How To Buy Bitcoin in India 2020 Legally – Complete Guide

This is 2020 and bitcoin is already leading the crypto trade in India. Given the fact that global growth of the crypto market is exceptional in coming days, people are seemingly interested to know the in and outs of cryptocurrency principles and how to begin with the trading. 1 bitcoin, at present, is trading in exchange for Rs.6,88,103 which is huge in comparison to recent figures. Now, even after knowing all about bitcoin and its trade algorithm, there are many who still find it difficult to try their hands in crypto trade because they don’t know much about litigation.

Considering the fact, if you are also planning to invest in bitcoin but struggling to find that correct approach and guide, you are in the right place. This article will not only teach you about various exchanges platforms for bitcoins and art of buying Bitcoin in India in 2020 but also the internal and external affairs of cryptocurrency one should be aware of before getting into it.

List of Best Exchange to Buy Bitcoin in India

Before knowing about various bitcoin exchanges, it is important to understand what exchanges actually are and what their role is. Instead of going by the definition, let’s cut to the chase, there is a marketplace where traders can buy and sell bitcoins using different cryptocurrency and that is done with the help of bitcoin exchange. Here we have divided the exchange as per the preference, therefore you can choose your crypto exchange wisely and conveniently.

Buy Bitcoin with Indian Rupees/ P2P in India

CoinDCX

CoinDCX is India’s most trusted and famous cryptocurrency exchange among traders. The wallet of CoinDCX gives a wonderful trading experience which is secure, reliable as well as fast. It helps traders to trade in more than 250 altcoins benefitting upto 6x with extensive liquidity from various exchanges of the world. With CoinDCX, you can trade more than 200 coins in over 500 markets. You can buy crypto by depositing INR to CoinDCX wallet by following a simple process.

Giottus

Giottus, being one of the secure exchanges for Indian traders, allows you to buy and sell many cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple etc. Goittus comes with lowest trading fees as compared to any other exchange in India. Here, for sell orders, traders only have to pay 15 basis points while buy orders are charged with 25 bps. In order to proceed with exchange and trading, one has to complete KYC verification which can be done within a few seconds.

WazirX

WazirX, an Indian crypto market, is offering an initial exchange in bitcoins and making crypto trading in India simplified for investors. WazirX recently launched WRX Token on Binance launchpad. WRX token lets potential traders exchange in many digital assets like Bitcoin, Litcoins, Dash etc. WRX token is the first P2P transfer exchange of India initiated by Binance. It provides expedite trading experience and safely cashes in/cash out of crypto. WazirX P2P is the world’s first auto-matching P2P engine which does not comprise any fees and helps you convert your money to crypto instantly.

Bitbns

There are many crypto exchanges where you can start trading with Indian currencies but what makes Bitbns different from others is its responsive and quick 24X7 customer support. The support team is there to help you even with a tiny little problem of yours. Apart from this, Bitbns provides user-friendly trading and it is so simple that even a beginner can understand the market mechanism. Creating an account and depositing your crypto is completely free at Bitbns so nothing to worry about charges. Moreover, the model of P2P based deposits and withdrawals give a whole new trading exposure to users.

Buy Bitcoin with Credit/ Debit Card or Bank Transfer

Coinmama

The very first reason to choose Coinmama for purchasing bitcoin, ethereum or any other cryptocurrency is because of having multiple payment options. One can purchase crypto with a credit card, debit card or a bank transfer, whatever suits you best. On the other hand, Coinmama comes with the instant delivery option so there is no deposit required after placing an order. It has more than 8 cryptocurrencies to choose from. Coinmama also allows investors to invest in any cryptocurrency without using a dedicated cryptocurrency wallet.

Cex

Cex is a crypto exchange platform which deals in five cryptocurrencies namely Bitcoin, XRP, Etherium, Litecoin and Bitcoin Cash. It is a safe centre where you can invest in the purchase of crypto coins with credit or debit card. Cex also has a mobile app which makes trading handy as you can track real-time market data at your fingertips.

