It is not possible to be invested in Crypto-currencies without ever coming across the question – How to safely buy Bitcoins in India? Apart from investment, Bitcoins are also bought for online trading, remittances, or shopping. I am stressing on the word “safely” as apart from the listed methods, there could be several other ways to buy Bitcoins, but we do not recommend those as while doing a Bitcoin transaction, safety is the number one priority.
The easiest way in India is to use an online exchange, which has a good track record and large number of user base. Another important consideration is a functional customer support so that you can reach out to the team running the exchange incase of any difficulty in the transaction.
The platform has easy to use UI and also has a wallet service. It also provides apps for iOS and Android which can enable on the go trade. For first time users, KYC requirements are to be fulfilled and money can be sent to the exchange through NEFT. The company charges a 1 percent commission fee.
Zebpay has Android and iPhone apps, and lets you link your bank account for fast transfers. The company does not provide a website portal/exchange. You need to carry out a KYC procedure before undertaking transactions. It’s a regulated company in India, and it claims to offer multiple security features to keep your coins safe.
The biggest advantage of the exchange is it’s ease of use and low fees. You can buy and sell Bitcoins, remit the money to your bank account, and track historical data on Bitcoin pricing.
Coinsecure is a regulated coin exchange in India, and requires KYC completion. I had certain difficulty in KYC completion, but once I wrote to the customer care, things were more than smooth (another advantage of having a functional customer care). The portal is currently in a funding round, which seems to be going well. More than 35 percent of requisite funding has already been committed. The company has also revamped the entire UI, and in my understanding the new UI is at par with global best standards. The portal provides most detailed and transparent view of ongoing transactions. The site shows charts giving data on the exchanges taking place so you can see how other people are trading, and at what rate.
At the onset, please be very careful while using this portal. It is a P2P portal and often people have reported instances wherein they either pay without ever receiving Bitcoins or send Bitcoins and never receive money. It does not require KYC completion and hence, may not be legal once Bitcoin regulations are introduced in India
. However, if you are careful and vigilant, then a lot of people do recommend this because of the fast and private nature of transactions.
Important consideration for all the above options – Once you purchase a bitcoin, you SHOULD transfer them to an offline (cold) wallet right away. Exchanges often get hacked, and several users loose Bitcoins in such a scenario. Users are responsible for this safety step and often exchanges would not take responsibility. A desktop or app based wallet may also be considered.