How to buy Bitcoin in India : Best Exchange and Trading Sites !
(Last Updated On: July 17, 2017)
If you are looking to the buy bitcoins for trade or invest in bitcoins, then you have landed into the right page. This guide helps you with getting around on buying bitcoins in India.You will get an answer to your numerous queries like What is Bitcoin ? How to buy Bitcoin in India ? What are pre-requisites of buying Bitcoin in India ? We shall also let you explore various Bitcoin exchange and trading sites in India through our exclusive and unbiased review on Bitcoin startups in in India.
What is Bitcoin ?
Bitcoin is a virtual currency based on block-chain technology. The technical jargon around Bitcoin and Block-chain might complicate things and out of scope of this blog, so we will keep it simple and just focus on the methods that are easier for a user to buy without much technical ado.
Bitcoin in India
As Bitcoins gained popularity, startups in India were not left behind. A good number of startups came up offering to buy and sell bitcoins with the click of a button. The scenario has left India as one of the top bitcoin users in Asia just behind China and Japan.
Pre-requisites to buy Bitcoin in India
India is a very tightly regulated market as far as currency movement is concerned. KYC and AML laws are really evolved and when must comply with these regulations while making any financial transactions. The Bitcoin exchange and trading platforms in India follow the KYC and AML laws religiously.
This requires that you have following documents handy when you try to buy bitcoin in India on any of the following platforms :
- PAN Card
- Address Proof (such as Passport AADHAR card etc.)
- Bank Details
- Phone Number
Where to Buy Bitcoins in India ?
There are following types of places to buy bitcoins in India :
Bitcoin Exchanges : Bitcoin exchanges are one of the most popular way to buy bitcoins in India. They are basically startups which have made easy to use web or mobile apps to buy and sell bitcoin. The process is as simple as ordering a cab from Uber/Ola and hence this method to purchase bitcoins is as easy as it can get.
There is a bit tricky implementation involved behind the scene though. The bitcoin in the exchanges always belong to them unless transfer the bitcoins to a cold wallet of your own (this part is bit tricky for a new user and we will explore a separate post on the same).
What this means is that in case of an unruly event like exchange being hacked or bitcoins lost, you might lose all the access to your bitcoin. With that said though, a bitcoin has to be safe guarded all the time even if not with the exchange and on a cold wallet. Exchanges are still the best way to keep your bitcoin safe for a less tech savvy user.
With that said, here are a few popular Bitcoin trading sites or Bitcoin exchange review in India that we have discussed in detail below to add to the knowledge of our readers.
Best Bitcoin Exchanges/ Popular Bitcoin Trading Sites in India :
Unocoin Review :
Unocoin is one of the earliest startups in the bitcoin Space in India. The startup provides quite a few nifty features to the bitcoin investors. They have raised 1.5M USD in funding and are one of the most trusted bitcoin exchange in India. Here are a few great features of Unocoin :
- Payment Methods : With the introduction of PayU Support, unocoin now supports every possible payment method including but not limited to Credit Card/Debit Card/Net Banking etc. You can also IMPS/NEFT funds to the Unocoin’s account. Please note that the payment gateway fees will apply if you transfer funds only. Cash payment is not supported. Also, the purchase has to be prepaid, i.e you have to pay money before you can buy bitcoins.
- Features : Unocoin probably has best of Features amongst the exchange kind of bitcoin platforms in India. You can buy from web/app both. One of the really innovative features is the Systematic buying where you can set a certain amount to be bought daily.
- Spread : Spread(i.e difference between buy and sell prices) really varies as per the time of the day and how volatile the bitcoin is.
- Fees : Each transaction is charged at 1%. The company majorly earns from the difference between buy and sell though.
- Security : Pretty Strong security. Quite a few security features. Google two-factor authentication and a separate app lock password for mobile app.
- Conclusion : Overall a great app to start your journey in the bitcoin world. Systematic buying plan helps you counter the volatility in the bitcoin prices.
Zebpay Review :
Zebpay is another great startup in the bitcoin trading in India. Zebpay is majorly a mobile app and bitcoin can be bought/sold only on the mobile app. They are also funded and is a trusted name. Here a few salient features about Zebpay :
- Payment Methods : You can pay via netbanking or NEFT/IMPS. Netbanking payment might incur additional charges. You are not allowed to pay via cash.
- Features: Buying and selling almost happens real time. Really fast exchange even at the times of high load.
- Spread : Again the spread might be more or less depending upon the market conditions. Its recommended to look at the price at other exchanges as well while selling since bitcoin can be easily transferred.
- Security : Good Secure App. Dedicated App Locker.
