#FinancialBytes: 6 apps that help you buy/sell Bitcoins in India
World's most popular cryptocurrency Bitcoin's valuation has had some dramatic fluctuations over the past one year. It picked up the pace in May'18 from $2,000 to $20,000 in Dec'17 and plummeted to $6,046 in Feb'18. However, Bitcoin is finally regaining, reaching $9,800 (Rs. 6.55L) on 4 May'18. It's a good time for investments as the price is comparatively low. Here are 6 apps for buying/selling Bitcoins.
Leading Bitcoin exchange Zebpay app (Android and iOS) is one of India's most popular Bitcoin platforms. Users need to verify their account, complete eKYC, and link bank account to transact on Zebpay. Money deposited in their Zebpay-account will be used to buy Bitcoin. Limits (per transaction) are: 0.000001 (min) and 100 BTC (max) for deposits; and 0.0005 (min) and 5 BTC (max) for withdrawals.
Unocoin is another popular Bitcoin exchange available for Android and iOS. After account registration/verification, users can deposit money to Unocoin wallet to buy up to 10 BTC and sell 2 BTC (per day). Unocoin charges 1% fee for buying/selling. It also has SIP (Systematic Investment Planning) option for Bitcoin. After 60 days of usage and 100 BTC-worth transactions, users could upgrade to Gold Membership.
Koinex is a rather new app (for Android) for cryptocurrency exchange in India that was launched last year. After successful account registration and eKYC verification, users can deposit money into Koinex wallet and start trading. Bitcoin limits (per transaction) are: 0.001 BTC (min) for deposit and 0.002 BTC (min) and 10 BTC (max) for withdrawals. Koinex reportedly charges a trading fee of 0.25%.
PocketBits is a great 24x7 web platform for buying/selling Bitcoins within minutes. It would launch its mobile app soon. After account registration/verification, users can load their wallet and buy and sell Bitcoins. As a promotional offer, PocketBits is giving Rs. 100-worth Bitcoins for free on first purchase of Rs. 2,000-worth BTC or more and Rs. 200-worth BTC on first purchase of Rs. 5,000-worth BTC.
ThroughBit is another popular web option for buying, selling, and trading in Bitcoins any time. Users first need to create a ThroughBit account after which they can buy BTC on their dashboard; it offers a lot of payment choices. The process for selling Bitcoins is also easy. The minimum limit for purchasing Bitcoins is Rs. 250 while the maximum limit is 5 BTC.
Coinsecure is another leading Bitcoin trading platform; its mobile app is available for Android. Just like other Bitcoin exchange apps, users need to complete eKYC verification. Users can load money into their Coinsecure wallet to buy BTC. Unlike other platforms, the difference between the buy-sell prices is low on Coinsecure. Also, Coinsecure charges a comparatively low exchange trade fee of 0.3% on all transactions.
It is essential to understand that while Bitcoin platforms often try to provide security to users' assets, their investments are not always safe. For example, last month, Coinsecure reported that it lost over 438 BTC in India's largest Bitcoin theft that affected as many as 11,000 users. Also, India's Finance Ministry and RBI issued warnings against cryptocurrency investments, cautioning investors about potential risks.
