Topic: How to buy bitcoins in India [GUIDE] (Read 150 times)
this the information are need to know Indian Crypto traders where we can buy bitcoin and sell because of now days is too much Risk to do deal with Indian bank account due to RBI rules, but we have a options is peer to peer deals and now what you shared the info about how to buy bitcoin or sell bitcoin it will be useful for us.
Ah!
This is interesting!
I had lately been looking at various ways in which I could transact through exchanges.
India being such a large market requires a proper understanding of how crypto-currencies and exchanges work.
This guide is simple and minimalist in nature and so I hope this will serve to benefit all crypto-enthusiasts in or out of India.
I have already created an account on Giottus and I was wondering what to do next. I shall let you know if the other steps have helped me or not.
This is interesting!
I had lately been looking at various ways in which I could transact through exchanges.
India being such a large market requires a proper understanding of how crypto-currencies and exchanges work.
This guide is simple and minimalist in nature and so I hope this will serve to benefit all crypto-enthusiasts in or out of India.
I have already created an account on Giottus and I was wondering what to do next. I shall let you know if the other steps have helped me or not.
If you are thinking of buying bitcoins and reside in India then you probably must know what cryptocurrencies are and you also might be aware of the fact that there is an ongoing case regarding the legitimacy of cryptocurrencies in India the verdict of which is still pending.
[HIGHLY RECOMMENDED]If you were not aware of the above statements please do your research before you can proceed.
Disclaimer: This is not a detailed guide but this will help you get started and be able to buy bitcoin or any other cryptocurrency of your choice. I'm not responsible for any loss caused and I would only recommend you to do your research before diving completely into the world of cryptocurrencies.
For those of you who have purchased bitcoins late in the last year might have suffered a loss when the company zebpay had planned to shut down its operation in India and the CEO of the exchange bitconnect was accused of fraud.
This has all hampered the trust among all Indians when it comes to cryptocurrencies or at least bitcoin.
But what if there is a way to overcome this hurdle and still be able to invest in cryptocurrency.There is common belief that cryptocurrencies are banned in India which is not true. There are ways to still invest in cryptocurrencies and that does not include just bitcoins but also other cryptocurrencies
Here is How
Step 1: Create an account
There are many exchanges that still allow users to create a new account and trade in cryptocurrencies in India. Some of these are
1. Giottus (https://www.giottus.com/)
2. Koinex (https://koinex.in/)
Step 2: KYC
Once you have created an account on any one of these exchanges the next thing to do is complete the KYC norms. You can use your Aadhaar card, Voter ID, Driving License or Passport to complete this step.
Step 3: Deposit cash
Once you have completed the above steps its fairly simple from here on you will have to deposit a certain amount into your exchange account. There is a minimum limit set by these exchanges and it can vary for each exchange.
OR
Step 3: If you are not new
If you already own some bitcoins or any other cryptocurrency you can easily transfer the amount you require to your exchange account.
Step 4: Buying bitcoin
Now that you have transferred the desired amount into your exchange account you can begin trading in cryptocurrencies which means that you can buy Bitcoin, Ethereum, Bitcoin cash, Litecoin etc.
Step 5: Withdrawal
What if you want to withdraw. Well this is also a very simple process all you have to do is sell the cryptocurrency/cryptocurrencies you hold and once the amount is reflected in your exchange account you can transfer it to your bank account and you shall be liable to tax only on the amount of profit you have made and not the entire transaction amount.
Optional: OTC methods like Local Bitcoin (https://localbitcoins.com/) and Local Ethereum (https://localethereum.com/) can be used where sellers and buyers connect and trade crypto in fiat currency.
Additional information: In case you want to keep the cryptocurrency for future sales or for any other purpose but would also like to leave the exchange you can do so by transferring the coins to a software/hardware wallet. There are many in the market such as
Software wallet
1. Jaxx (https://jaxx.io/)
2. CoPay (https://copay.io/)
3. Exodus (https://www.exodus.io/)
Hardware wallet
1. Ledger Nano S (https://www.ledger.com/products/ledger-nano-s)
2. Ledger Blue (https://www.ledger.com/products/ledger-blue)
3. Trezor (https://trezor.io/)
Hope this helps
Note: This GUIDE and all the mentioned details were functioning and accurate at the time of this post. I'm not an expert and this post has been made to the best of my knowledge and in case of any corrections feel free to comment down below.
[HIGHLY RECOMMENDED]If you were not aware of the above statements please do your research before you can proceed.
Disclaimer: This is not a detailed guide but this will help you get started and be able to buy bitcoin or any other cryptocurrency of your choice. I'm not responsible for any loss caused and I would only recommend you to do your research before diving completely into the world of cryptocurrencies.
For those of you who have purchased bitcoins late in the last year might have suffered a loss when the company zebpay had planned to shut down its operation in India and the CEO of the exchange bitconnect was accused of fraud.
This has all hampered the trust among all Indians when it comes to cryptocurrencies or at least bitcoin.
But what if there is a way to overcome this hurdle and still be able to invest in cryptocurrency.There is common belief that cryptocurrencies are banned in India which is not true. There are ways to still invest in cryptocurrencies and that does not include just bitcoins but also other cryptocurrencies
Here is How
Step 1: Create an account
There are many exchanges that still allow users to create a new account and trade in cryptocurrencies in India. Some of these are
1. Giottus (https://www.giottus.com/)
2. Koinex (https://koinex.in/)
Step 2: KYC
Once you have created an account on any one of these exchanges the next thing to do is complete the KYC norms. You can use your Aadhaar card, Voter ID, Driving License or Passport to complete this step.
Step 3: Deposit cash
Once you have completed the above steps its fairly simple from here on you will have to deposit a certain amount into your exchange account. There is a minimum limit set by these exchanges and it can vary for each exchange.
OR
Step 3: If you are not new
If you already own some bitcoins or any other cryptocurrency you can easily transfer the amount you require to your exchange account.
Step 4: Buying bitcoin
Now that you have transferred the desired amount into your exchange account you can begin trading in cryptocurrencies which means that you can buy Bitcoin, Ethereum, Bitcoin cash, Litecoin etc.
Step 5: Withdrawal
What if you want to withdraw. Well this is also a very simple process all you have to do is sell the cryptocurrency/cryptocurrencies you hold and once the amount is reflected in your exchange account you can transfer it to your bank account and you shall be liable to tax only on the amount of profit you have made and not the entire transaction amount.
Optional: OTC methods like Local Bitcoin (https://localbitcoins.com/) and Local Ethereum (https://localethereum.com/) can be used where sellers and buyers connect and trade crypto in fiat currency.
Additional information: In case you want to keep the cryptocurrency for future sales or for any other purpose but would also like to leave the exchange you can do so by transferring the coins to a software/hardware wallet. There are many in the market such as
Software wallet
1. Jaxx (https://jaxx.io/)
2. CoPay (https://copay.io/)
3. Exodus (https://www.exodus.io/)
Hardware wallet
1. Ledger Nano S (https://www.ledger.com/products/ledger-nano-s)
2. Ledger Blue (https://www.ledger.com/products/ledger-blue)
3. Trezor (https://trezor.io/)
Hope this helps
Note: This GUIDE and all the mentioned details were functioning and accurate at the time of this post. I'm not an expert and this post has been made to the best of my knowledge and in case of any corrections feel free to comment down below.
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