How to buy and sell Bitcoin in India

Digital currencies are increasingly gaining popularity in India. If you are interested in how to buy and sell bitcoin in India, then this article is for you. We have prepared a selection of the best current cryptocurrency exchange methods.

How to buy bitcoin in India

It is legal to exchange cryptocurrencies in India. But it is important to choose a site with the best conditions that are suitable individually for you. When using P2P services, beware of scammers who may ask for a seed phrase for a transaction or for your bank card details.

WazirX

WazirX is one of the most popular crypto exchanges for buying bitcoin in India. The trading platform has a user-friendly interface that allows beginners to easily and quickly exchange bitcoin, as well as other cryptocurrencies.

To do this, you need to register an account on the website of the WazirX cryptocurrency exchange and verify the account to link your bank account to it. The great news is that you will be able to top up your deposit by purchasing USDT stablecoin via the peer-to-peer segment of the platform with a 0% fee.

Pros:

• You can buy USDT directly from other users via bank transactions without a fee;
• WazirX supports Indian rupees and 7 other fiat currencies;
• Low exchange fees — 0.2%;
• Purchase is possible at the market rate.

Cons:

• To exchange, you must pass the KYC procedure, which poses a serious threat to anonymity;
• A more complex exchange procedure. In order to buy Bitcoin, you must first buy USDT through the p2p section of the platform.

LocalBitcoins

It is one of the most popular P2P exchanges in the world. LocalBitcoins supports a large number of payment methods (Bank cards, transfers, payment systems, Bitcoin-ATMs, cash, cryptocurrencies) and is available in more than 180 countries. Here you buy cryptocurrency directly from other users, and the platform acts as a guarantor of transactions: before sending funds, LocalBitcoins freezes the seller’s bitcoins, and after he confirms the payment, the coins will be credited to your internal account.

This is a reliable and secure platform for buying cryptocurrency in India, but the process is still lengthy: first you buy bitcoin from the seller, and then withdraw it from the internal account to your wallet with a Commission.

Pros:

• Buyers do not pay a fee;
• Reliable exchange platform;
• Buyers do not have to pass verification, and they can exchange cryptocurrency anonymously. Verification is only necessary for placing orders.

Cons:

• Not the most convenient way to buy bitcoin;
• Rates are higher than on exchanges;
• Small purchase limits compared to cryptocurrency exchanges.

Now you know how to buy bitcoin using a credit card, money transfers and payment systems. If you want to know how best to sell bitcoin, go to the next section.

Coinmama

Another popular crypto exchange platform that has been operating since 2013 and has a legal status in Europe. Coinmama makes the exchange very convenient and fast: coins are immediately sent to your bitcoin wallet after payment by the chosen payment method. The platform is easy to use and allows you to exchange bitcoins in just a couple of clicks. Reliable, fast and convenient — this is all that can be said about Coinmama.

Pros:

• Simple and fast bitcoin exchange platform;
• Available in many countries around the world;
• High purchase limits;
• Safe and legal platform.

Cons:

• High fees, up to 6% of the transaction amount;
• The platform is regulated by the financial supervision authorities, so it cannot provide sufficient privacy for the transaction.

How to sell Bitcoin in India

You can use the same services for sales that we discussed earlier in this article. But there is one service that stands out significantly from the rest of the platforms for exchanging cryptocurrency-this is HiRiBi.

HiRiBi is a profitable and secure exchange platform for selling and buying bitcoin. The greatest feature of this resource is that the exchange is made at a high rate, so you can sell Bitcoin with even more profit than on exchanges. Also, you do not have to search for a platform that supports fiat currencies and withdraw funds by paying fees that range from 3% to 6%.

The platform supports only one exchange option — Bitcoin to the international payment system PayPal. This is one of the main advantages of the service, since you can hardly find exchanges that support PayPal. Withdrawal to the payment system occurs instantly immediately after your bitcoin transaction receives two confirmations. The funds will be automatically sent to PayPal. HiRiBi is the most profitable way to sell bitcoin.

Pros:

• High Bitcoin rate. You sell Bitcoin for 10% more than the exchange rate;
• PayPal support;
• Security;
• Convenience and reliability. Funds are automatically credited to the wallet after 2 confirmations in the Bitcoin network.

Cons:

• Only BTC and PayPal are supported. Other exchange directions are not available.

Summary

We have analyzed reliable and popular ways to exchange cryptocurrencies in India. Now you can easily buy and sell bitcoin. India does not prohibit trading in digital currencies and allows them to be freely exchanged without strict restrictions from regulators.