Bitcoin has millions of fans in India based on survey findings released by YouGov and Consensus in June 2023. The findings revealed that over 30% of Indians have participated in Bitcoin trading at some point. Moreover, 22% own cryptocurrencies, with Bitcoin being the most purchased digital currency.
The Indian government’s move to impose a 30% tax on profits made from cryptocurrencies has not changed the positive view that crypto enthusiasts in India have on digital assets. Per a report published by crypto exchange KuCoin, the Indian crypto market is expected to hit $240 million by 2030.
With that said, we will show you how to purchase Bitcoin in India using various platforms, including peer-to-peer exchange, systematic investment plans (SIP), and centralized and decentralized exchanges.
Buying Bitcoin on a Centralized Exchange in India
Given the booming crypto market in India, several centralized exchanges have set up shops in this country to meet the growing demand. When selecting a trading platform to buy Bitcoin, you need to consider factors like fees, ease of use, and security.
Once you pick your ideal exchange, you’ll be required to complete the registration form and verify your identity. The Know-Your-Customer process is mandatory and all regulated centralized exchanges are accepted to enforce it in order to prevent money laundering. To verify your identity, you must submit your identification document. After the exchange approves it, you will get access to your trading account. You can then deposit funds to buy Bitcoin. Most exchanges support all the common payment methods like debit cards, bank transfers, or crypto transfers. After funding your exchange account, buy BTC at the spot market.
How to Purchase Bitcoin on a Decentralized Exchange in India
Decentralized exchanges are developed to facilitate peer-to-peer transactions without the involvement of a centralized entity. All transactions are executed by a smart contract. It is worth mentioning that decentralized exchanges don’t take custody of client funds, so traders have total control over their digital assets while transacting. Moreover, the trading fees charged by these exchanges are lower than those imposed by their centralized counterparts.
So, how do you buy Bitcoin on a decentralized exchange? First, you need to connect your crypto wallet to the trading platform. Note that you cannot buy BTC with fiat money on a decentralized exchange. So, your wallet should have a digital currency like USDT or ETH, which you can swap for Bitcoin.
At the moment, you do not need to complete the Know-Your-Customer procedure to transact on any decentralized exchange. However, this might not be the case forever as several United States regulators push to regulate such trading platforms.
How to Buy BTC via SIP in India
SIP (systematic investment plan) allows you to invest a certain amount of money in Bitcoin at a predefined timeframe, regardless of whether the coin’s price is on an uptrend or downtrend.
To start investing in BTC via a SIP, you need to download a mobile app of a company offering a SIP, then register an account and complete KYC. After this, choose Bitcoin as the cryptocurrency you wish to invest in and define the period you want to pour money into the coin.
How to buy Bitcoin Via a P2P Platform in India
There are several P2P platforms operating in India. The most popular one is Paxful. Through a P2P platform, you can buy Bitcoin using numerous payment methods. The platform usually uses an escrow service, which holds Bitcoin until the transfer of fiat is completed and confirmed by the parties involved in the transaction.
To avoid losing money, it is important to choose a trusted seller when buying Bitcoin on a P2P platform. You can do so by going through the reviews of other buyers regarding the seller.
Should You Purchase BTC in India?
Crypto adoption in India is on the rise. But that does not mean you should jump into the digital asset space without considering the risks involved. That said, only buy Bitcoin after understanding its downside.
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