How to Buy and Sell Bitcoin in India
Bitcoin has became one of the most popular cryptocurrencies around the world and has a growing number of applications every day. In case you are also looking to find out how to buy and sell bitcoin currency in India, here’s a step-by-step guide for you:
Find a Bitcoin wallet
Bitcoin can be purchased online and are stores in an online wallet in digital form. You can select from various bitcoin exchanges available in India such as – Unicorn, Bitxoxo, Zebpay, Coinbase etc. Select wallet based on features, platforms they can be used on, and security etc.
Create an account
Next, you can create your account by registering on the selected bitcoin service provider. This will give you a secure place to store your bitcoin, and easy payment methods to convert your local currency into or out of bitcoin.
Start buy/ sell order
Once you initiate buy bitcoin, it will take you to the exchange and the rate at which you can buy the bitcoin. At present, the value of bitcoin has been pushed to very high levels, so you will probably be able to buy only a fraction of a bitcoin. You can sell your bitcoin in the same manner.
Popular Websites For Indians to Purchase Bitcoins:
Bitcoin may be the currency of choice in the digital underground, but there are plenty of legitimate reasons to considering Bitcoin as well. It’s a good investment for one, as the value of Bitcoin has gone up significantly over the years. Bitcoins are also used for online trading, remittances, and it has other uses too, like simply shopping for stuff.
So if you’re interested in getting yourself some Bitcoin, how do you proceed? Well, the easiest way to get some is to use an online exchange, and buy some just like you would get anything else at an e-commerce site. There are some security concerns, and it’s best to stick to reputed sites, to get your Bitcoin or to store them.
The company makes it easy to buy or sell Bitcoin online, and also functions as a wallet so you can use Bitcoin at other places via the site. Unocoin also has apps available for iOS and Android.
Setting up is easy, and you can buy and sell Bitcoin with the money going to your bank account using NEFT. Unocoin also lets you use your Bitcoin in a number of places, such as topping up your BookMyShow wallet, if you want.
Unocoin has a low 1 percent fee, but one thing that might put some people off is that it requires ID verification, so it’s not a private transaction.
It has an Indian phone number provided for support. BuyUCoin allows you to buy Bitcoin online using your credit card, debit card, and netbanking.
In order to purchase Bitcoin, you must first get a purchase ID. This requires your name, email ID, phone number, and your PAN card number and a photo of your PAN card. You also need to upload a photo of another ID – either your driving license or Aadhaar card.
Once you do that, you can start purchasing Bitcoin, which can be stored in popular online wallets, or in an offline wallet. You can see the price of Bitcoin at the top of the page, and then buy the coins just like you would purchase anything online.
Check out BuyUCoin on the Web
Another exchange that was recommended a lot was Zebpay. Based out of India, Zebpay has Android and iPhone apps, and lets you link your bank account for fast transfers.
Again, you need to carry out a KYC procedure, which means that this isn’t a completely anonymous account. However, it’s a regulated company in India, and it claims to offer multiple security features to keep your coins safe.
It’s very easy to use, and fast, with low fees. You can buy and sell Bitcoins, remit the money to your bank account, and track historical data on Bitcoin pricing.
Coinsecure is also a regulated coin exchange out of India, which again includes KYC. This means that for people who want private transactions, Coinsecure isn’t the best option, but otherwise it is a pretty good option that is easy to use with low fees.
The site has detailed guides to explain how to use Bitcoin, and to help you find your way around the site as well. The other thing about Coinsecure is that the design is very pleasing to look and easy to understand.
The site shows charts giving data on the exchanges taking place so you can see how other people are trading, and at what rate. It’s a little reassuring to see other people trading in Bitcoin, and the volumes being traded as well.
if you’re looking for a more private transaction, LocalBitcoins is a well known alternative. The transactions can be quick and easy, and you can carry out in-person trades that can happen completely anonymously. These purchases can be carried out with cash, to avoid a paper trail.
On the other hand, there are limitations on the amount you can purchase at a time, and also, the prices for Bitcoin are just a little bit higher than some of the other options we discussed above.
Check out LocalBitcoins on the Web