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How do I buy Bitcoin in INR on Binance?

2021-08-06

Key Takeaways

● The recent growing interest in Bitcoin among Indian investors has led to a surge in cryptocurrency investing.

Binance, the world’s largest crypto exchange, provides users in India an accessible platform to buy cryptocurrencies with INR.

● With millions of users worldwide, the Binance Peer-to-peer(P2P) marketplace is a great platform to buy bitcoin in INR in India

A growing number of Indian investors have shown their interest in cryptocurrencies in the past year. Besides uncertainties caused by the global pandemic, Indians have parked thousands of crores till the end of May 2021. The reason for this tremendous investment boom can be attributed to the return-on-investment provided by leading cryptocurrencies around the world. Despite the lows of the past year alone, the price of Bitcoin has grown four folds and Ethereum by over ten times..

Although regulation for cryptocurrencies in the country has been shaky, crypto investments in India have still gained significant traction. Over 15 million Indians have bought or sold digital currencies. Many crypto enthusiasts believe that the current volume provided by Indian investors is just the tip of the iceberg for mass adoption in a country which possesses the world’s largest IT population.  

How can you buy bitcoin in INR on Binance?

Binance is the world’s largest crypto exchange trusted by millions of users worldwide. Our platform has the option for Indian investors to buy and sell cryptocurrencies with INR. Follow  our steps below to buy bitcoin with INR in India.  

STEP 1: Create your Binance Account

Sign up with Binance and fill in the required details like your email address or mobile phone number. Always remember to choose a strong password for your crypto wallet to ensure safety and security. You can also download the mobile phone application to make your Binance account.You can also protect your account with 2FA or two-factor authentication, providing an additional layer of security. Click on the “Security” option under the profile tab.

STEP 2: Complete your KYC verification

KYC (Know your customer) is the mandatory verification of a client’s identity by a financial institution. The KYC process includes various documents that can be used to verify your identity such as a valid identification card, utility bills, and so on.Click on the profile tab, and then select the identification option from the dropdown menu.

STEP 3: Verify your identity

After entering your KYC details, click on the VERIFY button to start the verification process. Please note that the submitted documents should only be issued by the authorities of your nationality.

STEP 4: Complete the Verification

Confirm that the submitted details are accurate to get your KYC verification accepted. The verification process might take some time, after which your account will be ready for trading. You’ll also have the option to switch from basic to advanced verification models.

Basic

Intermediate

Advanced Pro 

Information Required

Personal Information

All Basic Requirements

Government ID

Facial Verification

All Intermediate Requirements 

Proof of Address 

Enhanced due diligence 

Review time: 10 days

Benefits

Fiat deposit & withdrawal limits: $300 lifetime

 

P2P transaction limits- NA

 

Crypto Deposit- Unlimited

 

Crypto Withdraw- 2 BTC daily

 

Other features- NA

Fiat deposit & withdrawal limits: $15K daily $150K monthly

 

P2P transaction limits- unlimited

 

Crypto Deposit- Unlimited

 

Crypto Withdraw- 100 BTC daily

 

Other features- LPD/OTC/ Binance card

Fiat deposit & withdrawal limits: $20k daily $200k monthly

P2P transaction limits- unlimited

Crypto Deposit- Unlimited 

Crypto withdraw- 100 BTC daily

Other features- LPD/OTC/Binance card

STEP 5: Buy bitcoin in INR through Binance P2P

Binance P2P (Peer-to-peer exchange) is a marketplace where people can trade crypto directly with each other on their terms, in virtually any country. With more than 70 fiat currencies, the P2P marketplace makes it easy for Indian investors to buy and sell cryptocurrencies in INR.

To visit the marketplace, click on the wallet tab, and then the P2P option from the dropdown menu. You can also visit the marketplace by just clicking here

STEP 6: Fill in your requirements to buy bitcoin

Select BTC as the cryptocurrency to trade, and then the ‘BUY’ option. Enter the amount you are willing to purchase with INR as the fiat currency. Select the payment option that you prefer among the various alternatives present. Click on the “only show merchant ads” option  for a list of verified merchants by Binance along with the bitcoin to INR price, and their minimum and maximum limit of selling. 

STEP 7: Purchasing bitcoin from merchants

After selecting the suitable merchant, click on the “BUY BTC” option and fill in the amount to purchase in your selected fiat currency.

After clicking on “BUY BTC”, you'll have a 15 minutetime frame to transfer the fund to the merchant through the payment option selected earlier. Make the payment, and then click “Transferred, NEXT”.

STEP 8: Receiving bitcoin from the merchant

The merchant will get a notification to transfer the amount of bitcoin bought into your account. You will receive your bitcoin within a few minutes from the merchant.

In case of a delay, you can always “raise an appeal”. The option is available straight away after you have clicked the “Transferred, NEXT” option. The next step will be to mention the “Reason for Appeal” with proof to support your argument. 

That is all it takes to buy bitcoin in INR in India with your Binance account. It’s easy and quick. You can also use this particular guide to buy other cryptocurrencies as well through the Binance P2P marketplace.