Description: Easy, Secure and Trusted Way to Buy or Sell your CryptoCurrencies like Bitcoin, Ethereum or any ERC20 Tokens using your Netbanking, UPI or PayTM in India.
Do you want to purchase cryptocurrencies like Bitcoin and Ethereum in India with your local bank account or your Paytm wallet or via UPI payment? Do you want to sell your bitcoin in exchange with your local currency INR? In this post, I will show you how can you buy and sell your cryptocurrencies in India in legal way. Keep in mind that you can't purchase or sell your bitcoin or any other crypto directly from your bank account. It is still unclear and the regulation is still under the process by Indian government. Since the regulation is still under the process it doesn't mean that you can not keep bitcoin or it is illegal to have bitcoins in your bitcoin wallet.
You can understand with this example, let you are a stock trader and let you are holding a stock in your stock exchange in India. You can not purchase a cup of coffee using your holding stock from your favorite coffee shop because it is not a legal tender to exchange your stock, and if you do, it will be illegal. Is that mean your holding of stocks in your stock exchange is illegal? Just think a bit yourself without even think what the people think around you! Most of the people only believe what they heard without using their brain. The only legal tender is INR for purchasing a cup of coffee or anything that you want to purchase from the market. In similar way, bitcoin is illegal to purchase and sell in exchange with a cup of coffee or INR because there doesn't exist any exchange regulated by the Indian government. That is what the Indian government is trying their best to make such rules for cryptocurrencies that should be followed by the exchange to regulate.
You have heard many times that the old is gold. We will apply this formula here. A very common method in the old days of humanity, I have a thing 'A' but I want a thing 'B'. You have a thing 'B' but you want a thing 'A'. Let's exchange!
There are many users who already have bitcoins or ethereum to their respective wallets but they want to cash their cryptocurrencies in their local rupees INR. Let you have INR but you want to purchase cryptocurrencies so you can easily apply the rule mention above. Exchange your need. That's it! But, the question is how would you find the buyers or sellers near you or in India. If you successfully find out buyers/sellers near you, you can meet them and easily exchange but it is very difficult to find out the buyers/sellers offline or near you. Suppose you have find out buyers/sellers online then who will pay first? What if you pay first and the other buyers/sellers don't pay you? You will lose your money for sure because that is your personal exchange that is not regulated by any exchange provider. How would you do that trustfully even without knowing the other person? The simple answer is to use the escrow system.
There are many websites that uses escrow system to exchange the assets locally. I will list few of them in the following article that I have already used. Now, lets get started!
- You want to buy 0.1 BTC.
- Find out the sellers who want to sell their BTC. Once you find out the seller, you can see the limit of BTC that can be exchange by the seller. Make sure your BTC required amount accepted by the seller. If all things are good then read all the requirements by the seller. If you are agree, then make a request to buy 0.1 BTC. Once you requested then 0.1 BTC from the seller account would be placed into the escrow system which is handled by the third party. Now, the seller could not be able to get back this 0.1 BTC from the escrow system. It is safe under the escrow. Once the money is in the escrow, a new page will be created with the chat box in which you both can communicate.
- The seller will give you his/her account number. Now, you can pay them via suitable payment method, you may use IMPS/UPI or any other method that you both were agreed.
- Once you have transferred the money you may send them the screenshot via the chat box or ask them to check their account.
-- Once the seller get the money, and verify from their end that he/she got the money to the escrow then the escrow system will automatically release 0.1 BTC to your BTC address. But, what when he/she don't verify even after getting the money?
-- Once the seller get the money, and don't verify from their end to the escrow system then you have an option to dispute the exchange. Now, the third party has to involved to dispute the payment to the right person. You can easily show the proof, if they found you are right then they can release escrow payment to the right person.
Before trading or participating in P2P trade you need to verify your KYC which is mandatory in WazirX. You need your PAN CARD and another document among Aadhar Card, Driving License and Passport. It will take 1 to 2 business day to complete your KYC. Once your KYC get approved, you can participate in P2P exchange.
