Top 5 Best Crypto Exchanges In India To Buy & Sell Bitcoin And Other Cryptocurrencies
Cryptocurrencies can be easily bought through Cryptocurrency exchanges. If youre someone whos looking forward to buying or investing in cryptocurrencies like Bitcoin, Ethereum, or others, you may get confused about which exchange to opt for. Therefore, in this article, well tell you the five best Cryptocurrency exchanges in India to buy, store & sell Bitcoin and other Cryptocurrencies.
How Do I Cash Out Of Bitcoin In India
Any exchange with a Indian rupee trading pair will allow you to sell your Bitcoin for fiat currency. WazirX has INR trading pairs for many popular coins.
Another way to sell Bitcoins in India is through automated teller machines . These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren’t totally private. You can locate Bitcoin ATMs in India using our .
LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you’ll minimize any potential problems.
You could also use a service like eGifter to sell your Bitcoin for gift cards.
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Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.
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Is There Another Way Of Buying Cryptocurrencies
Yes. The other possible way is P2P or Person-to-Person transactions. These work just like the name suggests. Basically, the investors can buy cryptocurrencies directly from another holder instead of an exchange platform. In this case, you will have to find an interested buyer or seller, and they can exchange crypto directly with them. However, it isnt easy, especially with the current hype around cryptocurrencies.
The crypto market is just like any other financial market. It fluctuates like stock market or money market. The volatility is more because the crypto market is relatively new. Also, it is still unregulated which means there is nobody to look after the money exchanged. So, investors need to research well before buying a crypto coin. We advise you to consult a crypto expert and even check the history of a currency before putting money in it.
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How To Sell Bitcoin In India
You can sell Bitcoin in India through the same platform that you used to purchase the cryptocurrency or peer-to-peer exchanges like LocalBitcoins. The latter allows you to sell the currency directly to the user, without a third party or intermediary. It also gives more control to the seller over who buys your cryptocurrencies and who you buy from, the pricing, and settlement time. On the other hand, the traditional online exchange organises the transaction on your behalf with the utmost confidentiality.
A small percentage of the crypto sale charge is levied on the seller. The price of the currency will depend on the market composition and demand. A Bitcoin can either be sold instantly or in parts. Additionally, exchanges generally have daily and monthly withdrawal limits, which means cash from a large-scale transaction may not be immediately available to the trader.
Is Cryptocurrency Legal In India 2021 Or Is Bitcoin Legal In India 2021
Well to answer to your question directly please note that in 2018, The Central Bank of India passed a circular banning the regulated financial institutions from rendering services to the businesses dealing in the exchange or trade of cryptocurrencies, but later the circular was challenged in the Honble Supreme Court by the crypto trading entities and the circular was struck down after the deliberations on the subject matter.
The Honble Supreme Court analysed the role of the RBI as a central bank to manage currency, money supply and interest rates and recognized that the maintenance of price stability as an objective of RBI. The Honble Supreme Court noted that cryptocurrency is capable of being accepted as valid payment for purchase of goods and services, and the payment systems can be regulated by the RBI.
Hence the ban on the trade of cryptocurrencies is lifted and one can buy or deal in cryptocurrencies in India as of now, however the Honble Government of India is expected to pass a bill to regulate the trade in cryptocurrencies in the monsoon session known as The Cryptocurrency and regulation of official digital currency Bill, until the same is passed the cryptocurrency is outside the purview of any taxation structure.
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How India Will Challenge Cryptocurrency Regulation
Does everyone need to know about cryptocurrency regulations in India by RBI. The decision to clamp down on providing services by the banking system to anyone who deals with cryptocurrencies affected the growth of cryptocurrency exchanges. Recently RBI banned the banks to deal or provide services to anyone who deals in crypto coins which are used for transferring funds all over the world as well as also acts as payment medium without the interference of the third party.
Instead of giving up in the low time, the enthusiast is now to keep their business growing, finding alternate ways to transfer funds.
Cryptocurrencies arent appropriately regulated. This makes them extremely unpredictable and vulnerable to price manipulation. They are more familiar with profoundly directed markets, for example, item exchanges, stocks, monetary items and so forth.
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How Much Does It Cost
While buying crypto with a credit or debit card is generally quick and easy, it can also be quite expensive. This is because there are several fees that can contribute to the cost of your transaction, not only from the crypto broker but also from your card issuer. These charges can include:
- Cash advance fee. Many card issuers treat a cryptocurrency purchase as a cash advance. This means your purchase will usually incur a cash advance fee and will also attract higher interest rates than normal purchases.
