Buying Ethereum in 2023 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 in 2023.
What exactly is Ethereum?
It is an asset, a crypto asset. From the tech point of view, it is an open source decentralised digital currency where you can create smart contract and decentralised apps.
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 just below 2000 USD. ETH touched 2021 ATH, on 12th May and price has consolidated since then.
As of September 10, 2023, ETH is trading at 1631USD.
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.
Is Buying ETH Legal in India?
Buying and selling Ethereum 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.
As of September 10, 2023, there is no ban on buying and selling ETH in India.
ETH Price History: July 2015 to Date
Ethereum was launched in 2015 and it has not been a smooth ride since then. ETH has had major price fluctuations and market volatility. Let’s have a look at them.
ETH Price History 2015
The first ETH transaction took place on August 7th, 2015 when Ethereum’s price was $2.77. The price shrunk to $ 0.68 within a week, because it was new and unknown to the investors. Most people didn’t know the value of the crypto asset back then, so the price kept ranging from $ 0.8-1.
ETH Price History 2016
The update of Ethereum to a more stable version attracted many new users, which resulted in a price hike to $15. This resulted in Ethereum’s market value crossing a billion for the first time. But the price soon fell to $7.3 due to an experiment by Ethereum.
The success of DAO project resulted in a price rise to $20.6, which raised approximately $150 million. But after a theft of $50 million from the DAO code, the prices fell to $11. The prices recovered to $15 after the launch of Ethereum classic. By the end of the year, the prices were hovering between $7-9.
ETH Price History 2017
With a starting price of $8, Ethereum saw a huge growth in the year 2017. The starting months the price pumped to $13, and then $20. After unsafe transactions on the Bitcoin network, people started turning towards Ethereum. This led to a price rise from $20 to $45. Soon the prices started ranging from $53-59.
In May, 2017 the prices soared to $95 due to Bitcoins continuing unconfirmed transactions. On June 12 the price was recorded as $400, which was exceptional. The price rise was also affiliated to the wide use of Ethereum for dapps and crypto market. On July 16, the price fell back to $150 but in September it was back to business with $400. By December, the price growth was recorded at $800.
ETH Price History 2018
2018 was a booming year. The prices started from $1400 in January which was crazy. In February along with the price fall in bitcoin, the Ethereum price fell to $700. The Ethereum Go Iceberg client release resulted in a price hike to $1000. But, soon after that Ethereum’s price kept declining and reached $380.
The price of Ethereum in May was $830 but soon after that, the prices saw a huge decline and landed at $180 in September. In November, when Ethereum was down to $85, it was replaced by XRP as the second best crypto. By the end of the year, the prices ranged between $130-140.
ETH Price History 2019
Ethereum regained its second position with a market price of $160. The prices of Ethereum were not witnessing any major fluctuations for a month or two due to no changes in Bitcoins market. When Bitcoin slightly fell, Ethereum followed the rally and ended up at $100 again. From there, a few highs of $160 and $180 were seen, and by the end of May the prices were $280.
The market for Ethereum improved to $301 in July. The price fell down by the end of July to $212 and kept ranging around $200-220 till August. The prices further fell down in September to $180 and maintained the sake till December. Ethereum witnessed only downfalls and ended up at $132 by the end of the year.
ETH Price History 2020
The start of the year was not very great. The price of Ethereum in January stopped at $174. The prices were gradually rising, even though bitcoin was subsequently increasing. On February 19, Ethereum prices witnessed a boom and were recorded at $282. The next few months are crucial when the global pandemic was announced. March witnessed a fall in Ethereum’s price which dropped to $112.
Ethereum was neither too high nor too low from March to June when the prices ranged from $100-300. After August there was a gradual rise in the price. On September 02, Ethereum’s price was $477. The stability was maintained till November, when a sudden rise in prices resulted in Ethereum rising to $659. The year ended with a boom and the end price was $731.
ETH Price History 2021
2021 has been good for ETH as well as other top cryptocurrencies. From 730 USD, ETH price crossed 4300USD on 12th May, 21. ETH closed the year around 3700USD.
