How to safely buy Bitcoin in (2021)
A guide to buying Bitcoin in India securely and quickly. Review and compare the best Bitcoin and crypto exchanges available for residents of India to get started.
Was Bitcoin Banned in India?
In India, the use of technology including blockchain and Bitcoin to fuel financial transaction in the growing digital economy has boomed significantly. Much of this growth has not gone unnoticed by India's key financial regulatory, the Reserve Bank of India (RBI), who has reacted to this growth favourably (for the most part).
However, in 2018 the RBI had taken a stance against Bitcoin and cryptocurrency by substantially banning/blocking usage of digital currencies in the country. They were able to do this by banning all RBI regulated entities, such as banks and other financial institutions, from dealing in virtual currencies.
The Reserve Bank of India gave a three-month notice period to all institutions in India to cease from dealing in Bitcoin and cryptocurrency.
Is Bitcoin Legal in India now?
Yes, after a landmar landmark ruling, the Supreme Court of India struck down the above-mentioned ban on Bitcoin and cryptocurrencies by the RBI. The case was heard by the honourable Justices Rohinton Nairma, V Ramasubramanian and S Ravindra Bhat - who delivered the judgement on March 4 2020.
The Supreme Court of India ultimately held that the RBI's treatment of Bitcoin and cryptocurrency was disproportionate with respect to its complete blanket ban.
This decision has been key for the growth of Bitcoin in India, which has boomed in popularity since this watershed case.
CoinDCX India
CoinDCX is an Indian cryptocurrency exchange based in Mumbai that is backed by the world's largest digital asset exchange Coinbase. Their platform is trusted by over 3 Million + Indians as their go-to cryptocurrency trading application.
The CoinDCX crypto exchange offers easy and fast INR deposits & withdrawals, which enable you to buy Bitcoin in India in under 10 minutes. They also have low fees that start at 0.1%.
For more information about CoinDCX, read our full CoinDCX Review.
Pros
- Trusted by over 3 million users in India
- Backed by Coinbase Ventures
- A wide range of cryptocurrencies to select with low fees
Cons
- Relatively new exchange that was founded in 2020
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India's most popular cryptocurrency exchange
WazirX is a Bitcoin and cryptocurrency exchange that is based in India and operated by Binance. They offer good liquidity, low fees and a strong range of cryptocurrencies to buy, sell and trade.
Although WazirX is a new exchange, they have quickly become popular in India due to their backing by major international exchange Binance. Read our WazirX Review for more information.
Pros
- Reputable exchange backed by Binance
- Fast verification speed
- Low fees starting at 0.2%
Cons
- Orderbook exchange is difficult for first time users
The premier exchange for Bitcoin traders
Binance is arguably the world’s largest Bitcoin and cryptocurrency exchange. They offer the best platform for crypto to crypto trades if you are looking to boost your Bitcoin holdings and stack some satoshi’s.
Buy Bitcoin Finder recommends Binance as the best place to trade Bitcoin against other cryptocurrencies for the lowest fees and the deepest liquidity. Binance also offer a Bitcoin Futures trading platform with up to 125x leverage.
Pros
- The best exchange in the world to trade cryptocurrency
- Binance offers margin trading and perpetual futures
- Easy to use interface for new traders
Cons
- Fees for day traders can get expensive if you do not trade using Binance coin
Coinswitch Kuber India
Founded in 2017 by Ashish Singhal and Vimal Safar Tiwari, Coinswitch is one of India's largest Bitcoin and cryptocurrency trading platforms. Their platform offers a mobile friendly trading experience that is optimised to deliver the lowest prices for investors.
The charges to trade on Coinswitch Kuber range between 0 and 0.5% depending on your chosen method. You can read our full Coinswitch Kuber Review for more information.
Pros
- Easy to use iOS/Android Mobile App
- Trusted Bitcoin exchange in India
Cons
- The fees vary which can be confusing
- Confusing user interface
Bitbns India
The Bitbns Bitcoin exchange is a trading platform based in India that offers over 90 different digital assets to trade against the Indian Rupee. Their platform enables residents of India to sign up instantly and deposit INR with a bank deposit, debit card or credit card.
The ffes to trade on Bitbns are the most competitive in India and start at just 0.15% per trade. For more information on this exchange, read our full Bitbns Review.
Pros
- Very low fees starting at 0.15% per trade
- Local Bitocin exchange based in India
Cons
- Their user interface is not the most appealing
Invest in Bitcoin with a Debit Card or Credit Card Instantly
Coinmama allows users from any country around the world to buy Bitcoin, Ethereum and Chainlink using their exchange. They are one of the few exchanges that allow Credit Card and Debit Card purchased for Bitcoin and crypto using Visa and Mastercard.
If you are a customer in Europe, you can also buy Bitcoin with a SEPA transfer for a lower fee. Coinmama is an extremely private and secure option to invest in Bitcoin as they will send it to your personal Bitcoin wallet, as opposed to having the Bitcoin or cryptocurrency on a managed and less secure wallet on their platform.
Pros
- Purchase crypto with a Debit Card and Credit Card
- Highest limit to invest in Bitcoin using a Credit Card
- Reliable and trustworthy exchange
Cons
- Relatively high fees when using a Debit Card or Credit Card
Peer to peer (P2P) Bitcoin exchange
Local Bitcoins is a decentralized exchange that acts as an escrow service to facilitate peer to peer buys and sells of Bitcoin by allowing users to list their own Bitcoin advertisements or trades.
Users can choose to meet and pay in person or online, making Local Bitcoins the most private way to buy Bitcoin. Local Bitcoins facilitates transactions in Australia, New Zealand, United Kingdom, United States, South Africa and virtually every other country around the world.
Pros
- The best choice for privacy
- Requires no personal information
- Instant purchases available with cash
Cons
- Users must be careful of scams
- Slightly higher Bitcoin price than exchanges
China's largest Bitcoin exchange
Huobi is an exchange that initially originated in China, however moved their headquarters to Singapore due to regulatory clarity. On Huobi, you can fund your Bitcoin and cryptocurrency accounts with a CNY bank transfer or USD transfer.
Pros
- USD and CNY based trading
- Great liquidity and good Bitcoin prices
- Strong global reputation
Cons
- Interface confusing for first time buyers
- Limited payment methods
The Price of Bitcoin in India
Learn more about the Bitcoin price in Indian Rupees here: Bitcoin Price INR