If you are from India, have heard about bitcoin recently and are interested in buying and selling bitcoins, you’re exactly at the place you should be. In this blog, we will walk you through the entire process of how to buy and sell bitcoins in India using an exchange named Zebpay for demonstration purposes. In case you haven’t heard of it before, Zebpay is one of India’s most popular and trusted Bitcoin exchange. Now that we’ve given you a little backdrop of what’s in store ahead, let’s get started and talk about this straightforward process which involves/comprises of only three easy steps.
Step 1: Create an account
While Zebpay has both a website and a mobile application, the privilege of creating an account is available only via their mobile app. Once you’ve downloaded the Zebpay app on your mobile, you’ve got to signup which is pretty much similar to any another app.
Step 2: Verify Identity and Link your bank account
We know you’re all pumped up to buy your first bitcoin, but before you can make your first purchase, you will have to verify your identity by uploading necessary KYC documents and linking your bank account to the Zebay wallet. Zebpay essentially functions as any other wallet like Freecharge or Paytm, with the only difference being that it acts as a bitcoin wallet, wherein you can safely store your bitcoins. You need to link your bank account to the wallet so that you can wire your money to your Zebpay account and purchase bitcoins.
Once your KYC and bank approval process is completed, you can transfer money from your bank account to Zebpay and buy bitcoin using that money. While bitcoin transactions are supposedly considered to be anonymous, once you’ve linked verified your identity via KYC and linked your bank account, all anonymity is lost.
Step 3: Sell or and Buy order
Now, you’ve bought your first bitcoin but you’re confused with regards to the strategy to use while trading them. Well, bitcoin depending on your preferences and the time you have at your disposal, you can either choose to hold your bitcoins for long-term gains or choose to monitor price fluctuations closely and leverage them to book more profits. If you want to go with the latter, you can also place a bid and ask orders like you do in the stock market in accordance with the price you’re targeting.
If you still have any doubts, let’s take an example and decode each and every step:
Let’s suppose you want to buy ten bitcoins.
1. You will have to transfer the rupee equivalent of ten bitcoins to your Zebpay account. You can do this by using the deposit option available on the home screen of the app.
2. Once you can see the money in your Zebpay account, you can purchase bitcoins using the buy button on the home screen. Please make note that you will be buying bitcoins at buying price. Buy and sell options differ from each other, unlike the stock market.
3. Once your order is processed, you will be able to see the BTC equivalent of your money which would be 10 bitcoins in this case.