- Exchange/broker fee. The platform you use to buy Bitcoin or another crypto will impose its own transaction fee. These tend to range from 4-6%, but are higher in some cases.
- You may also be asked to pay a credit card surcharge on top of any other fees and commissions being charged, which on some platforms can lead to a total commission of 9 or even 10%. Indian law prohibits credit card surcharges, but you wont necessarily be buying under Indian law and some overseas services might charge significantly more.
- Currency exchange fee. If youre using an Indian credit card on an overseas exchange, you might be paying credit card currency conversion rates. A 0% foreign fee credit card might be useful for cutting costs.
Indian Bitcoin Exchange Gets Hacked
In 2018, the cryptocurrency exchage Coinsecure was hacked, losing $3.5 Million worth of Bitcoin. It is beleived that the hack was the work of insiders, among them the Chief Security Officer. The allegations were based on the fact that this official was the only person who had the private keys to the exchanges main wallet.
The hack took place a few days after the Central Bank of India banned banks from dealing with cryptocurrency exchanges, so there was a clear motive to drain the funds instead of return them to customers and shut the doors.
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Where To Buy Cryptocurrency In India
There are a few apps and websites where you can buy and sell cryptocurrencies in India including the likes of Zebpay, Unocoin, CoinSwitch etc.
However, our focus is on CoinSwitch Kuber, an app where you can easily buy and sell hundreds of cryptocurrencies, not just Bitcoins.
CoinSwitch had just recently reached more than 1 Million users in a span of just 6 months. And it has become one of the most active and fastest-growing crypto trading platforms in the country.
They had also raised $15 million in funding from global fintech and crypto investor Ribbit Capital and San-Francisco based crypto-focused investment firm, Paradigm, which is founded by Coinbase founders.
Is Bitcoin Legal In India
Bitcoin could be banned in India if the Modi government passes the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Trading in Bitcoin or any other cryptocurrencies is currently legal in India. However, its future hangs in the balance. While Union Finance Minister Nirmala Sitharaman in March said that there wont be a total ban on the use of cryptocurrencies in the country, the Centre has plans to introduce Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The bill is said to contain provisions completely banning the use of all cryptocurrencies, per a report by the Hindu. Until then, its safe to buy and sell Bitcoins in India.
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Is Cryptocurrency Banned In India Are Cryptocurrencies Illegal In India
No! cryptocurrency is not banned in India. Moreover, they are not illegal in India. At the same time, they are not regulated too. The government is trying to come up with guidelines regarding the functioning of Crypto exchanges in India.
Once the guidelines come into action, cryptocurrencies can become one of the popular asset classes to trade and invest in in a more regulated manner.
How To Open A Crypto Trading Account On Wazirx In 2021
The cryptocurrency market is flourishing worldwide and there even countries that have made bitcoin as their legal tender money such as El Salvador, it believes that it will give many citizens an access to banking services for the first time. I believe this is just a beginning and there might be many more additions of countries to this list on the go.
So, if you wish to open a trading account on Wazirx account simply follow below steps:
- Simply download the WazirX application or visit the WazirX website. Then, hit the sign-up button.
- Simply enter your e-mail address and a password.
- Simply click on the account activation link in the e-mail.
- Simply click on the terms and conditions of the checkbox, but read it once before checking.
- Then press the Sign Up button.
- Then you will receive a verification email on your email ID, after receiving it simply verify your email account.
- Then you will have to secure your account by using 2 Factor Authentication , this step is only to secure your account from fraudsters, here you can protect your account by signing into google authenticator or you can use your mobile no. to recover your account details.
- After the is done you will have to complete the KYC norms, this is necessary because it involves transactions in rupees- such as INR deposit and withdrawals etc.
- In the KYC section you will have to provide details of your government issued ID proof such as PAN Card, Aadhar Card, and its image in JPG or PNG format.
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How To Buy Cryptocurrency In India Using Coinswitch
Buying and selling cryptocurrencies in India have been simplified with apps like CoinSwitch. Just download the app CoinSwitch Kuber App, and then you can follow the simple steps and buy more than 100 cryptocurrencies with INR, at the best rate.
Well, if you are interested in trading in Crypto, you can sign up for CoinSwitch Kuberand get 50Rs worth of free BitCoins!
But before you invest, learn more about BitCoin here and decide accordingly if you want to invest in it or not!
How To Buy Cryptocurrency In India
CoinMarketCap takes at look at what you need to have in order to buy cryptocurrency in India.
