to invest as low as 100 rupees. An excellent example is Coinswitch Kuber.
Is it safe to invest in Cryptocurrency in India?
As in every other country globally, safety depends on the legal status and the available platforms. Crypto is not illegal in India, and exchange platforms like Coinbase and Binance are easily available.
Is buying Cryptocurrency legal in India?
It is not illegal to buy crypto in India currently. However, the regulatory agency is still trying to find better ways to regulate crypto.
Which is the Best Cryptocurrency to buy?
There are currently tonnes of Investment options in the crypto world, including assets like Bitcoin, Ethereum, Cardano and Polkadot.
Can I convert Crypto to cash in India?
Yes, this also depends on the exchange platform you use. CryptoWallet.com is one of the most user-friendly platforms for any investor to convert their crypto to cash in India.
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