How To Buy Bitcoin In India 2024
To buy Bitcoin in India in 2024, follow these steps:
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1
Choose a reputable cryptocurrency exchange that operates in India
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2
Register an account and complete the necessary KYC (Know Your Customer) verification.
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3
Deposit into your exchange account.
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Place a buy order for Bitcoin (BTC) on the exchange.
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Store your purchased Bitcoin in a secure wallet for added safety.
India is seeing a notable rise in the number of people getting into the world of cryptocurrency. The cryptocurrency market is looking stronger than ever, and many Indians are eager to get started in the world of digital assets. If you're a newbie wondering about the legalities of buying and storing Bitcoin and other cryptocurrencies in India, the process can seem a bit overwhelming and confusing.
But don't worry! In today’s article, we'll provide you with clear and detailed instructions on how to purchase and securely store this digital gold. Additionally, we'll shed light on crypto tax and legal matters in India, ensuring you have all the information you need. So, by the time you finish reading this article, you'll have a clear roadmap for taking your first steps into the exciting world of cryptocurrencies.
Start trading cryptocurrencies right now with Binance!Is buying Bitcoin a good idea in India?
India is considered a developing country, which means that its local currency may not always be stable. Consequently, many Indians prefer Bitcoin. In the long term, Bitcoin has indeed shown impressive growth, but caution is advised when it comes to speculation, as it's a major cause of losses for beginners. It's also important to note that cryptocurrency adoption in India is limited. While local traders may invest in Bitcoin as an alternative investment channel, it's not yet widely accepted or regulated in the country.
Bitcoin is highly volatile, however, you should decide to risk it, making sure that you are aware of what you're investing in and have a strategy for investing in crypto. Be sure to avoid investing if you fear missing out and won't enjoy the benefit in the future.
There are several questions to ask yourself before deciding whether you want to get involved:
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Do I understand the value I'm investing in?
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Am I comfortable with the risk associated with investment?
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Do I know all the tax obligations on crypto investments in India?
If you don't have the answers to these concerns, it's not wise to invest. If you do decide to buy Bitcoin, be sure that you're not putting all your money that you might require in the future.
Best Options to Buy Bitcoin in India
Choosing the right platform before embarking on your Bitcoin journey in India is crucial. To help you make a well-informed choice, we've taken the time to compare several of the top cryptocurrency exchanges in India in the table below.
| Crypto Exchanges | Bitcoin | Crypto assets | Minimum deposit |
|---|---|---|---|
|
Yes |
Bitcoin spot, futures and options, dual assets, p2p trading, NFTs, over 300 supported altcoins |
from $1 |
|
|
Yes |
Bitcoin spot, futures, options trading, Binance coin, over 400 supported altcoins, NFTs etc. |
from $1 |
|
|
Yes |
Spot and margin trading, NFT, DeFi, GameFi, options, futures, indices, lending, mining, and P2P trading are available |
0.00005 BTC / 0.00000001 USDT |
|
|
Yes |
Cross rates, currency pairs |
100 USDT / 0,001 BTC |
|
|
Yes |
More than 150 currencies, INR |
$1 |
Bybit
Considered as an intuitive and best crypto exchange in India, ByBit allows you to get real-time data on the market and know about liquidity to stay ahead at all times. In addition, the platform offers flexible strategies for different traders with no or advanced experiences.
ByBit is famous for its well-structured derivative trading. The exchange can allow you to hedge or speculate different futures contract types. You can also opt for a VIP Program and meet the ambassador to obtain an exclusive derivative trading experience.
ByBit deals with several currencies, including Bitcoin and Ripple. The platform is entirely friendly and charges a trader fee of just 0.075%. The agent commission is also around 30%, again very attractive.
What's more, ByBit offers two-way authentication to offer excellent security during trading. Most importantly, ByBit's mobile-friendly app makes it easy to trade while you are on the go.
The platform also provides institutional services such as diversified strategies for trading and top-notch security. You can also become an institutional trader by submitting an application on the exchange's website.
