How to Buy Cryptocurrency in India
Buying cryptocurrency in India
The economy in India is labeled as the fifth largest economy in the world, with Gross Domestic Product or GDP derived from pharmaceutical and IT services, as well as tourism, textile, telecommunication and even automobile industries. It is clear to see how such a large and well-developed economy could further benefit from cryptocurrencies and cryptocurrency trading. The Supreme Court of India ordered the Indian government to establish a regulatory system for cryptocurrencies and cryptocurrency trading in 2019. Until this task is complete, Bitcoin will unfortunately remain unrecognized as a payment method by any state authority. Having said that, those who procure income from Bitcoin should expect to pay taxes on it. This is because the Indian laws regulate taxation on any and all forms of income. For a country as large as India, it has only one Bitcoin ATM to offer. It is located in the Garage Society in Gurugram. Recent news speculates that Crypto could be made illegal in India and residents forced to sell their holdings.
As of 20/03/2021
These exchanges all accept customers from India. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options