You’ve probably been hearing about Bitcoin (BTC) for a long time, either from the media, friends or perhaps even on various online platforms. Maybe you want to get into it yourself, but are still wondering about things like “ Should I buy Bitcoin?”, “Can I buy Bitcoin?” or “Who can own Bitcoin?”
While these questions linger, Bitcoin continues on a bull run, crossing its previous all-time high, $20,000 (in Jan 2018), reaching a new peak of over $64,000 in April 2021. People are certainly starting to wonder, whether it’s too late and if they missed the train.
The answer is no. It’s often said in Crypto that the best time to get in the market yesterday, but that the second best time is right now. The crypto industry is significantly more mature than it was a decade ago. Today, you can easily buy Bitcoin with Indian rupees on apps with just a few clicks. Many India-based crypto exchanges like WazirX, XREX, CoinDCX, and Bitbns support INR and you can directly deposit funds from your bank account using NEFT, RTGS to your wallet on these exchanges, and buy Bitcoin and other cryptocurrencies.
For instance, XREX supports both cryptocurrencies and fiat money. As far as fiat money is concerned, XREX supports Indian Rupee (INR) and the US dollar (USD). When it comes to cryptocurrencies, XREX crypto-fiat exchange supports Bitcoin (BTC), ETH, USDT, BCH, and XRP, which means you can buy any of these cryptocurrencies with the Indian Rupee or the US Dollar
The first step to buying Bitcoin with INR, is registering with XREX and passing identity verification. Next, simply use your banking app to make a deposit to your XREX account using the information displayed in your app under the deposit page. Note that you will be making a deposit into a wallet, which is an account in your own name. After you deposit INR through bank transfer to XREX wallet, you can directly buy Bitcoin and other cryptocurrencies on the app with a few clicks. Finally, for easy and quick withdrawals, link your Indian bank account to your XREX wallet simply by adding your details within the XREX app.
Of course, at over 60,000 USD i.e 41 lakh Indian rupees, Bitcoins might seem unaffordable for many. But if that is your concern, worry no more! With Bitcoin being divisible, you don’t need to buy a whole Bitcoin, you can buy fractional amounts of Bitcoin. This means you can easily get started with just a few hundred Indian rupees.
Here, we use XREX as an example, we will guide you step by step to buying your first fraction of a Bitcoin. In just four steps, and a few Indian rupees, you can start buying Bitcoin within minutes.
Step 1: Sign up with XREX
Step 2: Complete Identity Verification
Identity verification is a significant element in the fight against financial crimes and money laundering. Customer identity verification is the most critical aspect and it is the first step of the process. It is a step that strengthens the safety and security of users in the exchange, and we will talk more about this again towards the end of the article.
Here is a glance at all the required documents:
- Passport or Aadhar Card
- A real-time selfie of you holding your passport
- A recent utility bill, bank statement, PAN card or a valid government-issued ID that has your full name and your full address on it.
XREX users must complete identity verification in order to buy or sell cryptocurrencies like Bitcoin. There are three levels of verification, each with different limits and requirements. For INR transactions, it is recommended you complete level 2. If you encounter any problems, please don’t hesitate to contact us or watch the instruction video How to pass XREX identity verification.
Step 3: Deposit INR to Your XREX Wallet
To deposit INR to your XREX wallet, please go to Wallet and tap the Add button, choose INR from the list, and then select Bank Account to deposit INR from your bank account.
Step 4: Buy Bitcoin with INR
Once the INR is deposited, you can go to Market and buy Bitcoin at the Market price or the Limited price. You can also go to Wallet and convert INR to Bitcoin directly.
How to Protect My Digital Assets?
Before starting to buy Bitcoin and cryptocurrencies, you might worry about safety as there are many stories and news about exchanges being hacked, not to mention those terrifying crypto investment scams. It’s very important to check the security of the exchange before you register with them and put your money in. There are some easy ways to check if the exchange is safe or not, and also some simple methods to protect your digital assets.
1. Check the KYC system
The most important factor when choosing an exchange is to see whether they have a full KYC system. KYC means “Know Your Customer”. It’s a process that involves verifying your identity using your government-issued ID cards like address proof, PAN card, and your bank account details.
Identity verification is a significant element in the fight against financial crimes and money laundering. To protect your digital assets and to ensure your transactions are in a secured environment, choose an exchange that follows a strict KYC policy.
For example, the San Francisco-based cryptocurrency exchange Coinbase, which went public in April 2021, has been implementing strict KYC policies as it operates under the US regulation. Another example is the crypto-fiat exchange XREX, which is backed by the Taiwanese government and a world-class cybersecurity team with over 14 years of experience. If you are looking for an international exchange that is safe to buy Bitcoin with INR, XREX is an excellent choice, especially considering XREX supports USD on and off-ramps as well.
2. Select Apps and Platforms with Good Reputation
The bull market spawns many opportunists attempting to take advantage of the booming crypto industry. To avoid bad actors, illegal activities, and exchanges having weak security measures, it’s better to select well-known and prestigious exchanges.
One of the key factors in differentiating good exchanges from the bad ones is fiat money on and off-ramps. To offer fiat money on and off-ramps, the exchange has to partner with traditional banks, which require all exchange partners to comply with strict KYC policy and anti-money laundry mechanisms as part of the risk management measures. For example, XREX works with global AML and KYC service providers, including CipherTrace, Sum&Substance, and TRISA.io.
3. Use a Password Manager and Enabling 2FA
When trading or investing, it’s recommended you use a third-party password manager, like LastPass or Dashlane. Given the number of online accounts most people have, remembering passwords has become a real chore and many reuse the same password across multiple services. A vast amount of data breaches are caused by easy to guess, stolen, or reused passwords, and password management apps are fast becoming the first line of defense against this.
Why is Bitcoin increasingly attractive to Indians?
In India, an individual can’t open a US dollar account in banks. It’s hard to participate in the international market without the USD access and the depreciation of Indian rupees has worsened in recent years. Under such situations, many people turn their eyes on Bitcoin. It’s an opportunity to participate equally on the global stage.
In the original bitcoin whitepaper Bitcoin: A Peer-to-Peer Electronic Cash System published by Satoshi Nakamoto (2008), the core spirit of Bitcoin is to improve financial inclusion. People in India and developing countries deserve an equal opportunity to compete globally and to participate in thriving opportunities. Now people can easily buy Bitcoin with a few hundred Indian rupees in just a few clicks. It’s a new chapter for everyone on the personal level, and also a new chapter for the global financial system. The crypto movement is still at the early stage and growing stronger by day, and it’s the right time to participate in it.