November 6, 2017
| On 1 year ago

Where to buy Bitcoin in India?

By Rajib Kar

With every passing day, Bitcoin prices are soaring high, and in the last six months, its growth is way over its expectations. Currently dealing with US $7314.29, the valuation of one Bitcoin is getting bigger with every hour. Many would say that it would be a smart move to invest in it as we do in the stock markets. However, you should go through all the documents carefully before spending because the market is dark and full of terrors. If you are planning to invest in Bitcoin after seeing its exponential growth then here is the list of Bitcoin exchanges in India that you can check out.

1. Zebpay

Zebpay is India’s very own Bitcoin platform and broker as it is based in India only. Zebpay makes it easier for both Android and iPhone users to make purchases on its app that will directly connect to the user’s Indian bank account.

Pros:

  • 100% Indian as it regulates from India only
  • It also offers an array of additional services, such as purchase of mobile airtime and gift vouchers for bitcoin
  • Multi-signature security features make your account more secure

Cons:

  • Handling charges included in buy/sell prices are hidden and not displayed publicly
  • Every time ID verification is done this makes the whole process longer
  • The Bitcoin wallet it offers should not be used to store bitcoins

2. Unocoin

India’s leading Bitcoin platform or as they claim, Unocoin allows its customers to buy bitcoin from any bank account in India via online banking or NEFT and RTGS services making it convenient for the buyer.

Pros:

  • It also has an office that regulates in India
  • It is backed by investors in the United States
  • The nominal handling charges of 1% fee on the total purchase can also be reduced to 0.7% if the trading volume is sufficient according to their guidelines

Cons:

  • It offers a not so secure Bitcoin wallet that should not be used to store bitcoins
  • It also requires ID verification every time

3. Coinmama

Coinmama can be accessed from every country which makes it more trustworthy and reliable. The customers can buy bitcoin with a credit or debit card. They charge a 6% fee on each purchase. To make any purchase of $150 or less the customer needs not to do an Id verification which makes it convenient to make small purchases quick and easy.

Pros:

  • It can be used in almost all countries across the globe to make purchases
  • It has a big bar for buying bitcoins with a credit card
  • It’s very reliable, and as it operates in every country, it makes it trustworthy too

Cons:

  • It has some of the highest fees among credit/debit card bitcoin brokers

4. Coinsecure

Coinsecure is another Indian Bitcoin exchange and trading platform that charges meagre fees of just 0.3% per buy and even has some deposit options including NEFT, RTGS, IMPS and cash deposit.

Pros:

  • It has a regulated Bitcoin exchange based in India
  • It charges meagre fees
  • It provides video service guides to customers

Cons:

  • It also offers a Bitcoin wallet that should not be used to store bitcoins
  • It demands ID verification every time
  • Its interface is complicated and may become very confusing for first-time buyers

5. LocalBitcoins

LocalBitcoins is more like a forum that brings both the buyers and sellers together. Unlike other exchanges, which let you buy from them directly it only brings you to the table and from whom to buy or sell is entirely your decision. The most common method of payment for the purchase is by depositing cash. However, users may advertise trades for whichever payment method they prefer. Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.

Pros:

  • It is a private, fast and easy process
  • In-person trades require no personal information, no verification
  • Purchases of bitcoin can be made quickly via cash deposit

Cons:

  • Beware of scams; always follow the rules
  • Harder to buy large amounts of bitcoins in person compared to large exchanges because of the cash involvement
  • Slightly to significantly higher prices than regular exchanges; premium for higher privacy

There are other traders too from where the bitcoins can be bought and sold, but one must take into consideration the fall of prices too because every time Bitcoins price rose, it fell drastically too.

Rajib Kar

If cricket is a religion, I'm a religious person. I just love to play this game. I also enjoy watching, reading, and writing about the cricketing events across the globe.

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