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You'll need a Bitcoin wallet before you buy since some exchanges require one.
Don't have a wallet? Read our guide on the best Bitcoin wallets.
Unocoin is India's leading Bitcoin platform. Their customers can buy bitcoin with any Indian bank account via online banking or NEFT and RTGS.
Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge an ~6% fee on each purchase.
Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
Want to buy using Coinmama? This step-by-step guide will show you how to use Coinmama.
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Technically, VirWoX isn't even a Bitcoin exchange. It mainly serves as a way for people to buy Second Life Lindens, a currency used in the virtual world Second Life. You can't buy Bitcoin with PayPal directly at VirWoX, but it's possible to first buy Second Life Lindens (SLL) and then trade your SLL for Bitcoin. This process works perfectly, but in the end will cost you about 10% in fees.
This workaround/hack has made VirWoX the easiest and most popular way to buy bitcoins with PayPal.
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
Changelly lets you buy bitcoin with Litecoin, Dogecoin, altcoins and many other digital tokens. Changelly works in nearly every country but you will need another cryptocurrency in order to purchase bitcoins. Exchanges happen almost instantly because Changelly never actually controls your tokens but just exchanges them.
Bitcoin-OTC is an over-the-counter marketplace for the peer to peer exchanging of bitcoin. It is almost like a Craigslist for Bitcoin. Users must create ads or locate other ads to find sellers of bitcoin. Bitcoin-OTC is somewhat complicated and hard to use, but may be the only option for users in some countries without an exchange.
The Bitcoin industry in India was once growing at a terrific rate as users were flocking to this digital currency to take advantage of its rapid price appreciation. Meanwhile, the demonetization of the Indian rupee by the country’s government a couple of years ago had led to an increase in demand for Bitcoin, but the sad news is that everything seems to be going downhill ever since.
The latest series of events paint a bleak picture of Bitcoin in the Indian scenario. The Indian government is reportedly considering a blanket ban on the private use of cryptocurrencies over there. This development reportedly took place at a meeting of India’s Financial Stability and Development Council (FSDC), a committee that’s headed by the country’s finance minister, on Oct. 30.
The committee is considering setting up a legal framework that forbids the private use of cryptocurrencies in India, but encourages the growth of distributed ledger technology at the same time. Such a move goes on to reinforce the Indian regulatory authorities’ hostile approach toward cryptocurrencies.
Finance minister Arun Jaitley has already made it clear that cryptocurrencies won’t attain the status of legal tender in India. The Reserve Bank of India (RBI), the country’s central banking authority, also has a similar stance.
In April this year, the RBI directed India’s banks and other regulated agencies three months to shut down their relationships with firms or individuals involved with cryptocurrencies. Additionally, the Indian tax authorities have served notices to thousands of cryptocurrency investors believing that they have skipped paying taxes.
Not surprisingly, Indian cryptocurrency exchanges have been in hot water thanks to such a hostile regulatory environment.
Regulatory hostility has dealt a body blow to India’s leading cryptocurrency exchanges. Zebpay, India’s largest cryptocurrency exchange, announced in late September that it is shutting down as the RBI directive effectively crippled its operations. Zebpay was hit hard as banks decided to cut themselves off from any crypto-related transactions.
The Indian regulators’ unsympathetic approach toward cryptocurrency was further reinstated in late October when Harish BV, the founder of crypto exchange Unocoin, was arrested for setting up an ATM kiosk at a mall. This would have been India’s first such kiosk where customers would have been able to deposit money for buying or withdraw money from selling cryptocurrencies through Unocoin’s mobile application or website.
Instead, the police pulled up Unocoin’s founders and sent them to judicial custody. Such a move dented the confidence of cryptocurrency exchanges in India, who began to fear that they might be pulled up on some pretext or the other.
It can be said that the Indian cryptocurrency space is in shambles right now because of the hostilities created by the government and the country’s central bank. As a result, the Indian cryptocurrency industry is not in the best of health, as evident from the declining trading volumes.
It would be safe to say that the Indian cryptocurrency industry is in a state of decay as trading volumes have plummeted thanks to the government’s apprehensions and lack of education regarding cryptocurrencies in India. Industry estimates suggest that there were five million cryptocurrency users in India in January this year spread across 10 exchanges. The monthly trading volumes at that time were around $1.5 billion.
According to the latest reports, volumes are now down significantly. Unocoin’s volumes at the end of October were just 10% of what they were three months ago. On the other hand, crypto exchange Koinex had recorded $265 million in trading volume in a single day in December last year, but it has now dropped to just $1 million to $2 million a day.
In all, the Indian government’s unsympathetic attitude and apprehension toward cryptocurrencies is crippling the growth of Bitcoin and other digital currencies in this market.