Crypto Exchanges Supporting INR (Buy Bitcoin Using INR)

When looking for a cryptocurrency exchange to buy Bitcoin from, one of the major concerns is whether or not the exchange accepts your local currency. Not many investors in India, especially beginners, already have cryptocurrencies to exchange for bitcoin. So, their only option is to use INR to buy Bitcoin in India. If you are looking for Bitcoin exchanges that support INR, here you go.

Why buy Bitcoin using INR

INR, or Indian National Rupee, is the national currency of India. In that role, it is the most easily accessible currency to Indian nationals. Almost all monetary transactions in the country are performed in INR. It means people looking to buy cryptocurrencies for the first time and having no crypto-coins in their account would most probably want to use their Indian currency for payments.

There are some crypto exchanges in India that allow people to buy Bitcoin and other cryptocurrencies using INR.

Buying bitcoins using INR is convenient for Indian nationals, as they have easy access to the local currency and need not first convert to another currency in order to buy Bitcoin. Also, some exchanges accept payments using Indian debit cards, credit cards, bank accounts, and/or wallet, which make it further convenient for local citizens to buy their favourite cryptocurrencies.

All crypto exchanges in India can be broadly divided into two categories: 1) P2P & 2) Non-P2P

Here’s a list of all the Bitcoin Exchanges in India where you can buy Bitcoin using INR.

Shiftal

Shiftal is a leading P2P crypto exchange in India. As a peer-to-peer exchange, it allows users to buy/sell Bitcoin directly with other users on the platform.

Besides INR, Shiftal supports a variety of other currencies. Indian users can pay for their orders in Indian Rupee using a number of options such as bank transfer, UPI, Paytm wallet, credit/debit card, Google Pay, Amazon Pay voucher and more.

CoinSwitch

CoinSwitch is another leading Bitcoin exchange in India. Until March 2021, it supported INR deposits, allowing users to deposit INR using direct bank transfer and/or UPI. However, INR deposits on CoinSwitch are temporarily disabled in light of the Indian government’s reluctance to allow crypto transactions using bank accounts.

WazirX

WazirX is one of the top crypto exchanges in India. Until now, you could deposit INR in your WazirX account using multiple options such as NEFT, UPI and IMPS. However, as of now, the only options available for INR deposit on the exchange are instant deposits using payment gateway (Mobikwik wallet - 1.50% fee + 18% GST) and P2P deposits (buy INR directly from other users in exchange for USDT).

CoinDCX

CoinDCX is an India-based crypto exchange that was founded in 2018 and soon became a popular exchange for Indian users because of its fast & low-cost INR deposit feature. However, direct bank deposit on the platform has been discontinued and users now have to pay a 1.5% convenience fee (+ taxes) to the third-party payment gateway in order to deposit INR in their CoinDCX wallets.

To sum up, there are already multiple options for anyone looking to buy Bitcoin, ETH and other top coins using INR in India. When choosing the right exchange, a user has to consider multiple things, including the platform fee, transaction fee, INR deposit options, platform reliability and security, transaction speed (no. of transactions per second), etc.

By loosely comparing the above options, we can see that Shiftal Exchange is probably the easiest, most convenient and affordable way to buy Bitcoin using INR in India. The platform doesn’t need users to deposit funds in order to buy bitcoin, as they can pay directly to a seller using their preferred payment mode from over 70 options.