How to Buy Bitcoin in India – Step by Step Guide.
Bitcoin is rapidly finding real-world applications, and more and more companies are starting to accept the new currency. Some of the most famous companies in the world like Overstock, WordPress, Newegg, etc., accept Bitcoin payments. Even in India, you can use Bitcoins at Bookmyshow and eTravelSmart.
However, most people still do not understand the dynamics of cryptocurrencies and how exactly they work. People try to ride a wave, which can be dangerous at the very least, without first understanding the concept. So with that in mind, let’s figure out how to buy bitcoin in India.
How to buy bitcoin in India
Here is a step-by-step guide to buying bitcoin in India using Zebpay, one of the four bitcoin exchanges in India:
1. Prepare your application
Start by downloading the Zebpay Android App from the Google Play Store. They also have an iOS app if you like, and the steps are basically the same.
Once you’ve downloaded the app, create an account and enter your name, email address and mobile number. You will receive a verification code on your registered mobile phone number, enter it in the application to confirm your number.
2. Know your customer (Know your customer)
In the next step, you will need to go through KYC (Know Your Customer). As part of KYC, you will need to link your Pan card, bank account, and Aadhaar card. This is in line with RBI guidelines. This also means that the transactions you make through Zebpay are not anonymous. You have been warned.
Click the three horizontal lines in the upper right corner of the screen and select Verify to start the KYC process.
First, confirm your email by clicking on the activation link, send it to your registered email address. After you verify your email ID, you will see “Approved” on a green background on the email tab in the account confirmation section.
Swipe right to go to Pan card, just enter your first and last name, Pan card number, DoB and gender. It can take up to 3 days to check the pan card data
On the next tab, you need to enter your bank account details. Remember, this is the account you are going to use to deposit and receive money from the Zebpay wallet in order to be able to buy and sell bitcoins. Enter your bank name, IFS code and account number. It may take up to 3 days for your bank account to be verified.
Finally, you will need to load your Aadhaar card (front and back) and enter your Aadhaar number and address as indicated on the Aadhaar card. It is important that you do not make mistakes when submitting this information, because it will only delay the verification process. The details and name in the documents you submit must match the details in your bank account, otherwise you will not be able to withdraw your money.
Once your account is activated and the KYC process is complete, you will receive a success email. You are now ready to buy and sell bitcoins. But before that, let’s secure your account so that your bitcoins are safe.
3. Secure your account
Click the three horizontal lines in the upper right corner and go to Settings.
Here you can block your Zebpay account with a pin or fingerprint. You can also block outgoing bitcoin transactions so that if someone gains access to your account, he / she cannot transfer your bitcoins to their address without your PIN.
There are several other options available, such as display speed unit selection and speed alerts. You can change these settings later.
4. Deposit funds
Once your Zebpay account is verified, you are ready to deposit money into it.
Returning to the main screen, there are a number of options that can be confusing. First, you need to transfer money from your Zebpay bank account before you can buy bitcoins. Click on the deposit button.
There are two main options for depositing money. Express transfer and payment gateway based on PayU.
Express Transfer – If you choose this option, you need to log into your bank account and pay to your Zebpay bank account via RTGS / NEFT or IMPS. First, you will need to add the Zebpay account displayed on the screen to a third party section of your bank account.
Click on express transfer, enter the amount, click Next, and you will see a screen with the name and account number, as well as the IFS code. This is what you will enter in the “Transfer Funds to a Third Party” section of your bank account.
Remember, there are 4 steps. Once you see your bank account details, click Next to check your amount and your bank account details, and click Place a Payment Order to complete the process.
Once you have added Zebpay bank account details to your bank account, you can initiate a payment and it should be reflected the same day. In my case, it was reflected in less than 30 minutes. After the payment is made, return to the express transfer tab and click the arrow to see if it is still pending or completed. If the payment was successful, it will be marked as complete.
Payment Gateway – Zebpay also supports PayU payment gateway. Using this option, you can deposit money via internet banking. PayU is supported by most Indian banks except ICICI and HDFC. Strange? Yes!
The process will remain the same. Click the deposit button on the main page and select “Payment gateway”.
Enter the amount you want to deposit and click “Next”. The money will be transferred instantly, however there are significant transaction fees of 1.4%. I entered INR 10,000 and had to pay INR 145.85. I recommend using an express transfer and saving on transaction fees.
Proceed to checkout. You will see a list of banks. Here you can select any bank, not necessarily the one you specified during the verification process. Make a payment and the amount will instantly appear on the home screen.
You are now ready to buy Bitcoins!
5. Buy Bitcoins
Return to the home screen. There are several options here. Zebpay will show you the current buying and selling rates in real time.
Click the Buy button and enter the Indian Rupee amount you would like to set aside to buy Bitcoins. When you enter the amount, Zebpay will show you the amount of bitcoins you will receive. Click Buy and you will be asked to enter your PIN or fingerprint to confirm the transaction. Once you confirm, the bitcoin will be instantly deposited into your account.
Conclusion: how to buy bitcoin in India
So now you have bitcoin, or a portion of it, depending on the amount you decide to invest. Looking at the sky-high bitcoin rate, most people only own a fraction of it.
I recommend that you check and monitor the bitcoin price for a while before buying. This is because bitcoin prices can fluctuate wildly up to 30% in one day. Better to start small and understand the process.