If you are aware of Bitcoin and want to know how to start investing in bitcoin in India quickly then you can skip to the next topic. If you want some background the please read my previous post before we proceed to the next part.
In the short, scope of bitcoin as an investment is limitless. Values of bitcoin shot up from almost nothing to 10,000$ in just a few years. Lifetime high was 20,000$. Right, now the price is hovering around 11,000 USD. Is there any asset with so much promise. I don’t think so. So, Let’s get started.
How can I get started?
It is not easy to start investing in bitcoin in India as it is in many other countries. RBI prohibited the direct exchange of digital currencies. So for the last few years, it was not possible to buy or sell BTC using INR on any exchange. Even though the court has reversed this order of RBI but it will take some time before it will be possible to buy or sell bitcoin directly.
To buy or sell Bitcoin in India you have to do P2P transaction. There are many people who hold a large quantity of Tether USD. This is a digital version of $ and prices stick to the $ value in the market. You can transfer money directly to these people and they will give you Tether USD in return.
Using USDT you can buy and sell any digital currency like bitcoin.
This all may sound very risky but I will tell you a safe way to do this. You can easily buy USDT in P2P mode on Wazirx. Wazirx is an exchange for digital currencies. They will allow you to buy and sell the most popular digital assets without any hassle. Wazirx is backed by Binance, one of the largest crypto exchange in the world. Read some more about them to find out who they are and this will give you some assurance.
Creating a new account
The first step is to Join Wazirx so create an account first. You can easily buy and sell Bitcoin in India using Wazirx. Use the below link to sign up.
1. Clicking on above link should take you to below screen.
2. Click on “SIGN UP” button and then you will go to below page. Fill up you mail details and choose a secure password.
3. Once you have filled the above form click on the Sign up button. This will take you to the below screen. This message asks you to confirm your E-Mail. Just open your email.
4. You should get a mail with below message in your mailbox. Click on verify email button.
5. Well done, you have created your Wazirx account. Once done, you should bet below the message.
6. Click on continue and you should see below screen.
Few More steps before investing in bitcoin in India.
Although you have an account now, you will need to complete some more steps to start investing in bitcoin in India.
Setting up 2FA
1. Click the icon on top right as highlighted in the below screen and this will open your account settings.
2. You need to complete KYC and Two-factor authentication as. Both are pretty simple and you can just follow the instructions.
3. 2FA can be completed using SMS. Firstly, you will need to click on the above menu and provide your phone number. secondly, you can just enter the code received in SMS and the authentication will be complete.
1. Completing KYC is another simple task. Select KYC option from your account settings as done for the previous step. This will open below the screen.
2. As soon as you get this screen, Select complete KYC. This will take you to the next screen.
In next screen you will get a detailed form for KYC. Since this section asks for a lot of personal information I will not show it here. But if you have reached here filling up for and submitting should be very easy.
First P2P transaction
Since we are all set up, now we can do the first P2P transaction. To start you have to click on the P2P button. I have circled it in red in below screen.
1. This screen has many sections. In the first section you will see total volume of traders trying to buy or sell at any specific price. And in last box you can place your buy or sell order.
2. Since we want to buy, we need to enter the quantity we want to buy in the last box as shown below. Once you have filled up the amount click on ‘Place Buy Order’ button.
3. As soon as you do this system will start matching sellers for you. If there is a seller available at your ask price you will have a list of buyers as shown below.
4. Now you can see that you have two options here. First is UPI and second is IMPS. I can use anyone to make the payment. When you choose an option you will get the details of account or UPI ID where you have to make the payment. For Instance If I choose UPI, I will have below screen.
5. Clicking Yes, I will pay will give you UPI ID where you have to make the payment. If you do not pay after clicking you may have to pay penalty.
6. Once you have paid confirm by checking the box and clicking the button.
7. Congrats, You have bought the USDT. As soon as seller will confirm money transfer you will have your USDT in the account.
8. You can check your total account balance in the funds tab
Investing in Bitcoin in India: Last step
Now that you have USDT in your account you can buy your first bitcoin which is very simple.
Firstly, click on Exchange tab.
Here you will find that along with Bitcoin many other currencies are listed. After this Click the one you want to buy or sell. Finally, In Bottom right you will have a box where you can specify the price at which you want to buy. You can buy with USDT that you have purchased via P2P method.
In a similar way you can sell the BTC by selecting sell tab in above screen.
I hope You will find this guide easy to get started for Investing in Bitcoin in India. If you have any question you can let me know in the comments. You can also reach out to us via email or contact us section of website.
Always remember The Safest way to store a bitcoin is a hardware wallet. Once you have accumulated a good amount of BTC you should transfer it to a safe wallet. Ledger Nano X is the best wallet. You can check it out below.