Bitcoin is undoubtedly the latest talk of global fiscal tinsel town today. There has been a growing interest about Bitcoin lately and institutional investors are also joining the bandwagon enthusiastically. In that light, investors in India are also eager to sign up with the Bitcoin trend. But the question is – “Is Bitcoin actually legal in India?”. If you want a straight-cut answer, it is “No”. RBI has not given legal status to BTC in India.
But, does that mean investors in India won’t ever be able to invest in Bitcoin? The good news is there are some ways by which you can invest in BTC despite being an Indian citizen. Please read the post below to know more.
Investing in BTC in India
Indian government has already banned any sort of digital cryptocurrency in the country. An esteemed government panel has even proposed a bill recommending banning and regulation of digital currencies. But, the fact is, the bill has not been finalized and implemented yet in the form of a proper law. It means that currently, it can’t be considered as a “violation of law” if an Indian citizen invests in cryptocurrency. So, if you are an Indian citizen and interested to invest in BTC, now is the time. Here is a brief on the possible ways to buy and invest in BTC for an Indian citizen.
Sign up with Indian BTC exchange
If you have some degree of knowledge about BTC or crypto in general, you know that the most important mode to buy BTC is through an exchange. The good thing is there are some Bitcoin exchanges in India. The most leading ones are extremely particular about its members and follow strict regulatory procedures. You will be asked to submit your ID proof to gain registration in these exchanges. The most popular name among these exchanges is Unocoin. Founded in 2013, the exchange permits members to purchase BTC with their bank accounts. But the account should be from an Indian bank.
It’s to note here, Unocoin has the backing of US investors and has shown a steady business over the last 6 years. The company maintains a user-friendly dashboard and assures low trading fees as well.
Register with international exchanges
If you are not comfortable in getting your BTC coins from an Indian exchange, there are international exchanges to go for. Below is a list of some of the best international exchanges that you can hier ausprobieren.
This is one of the most popular exchanges for BTC trading today. The company commands a global memberbase and is available for aspiring BTC traders in India as well. Headquartered at London CEX was launched back in 2013. The exchange not only houses Bitcoin but also allows trading in a wide variety of altcoins. The platform accepts both bank transfers and credit card payments. The good part is trading fees are really low here are range from a very affordable 0 percent to 0.2 percent.
Headquartered at Israel, Coinmama is another famous international crypto exchange which has opened its doors for investors in India. The platform allows members to buy BTC through credit or debit card. However, the only drawback is that the fees are little higher compared to other exchanges. If that’s not a problem for you, you can always trust Coinmama for your BTC investments hands down.