How to Buy Bitcoin in India Instantly? A Detailed Guide
Dismissing all the criticisms and temporary setbacks, the Bitcoin network expanded over the years, fostering its security with decentralization. Meanwhile, the Bitcoin price rose a thousandfold from less than $1 in 2009 to reach an all-time high of $69,000 in Nov 2021.
With the recent Bitcoin spot ETF approvals and the upcoming Bitcoin halving event, its price is expected to rise in the coming months. Adding to that, the Fed’s stance on monetary policy is also aiding the crypto market. Thus, investing in Bitcoin at current market conditions makes it the right time to benefit when its price increases.
Despite the substantial growth of Bitcoin over the years, a few parts of the world are still adamant to recognize cryptocurrencies. India is one of those countries, which resulted in making regional investors feel intimidated by Bitcoins and cryptocurrency investments.
However, you can buy Bitcoins within a few simple steps on multiple user-friendly exchange platforms. The present article helps you learn everything you need to know on how to buy Bitcoin in India instantly, without any complex process.
How to Buy Bitcoin in India Instantly?
Step 1: Choose an Easy-to-Use Exchange Platform
The major reason behind the development of Bitcoin is to avoid centralization. However, all you need is a centralized crypto exchange to get started with Bitcoin investment. This is because interacting with Bitcoins in a decentralized manner, with a crypto wallet, is a complex process. And, centralized crypto exchanges make this process simple by connecting buyers and sellers at one place.
Choosing an exchange platform is a crucial step in buying Bitcoins. While the most popular crypto exchange platforms offer best features, you need to select the one that operates in India and supports domestic payment methods. A combination of beginner-friendly user interface and industry-best security is what we need in a crypto exchange. WazirX, CoinDCX, ZebPay, and CoinSwitch are a few of the top crypto exchange platforms to buy Bitcoin in India.
Step 2: Create and Account & Complete KYC Process
After selecting the crypto exchange platform, the next step is to create an account with your details. Sign up on the exchange platform and enter your details like username, email address, and mobile number. Verify your email address and mobile number by entering One-Time Password (OTP) and complete the registration process.
All investors in India must upload their identity documents such as Aadhaar card and PAN card and complete the KYC process. Submitting these documents is an essential process to verify your identity and to avoid any further complications. It ensures that you comply with the KYC and AML guidelines and gives access to all withdrawal and deposit features of an exchange platform.
Step 3: Decide Payment Option & Add Funds to Your Account
The next step to buy Bitcoin in India is to decide which payment option you are going to use. Bank transfers, net banking, and online UPI payment options are prevalent in India for any kind of transaction. Some crypto exchange platforms like CoinDCX rely on third party payment gateways like Mobikwik.
Before deciding on which payment method to use, you must learn the transaction fee involved with it. For example, CoinDCX does not charge any fees if you make a deposit via UPI and bank transfers. But if you make a transaction via Mobikwik, you must pay a 1% fee for transactions above 2,000 INR. In addition to all these payment methods, WazirX supports P2P trading. You can choose peer-to-peer (P2P) trading and agree on the payment method with your seller.
Likewise, payment methods and their respective transaction fees vary based on the exchange and type of payment method you use. It is best to use UPI payment method for adding funds in your exchange account. Because, it helps you make the transaction instantly without any hassle. You just need to enter the amount and your 6-digit or 4-digit UPI pin and then confirm the transaction. It’s that simple and makes the process of buying Bitcoins smooth and seamless.
Step 4: Place an Order and Buy Bitcoin
After adding your preferred amount of funds to your exchange account, the final step is to place a buy order to buy Bitcoins. Based on the exchange platform you use, you can either directly pay an amount in INR or you first need to buy USDT and then buy BTC, using the BTC/USDT trading pair.
Search for Bitcoin by entering the BTC ticker symbol and follow the prompted instructions on your exchange platform. Enter the amount of BTC you would like to buy or enter the amount you would like to spend in buying BTC. The next step is to confirm the transaction and finally place an order to buy Bitcoin. Thus, buying Bitcoin in India is an instant process with a few simple steps.
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