Bitcoin has become a part of our daily lives. Gone are the days when Bitcoin was an internet sensation used solely by techies. Thanks to exchanges, everyone can now easily buy and sell Bitcoin. In India, the scenario is no different.
While India is among the biggest markets for crypto and the digital economy, many Indians are still skeptical about buying Bitcoin for various valid reasons. Fees, availability, law, and taxes all hold Indians back from achieving this financial freedom.
Here in this article, we'll discuss how Indians can buy Bitcoin cheaply. But before that, let's find out why Indians are more skeptical about using exchanges to buy Bitcoin.
Why Indian Investors Don't Trust Crypto Exchanges
Let's be honest, for many of us in India, Always feel hesitant before buying Bitcoin. You hear about the big gains, the exciting news, but then you also hear stories that make you scratch your head. When it comes to actually putting your hard-earned money into a crypto exchange, a few nagging worries tend to pop up. It's not just about whether Bitcoin itself is a good bet; it's about the platforms where you're supposed to buy it.
❍ User Interface
First off, there's the whole user interface thing. Imagine trying to use a complex banking app, but it looks like something from the early 2000s, with buttons everywhere and no clear path to what you want to do. That's how many early crypto exchanges in India felt. They weren't exactly designed with the everyday user in mind. This can be super intimidating, especially if you're new to Crypto. You worry about accidentally sending your money to the wrong place or simply getting lost in a maze of options. While some platforms have gotten much better, that initial impression of being a bit clunky still makes people hesitant.
❍ Reliability
Then comes reliability. We've all heard stories, right? An exchange facing sudden technical issues, or worse, shutting down. In a space that's still relatively new in India, building trust takes time. People want to know that when they deposit their money, it's actually there, safe and sound, and that they can access it whenever they need to. Unlike traditional banks, which have been around forever and feel incredibly secure, crypto exchanges, for some, still carry that "what if?" factor.
❍ Legal Isuues
The legal battle between Crypto & State been a bit of a roller coaster ride in India, hasn't it? One day, it feels like a ban is coming, the next, there are new tax rules. This back-and-forth makes it tough to feel confident. People are always wondering, "Is this truly legal? Will the rules change tomorrow and affect my investment?" While it's now clear that holding and trading cryptocurrencies (as Virtual Digital Assets) is allowed, the lack of a rock-solid, long-term regulatory framework still makes many Indian investors walk carefully.
❍ Security
And of course, there's the big one: security. The digital world, sadly, has its fair share of bad actors. Tales of hacking, phishing scams, and outright fraud are enough to make anyone nervous. Handing over your money to a digital platform, especially one that deals with an asset outside the traditional banking system, feels inherently risky to some. While exchanges go to great lengths with things like two-factor authentication and keeping most funds offline (in "cold storage"), the fear of a cyberattack or losing access to your money due to some digital mishap is a very real concern for many.
❍ Liquidity
Finally, though it might sound a bit technical, liquidity can also play a role. For those looking to buy or sell larger amounts of Bitcoin, the ability to do so quickly and smoothly, without significantly impacting the price, is important. On some smaller or newer exchanges, or during quiet trading periods, you might find it difficult to execute big orders without a hitch. This means your trade might go through at a slightly less favorable price than you expected, or it might just take longer. While the bigger Indian exchanges generally do well on this front, the overall market depth compared to global platforms can sometimes still be a point of worry for more serious investors.
Best Exchanges in India To Buy Bitcoin Cheaply
CoinDCX – Charges 0.2% spot trading fees, allows free INR deposits, and supports INR withdrawals with minimal charges.
KuCoin – Keeps trading fees at 0.1%, skips direct INR deposits but offers a strong P2P marketplace, and supports high futures and margin trading volume.
Binance – Binance Offers 0 Fee Bitcoin Buy. Generally Offers 0.1% trading fees (with BNB discounts), provides the lowest withdrawal fees, and delivers the deepest liquidity with the widest product range.
