In 2009, Bitcoin created a buzz being an altogether new currency that needed no banks or middlemen for transactions. This digital currency got the most attention from traders, who intended to get rich by trading Bitcoin. And those who did manage to invest in time are laughing all the way to the bank, given that the price of Bitcoin reached a record high of $16,601.77 in December 2017, according to an article on VOX.
If you too are interested in buying Bitcoin or any other cryptocurrency, the most common way to do so is to download a broker app, such as Coinbase or Kraken. On these platforms, traditional currency, such as the US dollar, can be exchanged for Bitcoin, using credit or debit cards. You don’t even have to buy the digital currency as a whole. You can buy a small percentage equal to the value of your cash investment.
Websites to buy Bitcoin in India
In India, there are many legal websites from which you can buy Bitcoin. However, keep in mind that Bitcoins aren’t legal in India as of yet (2022). But you can buy Bitcoin in India and add them to your portfolio. Here are some of the most popular websites to buy Bitcoin in India.
A peer-to-peer (P2P) crypto marketplace, Paxful lets you set your own cryptocurrencies and allows you to buy Bitcoin, Ethereum like cryptocurrencies tethering to them.
Point to note: Paxful has transaction fees of 1% for selling crypto. Buying is free.
Wallet to wallet transfers also comes with a fee as below.
$0 – $9.99 = 0.00008 BTC fee
$10 – $19.99 = 0.00016 BTC fee
$20+ = 0.0004 BTC fee
WazirX is a crypto exchange, P2P network, and also NFT marketplace. Their highlight is that you can buy a whole lot of cryptocurrencies – from the most popular ones to the less popular ones. And the charge depends on the coin.
Here is a screenshot of their exchange.
Zebpay is a reputable marketplace to buy bitcoin in India. You may buy Bitcoin, Bitcoin Cash, Ripple, Litecoin, etc.
This site charges a monthly membership fee if you don’t trade. Zebpay pays up to 6% interest on crypto.
With over 10 million customers served and more than $50 billion in digital currency exchanged, Coinbase is currently the #1 recommended platform to buy and securely store Bitcoin, Ethereum, and Litecoin. The website offers the most complete services for both web and mobile.
Popular as the largest and most advanced cryptocurrency exchange, Bitfinex is a Taiwan-based, opaque cryptocurrency exchange, trading, and currency storage platform, owned and operated by iFinex Inc. This full-featured website is a spot trading platform for major cryptocurrencies, such as Bitcoin, Iota, Litecoin, Ethereum, Bitcoin Cash, EOS, Monero, and more. The platform offers 3.3 times leveraged margin trading through the peer-to-peer funding market.
Pure crypto to crypto exchange, based in the United States, Poloniex stores customer deposits offline in air-gapped cold storage to prevent hacking. It only ensures as much online exposure as to facilitates active trading, which greatly minimizes risk and exposure.
7. Local Bitcoins
Allowing customers to trade Bitcoins in 15,751 cities and 248 countries, including Canada, Local Bitcoins is a bitcoin start-up based in Helsinki, Finland. Local Bitcoins do not require the personal information to trade while giving a lot of options to their users.
Allowing customers to easily buy and sell Bitcoins for USD or EUR with payment cards or via bank transfers, CEX.IO is a cryptocurrency exchange and former Bitcoin cloud mining provider. According to the Maker-Taker fee schedule, the exchange charges 0% to 0.2% commission on trade operations.
A US-based Bitcoin exchange operating in Canada, the EU, Japan, and America, Kraken allows you to buy, sell and margin trade Bitcoin (BTC) and Ethereum (ETH) in exchange with EUR, USD, CAD, GBP, and JPY. It is “the world’s largest bitcoin exchange in euro volume and liquidity.”
Buying Bitcoin and other cryptocurrencies in India is a good idea but keep watch out for legal updates. So far, even though Bitcoin isn’t illegal, it isn’t also legal.
As an investment, Bitcoin is getting a lot of interest in India, but along with it comes several bad players. So keep your guard up and research well before investing your hard-earned money into Bitcoin and other cryptos.