There are several bitcoin exchanges on the market that allow you to buy bitcoin with a UPI transfer. Some popular options include WazirX, CoinDCX, and Zebpay. 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 and checking if it is regulated by any government agencies.
To buy bitcoin with UPI transfer on these exchanges, 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 using UPI as the payment method.
Buying bitcoin with a UPI transfer is a simple and convenient way to purchase bitcoin in India. In this article, we will guide you through the steps on how to buy bitcoin with UPI transfer. Know what UPI is.
So, with no delay, let’s see.
How do I buy bitcoin with UPI transfer?
Step 1: Choose an exchange that supports UPI transfers.
The first step to buy bitcoin with UPI transfer is to find a bitcoin exchange that supports this payment method. There are several bitcoin exchanges in India that allow you to buy bitcoin with a UPI transfer. Some popular options include WazirX, CoinDCX, and Zebpay.
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 and checking if it is regulated by any government agencies.
It is up to you whether you prefer a direct deposit or P2P. If a direct deposit is required, then an Indian exchange has to be chosen. In my opinion, P2P is the best because it is faster. I am giving the names of some exchanges, 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.
Huobi Global is one of the best and most popular exchange platforms, known for its high rewards and p2p.
Gate.io is the world’s 13th crypto exchange platform, where users can buy bitcoin with UPI via p2p.
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.
WazirX, another leading Indian exchange, allows P2P and direct deposit with UPI payment transfers.
CoinDCX: You can also use CoinDCX to buy bitcoin with a UPI transfer.
Step 2: Create an account on the 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.
The exchange may ask you to upload a government-issued ID, such as a passport or driver’s license, and a proof of address, such as a utility bill or bank statement. The verification process is necessary to comply with anti-money laundering and know-your-customer (AML/KYC) regulations.
Step 3: Link your UPI account to the exchange.
After creating an account and completing the verification process, you will need to link your UPI account to the exchange. This allows you to make payments and receive funds through the UPI system.
To link your UPI account, you will need to provide the exchange with your UPI ID, 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 will also need to authorize the exchange to access your UPI account through the app.
Step 4: Deposit funds into your exchange account.
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 exchange’s UPI ID.
The exchange will provide you with its UPI ID and the amount of funds you need to deposit. Simply enter these details in your UPI app and initiate the payment. The funds should be credited to your exchange account within a few minutes.
Step 5: Buy bitcoin with UPI transfer.
Once you have deposited funds into your exchange account, you are ready to buy bitcoin. Navigate to the “buy” section of the exchange and select UPI transfer as the payment method.
Enter the amount of bitcoin you want to buy and the price you are willing to pay. The exchange will show you the total cost of the transaction in rupees, including any fees. Review the details of the transaction and confirm the purchase.
Step 6: Withdraw your bitcoin to a personal wallet.
After you have purchased bitcoin on the exchange, it is a good idea to withdraw the bitcoin to a personal wallet for safekeeping. A personal wallet is a software program that stores your bitcoin and allows you to send and receive payments.
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.
It is important to keep in mind that bitcoin exchanges are vulnerable to hacking and other types of cyberattacks. Therefore, it is recommended to withdraw your bitcoin to a personal wallet as soon as possible after purchasing it.
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, while others may accept users from other countries as well. It is always a good idea to check the exchange’s terms of service and local laws before buying bitcoin.
With the above information, buying bitcoin with UPI should be made easy. You can even use this guide to buy other cryptocurrencies in India with UPI, such as USDT, Ethereum, and Litecoin.