- Fees : There is a 2% transaction fee along with the buy sell difference.
- Conclusion : Again a great app to start investments into bitcoin. Good support is another great feature of the company. You won’t be disappointed.
You may also like : Buy Bitcoin with Credit Card or Debit Card instantly !
Coinsecure Review :
Coinsecure is another great startup in the bitcoin trading in India. Unlike Zebpay and Unocoin,Coinsecure is a trading site. Here a few salient features about Coinsecure :
- Payment Methods : You can pay via NEFT/IMPS. Once the money is deposited, you can start trading bitcoin. You are not allowed to pay via cash.
- Features : The application is based on the concept of trading. So just like you place a buy/sell order with your broker on stock exchange, you place buy/sell orders on coinsecure platform. The platform matches your order with other orders on exchange. It will fulfil your order as soon as it finds a matching order.
- Spread : Since coinsecure works on the trading model, you can also quote your price of buy/sell. Due to real-time trading, the spread is generally lower than brokerage kind of platforms like Zebpay and unocoin which earn majorly due to spread.
- Security : Good Secure App. Dedicated App Locker.
- Fees : There is a 0.3% transaction fee. No other fees !
- Conclusion : App is a great tool for someone who wants to trade bitcoins as well as purchase some. The company’s revenue is not based out of the difference in buy/sell so you will get better rates here most of the times than the brokerage based platforms.
Peer to Peer Bitcoin Purchase :
Apart from the moderated bitcoin exchange platforms. Bitcoins can also be purchased peer-to-peer in India. The platform facilities the exchange and gets a fee for being a facilitator.
Localbitcoins is a global peer to peer bitcoin platform available across the world. The buyers and sellers trade bitcoin on the platform. Sellers list the bitcoin that they have to sell. Buyers request the bitcoin on the agreed upon rate. Sellers must move the bitcoins to localbitcoins wallet before they can be sold. Once you place a buy order, you know make the payment and localbitcoins transfers the bitcoin to your wallet.
- Payment Methods : You can pay via NEFT/IMPS/Cash. Take precaution while meeting the seller in person for paying with cash.
- Features : Localbitcoins provides a wallet for you to store the bitcoin. It provides moderation and verification services for sellers and buyers to facilitate a safe trade.
- Spread : The price at localbitcoins is driven by the market. The spread is therefore lower. You can also get a cheaper deal if certain seller is in a hurry to sell.
- Security : The web app is secure. You have to take care of general security while transferring the money to the client via cash or online payment.
- Fees : There is no fee to buy the coins straight away. If you put a buy advertisement though, then you will be charged 1% of trade size in case of a successful deal.
- Conclusion : If you have time and patience, then you can get a great deal on localbitcoins (please note that bitcoin price is quoted in dollars and a few dollars difference in price can make a great deal of difference for you in terms of INR). However, if you want fully managed platforms, then you may go with the above mentioned exchanges in India.
We hope you now have a decent idea on how to buy bitcoins in India and an overview on Best Bitcoin exchanges/trading sites in India. Please feel free to drop in some comments in case you have any experience regarding any of these or any other Bitcoin trading platforms in India.
If you are interested in stock investing, you may also like to go through : Best Demat and Trading Account in India !
These are general views only based on our knowledge and research. We are not endorsing any of the above exchange sites.
Risk Warning : Bitcoin is inherently risky asset. Please do your own due diligence of the bitcoin as well as the exchange/trading site you want to trade on before entering the trade. This blog post can’t be constituted as a professional advice and Fintrakk is not responsible for any losses occurring due to investment in bitcoins !!http://fintrakk.com/how-to-buy-bitcoin-in-india-best-exchange-trading-review/How to buy Bitcoin in India : Best Exchange and Trading Sites !http://fintrakk.com/wp-content/uploads/2017/05/pexels-photo-315117-e1496072350699.jpeghttp://fintrakk.com/wp-content/uploads/2017/05/pexels-photo-315117-150x150.jpegBitcoinInvestmentVirtual Currenciesbitcoin exchange India,bitcoin exchanges,Bitcoin India,bitcoin reviews,bitcoin startups,bitcoin trading sites,bitcoin wallet,Bitcoins,bitcoins in India,coinsecure,how to buy bitcoin in India,localbitcoins,unocoin,zebpayIf you are looking to the buy bitcoins for trade or invest in bitcoins, then you have landed into the right page. This guide helps you with getting around on buying bitcoins in India.You will get an answer to your numerous queries like What is Bitcoin ? How to...admin email@example.comAdministratorFinance & Taxation Tips for Indian Investors