Buying Ethereum in 2021 in India has never been easier. In this post we would help you buy Ethereum in India STEP by STEP.
When I first wrote about how to buy Ethereum in 2017, my post was one of the most viewed answers on Quora. Also, then the process was a bit complex. You had to buy Bitcoin and then convert it to Ethereum.
Things have changed and you can now directly buy Ethereum in minutes just like you buy anything from Amazon or Flipkart.
Now before we go into details, let me describe a little bit about what exactly is Ethereum and what you need to know before buying Ethereum.
What exactly is Ethereum?
It is an asset, a crypto asset. From the tech point of view, it is open source decentralised digital currency which runs on smart contract. Various other cryptotokens that are launched uses Ethereum as a platform to build their smart contract.
By marketcap, Ethereum is the second most valuable token, after Bitcoin. It is currently trading above 1000 USD, and crypto investors are speculating a surge in the price in 2021.
What should you know before buying Ethereum?
Cryptocurrency market is HIGHLY volatile. The price of Ethereum has been fluctuating and will be fluctuating a lot. An investment of 1000 USD may become 100 USD in less than 1 year, or even lesser. Having said that, it could also become 2000 USD in no time. So kindly RISK only what you can afford to RISK.
Please read the above paragraph again and then once you understand the meaning, proceed with the rest of the article.
Buying and selling cryptocurrencies in India is not illegal. There was a small temporary ban on buying any cryptocurrency via Exchange using bank as a medium of transfer of money as was directed by RBI.
However, last year honorable Supreme court ruled out such restrictions in favor of the exchanges and have asked banks to resume services. Ever since, there has been no negative stand from the govt of India.
Now, let's dive in.
How to buy Ethereum in 2021 India?
I am going to list down the exchanges that can be used to buy Ethereum in India:
Wazirx is an Indian crypto exchange that is used to buy cryptocurrencies in India including Ethereum. Wazirx has been acquired by Binance. The charges for trading is nominal. They charge 20 paisa each per 100 INR buy and sell. So for every 100 INR traded (bought and sold), you pay 40 paisa to the exchange as fee.
They have a good amount of liquidity. They do have app as well.
Also Read: WazirX Crypto Exchange India Review
Giottus is another exchange where you will find the best rate. Compared to WazirX, they have less liquidity. However, their support in phenomenal. You can get instant KYC approval if you signup from the below link. The prices you get on selling and buying is comparatively similar and sometimes more on Giottus. It is highly recommended that you sign up on every exchange we have mentioned so that you can sell wherever you find the best price. Giottus, has their website and an android app. They have not launched their iOS app yet.
CoinDCX is one of my favorite Indian crypto exchanges where apart from buying and selling Ethereum and other crypto coins, you can earn by lending crypto currencies. For example, you can lend Ethereum and earn a fixed income. You get around 6 percent APY on lending Ethereum on CoinDCX. I will write a complete article on how to make money via lending Ethereum on CoinDCX later.
BitBNS is another exchange where you can buy Ethereum. I had used BitBNS during in 2018 and 2019 to sell Ethereum and withdraw my funds to my bank account. You can give BitBNS a try too. Support wise, they are one of my least favorites. I have seen users with tickets open over more than a month and being delayed without any favorable outcome. I sincerely hope they work on the support side. Innovation wise, they are quick. Compared to other exchanges, I have seen BitBNS to be a leader in this space.
Binance: Buy Altcoins here
Some coins may not be available on the Indian exchanges. What you can do is buy BTC, ETH or USDT or any such alt coin and transfer it to Binance and buy altcoin there. Binance is one of the most reputed exchanges in the world. FUNDS ARE SAFU. If I have to name one exchange which I am confident of security and risk keeping my coins there, it is surely Binance.
Open an account today: SIGN UP HERE
You do not need to KYC if you plan to withdraw less than 2 BTC per day.
Can you buy Ethereum P2P?
Some crypto investors just want to buy P2P or peer to peer. You can buy P2P in India too. For that you need to check localbitcoins.com or find someone who is selling. Some exchanges also have P2P options. KYC is mandatory on exchanges. Until you complete KYC, exchanges would not be allowing you to deal P2P.
How to buy Ethereum with a Credit Card?
Ethereum can also be bought with a credit card from Cex.com
CEX is an international exchange that allows its users to buy or sell crytpo with credit cards. CEX has made buying Ethereum with your visa or Mastercard super easy. Sign up today and explore the platform. Not just Ethereum, you can buy other crypto coins from CEX too.
How to sell Ethereum in India?
You can use the same websites and apps mentioned above to sell Ethereum in India. Upon selling, you can withdraw it to your bank via UPI or bank transfer. Some exchanges have P2P option enabled too. Most of the cases, the deposit and withdrawal of INR is instant.
Please feel free to share your experience on buying and selling Ethereum in India in 2021. If you have any other questions too, kindly post them in the comment section. You can also connect with me on Facebook if you have got any doubt.