Note: If you need more than 500$ then can look over XID order book mention in the screenshot, and follow the instruction.
That's all. If you need to sell just reverse the order, sell your cryptocurrencies to USDT and then sell them in INR via P2P tab. Is that not simple? Share your feedback through comment.
Why I am recommending LocalBitcoins to you? Any reasons?
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| Buy or Sell Cryptocurrencies in INIDA |
You can understand with this example, let you are a stock trader and let you are holding a stock in your stock exchange in India. You can not purchase a cup of coffee using your holding stock from your favorite coffee shop because it is not a legal tender to exchange your stock, and if you do, it will be illegal. Is that mean your holding of stocks in your stock exchange is illegal? Just think a bit yourself without even think what the people think around you! Most of the people only believe what they heard without using their brain. The only legal tender is INR for purchasing a cup of coffee or anything that you want to purchase from the market. In similar way, bitcoin is illegal to purchase and sell in exchange with a cup of coffee or INR because there doesn't exist any exchange regulated by the Indian government. That is what the Indian government is trying their best to make such rules for cryptocurrencies that should be followed by the exchange to regulate.
You have heard many times that the old is gold. We will apply this formula here. A very common method in the old days of humanity, I have a thing 'A' but I want a thing 'B'. You have a thing 'B' but you want a thing 'A'. Let's exchange!
There are many users who already have bitcoins or ethereum to their respective wallets but they want to cash their cryptocurrencies in their local rupees INR. Let you have INR but you want to purchase cryptocurrencies so you can easily apply the rule mention above. Exchange your need. That's it! But, the question is how would you find the buyers or sellers near you or in India. If you successfully find out buyers/sellers near you, you can meet them and easily exchange but it is very difficult to find out the buyers/sellers offline or near you. Suppose you have find out buyers/sellers online then who will pay first? What if you pay first and the other buyers/sellers don't pay you? You will lose your money for sure because that is your personal exchange that is not regulated by any exchange provider. How would you do that trustfully even without knowing the other person? The simple answer is to use the escrow system.
What is escrow? How does escrow work?
Let I explain you with an example. Let you want to buy 0.1 BTC from your Indian bank account, and let us suppose you have find out a seller who want to cash out their BTC into his/her Indian bank account. You both want to exchange your asset in a secure way. The simple way is to use an escrow system that is provided by the third party. Since the third party is involved to exchange your assets in a secure way they might get commission from your exchange. Here is an example how would your exchange be successful using the escrow system and how would you get money back in case of fraud from the other end.There are many websites that uses escrow system to exchange the assets locally. I will list few of them in the following article that I have already used. Now, lets get started!
- You want to buy 0.1 BTC.
- Find out the sellers who want to sell their BTC. Once you find out the seller, you can see the limit of BTC that can be exchange by the seller. Make sure your BTC required amount accepted by the seller. If all things are good then read all the requirements by the seller. If you are agree, then make a request to buy 0.1 BTC. Once you requested then 0.1 BTC from the seller account would be placed into the escrow system which is handled by the third party. Now, the seller could not be able to get back this 0.1 BTC from the escrow system. It is safe under the escrow. Once the money is in the escrow, a new page will be created with the chat box in which you both can communicate.
- The seller will give you his/her account number. Now, you can pay them via suitable payment method, you may use IMPS/UPI or any other method that you both were agreed.
- Once you have transferred the money you may send them the screenshot via the chat box or ask them to check their account.
-- Once the seller get the money, and verify from their end that he/she got the money to the escrow then the escrow system will automatically release 0.1 BTC to your BTC address. But, what when he/she don't verify even after getting the money?
-- Once the seller get the money, and don't verify from their end to the escrow system then you have an option to dispute the exchange. Now, the third party has to involved to dispute the payment to the right person. You can easily show the proof, if they found you are right then they can release escrow payment to the right person.
