There are several bitcoin exchanges on the market that allow you to buy bitcoin with a UPI transfer. Some popular options include CoinDCX, Zebpay or P2P like Gate Exchange, Bybit and Binance.
It is important to choose a reputable and trustworthy exchange that has a good track record of handling customer transactions securely.
You can check the exchange’s reputation by reading online reviews.
How do I Buy Bitcoin with UPI Transfer?
To buy bitcoin with UPI transfer on any exchange, first you will need to create an account, link your UPI account to the exchange, deposit funds into your exchange account using UPI transfer, and then buy bitcoin or other cryptocurrency.
If it sounds difficult to you, don’t worry. In this article, we will guide you step-by-step on how to buy bitcoin with UPI transfer.
So, with no delay, let’s see.
Find out what UPI is.
Choose an Exchange
The first step to buying bitcoin with UPI transfer is to find a bitcoin exchange that supports the UPI payment method.
There are several bitcoin exchanges in India that allow you to buy bitcoin with a UPI transfer. Some popular options include CoinDCX, Zebpay and some P2P platforms Binance, Gate, Bybit and Kucoin allow through third party brokers.
It is up to you whether you prefer a direct UPI deposit or P2P. If a direct deposit is required, then you have to choose an Indian exchange.
In our opinion, P2P is the best because it is faster.
We are giving some exchange examples below, but if you do not know which exchange is best for you, then you must read how to choose an exchange platform.
| Binance. | This is the world’s largest cryptocurrency exchange platform, which is present almost all over the country. It does not provide direct deposit, but P2P is available, using which Indian users can easily buy bitcoin with UPI transfers. |
| Gate.io | Gate.io is the world’s 13th crypto exchange platform, where users can buy bitcoin with UPI via P2P. |
| BitBNS. | BitBNS is a bitcoin exchange based in India that allows users to direct deposit with UPI transfers and trade bitcoin and other cryptocurrencies. The platform was founded in 2017 and has since become one of the leading bitcoin exchanges in the country. |
| CoinDCX. | You can also use CoinDCX to buy bitcoin with a UPI transfer. |
Create an Account on Exchange
Once you have chosen an exchange, the next step is to create an account on the platform. This process typically involves providing your personal and contact information, as well as verifying your identity, also known as KYC.
The exchange may ask you to upload PAN card, and an Adhar card for this.
The verification process is necessary to comply with anti-money laundering and know-your-customer (AML/KYC) regulations, and it may take 24 hours to get verified.
Link your UPI ID as a Payment Method
After creating an account and completing the verification process, you will need to link your UPI ID to the exchange. This allows you to make payments and withdraw funds through the UPI address.
To link your UPI account, you will need to add your UPI ID to the exchange, which is typically your phone number followed by an “@” symbol and the name of your UPI app (e.g. 987654321@sbi or cryptoswami@axis).
You also need to add a UPI ID in P2P exchanges; when you add your UPI ID (or bank account details), the system or broker matches the banking name with your registered KYC name.
This acts as a safety layer for both buyer and seller.
Deposit INR or Buy USDT
Once your UPI account is linked to the exchange, you can deposit funds into your exchange account using a UPI transfer. To do this, you will need to initiate a payment from your UPI app to the UPI ID given by exchange.
Simply copy the UPI ID, paste it into your UPI app, and initiate the payment. The funds should be credited to your exchange account within a few minutes. Sometime exchange may ask you to send a payment screenshot or reference ID. Also, make sure you send the payment with the same linked UPI ID; otherwise, it may cause a delay.
Read how to buy bitcoin with UPI on Bitget.
Now Buy your First Bitcoin
Once you have deposited funds into your exchange account, you are ready to buy bitcoin.
Navigate to the buy or trade section of the exchange and select bitcoin. Enter the amount of bitcoin or INR you want to buy and the price.
The exchange will show you the total cost in rupees, including fees and TDS. Review the details of the transaction and click on the buy button.
Your fees and TDS will be deducted from the purchase amount. For example, if you buy bitcoin worth ₹100, then it will include 1% TDS and fees around 0.2%. It will cost you ₹1.20, and you will receive ₹98.80 worth of bitcoin.
Withdraw your Bitcoin to a Wallet
After you have purchased bitcoin on the exchange, it is a good idea to withdraw the bitcoin to a personal wallet .
A personal wallet is a software program that stores your bitcoin and allows you to send and receive payments. This step is required when you are planning to hold bitcoin for a long time, but if you want to sell after some profit, then you don’t need to do this.
To withdraw your bitcoin, navigate to the “withdraw” section of the exchange and enter the address of your personal wallet. The exchange will send the bitcoin to your wallet within a few minutes.
Which Exchange allows UPI Transfers?
Here is a list of crypto apps that allow UPI transfers to buy bitcoin. You will only get a direct deposit if you use an Indian exchange; otherwise, offshore exchanges only allow you to buy bitcoin with UPI transfers via P2P.
Need to Know Before Buy Bitcoin with UPI Transfer
- It is advised to use the same UPI ID for deposits and withdrawals linked to exchanges.
- Generally, buying bitcoin with UPI transfer is free, but you have to pay a fee for withdrawal.
- Check on the exchange to see if it accepts UPI transfers with P2P or direct deposit.
- Only invest what you can afford to lose. Cryptocurrency investments come with inherent risks.
- It’s hard to buy bitcoin with UPI transfer on an offshore crypto exchange.
- You have to go through a long KYC process to buy bitcoin with UPI transfers.
Conclusion
Buying bitcoin with a UPI transfer has become a popular choice among Indians. Even though there are many other ways to buy bitcoins, you should use this method over others because it’s fast and easy.
The availability of bitcoin and other cryptocurrencies may vary depending on the exchange and your location. Some exchanges may only allow you to buy bitcoin with UPI transfer if you are a resident of India.
With the above information, you can easily buy bitcoin with UPI. You can even use this guide to buy other cryptocurrencies in India with UPI, such as USDT, Ethereum, and Litecoin.
Find out about cryptocurrency regulation in India.