Which Exchange You Should Use To Buy BTC
▨ CoinDCX
Supports INR Deposits & Withdrawals – Lets users deposit and withdraw INR easily through UPI and bank transfers.
Follows Regulations – Aligns with Indian laws, reducing risks of disruptions.
Provides a User-Friendly Interface – Makes trading simple with an easy-to-use mobile app.
Prioritizes Security – Secures user funds with regular audits, proof-of-reserves, and insurance coverage.
▨ KuCoin
Lists Hundreds of Altcoins – Offers 700+ crypto pairs, including many low-cap gems.
Enables P2P Trading – Lets users buy and sell crypto with INR through its P2P marketplace.
Brings Advanced Trading Features – Supports futures, margin trading, staking, and lending.
Offers Crypto Earn & Staking – Gives users options to earn passive income through flexible staking.
Keeps Trading Fees Low – Sets a base trading fee of 0.1%, which drops further with KCS token use.
▨ Binance
Best in class Liquidity – Handles the highest trading volume, ensuring smooth, large trades.
Low Fees – Charges 0.1% standard trading fees and lowers costs for BNB holders. Join Binance
Provides a Secure Web3 Wallet – Lets users store crypto securely while interacting with dApps.
Rewards Users with Airdrops & Promotions – Runs frequent rewards programs, staking opportunities, and launchpad projects. They run Launchpool, Launchpad, WEB3 MegaDrop, Hodlers Airdrop.
Best in Class Standard – Protects funds with SAFU insurance, proof-of-reserves, and strong security protocols.
Expands Trading Options – Supports spot, futures, options, leveraged trading and Pre-market Trading.
Education & SocialFi – Offers Binance Academy and in-depth research reports for learning. Binance Also offers Binance Square which is Basically The Biggest Web3 Social Media.
Why You Should Use Binance For Buying Bitcoin in India
While most of centralised Exchanges are offering same services but few features on Binance made them standout.
No Fee in Bitcoin Trading : Binance Usually Don't Charge Any Fee in Certain Bitcoin Spot which is Rare.
No Hidden Charges : Binance Don't charge any Hidden Cost to purchase your Bitcoin. If it Priced $10,000, It will Cost you $10,000
Direct P2P Purchasing : If You Want to purchase Bitcoin Direct From Your Bank Account Using INR, You can Do it easily With Binance P2P
How to Buy Bitcoin on Binance India Easily
Binance Lite is designed for easy cryptocurrency trading in India. This guide will help you purchase Bitcoin using Indian Rupees through in their simplified platform.
What You Need
Binance app installed on your phone
Completed KYC verification
Valid Indian bank account or UPI
Sufficient INR balance for purchase
Step-by-Step Process
Step 1: Access Buy Feature
Open the Binance Lite app
Tap the "Buy" button on the main screen
Select "Buy crypto with INR"
Step 2: Choose Bitcoin
Tap "Choose Crypto"
We'll Select Bitcoin (BTC) from the list
Check the current market price displayed
Step 3: Enter Purchase Amount
Navigate to "I want to pay" section
Enter your desired amount in INR using the number pad. I'm Spending 1000₹.
The app will show how much BTC you'll receive
Step 4: Select Payment Method:
UPI - Most popular for instant payments
IMPS - Immediate bank transfers
Bank Transfer - For larger amounts
Credit/Debit Cards - Visa/Mastercard accepted
Each method shows the exact BTC amount you'll receive, you can choose whatever your convenience.
Step 5: Review Order Details
Check the "Preview Order" screen
Verify trading partner information:
Trader name and ratings
Completion rate and order history
Any specific requirements
Confirm transaction details:
Amount you pay in INR
Bitcoin amount you receive
Selected payment method
Step 6: Complete Purchase
Tap "Place Order"
Note the payment time limit (usually 15-30 minutes)
Follow payment instructions from the seller
Complete payment within the specified time
Confirm payment in the app
So, Why Are You Waiting Buy Your First $BTC Now !!