Cryptocurrency has a history of distrust and strict regulation in India. The Reserve Bank of India and the Ministry of Finance have both cited the dangers of volatility to investors and possible uses for illicit activities for their concern. After the Bitcoin crash in 2017, the Ministry of Finance warned investors to steer clear of Bitcoin and other cryptocurrencies. The Ministry of Finance compared virtual currencies to Ponzi schemes and warned that they would not be regulated or protected by the Indian government.
After attempts to ban banks from dealing with Indian crypto exchanges, Supreme Court rulings and intents to ban crypto for good, Indians are still able to buy crypto. Investors who wish to purchase crypto can still do so via Indian exchanges like WazirX or international exchanges like Binance. Take a look at some of the available exchange options in India.
India is a country with stringent rules on crypto, with pending plans to ban any virtual currency that doesnât come from the government. Because of this, investors may need to be wary and ready to liquidate crypto holdings. This guide will explain how you can still buy crypto and other things you should keep in mind.
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Best Indian Cryptocurrency & Names List To Buy Or Invest
Long-awaited result on future of cryptocurrency in India was announced in January 2020. The case conducted in Supreme Court and filed by RBI. It almost takes 2 years to announce results and now finally cryptocurrency is now officially legal In India, where most of inactive Indian exchange platform such as Zebpay, coinmama and unocoin, after result resume trading on their platform.
The reason behind banning cryptocurrency in India was simple. There was thousands of cases reported in police station about frauds, as this causes due to sudden drop in Bitcoin and other altcoin prices. India is not first to banned cryptocurrency trading, but china was the first country who banned operation of digital currency and after that real problem was started. The most traded coin i.e. Bitcoin was dropped from $20k USD to almost $7 USD in just 3 months. In India there are thousand agencies where people started investing money to get better ROI, but due to this loss company not able to return their money.
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How Cryptocurrency Trading Works
Cryptocurrency trading is the process of exchanging INR to cryptocurrency or cryptocurrency to cryptocurrency. The process of selling crypto after holding it is also a part of cryptocurrency trading. This entire process happens through a trustworthy exchange platform, and this is where you have to do a bit of research before trusting any platform with your crypto asset.
The best option is to go for an exchange, which gives you the leverage to have complete control over your funds. CoinSwitch Kuber is that crypto exchange platform, which enables the Indian crypto users to go through the trading process in a seamless way. The best part is that you dont have to browse through multiple exchanges in search of the best trading rate. CoinSwitch Kuber pools the liquidity from leading crypto exchanges from India and allows its users to trade cryptocurrencies at the best rate. One can trade over 100 cryptocurrencies at the best rate.
CoinSwitch Kuber is specially designed for users in India and facilitates trading of cryptos by completing KYC in a few simple steps.
Here are the steps to get you started on crypto trading with INR with CoinSwitch Kuber:
1. Download the app:
2. Using CoinSwitch Kuber: CoinSwitch Kuber Guide
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Best Crypto Exchanges To Buy & Sell Bitcoin Other Cryptocurrencies In India
Cryptocurrencies have lately gained a lot of popularity. Although highly volatile and risky, people are looking forward to crypto as a quick way to make money. Most crypto exchanges have seen a surge in volume, hinting at the growth of cryptocurrency worldwide, including India.
If you plan to start your investment journey with cryptocurrencies, you may want to buy from an exchange with a good reputation. The major advantages with Indian crypto exchanges are better payment options as well as usually better customer support.
Below, weve listed out five best crypto exchanges you can use to buy, store and sell Bitcoin and other cryptocurrencies in India.
Top Cryptocurrency Exchanges Provide A Plethora Of Options To Buy Sell Trade And Lend Cryptocurrencies
Bitcoin in India is gaining popularity like never before. As an impact of the major bull run in late 2020 and early 2021, bitcoin has emerged as a top digital asset in the country. People started talking about options to buy bitcoin when the digital currency hit US$65,000 in mid-April this year. Although the record price didnt last for long in the market, it made a remarkable spot in Indians investment plan. Backed by blockchain technology, bitcoin is a decentralized digital token that works without the guidance or monitoring of an authority. The legality of cryptocurrency in India is still at stake. The Supreme Court of India has recently overruled the ban imposed by the Reserve Bank of India on cryptocurrency trading. This has further loosened the regulations on bitcoin investments and led to the emergence of many cryptocurrency exchanges. According to a survey, over 30% of the Indian agreed to have invested in cryptocurrencies. Therefore, investors and traders are keen to buy and sell bitcoin through top cryptocurrency exchanges. These top cryptocurrency exchanges provide a plethora of options to buy, sell, trade, and lend cryptocurrencies. Some even offer user-friendly and customized services at a minimal fee. Analytics Insight has listed top cryptocurrency exchanges that Indians use to buy bitcoin.
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