ETH Price History 2022
2022 was not a great year for ETH. The price dropped from 3700USD range to less than 1000USD and closed the year around $1199USD.
How to buy Ethereum in India?
Buying Ethereum has never been easier. With the emerging crypto exchange platforms, trading in Ethereum has also become simpler. One can buy Ethereum on platforms like WazirX, CoinDCX, Giottus, BitBNS, Binance, etc.
Here are the basic steps to buy Ethereum using a crypto exchange.
Sign up on a crypto exchange
First things first, you need to find a crypto exchange that suits your needs, and is available as per your requirements, and most preferably trades in INR. There are plenty of crypto exchange platforms in the market, so you can be selective about which one you want to invest your money in.
You can choose a platform with regard to fees, account maintenance, commissions, security features, safety initiatives, user friendly interface and most importantly trades in Ethereum. We have discussed the best exchanges to buy ETH below.
In order to become a user, sign up on the exchange platform by visiting its website or downloading the mobile app. Enter your email address, name and create a password. Verify your email to open your account. Some exchanges open your account instantly, while the others take some time to verify you as a user.
Fund your account
After successfully signing up, verify your personal information and enter your bank details through KYC. You have to link your account to a bank account in order to fund it. You can mostly use a debit card or UPI payment to fund your account, but very selected exchanges also allow its users to use credit cards for the payment.
Verify your bank account regularly at the initial stages by confirmation mails or messages on small or huge deposits. This is for your own security and safety of your money. Your bank verification can take a few hours or maybe even a week, depending on the exchange Platform.
Place your trade order for Ether (ETH)
Once your account is active, verified and funded successfully you are ready to place an order for Ether. Before you do this, check the recent prices of 1 ETH. Then analyse the current market volatility and the past trends of ETH to decide how much of it you would like to invest in.
It is always beneficial and advisable to start investing with a lower amount, i.e. ₹100-500. You can always buy any Crypto in fractions. After you select how much ETH you want to buy, place your order. There are different kinds of orders, select one according to the fees you’re ready to pay, the time period it’ll take to get deposited, etc. After placing the order, you’ve successfully completed the process of buying an Ethereum.
Store your ETH in a wallet
After the order is successfully placed, you’ll be charged a trading fee and you can see your ETH in your exchange account. In case you don’t want to trade any time soon, make sure to transfer or store your ETH in a digital wallet with encrypted private keys which ensures safety of the coin. If you want to trade in a shorter period of time, you can keep it in your exchange and regularly check up on it.
You can also buy Ethereum using the PEER-TO-PEER TRANSACTION options. In this case you don’t have to pay trading fees. The exchange platform can find a suitable seller for the exact amount of ETH that you’re willing to buy, and can match you for further transactions. This service is offered by WazirX, Binance, OKEx, etc. This process can be time-consuming and tedious.
Best Crypto Exchanges to Invest in Ethereum in 2021 India
Now that you know how to buy ETH, let me list the best exchanges you can use to invest in ETH in India
WazirX: Best Exchange to buy ETH in India
Wazirx is an Indian crypto exchange that is used to buy cryptocurrencies in India including Ethereum. 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 an app as well.
Also Read: WazirX Crypto Exchange India Review
Giottus: Best Exchange to buy instantly that supports instant KYC
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: How to Margin Trade ETH in India
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: One of the Oldest Indian Crypto Exchange to buy and sell ETH in INR
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: Best Exchange to buy ETH against other alts
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. You do not need to KYC if you plan to withdraw less than 2 BTC worth of ETH per day.
Can you buy Ethereum P2P (Peer to Peer)?
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. You can use Binance to buy ETH peer to peer.
How to buy Ethereum with a Credit Card?
Ethereum can also be bought with a credit card from Cex.io
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.
But currently, we have noticed that Indian credit cards are not accepted by CEX. But do give it a try and let us know under comments, if CEX worked for you. Non Indians can definitely use CEX to buy ETH with credit card.
How to buy Ethereum anonymously?
You can buy ETH anonymously from a friend, or someone you know directly without involving any crypto exchange.
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.