How to buy Bitcoin in India?
The best place to buy Bitcoin in India is Coindelta - Cryptocurrency Exchange. The steps for buying Bitcoin are extremely easy. By following these simple and easy steps, you can buy your first Bitcoin really fast. You’ll find a step by step guide here on how to buy Bitcoin with INR in India.
Bitcoin India: Step by step guide to buy Bitcoin in India (BTC)
Registration: Sign up on Coindelta, verify your email id and create your account. Click here to create an account.
Submit ID Proofs: Submit your PAN card and bank account verification document. Accepted bank Documents: account statement, canceled cheque, bank passbook, screenshot of Internet banking screen. The bank account verification document should have your name and account number.
Verification: The submitted documents will be reviewed and verified within 1 working day. We'll notify you once your documents have been verified by our team.
INR Deposit: After successful verification, you will be allowed to deposit money to your Coindelta INR wallet. You may transfer INR from your bank account to Coindelta INR wallet using UPI, IMPS, NEFT & RTGS. learn "how to deposit INR" on Coindelta
Buy BTC using INR. Continue Reading to learn it.
How to Buy Bitcoin in India?
Once you have deposited money to your Coindelta INR wallet, buy-Bitcoin-in-India to buy Bitcoin.
Two types of orders can be placed in the Bitcoin to INR market.
Market Buy BTC Order: You can enter the total amount (quantity * price) you want to buy Bitcoin at market Bitcoin price. The order will be executed immediately and the Bitcoin will be credited to your Bitcoin wallet (BTC wallet).
Please use this feature only if you are a pro trader.
Limit Buy BTC Order: You may enter the quantity and your desired Bitcoin price at which you want to buy Bitcoin in India. Your order will be added to Bitcoin buy order book. The order will be executed only when there is another user is willing to sell Bitcoin at your desired BTC price. After the execution of the BTC-INR order, your Bitcoin wallet will be credited.
It is recommended to use Limit Buy Bitcoin Order if you are new to cryptocurrency trading.
What is the minimum allowed limit to buy Bitcoin?
The minimum allowed total order amount is INR 100 in BTC-INR market. So, the minimum allowed BTC quantity varies based on the market price of Bitcoin in India.
For example if you want to buy Bitcoin at the rate of INR 250,000 per BTC, then you have to place the order with atleast 0.0004 BTC. (0.0004 BTC * Rs. 250,000 per BTC = Rs. 100 order amount)
Can I buy Bitcoin in decimal quantity?
Yes, that is an interesting thing about Bitcoin. For example, you may place a BTC buy order with 0.0004 BTC at the rate of INR 250,000 per BTC.
Where can I store Bitcoin? The best Bitcoin wallet in India
After your order of buying Bitcoin is filled, you will receive Bitcoin in your Coindelta Bitcoin wallet. You may hold the Bitcoin there for as long as you want. You may also transfer Bitcoin to your personal cold storage or some other exchange wallet.
If you are new to cryptocurrencies, then it is recommended to use exchange wallet for storing Bitcoin. If you are already aware with the private keys and public keys and know how to safely store your private keys of personal wallets, you may use your cold storage devices, hardware wallets such as ledger and trezor or private wallets to store Bitcoin safely.
How to use Bitcoin wallet?
Each and every Bitcoin wallet has a private key and public key. If you have your own ledger device or private BTC wallet, then you own the private key of that wallet. If you have a wallet on an exchange, it is highly unlikely that you control the private key of Bitcoin (BTC) wallet. In the case of exchanges, you will have only public key (deposit address) of BTC wallet. Please check a sample BTC wallet address: 3KMUEHzeSqEvK4eYWkGtxnKf4dxVXei2Kp (34 characters)
You may also transfer your Bitcoin from one BTC wallet to another BTC wallet.
Suppose, you have 0.5 BTC in your Coindelta BTC (Bitcoin) wallet and you want to transfer coins to your personal BTC wallet. Go to your Coindelta Bitcoin wallet first and place a BTC withdrawal request. You will be required to enter the BTC quantity that you want to withdraw and the deposit address (public key) of your private wallet to which you want to transfer your Bitcoins. Once the withdraw request is confirmed, your private wallet will be credited with BTC. A small BTC transaction fee is deducted for every transaction done on Bitcoin blockchain.
How to sell Bitcoin (BTC) coins? Transfer Bitcoin to Indian bank account
You may sell Bitcoin anytime in the BTC-INR market. However, you can not directly transfer Bitcoin to an Indian bank account. You will have to convert Bitcoin to INR (Indian Rupee) first (by selling Bitcoin in Bitcoin to INR market) and then you may transfer Bitcoin to your Indian bank account.
If you have already learned how to buy Bitcoin in India, selling BTC is going to be very easy for you. You need to follow the similar steps mentioned in “How to Buy Bitcoin with INR?” section.
If you have BTC in your Bitcoin wallet, then go to BTC-INR market to sell Bitcoin.
You may again place two kinds of orders in BTC-INR market.
Market BTC Sell Order: Enter the quantity of BTC that you want to sell at the market price of Bitcoin in India. The order will be executed instantly and the INR balance will be credited to your INR wallet.
Please use this feature only if you are a pro trader.
Limit BTC Sell Order: Enter the quantity of BTC which you want to sell along with your desired Bitcoin sell price in India. Your order will be added to Bitcoin sell order book. It will only be executed when there is a user available who places a buy order at an equal or higher price than yours. After the execution of your BTC Sell order, you will get INR balance to your INR wallet.
How to choose the best Bitcoin exchange in India?
There are a lot of Bitcoin exchanges in India. You will get the same Bitcoin from each and every exchange. So, here are some factors to look for when you are choosing the best Bitcoin exchange in India:
Bitcoin Trading India Fee: Whenever you buy Bitcoin in BTC-INR market, a trading fee is applied on each transaction. For example, Let's say you buy Bitcoin worth of INR 1 lac at the price of INR 2,50,000 per Bitcoin. Ideally, you should get 0.4 Bitcoin to your Bitcoin wallet but you will receive little less than that. If the trading fee of exchange is 0.15%, then 0.0006 BTC will be deducted as the trading fee and you will get 0.3994 BTC to your Bitcoin wallet.
It might seem a really small amount, but it matters when you trade many times in a day as you will have to pay this trading fee everytime you trade. So, it is really important that the trading fee should be very small on the exchange where you want to trade.
Coindelta has the lowest trading fee in India, which is 0.15% per trade. Coindelta also reduces the trading fee for premium customers.
Bitcoin Wallet Fees: Whenever you withdraw Bitcoin from one Exchange Bitcoin wallet (A) to another Bitcoin wallet (B), you have to pay withdraw fee to the exchange A. This is called Bitcoin Withdrawal Fee. For example, if you withdraw 0.5 BTC from exchange A and the exchange A has a Bitcoin Withdrawal Fee of 0.0010 BTC then the exchange will only transfer 0.499 BTC to another address.
Some exchanges also have Bitcoin deposit fee. So, whenever you add Bitcoin to the exchange’s wallet, you have to pay Bitcoin Deposit Fee.
So, if you do not transfer the Bitcoins from one wallet to another wallet, then these Bitcoin Wallet Fees do no matter much, but if you do it frequently, then you should consider the exchanges with low fee. Coindelta has the lowest Bitcoin withdrawal fee which is 0.0005 BTC. Coindelta doesn’t have any deposit fee so whenever you deposit BTC to Coindelta Bitcoin Wallet from any other BTC wallet, you don’t have to pay any fee for that.
Other factors to consider: INR Deposit/Withdraw Fees, INR Deposit/Withdraw Time, Better Customer Support.