Cryptocurrency is the new safe haven. Everyone is interested in buying a handful of cryptocurrencies to boost their investment portfolio. The question you may ask, how to buy Bitcoin in India that too legally without worrying about losing money or falling into a trap? If you’re living in India and looking forward to safely invest your money in cryptos, this post is for you.
As we all know, the history of Bitcoin in India wasn’t a smooth ride. Back in 2018, Bitcoin was banned by the central bank i.e Reserve Bank of India. After 2 long years of battle, the Apex court finally gave judgement in the favor of the crypto community by legally allowing the trade of cryptocurrencies in Indian markets.
Buying Bitcoin is legal in India
At the time of writing, Bitcoin or any other cryptocurrency can be legally traded in India. The only thing that matters is choosing the right platform that is secure and offers a bouquet of coins to choose from. One such platform that I personally use to buy, sell or hold cryptocurrencies is WazirX.
How to buy Bitcoin in India from WazirX:
WazirX is the subsidiary of Binance. We all know Binance as the strongest and safest cryptocurrency exchange in the industry. WazirX acquisition by Binance has added a layer of trust among WazirX users who are transacting on the platform.
WazirX is India’s largest cryptocurrency exchange
Creating an account on the platform is fairly simple. A list of KYC documents are shared below –
- Pan Card
- Aadhar Card
- Bank Account (for money transfer)
Once you complete the necessary details, WazirX will take a maximum of 2-3 working days to approve your account. Once done, you’re ready to load money on the platform and purchase digital assets.
Make sure to activate two-factor authentication (2FA)
The platform has a desktop and an app version. Both work seamlessly and easy to operate. This is how it looks like on the desktop version.
Watch live Demo of buying cryptocurrency (Ethereum):
Wazirx WRX coin is the native token of WazirX exchange
Limitations of WazirX India:
After using this platform for a decent period of time, I would like to point out the two limitations of the platform which may help you get a better picture before buying any coin on the platform. Those are –
- WazirX Deposits
- Cryptocurrency Address
As a rule of thumb, your only option to deposit money on the platform is through the current account provided by WazirX. You can transfer money from your bank account to WazirX account using NEFT, RTGS, or IMPS. However, the process is time-consuming since the option of adding money using UPI is an on and off feature. This is frustrating because sometimes it took me over 2 hours to see the money on the panel. Therefore the chances of missing the trade or an important buying point are imminent.
Top exchanges like Binance, Coinbase, or even Poloniex. All these exchanges have a feature of providing the send and receive address for each of the coins listed on the platform. However, that’s not the case with WazirX. The platform does not provide send and receive address for every coin. Rather, you have to convert your coin to BTC or ETH to make a crypto transfer which is again a loss of value.
Before I say anything. Let me reassure you again – Buying Bitcoin is legal in India. If you’re still thinking about how to buy Bitcoin in India, WazirX is your answer. Despite the limitations, it’s a great platform for crypto transactions. It’s secure and safe as per international standards. Moreover, being part of the Binance network has strengthened its trustworthiness. Totally recommended.
Still have doubt? Learn how to save your crypto investments from Bitcoin ban in India.
That’s about my post on How to buy Bitcoin in India with a bonus review on WazirX. Hope you enjoyed reading. Check out my next post on hardware crypto wallet. Do remember to watch my YouTube channel and keep reading more posts on cryptocurrency.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.