Today I’m going to show you how to buy bitcoins in India through the Unocoin crypto-currency exchange. Unocoin was founded in 2013 and has been providing a platform for Indian investors ever since. Even during the RBI’s ban on cryptocurrencies in the stock market, many alternatives have emerged for investors in the country to invest in their favourite coins.
As you may already know, the venerable Supreme Court of India has overturned and declared unconstitutional the Reserve Bank of India’s ban on crypto assets, and Indian crypto investors are now free to invest.
While this does not mean that BTC is now legal in India, you can now invest in it at your own risk.
If you want to invest in bitcoin in India, Unocoin is a worthy platform in my opinion.
Unocoin is a crypto currency exchange that allows individuals in India to buy bitcoins for Indian rupees. You can load up Unocoin with money via IMPS, NEFT, RTGS or UPI and then buy BTC.
If you’re completely new to bitcoin, I recommend reading this post: How to start trading bitcoin. I wrote this post for beginners who want to invest in bitcoin.
How to buy bitcoins in India with Unocoin
Watch the video above to learn how to buy bitcoins on Unocoin. Or you can read the written instructions.
I chose the Unocoin app to show you the steps because everyone has a phone except a laptop.
Fear of selling:
Here’s what you need to do to buy BTC:
- Create a Unocoin wallet and receive a confirmation.
- Add money to Unocoin
- Buy bitcoins
- Store BTC in a safe place (optional, but very important, most investors make this terrible mistake).
Create a Unocoin account
Message: No matter which crypto currency exchange you open your account on, they all require identity verification, which means you can’t buy BTC. In simple terms: You cannot buy bitcoins anonymously.
- First, open your phone’s app store and install the official Unocoin app.
- After installing the application, open it and select the country. Then choose your preferred language.
- Click on Register to create a Unocoin account.
- Fill in the details. Please add my reference code U-268871 in the reference code field.
- Check the box next to it. I agree with the terms and conditions Cancel the terms and conditions and click on REGISTER.
- Perform the following steps and upload a validation ID for verification.
Adding money to Unocoin
Once your account is verified, you can deposit money into your account and buy the cryptocurrencies listed.
Here are the steps to follow to add money to your Unocoin portfolio:
- Log into the Unocoin app and tap on the INR (₹) icon.
- Click on the icon of the bank. If other options are available, you can select them too. At the time of writing, only the bank option is available.
- In the Enter INR field, enter the amount in Indian Rupees that you want to add to your Unocoin portfolio. For example, I want to add ₹2000 to my account, so I entered 2000 in the field.
- After entering the amount, list the Unocoin account information and display it on the same screen. You need to transfer the amount entered to this Unocoin bank account.
- After entering the account details, press the Deposit button. Click OK to close the dialog box.
- Minimize your Unocoin app now and log into your online or mobile banking account.
- After opening your online bank account, transfer the money to your Unocoin bank account.
- Now go to the bank statement and note down the ID of the payment transaction.
- Maximize your Unocoin wallet, press the INR (₹) icon again and press Add REF NO.
- Enter the payment ID and click on Confirm.
- Here’s how. You have successfully deposited money into your Unocoin account. Now wait until the money is credited to your wallet.
It takes between 4 and 48 hours for the money to appear in your Wallet account. So be patient.
Buying bitcoins in India with Unocoin
Now comes the magic part when you buy your first bitcoin or part of it. Once your funds are credited to your wallet account, follow the steps below to buy BTCs.
- Click on Buy Bitcoins on the home screen.
- Enter the amount in Indian Rupees for which you wish to buy BTC. For example, I have deposited ₹2000 rupees in my Unocoin account, but I want to invest ₹1000 in BTC, so I enter 1000 in the INR field.
- Click on Continue.
- On the next screen, check all the details, including the transaction fees, and then click Buy.
- Ta-da! You bought your first Bitcoin. You can tap on the wallet icon to see your account balance.
Did you see how easy it was? Just follow the same steps to acquire a few more pieces in the future. The steps are the same if you want to invest in other listed currencies.
Wait! Don’t go there. I’m going to share with you a very important step that most novice investors ignore.
Keep BTC in a safe place
In today’s world, it is very easy to buy cryptocurrencies, but very difficult to keep them safe.
Storing coins in an online wallet is not a wise decision. Why?
First, you bought bitcoins, but if you store them in a web wallet, like Unocoin offers, you are not yet the true owner. You don’t own bitcoins unless you have full control over them and their private key.
Purses can be hacked at any time and you can lose coins.
Reputable exchanges like Unocoin, Coinbase, Binance and others even volunteer their customers to use hardware wallets to secure cryptocurrencies.
As far as you know, there are two ways to store cryptocurrencies: Hot and cold storage. And for the safety of your coins, industry experts always recommend cold storage (offline storage of bitcoins).
The two best ways to store BTC cold are a paper wallet and a hardware wallet. A hardware wallet is a physical device such as a USB drive that stores bitcoins offline.
Personally, I recommend a hardware wallet if you have bitcoins worth your three months of expenses. For more information, read this post.
Hardware portfolios are recommended here:
frequently asked questions
Is Unocoin legal in India?
The crypto-currency market fli…
Can I buy bitcoins with a trusted wallet?
Which wallet can I use to buy bitcoins in India?
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