Sell/Buy Bitcoin Ethereum with Local Bank Transfer/Paytm/UPI in India
There are many websites that allow escrow system to exchange the assets locally. We will list here few trusted websites in this article. You can call them as P2P exchange (peer-to-peer/person-to-person). Few of the websites not only allow you to buy BTC or ETH directly from your local Indian bank accounts they are also provide you to exchange your BTC to other tokens or you can exchange it in ETH. Let's get started!1) WazirX:
WazirX is an Indian Cryptocurrency exchange run by Nischal Shetty who is also a founder of Crowdfire that helps creators such as bloggers, youtubers, e-sellers to grow their audience and build a brand. WazirX is not only a P2P exchange while you can trade various cryptocurrencies like ethereum, ripple, bitcoin cash, litecoin, tron, bittorent, EOS and etc.Before trading or participating in P2P trade you need to verify your KYC which is mandatory in WazirX. You need your PAN CARD and another document among Aadhar Card, Driving License and Passport. It will take 1 to 2 business day to complete your KYC. Once your KYC get approved, you can participate in P2P exchange.
Why I am recommending WazirX to you? Any reasons?
- Home is in India.
- One of the popular Indian Exchange
- P2P has liquidity.
- WazirX Exchange trading volume is nearly $800K+ daily.
Here is step by step guide to buy/sell your cryptocurrency using WazirX.
- Sign up using this link to WazirX.
- Complete the sign up and verify your email id as per the documentation provided by WazirX.
- Login to your WazirX account. Go to payment setting page and add your bank account or UPI or Paytm Number. These account will use when you sell your cryptocurrencies.
- Now go to P2P tab, and select the price and quantity as per your need as per the following screenshot.
- Once you are all set, finally click on 'Place buy order'.
- Now, the seller's USDT will now placed into the escrow.
- Next, follow the next screen. Pay to the seller and ping them. The seller will verify it and will release USDT from the escrow to your USDT deposit address of WazirX. Now, you can buy bitcoin, ethereum or any listed tokens directly from your USDT.
Note: If you need more than 500$ then can look over XID order book mention in the screenshot, and follow the instruction.
That's all. If you need to sell just reverse the order, sell your cryptocurrencies to USDT and then sell them in INR via P2P tab. Is that not simple? Share your feedback through comment.
2) LocalBitcoins:
Local bitcoin is a very popular and oldest website that lets any user from anywhere can exchange their bitcoins in their local currency using possible payment system as per the local country holds. You can even just sign up to localbitcoins and start your trade without verifying KYC. If you do KYC then you can buy or sell your bitcoins from many more traders.Why I am recommending LocalBitcoins to you? Any reasons?
- Old and popular website around the World.
- Exchangers in 248 countries and 16620 cities.
- Approximate daily trading volume worth 7 million dollars.
- Once you trade successfully, your BTC deposit address inside localbitcoins will get change so next time when you deposit BTC into your localbitcoins account you will get new BTC deposit address.
Here is step by step guide to buy/sell Bitcoin in India using LocalBitcoins
- Go to this link and sign up on localbitoins.
- Verify your email and follow the step as per the documentation of localbitcoins.
- Now click on buy bitcoins or sell bitcoins tab in the top menu of the website. Choose your country if the site has not detected your country automatically.
- You may also choose the payment method or all the offers. Just choose a seller/buyer that could be able to trade with your bitcoin size.
- Once you choose the trade, just open your trade as per the following screenshot.
- Make sure to read the terms of trade very carefully. Once you sent trade request, you will see the next page with a chat box so that you both can communicate for other details as bank detail. If you are selling your BTC just send your bank details ask them to deposit INR. Once you get your money in your bank account then you can release your BTC from the escrow to the other user's address.
Have you tried any other P2P exchange that works for you? Let help others by your experience by the comment box.
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