By now everyone has heard the news about the INR deposits and withdrawals delays, temporary halts on multiple exchanges. Well if you cannot deposit or withdraw your money, how can you buy Bitcoin and other Altcoins which are cheaper than the exchanges that holds your money?
Fear not, you can still buy Bitcoin and other cryptocurrencies at these places from people like us with a simple IMPS/NEFT bank transfer or even Cash. This process can also be referred to as OTC trade. Peer-2-Peer Bitcoin exchanges are bringing their businesses to India, to capitalise on the opportunities opening up. While the incumbent players rely on manual intervention and payment partners to process user deposits, P2P exchanges work differently.
You as a buyer have to make IMPS/NEFT transfer to the seller’s bank account to purchase Bitcoin. Once the payment is made and confirmed, you get your Bitcoin. All these exchanges follow an escrow model, meaning once you place an order the seller’s bitcoin is placed in Escrow so that he or she cannot run away with your money.
A quick disclaimer: Although rated safe and secure, Bitcoin trading carries a risk. Stay Vigilant
Check these out:
A decentralised platform that allows users from different countries to exchange bitcoin for the local currency. Local bitcoins is the most popular site in India for over the counter trade of Bitcoins. You can choose from existing dealers or create your own advertisement to purchase or sell Bitcoins.
Alternatively you can find an offline seller nearby and buy Bitcoins using Cash.
Fees: Buying and Selling Bitcoin is Free. Advertising on LocalBitcoins attracts a 1% fee from the trade.
Another Peer-to-Peer marketplace for Bitcoin and Ethereum. Remitano has one of the best interfaces. It also uses a sort of Maker-taker model, hence if you place an advertisement and someone fulfils it, you pay no fees.
Fees: The Makers pay 0 Fees. The takers pay 1% fee.
Relatively new in India, Paxful offers a variety of payment options to buy bitcoin. Besides NEFT/IMPS, you can use Amazon gift card, Steam credits, Paypal, wester union, even credit and debit cards. Paxful offers a 24/7 Support which is an added advantage.
Fees: Buyers Pay 0 fee, Sellers Pay 1% Fee
If you do not trust sending your precious INR to someone via internet banking, you can always meet someone in person and transact. Mycelium offers exactly that. The Mycelium local trader finds the nearest traders you can connect with to buy/sell Bitcoin for cash.
Fees: 1% Fee for all transactions
Well that is our list folks, hope you guys can get the best deal out of this. Don’t forget to let us know in the comments below.