Top 5 Best ways to buy Bitcoin in India!

In April 2018, Reserve Bank of India said that financial entities that are associated with them should no longer deal with virtual currencies such as bitcoin and should not provide any services to the businesses that deal or settle virtual currencies. However, they also mentioned that bitcoin is not banned in India. So, according to that rule you cannot use your bank account to buy bitcoin but you can hold bitcoin in your wallet and sell them in any foreign exchange whenever you want.

Several petitioners including the Internet and Mobile Association of India challenged RBI's decision in the Supreme court of India and after 19 months in March 2020, the court has ruled in favor of cryptocurrencies. Now, bitcoin and other cryptocurrencies are completely legal to do anything.

We have gathered some best ways to buy and also trade Bitcoins and other cryptocurrencies in India.

1. WAZIRX

Wazirx is the first cryptocurrency exchange that started right after the RBI's ban. It is the first exchange to integrate a P2P network for buying and selling any cryptocurrency. Wonder how that works? For a trade, you need a buyer and seller right. We want to buy bitcoin, here Wazirx acts as an escrow, you have to send your money to the seller's bank account and when the seller receives money, he confirms it and wazirx transfers locked UDST(USDT is a stable coin which is equal to 1 USD with which you can buy bitcoin) in seller's account to your wazirx account.

This was before the banking ban. Since the ban is removed now, you can directly deposit INR to your Wazirx account and buy Bitcoin.

These are the options to Deposit

Standard Deposit

Deposit through IMPS, NEFT, RTGS & UPI
Zero fee
It may take up to 1 business day
Available 24x7

Instant Deposit
Deposit through IMPS, NEFT & UPI
Fee: Rs.10 per transaction
The minimum deposit is Rs.100

Withdrawal options are as follows:

Standard withdrawal:

Max. 5 lakhs per transaction, up to 50 lakhs per day
Within 24-48 hrs during banking hours
Zero fees.

Instant withdrawal:

Max. 2 lakhs per transaction, up to 50 lakhs per day
Almost instant with a fee of Rs.10 per transaction.
And the other is P2P which we have discussed before and is available 24x7.
Zero fees. P2P is available for both deposit and withdrawal, it takes at most one hour to settle funds in your account, sometimes it's almost instant and also one the most reliable way.

Here is my referral link https://wazirx.com/invite/4rcdnb4k, if you register through it, you will get 100 WRX coins(equal to Rs.1000) when you trade for the first time in Wazirx.
KYC is required.

Trading fees:

=0.2% of your trade amount
=0.1% of your trade amount(if you have WRX coins in your account and the trade fee will be deducted as WRX).

The app is smooth and works well. I had no issues since I started using the app. Wazirx recently tied up with Binance(the world's largest cryptocurrency exchange in terms of trade volume). You can transfer USDT freely from Wazirx to Binance and trade there. Web-version is also smooth.

Liquidity is the most important thing while trading any asset. Liquidity is the ease with which an asset can be bought or sold at a true value or intrinsic value. It depends on the trade volume if trade volume is high, so will be the liquidity.

In Wazirx, the price difference of a Bitcoin will be 0 to 25 dollars from the actual value.

2. BITBNS

Bitbns was started in 2017 by some IIT graduates. The main advantage of Bitbns is that more cryptocurrencies are listed, and are available to buy and sell compared to Wazirx. Margin trading is also available.
There are not many options to deposit INR

Here are some Deposit options.

Direct bank transfer:

Can be done via UPI, IMPS, RGTS, NEFT
Fast and reliable
However, there are deposit limits for each type of transaction.

Mobikwik:

Can be done via credit cards, debit cards, and net banking
Transaction charges:1.5% plus GST

Withdrawal options:

Direct Bank transfer
Max. 50000 per transaction
You can only withdraw Rs.1 lakh per day
Zero fees
Very slow, it takes two days for the funds to reach your account and are only available from Monday to Friday 10 AM to 4 PM.

Here is my referral link https://ref.bitbns.com/217179, if you register using it, you will get 50 BNS tokens(equal to 25$ approximately)
KYC is required.

Trading fees:

0.25% of your trade amount, which is the highest I have ever seen
The app is somewhat crappy, but the web version seems good even on mobile.
Liquidity is the same as compared to Wazirx.

3. BINANCE

Binance is the largest cryptocurrency exchange in terms of trade volume. With more than 2 trillion dollars average daily trade volume and 15 million+ users worldwide. Binance has almost all top cryptocurrencies and keeps on adding good projects. Binance always strives to enhance your experience in the crypto world. Binance makes lives easy for those who want to enter into crypto.

Binance recently added an option to buy Bitcoin directly using your credit/debit card, only if your card has international transaction rights. Bitcoin you bought will be added to your Binance account. We have added binance widget on our blog so that customers from any country can buy bitcoin or any other cryptocurrency from the widget using their debit or credit cards. Just input the amount and click on Buy BTC, and you will be redirected to the Binance website where you can finish the transaction. When you make a transaction it would help us to gain some commission.

Binance also added a P2P option, to buy bitcoin but the price may vary with the actual value.
Here is how most of the people do, first deposit INR in Wazirx, but USDT with INR, transfer them to Binance with zero transfer fee. Then, buy bitcoin with the USDT in Binance and you can even trade any cryptocurrency here.

Here is my referral link for Binance https://www.binance.com/en/register?ref=38546835, and you will get 20% cashback on your trading fees.
Binance has made KYC mandatory for everyone.

Trading fees:

0.1% of your trade amount
0.075% of your trade amount(if you have BNB in your Binance account)

4. Local Bitcoins

Local bitcoin is a P2P bitcoin market, where you can buy or sell bitcoins to other users. You have to post the advertisement in there i.e., the amount you want to buy and at what price you want to buy. If anyone wants to sell their bitcoin at your price, then you have to send INR to them, to whatever payment options they provide you.
We cannot talk about liquidity here, since it is not an exchange but there is a lot of price difference in bitcoin price of buyers and sellers compared to the actual value.
You cannot buy large amounts of bitcoins at once.

5. Coinmama

Coinmama allows you to buy bitcoin using credit or debit card.
It has the highest transaction fees of up to 5%.
Here is the step by step guide to buying using Coinmama

• Log in using any referral link
• Verify your identity
• Select payment address
• Select the number of bitcoins
• Enter your bitcoin wallet address
• Enter your payment details and complete the payment. You will receive the bitcoins in your wallet

Use my referral link to get a discount on processing fees https://go.coinmama.com/visit/?bta=60414&brand=coinmama


If you don't have a bitcoin wallet, know how to create one here