After legalization, exchange in cryptocurrencies has been simplified. As an unauthorized body, it does not control by any of the authorized bodies. Thus, the functioning of the crypto market wholly depends on its currencies and its investments, any external force does not affect crypto working. This working was interrupted by the ban on 8th April 2018 by the Reserve Bank of India (RBI) which stopped all the dealing of Cryptocurrencies in India.
Though, on 4th March 2020, the Supreme Court of India legalized all the cryptocurrencies exchange. This as a new start in the journey of cryptocurrency in India given all ways open to trade in cryptocurrencies on different exchanges. Many of these exchanges are available in India. Let’s have a look at exchanges available to buy Bitcoin in India.
Buy through Local Bitcoins
Local Bitcoins are a stat up by a Finland company. This system facilitates over-the-counter exchange trading of the local currency which allows exchange in any payment method across the borders in their local currencies to purchase bitcoin. This company has its set up in India in all the major cities like Delhi, Mumbai, Hyderabad, Ahmedabad, Kolkata, Guwahati, Pune, Chandigarh, Chennai, and others.
How to buy Bitcoin from Local Bitcoins.
First of all, login with your account, then you need to choose the amount of crypto exchange you wish to do either sale or purchase. After the Quick Buy or sell option one needs to enter its country name and its payment method for further proceedings.
After completion of general formalities, press search to get a list of advertisement traders along with their username, no. of trades, and trade feedback score. Their payment options are also specified according to the advertisement.
To get more information regarding the trade, the BUY option is available.
Next is the SEND TRADE REQUEST BUTTON to press it.
All the trades are secured the peers also have an option to chat with each other regarding their trade and can be penalized for the failure of trade because of their misleading action.
To stop the trade to cancel automatically the user needs to click on MARK PAYMENT COMPLETE.
After all the proceedings of payments and its confirmation, the escrow deposits add coins to your Local bitcoin wallet.
The above process will ensure your bitcoin purchase across all the P2P exchanges. This is one of the best options to exchange Bitcoin and to connect buyers and sellers.
Buy through Flitpay
Flitpay is an Indian start-up cryptocurrency exchange website deals in many currencies. Before the RBI ban flitpay was at rank three in dealing in Cryptocurrencies in India. After lifting of ban currently, it is providing a practice platform to all its registered traders to understand and experience the market practices without any investment.
How to trade on Flitpay
* Get yourself registered in flitpay by clicking on the sign-up button on the homepage.
* Insert all the personal details required for the registration and also put the referral code. Sign up providing a strong password.
* OTP will be needed to proceed further to access it from the given SMS or email address. After filling OTP your account will get registered.
* To login to Flitpay through the KYC registration and OTP
* Flitpay needs bank account verification to proceed further towards trading.
* Update your profile.
* Flitpay provides an activity log to keep all the details to access your account with the security. It also has an option of the report in case of any mishappening.
* It avails charts to show your trading, orders, and trade history.
Buy through Bitbns
It is one of the advanced Indian crypto exchange platforms which facilitates exchange between 65 cryptocurrencies in a P2P model. Bitbns come up with an inbuilt wallet to have a store of cryptocurrencies like Localbitcoins.
How to trade on Bitbns
* Signup to the screen through the ‘START TRADING NOW’ option. Follow the instructions and login to your account.
* Before moving forward KYC verification is a must to have exchange enable.
* Deposit your amount in the crypto address for further trade.
* A bank account should be linked to the trading account for the FIAT deposits and withdrawals.
* When crypto is been deposited to the account trading being active.
Buy through InstaShift
Through InstaShift one can trade with the multi-party P2P model with an over the counter experience. InstaShift differs from other platforms as it needs an existing wallet of the trader. Through this money, the amount will be transferred to the bank and crypto account of InstaShift.
How to trade on InstaShift
* The homepage itself provides an option of ‘BUY OPTION’ to trade where one needs to enter the number of Bitcoins to be purchased.
* Before proceeding further there is a mobile number verification.
* After the successful completion of the order, the system looks for your matching seller. This exchange provides an escrow between both the parties.
* When the system finds the match, the timer starts itself in which a specified time the buyer has to transfer the amount to the seller’s account.
