Bitcoin is enjoying its moment in the sun, buoyed by the approval of spot Bitcoin ETFs in the US in January. The Bitcoin Halving event is expected to bring more cheer in April 2024. The twin triggers could have the potential to sustain the ongoing Bitcoin rally. Naturally, Indian retail investors are piling into crypto exchanges like CoinSwitch to get a slice of the world’s largest crypto by market capitalization. Investor queries most center around ‘How to buy Bitcoin in India’ since ETFs are currently limited to the US market.
CoinSwitch is India's largest crypto trading platform, with over 2 crore registered users. Its operational scale and popularity are testaments to its user-friendly interface and seamless trading experience. Here is a step-by-step guide on how to purchase Bitcoin in India.
How to Buy Bitcoin in India: A Step-by-Step Guide
Bitcoin is surging and scaling new all-time highs, and FOMO is hitting us all hard. We all want to join this crypto rally by buying Bitcoin, but before we do, let's stick to some good old investing lessons.
Here is a step-by-step guide to help you make your first Bitcoin purchase.
Step 1: Find a trusted crypto trading and investment platform
There are multiple crypto exchanges in India. Do your research to find a platform that offers good security at optimal prices.
Here is a curated list of platforms in India that you can consider for Bitcoin trading and investment.
CoinSwitch
CoinSwitch, a Bangalore-based crypto exchange, is India’s most trusted crypto app, with over 20 million users. CoinSwitch earned its reputation for being user-friendly thanks to its simple interface and intuitive design.
Moreover, it is easy to buy and sell cryptos on the platform as it supports several modes of payment, including UPI, bank transfer, and NEFT. CoinSwitch allows beginners to start small with just ₹100, leading to its popularity among students and youth. CoinSwitch provides 24/7 customer support and minimal fees for trading, deposits, and withdrawals, making it one of India's best crypto trading platforms.
WazirX
WazirX is best suited for crypto enthusiasts and seasoned crypto traders. The platform has listed over 300 cryptos and offers robust liquidity to traders and investors. WazirX simplifies crypto buying and provides advanced tools to track the profits and losses incurred in your portfolio, making It a popular choice for Indian crypto investors.
UnoCoin
UnoCoin, which has existed since 2013, is India’s oldest crypto exchange. It is a popular Bitcoin platform, but you can trade and invest in other cryptos on UnoCoin. This exchange has stood the test of time, making it trustworthy.
Step 2: Open your account with a crypto exchange
Once you have selected the platform, you should register and open an account.
This is because, like NSE or BSE, a crypto exchange serves as a digital marketplace for crypto trading. Cryptos are listed on the exchange, and registered users can invest or trade in them. If you wish to transact in cryptos, you must open an account with one of the prominent crypto exchanges in India by following the due process.
Step 3: Start your KYC process
All crypto exchanges in India are mandated to be KYC-compliant. So, to start investing in cryptos, you must start your KYC process as soon as you complete your registration.
From the above-listed platforms, CoinSwitch is known for its smooth KYC process. Once you initiate your KYC on CoinSwitch, your account will be active within hours.
Step 4: Select your preferred payment option
You will need money to buy your favorite crypto. The crypto exchanges in India offer multiple payment options, from UPI to NEFT, net banking, and more. You can set up your preferred payment option.
Select the option that is most suitable for you while being cost-effective.
Step 5: Place your order
Your account is active, and you have selected the payment method to fund your purchase. Congratulations—you are now just a click away from making your first Bitcoin trade or investment.
Select BTC, which is Bitcoin’s ticker symbol, click on buy now, make the payment, and you will be a proud owner of Bitcoin.
Debunking Myths about Bitcoin Trading and Investment
Despite Bitcoin’s popularity, some of you might have some misconceptions about Bitcoin trading in India that may be holding you back from making Bitcoin investments in India.
Do I need to buy an entire Bitcoin?
Bitcoin is currently priced at over Rs. 62 lakh in the Indian market. Does this mean you will need a considerable amount to trade in Bitcoin?
The answer is No. You can buy or trade a fraction of a Bitcoin. There is no need to buy an entire Bitcoin. It is like the rupee and paisa mechanism. You can start your Bitcoin investment with as little as Rs. 100 on CoinSwitch.
Moreover, CoinSwitch offers a Bitcoin SIP plan. You just need to visit the Bitcoin tab, click on the ‘buy now’ button, select the ‘Monthly SIP’ option, set the amount of your order, and select the repeat date. Follow these simple steps to set up a Bitcoin SIP to automate your crypto investment.
Is Bitcoin Investment Legal in India?
Yes, Bitcoin investment and trading is legal in India. In fact, not just Bitcoin, all crypto investments and trading are legal in India, although crypto assets are unregulated.
Conclusion
Buying Bitcoin or any other cryptocurrency in India is simple. All you need to do is select a crypto exchange, create an account, initiate your KYC, link your preferred payment gateway, and fund your account on the crypto exchange platform. Once you complete these steps, you are all set to place an order in Bitcoin.
