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Today I am going to show you how to buy Bitcoin in India through Unocoin cryptocurrency exchange. Unocoin was founded in 2013 and since then it's been providing a platform to Indian investors. Even during RBI cryptocurrency ban the exchange came up with many alternatives so investors in the country can invest in their favorite coins.
As you may already know, Honorable Supreme Court of India has revoked Reserve Bank of India cryptocurrency ban stating it unconstitutional and now Indian cryptocurrency investors are free to invest in cryptographic assets.
Although it does not mean now BTC is legal in India but now you're free to invest in them on your own risk.
If you would like to invest in Bitcoin in India then Unocoin, in my opinion, is a worth considering platform.
Unocoin is a cryptocurrency exchange who allows individuals to buy bitcoin in India using Indian rupees. You can add money to Unocoin through IMPS, NEFT, RTGS or UPI and then purchase BTC.
If you're totally new to bitcoin then I would suggest you read this post, 'how to start bitcoin trading beginner guide?' I've written that post for beginners who want to invest in bitcoin.
How to buy Bitcoin in India from Unocoin
Watch above embedded video to know how to buy Bitcoin from Unocoin. Or you can read the written instructions.
I chose Unocoin app to show you the steps because everybody has mobile but laptop.
Here are the you will need to follow to buy BTC:
- Create Unocoin wallet and get verified
- Add money to Unocoin
- Buy bitcoin
- Store BTC in a safe place (Optional but very very important, most investors make this dire mistake)
Create Unocoin account
Note: No matter on which cryptocurrency exchange you open your account, all require identity verification with this you're not allowed to buy BTC. In simple words, you cannot buy Bitcoin anonymously.
- First of all, open your phone app store and install official Unocoin app.
- After installing the app, open it and select your country. Thereafter, select preferred language.
- Tap 'Sign Up' to create Unocoin account.
- Fill in the details. Kindly add my referral code 'U-268871' in Referral Code field.
- Tick checkbox next to. 'I agree to Uncoin terms and conditions' and hit SIGN UP button.
- Follow the next steps and upload a supporting identity proof to get verified.
Add money to Unocoin
Once your account gets verified, you will be allowed to add money to your account and buy listed cryptocurrencies.
Here are the steps to add money to Unocoin wallet:
- Login to your Unocoin app and touch INR (₹) icon.
- Tap on Bank icon. If other options are available then you can also choose them, as of this writing, only Bank option is available.
- In 'Enter INR' field enter the amount in Indian rupees you would like to add to your Unocoin wallet. For example, I would like to add ₹2000 to my account so I added 2000 in the field.
- After entering the amount, jot down Unocoin bank account details, showing on the same screen. You will need to send the entered amount to that Unocoin bank account.
Access your mobile banking app
- After writing the bank account details, touch Deposit button. Tap OK to close the dialog box.
- Now minimize your Unocoin app and login to your internet banking or mobile banking account.
- After getting access to your online banking account, transfer the amount to Unocoin bank account.
- Now go to your account statement section and note down payment transaction ID.
- Maximize your Unocoin wallet, again touch INR (₹) icon and tap 'Add REF NO'.
- Enter the payment reference ID and tap Confirm.
- That's it. You have successfully deposited money to Unocoin account. Now wait till the money gets credited to your wallet.
It may take up to 4 hours to 48 hours to reflect the money in your wallet account. So be patient.
Buy bitcoin in India from Unocoin
Now comes the magic part when you will acquire your first Bitcoin or portion of it. Once your money is added to your wallet account, follow the steps given below to buy BTC.
- From the home screen, tap Buy Bitcoin button.
- Enter the amount in Indian rupees you would like to buy BTC for. For example I have added ₹2000 rupees to my Unocoin account but I would like to invest ₹1000 in BTC then I will enter 1000 in INR field.
- Touch Proceed.
- On the next screen, see all the details including transaction charges and then tap Buy.
- Ta da! You have bought your first Bitcoin. You can touch Wallet icon to see your balance.
Did you see how easy it was? Just follow the same steps to acquire some more coins in the future. Steps are the same if you would like to invest in other listed coins too.
Wait! Don't go. I am about to share a very important step that most of the newbie investors ignore.
Store BTC in a safe place
It's very easy to buy cryptocurrency in today's world but very difficult to keep it safe.
Keeping your coins on online wallet is not a wise decision. Why?
First although you have bought bitcoins but if you keep them on web wallet like Unocoin provides you, you're yet not real owner. You don't own bitcoins unless you have full control on them and have their private key.
Exchanges can get hacked anytime and you may end losing your coins.
Renowned exchanges like Unocoin, Coinbase, Binance and the like even voluntarily suggest their customers use hardware wallets to keep cryptocurrencies safe.
For your knowledge, there are two ways of storing cryptocurrencies: hot storage and cold storage. And for the safety of your coins, industry experts always recommend cold storage (storing bitcoin offline).
Two best ways for cold storing BTC are paper wallet and hardware wallet. Hardware wallet is a flash drive like physical device that stores bitcoin offline.
I personally recommend hardware wallet if you have bitcoins worth of your three months expenses. To know more, read this post.
Here are recommended hardware wallets:
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