Established in 2018, ByBit has quickly earned a place in the Indian crypto market. The flexibility it provides is unmatchable. Besides, its financial services for derivatives allow users to experience different trading options under one platform.
Binance
Binance is one of the biggest crypto exchanges in the world. Founded in 2017, Binance operates as a decentralized exchange that offers its users more than 365 coins and currencies. Of course, Bitcoin is the most popular one, and you can buy it in INR through this crypto platform.
As one of the top trading platforms, Binance offers many different features. For instance, you can use it to buy crypto and avail yourself of the facility of features such as Binance Visa Card, Binance Pay, and Crypto Loans.
What's more, Binance also now offers you a chance to invest in NFTs and increase your investment possibilities.
Registering with Binance is quite convenient. That said, many customers believe that since it offers many features and trading options, Binance does provide a steep learning curve for most users.
Binance is one of the most affordable exchanges in India. It has a taker/maker fee structure, and the fee fluctuates according to the Binance Coin balance (BCB) and the overall trading volume. The maker and taker fees vary between 0% to 0.01%.
The platform also offers excellent security features, including address whitelisting, two-factor authentication, and device management. In addition, the exchange also provides features that can restrict access to a device.
Considering the size and features of this platform, there is no doubt that Binance is the best crypto exchange in India.
OKX
Another best crypto trading platform in India, OKX, is a one-stop platform that can help you discover the world of crypto and explore other financial assets such as NFTs, GameFi, and DApps. In addition, the platform allows you to convert almost 30 currencies into different cryptocurrencies within a few minutes.
What's more, OKX helps you grow. You have a chance to earn high and valuable yields, and you can also use your crypto assets to get a loan. The platform even allows you to access all the new tokens in the early stages of trading.
OKX also facilitates its users through research and market analysis so that you can learn a lot while trading. In addition, the exchange has its own intuitive app that helps you trade your favorite currency on the go.
One of the best things about this exchange is that it allows you to earn some free bitcoin as soon as you register. Moreover, this digital asset provider also has a 0.1% maker fee and a 0.5% taker fee.
Huobi Global
Huobi Global is one of the largest exchanges in India that contains a huge number of investors. From Bitcoin to Ethereum and Ripple, the exchange offers different global currencies for trade. Moreover, a Huobi Token, HT, a local currency, is also considered quite popular on the platform.
This exchange platform offers many different features. For instance, while you can use it to buy and sell crypto, you can also utilize it to experience spot trading and investing in derivatives.
The facility of Huobi Earn is also unique as it can help you earn around 50% APY on crypto safely.
The fee structure at Huobi Global is quite simple and convenient. For instance, the opening maker fee is around 0.02% while the taker fee is 0.04%. These affordable fees and great features are why this exchange has a vast number of investors in India.
WazirX
WazirX is considered India's most trusted crypto exchange India. You can buy Bitcoin India and other cryptocurrencies through this exchange, including Litecoin, Ripple, and Ethereum.
Founded by Nischal Shetty, WazirX is a secure trading platform that provides super-fast KYC (Know your customers) and is available across five different platforms. You can conveniently access this trading platform through iOS, Android, web, MAC apps, and Windows.
What's more, WazirX has a convenient and efficient design that offers quick transactions without any hurdles.
Other than dealing with various international currencies, WazirX also has its own crypto WRX, which you can easily purchase through INR.
The fee structure of WazirX is also quite simple. The fee for basic transactions is around 0.2%. Additionally, any trader with the internal token by WazirX gets a discount of 6.25% on all kinds of trading.
You can also use WazirX to access international currency investment opportunities. This is because WazirX has solid integration with the Binance app. Additionally, the platform also offers a paneer-to-peer trading engine to connect you with a similar trader like you.
In a nutshell, WazirX is one of the best local exchanges in India and allows Indians to benefit from the world of cryptocurrency.