Cashaa

When you are confused about choosing a crypto exchange among many, Cashaa is always a profitable option to go for because it takes 100% ownership of all your funds. Based out in India, Cashaa also has added security that entices traders to buy bitcoins or their favourite crypto and help you begin trading instantly. Are you ready to trade in cryptos? Join hands with Cashaa.

Buy Bitcoin from International Exchange

Binance

Binance is still considered as the biggest crypto exchange platform in the world in regards to trading volume. Binance, being the leading exchange, is dominating the other trading exchange out there in the market. Apart from the crypto exchange, Binance has a launchpad where there are many tokens to choose from. The platform comes with two options for trade setting, Basic and Advanced. Deposit fees have been the concern for many traders while purchasing crypto coins from any exchange platforms that is why they look for one which does not charge any deposit fee. Well, Binance turns fortunes for investors as you do not have to pay any fees to deposit any crypto asset.

Bittrex

Bittrex is a next-generation exchange leader. A US-based trading platform which is designed to provide its customers with a whole different experience in accessing digital asset trading.

With supportive third party trading platforms, traders can experience a robust way to master the crypto market. Being provided with features like fast deposits and easy withdrawals, Bittrex has a convenient token listing process for different markets to get a note on.

Kucoin

Being a beginner, one struggles a lot to trade in the crypto market. A right selection of exchange to purchase bitcoins is what seems the biggest hurdle. Well, if you have just got your feet in crypto trading, Kucoin is the right exchange platform for you to start with. It’s interactive and simple UI helps you get acquainted with many cryptocurrencies and its trading rates. Cryptocurrency deposits are free at KuCoin. So what is stopping you now, buy your first crypto coin and start trading

Steps involved in Buying Bitcoins in India

Bitcoin is now an accepted cryptocurrency in India and RBI itself has clarified that bitcoins are deliberately not banned in India. That means investors who are planning to start trading in crypto and blockchain market can do so and that also legitimately now. Being a newbie, what you need to understand is the simple process goes behind buying bitcoins in India.

• Step 1 – Get a Bitcoin Wallet
• Step 2 – Go to the Bitcoin exchanges that accept customers from India.
• Step 3 – Choose the amount of Bitcoin you want to buy
• Step 4 – Enter the payment information and Bitcoin address.

Indian Government’s Stance on Crypto

The stance of the Indian Government on cryptocurrency has always been disputable. But recently, during the crypto case hearing in Supreme Court, RBI declared that cryptocurrencies are not banned in India. It was never banned by the Central Bank or Indian Government ever. RBI stated, “The cryptocurrencies such as bitcoin are not banned in India, but only few unrestricted entities like banks from risks associated with the trading of such virtual instruments.”

Must read: RBI vs Cryptocurrency: The Battle Continues

The Indian government had never been in favour of digital currencies and that is why there have been many instances where the government had dealt with the rift with many entities. In fact, on many occasions, the government was seen ostracizing bitcoins. In the year 2018, Zebpay used to be the most loved and leading crypto exchange in India. Traders were involved in purchasing bitcoin from this exchange only. Although, this came to a halt when India’s Central Bank placed a ban on crypto trading and all the users of Zebpay were prohibited from purchasing and selling bitcoins. 

Unlike India, many countries like France, Switzerland, Japan have created friendly regulations of digital currencies and bitcoins. In India, the future of the crypto market is still dubious.

Conclusion

There are many things to consider while choosing an exchange for yourself to buy bitcoins. There are many ifs and buts you come across. But eventually, it depends upon the investor and the budget and also the feature one wants to consider while purchasing bitcoins. Some want an instant transfer of the crypto coins and they do not bother to pay the deposit fee either. While there are some who want convenient and payment methods with many options. 

So choose your exchange wisely and begin trading because, in coming days, crypto is the future of trading in India. The exchanges mentioned in this article are all what we have tested and used. If you think we forget something, please write in the comment section.