After complete transfer buyer needs to select ‘I HAVE PAID’
With the confirmation of the seller, crypto is been transferred to the Buyer’s account automatically. In a case of delay, the buyer can raise its dispute regarding the exchange.
Buy through WazirX
WazirX is one of the most trusted and used Crypto trading platform in India. It trades almost in all the Crypto exchanges such as bitcoin, Litecoin, Ripple, Ethereum, etc. WazirX also has its native token named WRX. The trading through WazirX is done on the KYC verification method with the partnership of Binance. WazirX has also launched its mobile apps for both Android as well as iOS.
How to trade on WazirX
* WazirX connects the buyer and seller with the help of P2P trading. This P2P portal allows us to trade only in USDT.
* The seller needs to deposit its crypto during the exchange procedure.
* When the buyer confirms its payment the crypto is been released to the buyer’s accounts with the confirmation of the seller.
* Now, direct deposit and withdrawal in INR is been permitted after the legalization of Cryptocurrency in India by the RBI
* The exchange can be done in two ways Crypto-Crypto or FIAT-Crypto allows many cryptocurrencies for exchange.
Buy through Unocoin
Unocoin is one of the earliest exchanges in India right from the time of the RBI ban. It Offers OTC to a large number of traders. In 2018, Unocoin launched one more crypto named Unodax after many market ups and downs. Unocoin deals in Bitcoin and Ethereum only. Unodax also deals in a plethora.
How to trade on Unocoin
* On registering once one can trade on both Unocoin and Unodax. Registration is done through the mobile which is linked with the same password for both cryptos.
* For KYC verification one needs to submit his/her Name, PAN card number, phone number, and residence address.
One can also access paper wallets for bitcoin storage.
To deal in INR firstly the money is transferred from the bank account of the respective trader to the digital INR wallet of Unocoin. Then it’s been verified and approved for the exchange.
Now, the trader can deal easily using this INR wallet to buy Bitcoin/Ethereum on Unocoin.
To deal with Unodax, there are 27 Cryptocurrencies along with bitcoin to deal with.
Buy through Cashaa
* Cashaa entered the Indian market recently with the claims of secured market exchanges. It is the UK-based Cryptocurrency website with the list of four cryptos i.e. Ethereum, Bitcoin, USDT(Tether), and its own crypto CAS.
* Cashaa claims for the best crypto exchange maintaining the buyer-seller relationship. Though, it provides a keycard to every trader to have private & secured access on their wallets. These keys can also be used to recover the exchanges on the blockchain. Cashaa also claims to provide 100% ownership assistance to the trader on its Cryptocurrencies.
Buy through Zebpay
Zebpay was leading the market before the RBI ban, with more than 3 million users. After the abolition of the ban, exchanges resumed to its previous way. Zebpay offers INR pair trading with no trading fees. It offers exchange in 5 Cryptocurrencies i.e. Ethereum, Litecoin, EOS, XRP, and BAT along with Bitcoin.
How to trade on Zebpay
* Firstly, KYC verification is needed to trade.
* The exchange can be done through UPI, NEFT, RTGS, or IMPS from the respective bank account to the digital INR wallets.
* Zebpay allows having exchanges in crypto-to-crypto conversions as well.
* Zebpay also have the least spread rate than other listed exchanges in India
Buy through CoinDCX
CoinDCX is one of the most uplifting crypto exchanges in the present scenario. It has more than 200 Cryptocurrencies to deal with. This platform has many offers which attract traders towards it. It offers Margin and Futures trading with up to 6x-20x leverage offer and also a 20% annual interest on deposits.
How to trade on CoinDCX
* The exchanges on CoinDCX can be done through using UPI/IMPS from the linked bank account in INR.
* It provides direct exchange in any of the listed Cryptocurrencies.
* The linked margin trading portal to Binance offers all contracts with up to 6x leverage.
* CoinDCX provides many offers on trading. It offers to purchase up to Rs 5,000 without any KYC verification.
Buy through Transak
Transak is the Indian start-up for dealing in Cryptocurrencies in India which is launched with the vision to provide easy, simple, and convenient Bitcoin exchange through the bank transfer. It provides multiple FIAT currencies on a non-custodial SDK platform. All the exchanges and trading activities On Transak are established trough a white-label API.