How to buy Bitcoin in India - step by step
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1
Open an account: First, register for an account on a trustworthy cryptocurrency exchange that accepts credit card purchases.
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2
Deposit funds with a credit card: Go to the exchange's deposit section after setting up your account and select a credit card method to make the deposit.
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Choose your cryptocurrency: After making deposits, you have the option to purchase Bitcoin (BTC) as your chosen cryptocurrency.
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Pay and receive your crypto: Indicate the desired quantity of Bitcoin to be purchased, then finalize the transaction.
Other options for buying Bitcoin in India
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1
Bitcoin ATMs: Bitcoin ATMs are on the rise in India. These machines allow you to buy Bitcoin using either cash or your credit/debit card.
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Peer-to-peer (P2P) exchanges: These online marketplaces let users trade Bitcoin with one another directly. P2P exchanges link buyers and sellers and provide a variety of payment options.
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3
Mainstream brokerages: A few reputable brokerages have added cryptocurrency trading to their list of services, such as ZebPay in India. For investors who are accustomed to using these brokerages for traditional investments, these platforms' user-friendly design and regulation make them especially convenient.
Where to store Bitcoin in India
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1
Hot wallets: Think of hot wallets as your digital wallets, always connected to the internet. They're great for quick and easy access to your Bitcoin, making them perfect for your daily transactions. However, because they're online, they can be vulnerable to cyber threats like hacking and phishing.
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2
Cold wallets: Cold wallets, also known as hardware wallets, are like your vault for cryptocurrencies. These are physical devices built to store your digital assets offline. They offer the highest level of security because they are entirely disconnected from the internet, making them immune to online threats.
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3
Exchanges: Cryptocurrency exchanges are like digital marketplaces that provide wallets for your Bitcoin.
Is Bitcoin legal in India?
Bitcoin is recognized as legal in India, but it's worth mentioning that there isn't a set of specific regulations in place to oversee Bitcoin and other cryptocurrencies. With no clear guidelines available, the Indian government has set a tax rate of 30% on cryptocurrency transactions. This tax rate is applied to the profits you make from your cryptocurrency investments and is consistent with the tax laws that apply to other types of investments.
Where can I use crypto in India?
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Investment tool: For many Indians, cryptocurrencies are seen as an investment opportunity. They purchase and hold cryptocurrencies with the hope that their value will grow over time, potentially leading to capital gains.
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Means of payment: Although the use of cryptocurrencies as a direct means of payment for goods and services is still limited in India, some businesses and online platforms have started to embrace cryptocurrencies as a payment option.
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Remittances: The use of cryptocurrencies offers an economical and effective way to send money abroad. Indians can send money to friends or family who live overseas by using cryptocurrencies.
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Access to financial services: In a country where a portion of the population lacks access to traditional banking services, cryptocurrencies offer an alternative way to save, invest, and access a range of financial products, making it a promising avenue for financial empowerment.
FAQs
How to invest in Bitcoin in India 2024?
Investing in Bitcoin in India in 2024 is straightforward. First, pick a trustworthy cryptocurrency exchange. Then, complete the necessary KYC (Know Your Customer) verification. After that, deposit the funds you want to invest and buy Bitcoin. For added security, think about transferring your newly acquired Bitcoin to a safe personal wallet.
Can I buy Bitcoin in 2024?
Absolutely! You can definitely buy Bitcoin in 2024. It's still available for purchase on various cryptocurrency exchanges, making it an option for both newcomers and seasoned investors.
How to invest in Bitcoin 2024?
The process for investing in Bitcoin in 2024 is quite similar to previous years. Start by selecting a cryptocurrency exchange that suits your needs. Then, complete the KYC requirements, deposit your funds, and buy your desired amount of Bitcoin.
How much is 1 Bitcoin in India 2024?
As of November 2024 the value of 1BTC to Rupees is about 2,907,455 INR. Have it at the back of your mind that Bitcoin is very volatile and the price of 1 BTC can change.
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Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.