Buy Bitcoin (BTC) in India with INR with Lowest Fees

Is it Legal to Buy Bitcoin in India?

Bitcoin (BTC) is a peer-to-peer, decentralized payment network powered by blockchain technology — a public ledger database. Launched by an anonymous developer, Satoshi Nakamoto, in January 2009, Bitcoin is designed as an alternative to conventional online payments with debit cards, net banking, etc. 

 All Bitcoin transactions occur directly between equal, independent network participants who do not need a centralized financial authority, such as a bank, to secure and execute a transaction. 

Since its inception, Bitcoin has been growing both in terms of its value and popularity at an unprecedented pace. Early investors reaped extremely high returns from their Bitcoin investments, as this cryptocurrency has demonstrated a staggering ROI of 16068.25% since its origin. 

Despite the turbulent volatility of its current price, Bitcoin remains a coveted asset class to possess, and lots of investors in the Indian market are looking to buy BTC to potentially generate hefty gains. Before buying Bitcoin, it is vital to understand the legal status of cryptocurrencies in the country.

Cryptocurrencies as a means of payment are not regulated by any central authority in India. There are no rules and regulations or any guidelines for settling disputes when dealing with digital assets. Thus, cryptocurrency trading and investment are carried out at the risk of people who choose to invest in cryptos.

Although Bitcoin and other cryptocurrencies are unregulated, the Indian government has recently introduced a 30% tax on gains from digital assets. Now, cryptocurrency investors must report the calculated profits and losses as a part of their income. A 30% tax will be charged on the earnings from disposals of digital assets, including cryptocurrencies, non-fungible assets, and stablecoins. If cryptocurrency is received as a gift, it is also subjected to taxes on the gifted side. 

A new tax regime in India has also introduced a 1% TDS (tax-deductible source) on virtual assets. Now, the buyer of an electronic asset must deduct 1 percent of the amount paid to the seller (an Indian citizen). TDS is paid on crypto transactions that exceed 10,000 in Indian rupee. It means if a seller (an Indian resident) is selling their Bitcoin holdings (or other cryptocurrencies), they will receive 1% less than the initial selling price of their digital assets. 

Best Ways to Buy Bitcoin in India Safely

Changelly is the ultimate solution when it comes to buying Bitcoin. Our simple yet highly secure cryptocurrency exchange platform allows you to buy and sell Bitcoin, along with 400 more cryptocurrencies, at the best prices. 

We integrate with the world’s leading fiat payment processors to let our customers acquire Bitcoin, Bitcoin Cash, Ethereum, and hundreds of other cryptos, using their local currencies and conventional financial systems, such as a bank transfer, debit card, or credit card. 

Our crypto exchange platform has a dedicated mobile application for Android and iOS smartphones. Our mobile apps allow investors to link their Apple Pay or Google Pay accounts to effortlessly trade coins on the go.

Whether you are a professional trader or a first-time investor, Changelly makes cryptos easily accessible to everyone, regardless of their financial background or experience level with trading.

No matter if it is Changelly or some other exchange platform, before buying Bitcoins with fiat money, you need to complete an identity verification process. This is known as a Know Your Customer (KYC) protocol, where a person submits certain documents, including the Aadhaar card, PAN card, and address proof, to the platform. The user's bank account is then linked to the exchange account. After that, go through the KYC process before you can buy Bitcoin in India.

 KYC verification is necessary to help a platform have a better understanding of the activities of their customers and verify the legality of transactions. By doing so, a platform makes sure their customers do not pose money laundering risks

Also, it is important to get a separate Bitcoin wallet to hold cryptocurrency. Some crypto exchanges can offer an integrated Bitcoin wallet, although many investors avoid keeping their electronic capital online, where cybercriminals can easily access and steal it. 

While virtual coins have the potential to be a lucrative investment, you should be cautious: virtual assets are incredibly volatile in their value, and you should not allocate a large percentage of your investing money to cryptocurrencies.

How to Buy Bitcoin with Credit and Debit Card

Indian users have access to popular international financial systems, including VISA, MasterCard, Maestro, and other methods. On Changelly, you can instantly purchase Bitcoin with a debit or credit card with minimal trading fees. 

Our exchange platform partners with the best on-ramp providers in the world to seamlessly settle fiat-to-crypto payments. All of our partners establish serious safety requirements and customer protections to prevent any security-related issues.

Buying Bitcoin with a debit/credit card on Changelly involves 5 simple steps:

1. Pick the pair to trade. Specify the coin you would like to get, the fiat currency you want to use, Compare the exchange offers and pick the deal that suits you most.

2. Enter your wallet address. Make sure you have a working blockchain wallet before you invest in Bitcoin. Copy the address from your wallet and paste it into the required form on Changelly.

3. Complete a KYC procedure. Identity verification is required for buying cryptocurrencies with fiat to prevent illegal money-laundering activities.

