Investing in cryptocurrency has become a trend on its own. At first, people hardly knew what cryptocurrency meant and now everyone wants a piece of this digital currency. And thus this has led the Indian citizens to dive into the cryptocurrency world.
Where some people want to own the digital currency just for some kind of experience, on the other hand there are also people who want to make a living investing and trading through cryptocurrencies.
Yes, if you never knew about this and if you are a total beginner to cryptocurrency scenario, you must know that there is something called as trading cryptocurrencies. Many of the people in the trading world have been able to make millions of dollars, yet there are also people who have experienced huge losses.
So, if you are planning to be a cryptocurrency trader, I recommend you do your homework on this topic and make sure you know the ins and outs of blockchain and digital currency before you head right towards trading cryptocurrency. Well, now let’s talk about cryptocurrency in India.
The Cryptocurrency scenario in India
In India, it’s not entirely possible to buy cryptocurrency with the Indian rupee currency. The main reason behind it is, RBI has initiated a cease on Indian rupee deposits and withdrawals on Indian cryptocurrency exchanges and wallets. Which clearly means you can no longer transact, buy or sell cryptocurrency using Indian rupee currency.
The RBI announcement was a direct attack towards the Indian banks and cryptocurrency exchanges and wallets. Thus, this led the Indian banks to withdraw their support from cryptocurrency platforms. And this has led people to search for alternative ways to buy cryptocurrency in India.
This does not mean you can no longer buy cryptocurrency from India. You can still do it, though not with Indian rupee but with another form of currency.
Must Read: 4 clarifications on Bitcoin ban in India
How to buy Cryptocurrency in India
There a number of websites which allow you to buy, sell or trade cryptocurrencies easily hassle free. It finally comes to what cryptocurrency you want to purchase, for instance, cryptos such as Bitcoin, Ethereum, Ripple, Litecoin etc are easy to buy and sell in many exchanges. But when talking about the newcomers in the cryptocurrency market, it’s quite a bit hard to find an exchange or a wallet for them. Yet the best way to buy a new crypto would be through its own official website.
After a bit of struggle and research, I could finally come up with a list of websites which will allow you to buy crypto in India and I can finally say that your search for How to buy cryptocurrency in India is over.
All you need to do is visit one of the below exchanges and register yourself first. Once done, complete the KYC successfully to start buying your cryptocurrency.
But do note that there are two ways on How to buy cryptocurrency in India. The first way is through direct websites where you use your debit or credit card and the other is through p2p trading platforms. I’ll explain both the methods below.
How to buy Cryptocurrency in India using the Cryptocurrency exchange websites.
These websites allow you to store your money on their website. You’ll just need a debit card or a credit card to transfer your money to the website, and then using the website you can easily buy any top cryptocurrency you want.
Below is a list of websites from which you can buy cryptocurrency in India easily.
How to buy Cryptocurrency in India using the p2p trading platforms.
These platforms are websites which connect you to buyers and sellers. For instance, if you want to buy bitcoin in India, you just visit one of the below websites and you’ll get a list a people selling bitcoins in India with their information. You just initiate the payment in the mode they have requested for and when you complete it, you get your bitcoin. These websites are safe as well, your money and your bitcoins are safe and there are no risks on losing your money or cryptocurrency.
The scenario of RBI ban on the support of Indian rupee currency to buy and sell cryptocurrency has made the entire subject unclear on most of the people residing in India. It certainly does not mean you cannot buy or possess a cryptocurrency. It just means the rupee currency is not valid to buy cryptocurrency in the exchanges.
Yet, you can buy cryptocurrency easily from other platforms or through another form of payment.
I also recommend you to store your cryptocurrency on a safe digital wallet of your own, where only you can access it and only you are the one in charge of it. And I also hope that all the misconception you had about How to buy cryptocurrency in India is all over. If you have any questions regarding this topic, feel free to comment below.