Where can I Buy Bitcoins in India?

You’ll need a Bitcoin wallet before you buy since some exchanges require one.

Don’t have a wallet? Read our guide on the All about Bitcoin Wallet.

Unocoin

Unocoin is India’s leading Bitcoin platform. Their customers can buy bitcoin with any Indian bank account via online banking or NEFT and RTGS.

Unocoin, established in December 2013, is one of the largest Bitcoin exchanges in India. Using your Indian bank account, you may purchase bitcoin using online banking or NEFT or RTGS. In September 2016, Unocoin announced that it received $1.5 million in venture capital financing. Some notable investors include Boost VC, backed by Adam Draper and Digital Currency Group, backed by Barry Silbert. This comes 2 years after a $250,000 seed round funding from Bitcoin Opportunity Corp. Unocoin claims to have over 100,000 users and has a how-to videos in several dialects such as Hindi, Kannada, Telegu, Malayalam, Tamil, Marathi and Bengali.

 Pros

  • Regulated company in India
  • Backed by investors in the United States
  • Low 1% fee, reduced to 0.7% with sufficient trading.

Cons

  • Offers a Bitcoin wallet that should not be used to store bitcoins
  • Requires ID verification, so not private

Want to know how you can make money out of Zebpay? Read this: How one can earn through Unocoin?

Zebpay

Zebpay is a Bitcoin platform and broker based in India. It has Android and iPhone apps that make it easy to buy bitcoins with a connected Indian bank account.

In January 2016, Zebpay announced that it received $1 million in Series A funding from a group of angel investors. By December 2016, Sandeep Goenka, COO and co-founder of Zebpay announced that Zebpay has crossed Rs 500 crores in turnover with trade turnover reaching Rs 100 crores in November 2016 alone. He also announced that the Zebpay app has been downloaded over 200,000 time. The 2016 demonetization of ₹500 and ₹1,000 bank notes in India has spurred the growth of Bitcoin and digital payment startups in India.

Pros

  • Regulated company in India
  • Offers additional services, such as purchase of mobile airtime and gift vouchers for bitcoin
  • Multi-sig security features

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

Want to know how you can make money out of Zebpay? Read this: How one can earn through zebpay?

Local Bitcoins

LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for the purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer.

Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.

If you are interested in buying bitcoin from another user instead of going through a centralised exchange, you should consider using a marketplace like LocalBitcoins. A marketplace is useful for people who would not like to go through much KYC (Know-Your-Customer) identity verification. Marketplaces are usually more risky so be careful and only trade with those with good reviews. LocalBitcoins offer some basic protection with an escrow function.

Pros

  • Can be private, fast and easy
  • In-person trades require no personal information
  • Purchases of bitcoin can be made quickly via cash deposit

Cons

  • Beware of scams; always follow the rules!
  • Harder to buy large amounts of bitcoins compared to large exchanges
  • Slightly to significantly higher prices than regular exchanges; premium for higher privacy

Coinmama

CoinMama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge an ~8% fee on each purchase.

If buying less than $150 worth of bitcoins, you won’t need to verify your identity. This convenience makes small purchases quick and easy.

Pros

  • Works in almost all countries
  • Highest limits for buying bitcoins with a credit card
  • Reliable and trusted broker

Cons

  • Some of the highest fees among credit/debit card bitcoin brokers

There are much more wallets like ShapeShift, bitcoin-otc, purse.io, CoinSecure, etc. Above four wallets are most popular and those which I personally use.

 Coinsecure

Coinsecure is an Indian Bitcoin exchange and trading platform. It offers very low fees at just 0.3% per buy and a number of deposit options; including NEFT, RTGS, IMPS and cash deposit.

Coinsecure, established in June 2013, has received two rounds of funding – a $300,000 seed round in July 2014 and a $1.2 million Series A in January 2016. It is one of the most active startups in forging a partnership with international Bitcoin companies. Some notable international partnerships that Coinsecure has forged are with Purse.io, Bitpay, and OKLink.

Pros
  • Regulated Bitcoin exchange based in India
  • Very low fees
  • Video service guides available
Cons
  • Offers a Bitcoin wallet that should not be used to store bitcoins
  • Requires ID verification; not private
  • Interface is geared for traders and may be confusing for first-time buyers

Conclusion

These are the main ways to purchase bitcoin in India. There have been several requests asking about how to buy alternative cryptocurrencies (“altcoins”) such as Ether, Litecoin, Dash, Monero and so on in India. It is very simple if you are interested in acquiring one of these altcoins.bitcoin in India. There have been several requests asking about how to buy alternative cryptocurrencies (“altcoins”) such as Ether, Litecoin, Dash, Monero and so on in India. It is very simple if you are interested in acquiring one of these altcoins.cryptocurrencies (“altcoins”) such as Ether, Litecoin, Dash, Monero and so on in India. It is very simple if you are interested in acquiring one of these altcoins.

First, you will need to buy bitcoin using one of the methods above. Next, register for the services of a cryptocurrency exchange such as bitcoin using one of the methods above. Next, register for the services of a cryptocurrency exchange such as Poloniex or Bittrex or Kraken Send your bitcoin over to these cryptocurrency exchange and trade them for the altcoin of your choice! Do remember to transfer your altcoins out of the exchange to a wallet that you control and don’t forget to backup your private keys.bitcoin over to these cryptocurrency exchange and trade them for the altcoin of your choice! Do remember to transfer your altcoins out of the exchange to a wallet that you control and don’t forget to backup your private keys.bitcoin over to these cryptocurrency exchange and trade them for the altcoin of your choice! Do remember to transfer your altcoins out of the exchange to a wallet that you control and don’t forget to backup your private keys.

Aslo read: Which Cryptocurrency is Best after Bitcoin

 


Note: If you haven’t created an account on Zebpay or Unocoin or CoinSecure, you can grab the following referral code

Referral Code of Zebpay: REF06568678

Referral Code of Unocoin: U213061

Coupon Code of Unocoin: TTA200

Referral Code of CoinSecure: A67aTLwo7PNiLBysAU9h


10 thoughts on “Where can I Buy Bitcoins in India?

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