4. Review the transaction. If everything looks OK, confirm the operation.

5. Check the wallet. Your newly purchased electronic funds will nearly instantaneously reflect on your crypto wallet. 

How to Buy Bitcoin with Bank Transfer in India

With a trusted Bitcoin platform, such as Changelly, you can expand your crypto portfolio with the utmost ease. Our Indian clients can add money to their trading accounts with regular bank transfers. The basic requirement to purchase BTC is having valid identification proof. After passing KYC, you can use your bank account to invest in Bitcoins.

However, the possibility of buying cryptocurrencies via wire transfers may be restricted by your local bank if it is not crypto-friendly. Check this out with your bank manager before using a bank transfer for crypto purchases in India. 

How to Buy Bitcoin with Apple Pay in India

Buying Bitcoin via Apple Pay is safe and secure. However, this opportunity is currently not available for Indians. The major reason is that Indian monetary regulators do not recognize Face ID and Touch ID, employed by Apple Pay, as valid ways to authorize the movement of funds. 

The National Payments Corporation of India (NPCI) mandates a 4 or 6-digit PIN to validate the transactions, and no biometric-enabled transfers are permitted as of now. But this does not mean that the digital payment space is poor in the country. Instead, there are many alternative financial modes, including Google Pay, which you can use.

How to Buy Bitcoin from ATM in India

There are only two crypto ATMs in the country’s capital — Delhi. Nevertheless, you can still get BTC from an ATM in India. These terminals allow you to obtain certain coins for INR, but they currently do not let you sell your coins for cash or trade cryptos.

A cryptocurrency ATM will ask you to prove your identity first. You will also need to bring a Bitcoin wallet address with you — the destination where the machine will send your digital funds to. As you insert cash into the machine, the ATM operator will sell you Bitcoin at its current price minus the applicable service fees. You will receive a confirmation that your coins are now available in the crypto wallet. 

How to Buy Bitcoin with PayPal

PayPal, a leading e-wallet system in the world is notoriously known for its reluctance to integrate with crypto trading platforms. You cannot buy BTC using your PayPal account on many cryptocurrency exchange websites as of now. 

However, PayPal allows its users to purchase Bitcoin and some other big cryptos directly through its specialty mobile app. The app has limited functionality. For example, it does not enable third-party withdrawals. But it offers an internal wallet where you can store Bitcoins unless you decide to sell them on PayPal. 

How to Buy Bitcoin with Prepaid Card

Prepaid cards are relatively a new concept in India, yet their adoption is growing. They are similar to regular cards; only money is loaded before use, and a cardholder can only make purchases equivalent to the amount of money available on the card balance. 

The process is the same as using a debit or credit card: you just need to pass a KYC procedure and make sure you have enough funds on your prepaid card.

How to Buy Bitcoin with Cash in India

People often buy digital assets online, but that does not mean you cannot do so with physical cash. It may involve doing some research and may take longer, but thankfully it is pretty possible to purchase Bitcoin with cash. Your main options will include:

• peer-to-peer trading. You can find a seller in your location and buy Bitcoin from them with cash or another payment option you mutually agree on;

• crypto ATM. You can deposit cash into a machine, which will then fund coins into your digital wallet;

• money transfers. You can go to your bank office or visit a money-transfer branch (such as Western Union, Remitly, etc.) and pay banknotes that will be sent to the Bitcoin seller.

Can Foreigners Buy Bitcoin in India?

There is nothing barring people from buying and selling Bitcoin in India. While Indians must report their income from crypto activities to the local tax department, non-residents may be exempt from this responsibility. However, the native country of non-residents in India may find the crypto activities of such individuals taxable as well. 

So, start investing in cryptocurrencies with a full understanding of tax implications in the place of your official residence. If you are a citizen of a country where cryptocurrencies are strictly banned, a crypto exchange platform may reject your signup application, too. 

Who Accepts Bitcoin in India?

The opportunities to use electronic assets are numerous, apart from investing in crypto. You can buy lots of goods and services by paying with BTC, and the list of merchandise is ever-increasing. 

For example, you can buy stuff on Amazon using your cryptographic funds. Although Amazon is not crypto-friendly so far, the service called Purse allows you to convert your digital assets into Amazon gift cards and use them for Amazon shopping. Other popular retailers to accept Bitcoin in India include:

• Overstock (household appliances and furniture);

• Microsoft Store (movies, games, applications);

• Sapna Online (a book supermarket);

• HighKart (electronics and computers);

• The Rug Republic (interior decoration items). 

How to Cash out Bitcoin in India?

There are two main routes to follow to turn Bitcoins into cash. 

First, you can use a reputable Bitcoin exchange platform, such as Changelly, that offers off-ramp functionality (the possibility to trade Bitcoin for cash and withdraw the funds to your bank account, debit card, or preferred e-wallet).

Or, you can sell crypto for cash through a peer-to-peer transaction where you sell your BTC possessions directly to another person and receive fiat money from them.