Although the Indian Government is yet to make up its mind on cryptocurrencies, India has the highest number of crypto owners globally. Not sharing this confusion with their lawmakers, Indians are all but hesitant towards buying crypto. However, it’s easy to lose hard-earned money with the piles of useless information floating around social media and messaging apps. Well, lose no more. I’ve summarized some of the best avenues in India to buy Bitcoin and crypto in general. But if you don’t know about these strange computer currencies, then you should probably start with:
What is Cryptocurrency?
Cryptos are digital currencies backed by Blockchain technology. Blockchain is a decentralized database that syncs in real-time with all its users. So, it’s transparent and immutable. A more detailed explanation is over here:
That being said, the value of any crypto coin is based on the people. More buyers translate to higher prices. Similarly, a sell-off can bring the value of any crypto to the ground. Currently, the top 5 cryptocurrencies by market share are: Now, let’s head over to India’s best crypto trading platforms.
Paxful
Paxful is a peer-to-peer (P2P) crypto marketplace. At Paxful, you’ll see various sellers putting offers for the buyers to grab. Payment methods depend on the individual seller. But you’ll find great flexibility in using any payment stream. Paxful charges transaction fees to the sellers based on the wallet you use. These amounts vary as per the transaction size and are lesser if you use Paxful’s own wallet. Interestingly, Paxful sellers can set their own crypto prices and trading limits. You can buy Bitcoin, Ether, and Tether with them. While the trading seems easy on Paxful, I’ll recommend it for advanced users.
Zebpay
Zebpay is one of the trusted platforms in India to buy crypto from. You can purchase several cryptocurrencies such as Bitcoin, Bitcoin Cash, Ripple, Litecoin, etc. Zebpay advertises to use 98% of storage as ‘cold’ for their users. In short, cold storage remains disconnected from the internet when sitting idle and is excellent for security. This platform has an additional membership fee if you don’t trade at least once a month. Zebpay pays you up to 6% interest for holding crypto. This interest goes up to 12% if you lend cryptocurrency. They have an exchange platform in addition to a wallet to store the purchased crypto. Zebay is headquartered in Singapore and operates globally.
CoinSwitch Kuber
CoinSwitch is a mobile-only crypto trading platform exclusive to India. You can use CoinSwitch Kuber to buy more than 80 cryptocurrencies such as Bitcoin, Ethereum, Litecoin. With this platform, you can start with as little as INR 100. It has multiple payment features for the Indian ecosystem like UPI, debit and credit cards, bank transfers, etc.
Binance
Binance is the global leader in P2P crypto trading. It has support for hundreds of cryptocurrencies. The platform is vast, with countless currencies to invest. Binance also has a native coin, Binance coin (BNB). And there is an obvious incentive if you use BNB with them. Binance doesn’t charge you for deposits. It designates VIP levels to its users based on the amount they trade. You upgrade your VIP level as you trade more, paying lesser trading fees with every level-up. Binance has excellent flexibility and a great reputation. But, the sheer number of options can be overwhelming to beginners. So, it’s best for medium to advanced users.
Unocoin
Unocoin is India’s homegrown cryptocurrency platform to buy Bitcoin, Ether, and Tether. The website is straightforward to navigate and feels intuitive from the get-go. Moreover, you have this calculator on the home screen to tell you about the charges like transaction fees, service fees, and current value in INR. Unocoin also has an exchange portal comprising 38 cryptocurrencies. They have systematic buying plans for investing periodically in small amounts. You also have the options to earn interest on your crypto holdings for a set tenure. You have to pay a 0.5% fee for buying or selling Bitcoin. Additionally, they will charge you an 18% extra as GST charges on every transaction. Besides, you can trade Bitcoin with any Unocoin user without any fees. And there is no fee for receiving Bitcoin into your Unocoin wallet. Similarly, you don’t pay any overhead charges for crypto-to-crypto trading, except for the unavoidable network fees.
BitBns
BitBns is a slightly advanced crypto exchange based in India. It has support for hundreds of cryptocurrencies. You can quickly check the current price, lowest buying limit, and associated fees before going for the purchase. While it can be intimidating for beginners, it’s very informative regardless. You can keep your crypto assets in BitBns wallet, and they do have support for 3rd party crypto wallets. Interestingly, BitBns has its own cold wallet, which, unfortunately, was out of stock at the time of this writing. There are also schemes to earn interest if you stake your crypto. But the best thing is, you can start with just INR 100 for buying crypto assets. BitBns fees depend on your trading level, amount, and the specific coin. Overall, this platform has great choices to start your crypto journey. You can use it as a web app or download its apps for Android and iOS.
Conclusion 👨🏫
Please note that crypto investments come with some market risks. This is only recommended for people with technical knowledge of cryptocurrencies and high-risk appetites. So, if you have what it takes to dabble in the crypto world–above listed platforms can serve you the best. And should you need any learning, Geekflare has many crypto titles to make you comfortable with these new-age digital currencies. Want some free crypto? Here are 7 ways to earn free cryptocurrency.
