How to purchase cryptocurrency through Binance App in India?

Table of Content

1. What is Bitcoin?

2. Bitcoin growth in India despite regulation uncertainties

3. How to buy Bitcoin in India?

4. Make an account on Binance App

5. Check your account and finish your KYC

6. Put money into your Binance account

7. Buy Bitcoin from Binance

8. Buying and selling Bitcoin and other digital currencies

9. Take money out of Binance

In India, Bitcoin and other cryptocurrencies are becoming very popular right now. In the cryptocurrency market, there are more investors and buyers who want to find easy ways to buy Bitcoin and other cryptocurrencies on Binance App.

Since its start in 2009, the world of Cryptocurrencies has changed a lot. Even though technology is still young, it is already proving to be a game-changer in many ways and industries, and it has a lot of room to grow and change the way money is handled around the world. India is a huge market for Bitcoin and other cryptocurrencies, just like it is for a lot of

other goods. India has become one of the fastest-growing markets because of how quickly its cryptocurrency market has grown.

Investing in Bitcoin and other cryptocurrencies have become one of the most popular ways for people in India to put their money to work. So much so that a lot of young people start investing and trading through cryptocurrencies. In this article, you’ll learn how to buy Bitcoin and other cryptocurrencies in India on Binance App, the largest cryptocurrency exchange in the world.

What is Bitcoin?

Before you can learn how to buy Bitcoin, you need to know what Bitcoin is. Bitcoin is the largest peer-to-peer digital currency in the world. It was created in 2009 by Satoshi Nakamoto, a mysterious programmer, and has no physical form. A peer-to-peer currency is one that can be traded directly online between two computers or mobile devices, without the need for a middleman like a bank.

Bitcoin’s whole point is to make it easy for people and businesses to send and receive money in a way that is safe, secure, and free from interference from banks and governments.

Bitcoin growth in India despite regulation uncertainties

Even though there aren’t clear rules about Bitcoin in India, more and more Indians are interested in it. Chainalysis, a data company, says that India is 11th out of 154 countries in terms of how many people use Bitcoin and other cryptocurrencies.

In April 2018, the Reserve Bank of India (RBI) made it illegal for banks to do anything related to cryptocurrencies. The Supreme Court of India changed its mind about this decision in May 2020. On May 31, 2021, RBI told the banks that its orders from 2018 shouldn’t be used to keep institutions or investors from getting cryptocurrency services. The old ban was completely overturned, but Bitcoin and other cryptocurrencies still face a lot of uncertainty because the government has been completely silent on the subject.

Even so, as of May 2021, Indians had put close to $6.6 billion into cryptocurrencies. Most of it has gone through Binance App, and the market is getting bigger every day.

Read More: Which bank allows cryptocurrency in Pakistan?

How to buy Bitcoin in India?

Now that we’ve told you everything you need to know about Bitcoin, you might be interested in buying some. We will show you how to buy Bitcoin in India step by step.

First of all, Binance App, the largest cryptocurrency exchange in the world, is the best place to buy Bitcoin in India. Binance lets you buy Bitcoin and other cryptocurrencies with a wide range of currencies, including INR. You can pay for Bitcoin with a direct bank transfer, UPI, or a Peer-to-Peer (P2P) transfer.

To buy Bitcoin and other cryptocurrencies on Binance App, follow the steps below:

1. Make an account on Binance App

The first thing you need to do is sign up for Binance App with your email address and phone number. Binance has two-factor authentication and sends an OTP every time someone tries to log in for the first time.

2. Check your account and finish your KYC

After you sign up for Binance App, you will need to verify your account by going to your email inbox and entering the code when asked. The next thing to do is to finish your KYC. You will have to enter your personal information, such as your PAN, Full Name, Birthdate, and Address. In the next step, you have to upload a photo of your ID card, which can be a Driver’s License, AADHAR card, PAN card, Voter ID, etc.

3. Put money into your Binance account

Now that you’ve set up your Binance App account, the next step to buying Bitcoin is to put money into your wallet. You can put either the cryptocurrencies you already own or regular money into your wallet. You can also put money into your account and buy Bitcoin and other cryptocurrencies by using bank transfers or P2P transfers from your bank.

4. Buy Bitcoin from Binance

You’ve now done the most important things you needed to do to buy Bitcoin on Binance App. Once the money is in your wallet, the next thing to do is to buy Bitcoin. Once you get to this page, you can choose to buy P2P from any of the sellers listed or go to the Express options

and enter the amount of Bitcoin you want to buy (BTC). When the transaction is done, the Bitcoin should show up in your wallet. Congrats! You just made your first Bitcoin purchase on Binance.

5. Buying and selling Bitcoin and other digital currencies

After you buy bitcoin and any other digital currency you want, the next step is to start trading in bitcoin.

6. Take money out of Binance

Once you’ve made the amount of money you want from Bitcoin and other cryptocurrencies. Binance App gives you a number of choices. You can keep your Bitcoin and hope to make more money from it. If you don’t want to keep your Bitcoin, you can sell it for a profit on the P2P network or move it to your WazirX wallet by linking it to Binance App.

You don’t have to make a new account on WazirX if you already have an account on Binance. One of the best things about using Binance in India is that the two wallets can work together. If you don’t want to do either of those things, you can sell your holdings and have the money sent straight to your bank account.

To Read more Blogs visit our Website: Dyor Crypto World

FAQs

Q1. Does Binance accept Indians?

Binance accepts a wide range of currencies and makes it easy to buy cryptocurrency with USD, EUR, CNY, AUD, INR, RUB, and other fiat currencies.

Q2. Can I buy crypto directly from Binance?

Users can easily buy Bitcoin and other cryptocurrencies using a wide range of payment methods, such as bank transfers, credit or debit cards, and cash. On Binance App, everyone can find a way to pay. We only work with verified and trusted partners to make sure that buying crypto is safe and easy for you.

Q3. Can I use Binance to buy Bitcoin in India?

P2P transactions, which can be done through your phone, only take a few minutes to finish. In addition to Bitcoin, Indian users can use INR on Binance P2P to buy or sell USDT, BUSD, BNB, ETH, and EOS.