In a short 10-year time span, bitcoin has managed to establish a firm foothold in the global financial market reaching a market cap of $201 billion.
Bitcoin offers safe and anonymous transactions without the interface of central authorities such as banks and government, making it a much-needed solution in today’s world.
There are several ways one can buy bitcoin from fiat currency, namely, exchanges, P2P, bitcoin ATMs, the most common and convenient of which is a bitcoin exchange.
Bitcoin exchange is an online marketplace that connects buyers and sellers of bitcoin and other cryptocurrencies.
If you are looking to buy bitcoin in India, Middle East or Asia, here is a guide to get you started.
The exchange mentioned in this guide require ID checks for all its users in compliance with the anti-money laundering (AML) regulations for each region.
Plus, it offer an integrated bitcoin wallet to store bitcoin.
Let’s get started!
WazirX
WazirX is India’s most trusted bitcoin exchange offering a robust platform to buy/sell cryptocurrency with a ton of altcoin support.
Apart from the standard bitcoin exchange, WazirX also features a P2P (peer-2-peer) platform, connecting buyers and sellers directly.
In Nov. 2019, WazirX was acquired by Binance, a global leader in cryptocurrency exchange.
To deposit INR on WazirX, the following payment methods are supported:
- IMPS, RTGS, NEFT: Instant and Regular (1 working day) deposit
- UPI: Instant deposit
One of the best features of WazirX is its fee structure, it offers some of the lowest fees seen in a bitcoin exchange.
WazirX levies a 0.2% fee for all exchange transactions and has additional fees for deposits and withdrawals.
Here are the steps to buy bitcoin on WazirX”:
Step 1: Account Setup
Head on over to WazirX and select ‘Sign Up’.
Create an account by filling out the details.
After the sign-up, you will be prompted to set-up a 2-factor authentication (2FA) for your account. You do have an option to skip this step but it is recommended to follow through as it adds an extra layer of security to your account.
Step 2: Identity Verification and Fiat Deposit
Once your 2FA is set up, you are now ready to complete your ID check.
After choosing your country, select ‘Complete KYC’.
For India, you will need your PAN Card and Aadhaar Card/Passport/Drivers License
After submitting the KYC form, your account will be verified within 1–2 days. You will receive an email confirmation once your KYC is approved.
After your account is successfully verified, you can now deposit INR to your WazirX account.
To do so, select ‘Funds’ from the top bar menu.
In the redirected page, select ‘Deposit’.
You will be given 3 options to make an INR deposit. Pick the one most suitable for you and deposit your desired amount.
Step 3: Purchase Bitcoin
Once the amount is deposited to your WazirX account, you are now ready to purchase bitcoin.
Select ‘Exchange’ -> ‘INR’ -> ‘BTC/INR’
Now scroll down to the bottom right section and select ‘Buy’ -> ‘Lowest Price’
Enter the desired amount worth of Bitcoin you wish to purchase and hit ‘Buy BTC’.
Once the trade is executed, your bitcoin will be deposited to your WazirX BTC wallet.
To access your Bitcoin, head to ‘Funds’ -> ‘Bitcoin’
More options for Buy Bitcoin in India:
Some more places where you can buy bitcoin in India include:
Cryptocurrency Exchange:
