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Answers to: How do I buy Bitcoins after RBI Ban in India?

Post announcement of Bitcoin ban in India by RBI (Reserve Bank of India), Bitcoin investors in India are looking out for ways to buy or sell Bitcoins in India. And in spite of banning cryptocurrency dealing with banks, some exchanges have found a way out of the loop.

Hence, depositing or withdrawing INR, is now a possibility as there are a few digital exchange platforms such as WazirX, Local Bitcoins, PocketBits, Coinome etc wherein you can buy Bitcoins. Scroll down the page to learn techniques of buying or selling Bitcoins. Here, these trading platforms include ‘peer to peer’ service type:

Exchanges set up new ways for Trading Cryptocurrencies

  1. Local Bitcoins

Peer to peer trading exchange lays strong foundation for payment method thereby allowing people to buy Bitcoins in local currency. Moreover, utilization of this platform is possible from any part of the world, while in India; it operates in cities such as Ahmedabad, Chandigarh, Chennai, Guwahati, Hyderabad, New Delhi and Surat.

How do I purchase or sell Bitcoins on Local Bitcoins?

  • When you log in to Local Bitcoins home page, you enter crypto amount under ‘Quick Buy/ Sell Option’.
  • Selecting country as well as payment method is necessary here.
  • When you click ‘Search’, you see an ‘advertisement traders list’ informing users of ‘trade feedback scores’, ‘payment method of advertisement’ apart from ‘completed trades’.
  • In following column, information revolves around one BTC apart from limits of buying BTC.
  • Before you finalize any transaction, it is best to recheck amount entered.
  • Once everything is okay, then you go ahead and enter ‘Send Trade Request’.
  • Payment window has a time run, hence it is necessary to complete all transactions within this time run else the whole trade stands cancelled.
  • ‘Marking Payment Complete’ does not allow trade to be cancelled automatically; hence, it is also an important aspect to keep in mind.
  • Remember that these trades have been ‘escrow protected’.
  • Therefore, post receiving payment and confirmation, your Local Bitcoins Wallet has the coin deposited by escrow.

Note:

Though protection of trades is under escrow, still there is ‘chat option’. You may utilize this option whenever required to clear queries.

  1. Buy or sell cryptocurrency using InstaShift

InstaShift is yet another ‘buy and/ or sell cryptocurrencies’ peer to peer platform wherein one buys or sells cryptocurrencies provided selling crypto is in escrow while buyer should have a wallet. Options of ‘receiving crypto in InstaShift Accounts’ or ‘money in bank accounts’ has been provided for ease of use. Let us now check a simple process of buying and selling cryptos in InstaShift.

Guide for using InstaShift to sell or buy Cryptos

  • You enter amount of coins to buy or sell under ‘Buy Option’ on home page of the website.
  • ‘Mobile Number Verification’ ascertains that you are going to place the order and are ready for further process.
  • On successful completion of the earlier step, exchange begins its search for a ‘matching seller’.
  • When p2p platform identifies ‘matched sellers’, buyer transfers required fiat amount to seller, here one must keep in mind that there is a timer on screen, (wherein complete transaction should be carried out in this time only).
  • When transaction completes, seller ‘confirms payment’ whereas buyer selects ‘I Have Paid’ hence both parties receive cryptos or the amount at the end of a successful transfer.

 

  1. WazirX

Third in line for p2p or peer-to-peer trading platform is ‘WazirX’ that has been slowly evolving to a better Bitcoin exchange platform. At WazirX, individuals can buy or sell Bitcoins, Ripple, Ethereum and Litecoin among other cryptocurrencies. This exchange requires KYC so you have to be ready with the documents. Read on to know how WazirX cryptocurrency exchange platform works:

Steps to Trade Cryptocurrencies in WazirX

  • With WazirX by your side as an ‘escrow account’, buyer and seller connect instantly.
  • Here, seller should deposit cryptos in WazirX exchange for transactions to be made.
  • The moment buyer makes required payment in INR; p2p platform releases cryptos while transferring the amount to the seller.
  • However, for transparency, seller has to confirm the payment post which buyer receives cryptos released by WazirX cryptocurrency trading exchange platform.

 

Points to remember:

As a buyer or seller of cryptos, you must ensure that you read fine print before trading in cryptocurrencies in any of the exchanges listed above or that you may find in the search engine.

We would however be updating on this as and when possible in order to assist you further in this regard.

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