How to buy bitcoin in india

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How to buy bitcoin in india :

As bitcoin price grown like a rocket in 2017 … For most of people’s bitcoin was unknown in mid of last year, but now the whole scenario has changed. People’s are interested to get more knowledge about what is bitcoin..? How it works..? and also about other cryptocurrencies. They wants to know about ‘ How to buy bitcoin in india ‘..?

In short :

Bitcoin is a digital asset and a payment system , that commonly called a decentralized digital currency. It was invented by Satoshi Nakamoto in 2009. It is an open source software , this means ”  that no person, company or country owns this network ” just like no one owns the Internet.

The system is peer-to-peer, Because of it the users can transact directly without an intermediary like a bank, a credit card company or a clearing house. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain Technology.

In india people’s are interested to invest money in bitcoin…but they didn’t know how to buy it..?

If you are one of them… Then don’t worry let’s take a look on following ways.

There are number of platforms from where you can buy bitcoin..


1. UnoCoin

UnoCoin , exchange

Unocoin is one of the most used bitcoin wallet in india. It has a built in exchange that allows users to exchange bitcoin in Indian Rupees (INR). Unocoin charges 1% of fee to buy or sell bitcoins. Over an extended period of usage (minimum 60 days) and a significant transaction volume on your account, there will be an upgrade to “ Gold Membership ” and the trading fee will drop to 0.7% and the transaction limit per day will increase.

Pros 

  • It is extremely easy to use , completely beginner friendly , UI is also very simple & well designed.
  • They have a website as well as an app for iOS and android.
  • Transactions from your bank account to unocoin wallet are fast.
  • They use 2 factor authorisation , Thus security is of a high standard.
  • They allow transactions through debit cards, credit cards etc. via PayU money.

Cons 

  • There is a very high spread between the buying and the selling price.
  • The buying and the selling price is usually higher than Zebpay.
  • Transferring payments is painful. You need to first send your money to unocoin wallets.
  • You can say it costly exchange in india.

2. Zebpay 

Zebpay , bitcoin

Zebpay is most popular bitcoin wallet in india , as we already know. It is India’s first bitcoin company to launch simplest mobile Bitcoin wallet app that enables bitcoin transactions using mobile number without any complexities to understand bitcoin addresses, taking backups or fear of losing bitcoins. Using Zebpay wallet app you can buy, sell, store and spend bitcoin using mobile number and a 4-digit pin.

Pros 

  • The buy rates are usually lesser here than Unocoin.
  • The signup is quick, the app doesn’t lag and you can finish the entire buying or selling process in just 2-3 steps.
  • They provide email and SMS notifications.
  • There are lot of options on Zebpay for making top-ups/recharges through bitcoins.
  • Zebpay offers the best user experience.

Cons

  • Fees included in buy/sell prices, not displayed publically.
  • Requires ID verification ,not private.
  • Offers a Bitcoin wallet that should not be used to store bitcoins.
  • It is not available on desktop yet.
  • You need to transfer money through online banking to your Zebpay Inr wallet which takes approx. 1 working day. Many times the BTC price changes drastically within that time frame.
  • They also have huge difference in their buying and selling prices.

3. Koinex 

Koinex exchange

Koinex is becoming popular for bringing the instant deposit and withdrawal to Indian crypto currency enthusiasts. Koinex supports multiple crypto currencies trading that includes BTC, ETH, XRP, LTC and now BCash as well. They keep adding new crypto currencies so don’t be surprised if you end up seeing more crypto currencies on the site.The interface is intuitive, and it will be easy for a newbie to understand how to use the Koinex dashboard for trading. More on this later. Koinex creates a unique bank deposit account for you where you can add your bank account as a payee. This detail is available on the ‘Balance’ tab under your Koinex account. Once your KYC verification is complete (usually done within 48 hours), you can deposit funds to the linked account.

Pros 

  • Koinex is another realtime trading platform where the price is decided by the buyer, seller and the market.
  • The spreads are generally low.
  • The customer support is good. They have tutorial videos for beginners.
  • They also provide a chat function to chat with fellow traders and support staff.

Cons

  • They charge Rs 100 for KYC and Rs 50 for password change.
  • You need to pay 0.4% fees even for small transactions.

4. Coinsecure

Coinsecure wallet

Coinsecure is an Indian bitcoin wallet and exchange, it has real-time bitcoin trading platform that allows its users to buy and sell bitcoins. It enables the trading process through deposits and withdrawals of bitcoins and Indian rupees. Coinsecure’s goal is to help a wide range of merchants, developers, stakeholders, and other parts of the ecosystem that need easy access to bitcoins in India.

Pros

  • Coinsecure charge only about 0.4% transaction fees which is reasonable.
  • They promise to offer automated bitcoin deposits and withdrawals.
  • The price difference between buying and selling is lowest at coinsecure.
  • They provide a real-time trading platform with open ledgers , you can see all the transactions happening over their exchange.
  • They also use a hybrid wallet where majority of your funds are stored in cold storage [more secure] , while a small percentage of your funds are stored in a hot wallet for immediate withdrawals.

Cons

  • The UI is geared for traders.
  • It is very confusing for beginners.
  • KYC process takes much time.


5. LocalBitcoins

Localbitcoin

LocalBitcoins has been around since 2012, connecting Bitcoin buyers and sellers on an open, peer-to-peer marketplace. There are plenty of reasons to recommend Local Bitcoins as a secure and easy-to-use trading platform. In LocalBitcoins you don’t need to enter in your bank account information and buy Bitcoin. Instead, Local Bitcoins is a place where you can meet other people interested in buying and selling Bitcoins.

Pros

  • You can buy bitcoins via an in-person meeting, making it one of the fastest and the most private ways to buy bitcoins.
  • Purchase of BTC can be made quickly via cash deposits and many other payment methods.
  • No buying and selling limits are imposed by them.
  • Purchases of bitcoin can be made quickly via cash deposit

Cons

  • They charge 1% fees. The can be slightly higher when you buy with cast, since many people are ready to pay some extra cash for privacy.
  • It is recommended to not store your BTC in the “LocalBitcoins Wallets”
  • If you want to sell large amounts of BTC, you need to verify yourself
  • Speed of delivery is entirely dependent on seller confirming payment.
  • Beware of scams; always follow the rules..!

So that’s all…..We hope that now you got an idea about ” How to buy bitcoin in india ” . Above mentioned exchanges or wallets you can use to buy bitcoin in india without any problem. You can choose any one of the above platform to buy bitcoins…As all are the most popular and most rated platforms in india…….If you got something valuable from this article then share it within your community…!!


 

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