How to sell Bitcoin in India? 6 best sites to do it in less than 1 minute
Bitcoin is the number one traded crypto in India and around the globe. After the Reserve Bank of India (RBI) reversed its ban orders, the price and demand has been surging. Local crypto exchanges and trading platforms based and operated from India are receiving more attention and popularity by the public. And as a result many Indians are looking for ways to sell Bitcoin in India. So in this article, I am going to mention 6 websites and a step by step guide on how you can sell BTC in less than a minute.
Bitcoin can be sold for either fiat currency (INR or others) or another crypto (such as Ethereum and other altcoins). The method for selling Bitcoin on crypto trading platforms involves various factors such as exchange rate, trading fees, trading and withdrawal limits, security, customer support and reviews.
- You can sell Bitcoin in India for INR
- You can sell Bitcoin in India for USDT, and other stable coins.
- You can sell Bitcoin in India for altcoins.
Liquidating Bitcoin is easy in India. You can get the money in your bank account via:
- UPI: It generally takes less than a minute.
- NEFT/IMPS: It takes around 2-3 hours on an average for the money to hit your bank account
- 3rd party platforms like Mobikwik: On an average, it takes less than an hour.
Let me first explain the top platforms to sell Bitcoin in India:
Sell Bitcoin on WazirX: #1 Crypto Exchange to sell Bitcoin in India with Highest Liquidity
WazirX is one of the best crypto exchanges in India to buy or sell Bitcoin through a live open order book system which facilitates fast trading. It is user-friendly and easy to navigate. A special feature attractive to users is that they can withdraw funds directly to their bank accounts, hassle-free.
To sell Bitcoin for INR via WazirX:
- Step no 1: Register for a new account on the platform, if you do not have one. This can be done via the web as well as the mobile app (supported by Android and iOS smart phones). If you already have an account and have BTC in your WazirX account, skip to step no 3.
- Step no 2: Next thing you need to do is to log in to your account and complete the KYC process. Deposit Bitcoin into you WazirX wallet from other wallets in an instant. Go To Funds -> Choose BTC from the list of cryptocurrency -> Click Deposit. Get the Deposit address and transfer your Bitcoin to WazirX account.
- Step no 3: To sell BTC for INR, Go To Markets -> Choose BTC from the list of crypto currencies -> Click Buy/Sell -> Select Sell tab. Sell.
- Step no 4: Withdraw funds to your bank account directly, by clicking on the funds option and then click on the “withdraw” option. There are three kinds of withdrawal available on WazirX: Instant Withdrawals (this incurs a fee), standard withdrawals (1-2 days), and Wazirx P2P (Instant and zero percent fee) are available.
WazirX users are allowed to sell BTC in the form of USDT, a stablecoin, or alts.
Sell Bitcoin for INR on CoinDCX: Best Crypto Exchange with Good UI
CoinDCX is the largest and safest cryptocurrency exchange in India where users can buy and sell bitcoin easily. It facilitates a seamless experience for crypto-to-crypto and fiat-to-crypto. To sell Bitcoin instantly, users are required to use CoinDCX Go, a simpler version of the platform.
- Tap on prices >> click on Bitcoin.
- Click on the sell button>> enter the amount of Bitcoin you wish to sell from your portfolio.
- After that, click on Sell BTC and the sell order will be executed immediately.
Sell Bitcoins on Bitbns: Indian Exchange Operating from 2017
BitBNS is a crypto exchange headquartered in Bengaluru, Karnataka, India. Deposits through NEFT/RTGS/IMPS are accepted.
- Register for a new account on BitBNS. Complete your KYC process and verify you email.
- Log in and visit your trading dashboard. Add funds and transfer Bitcoin from other wallets easily.
- Place a sell order by selecting Bitcoin, specify the volume and price to be sold as well.
- Confirm your sell order to execute it within a minute.
- To withdraw crypto or fiat, visit the wallets section and select withdraw. The quantity, volume and address for withdrawal is required.
Sell your Bitcoins on Pocketbits: KYC Approval in less than 59 minutes
Pocketbits was launched in 2017 which can be accessed via the web and the mobile app. Luckily for Indians, we many multiple ways to sell Bitcoin in India. Pocketbits does not charge any fees for selling Bitcoins. Pocketbits guarantees KYC approval in less than 59 minutes. If you are in a hurry to sell your Bitcoins and can’t wait for weeks, sing up on Pocketbits now.
You can follow the steps if you would like to sell Bitcoins on Pocketbits:
- Register for a new account or log in to your existing Pocketbits account.
- Select Bitcoin on your trading dashboard.
- To place a sell order, enter the amount of Bitcoin you wish to sell, under quantity.
- Enter the Total INR value for which you wish to SELL Bitcoin.
- Instant trades are executed at the best available price and may vary depending on the market volatility. For using the exact price, users are prompted to use pro trade.
Binance P2P: Best P2P Option for Selling Your Bitcoins in India
Many a times, there are issues with the bank accounts associated with the crypto exchanges. To solve the problem, many crypto exchanges introduced P2P. Binance is one of them and offers one of the best Peer-To-Peer trading platform where the user directly deals with their counter party, and exchange the asset P2P while confirming the transaction online. The offers are provided by Binance users on an individual basis.
If you would like to sell your Bitcoins via Binance P2P, follow the steps:
- Register for a new account on Binance or log in to your existing account. Users are required to complete their KYC verification and enable 2FA.
- Se up your preferred method for receiving or sending payments. Tap [Trade] – [P2P].
- Click on the sell option and browse for Bitcoin on the shown list. Choose from the best available users.
- To place a sell order, users are required to first place Bitcoin to sell into the P2P wallet portion of their account.
- Go through the details and confirm your order.
Your account will be credited with INR using UPI from the buyer.
Sell your Bitcoin for Cash in India via LocalBitcoins without KYC verification
LocalBitcoins is P2P marketplace for Bitcoin based out of Helsinki from 2012. Users can trade directly with individuals from their respective countries.
- Register or log in to your existing LocalBitcoins account.
- Visit the main page and click on the QUICK SELL option.
- Enter the quantity of Bitcoin you wish to sell and choose the mode of payment. If you are not sure, choose the All online offers option.
- Read the terms carefully and agree to the trade. Note that Bitcoin trades are irreversible.
- When the user receives the money, they can scroll down and click the green Release Bitcoins button and the trade will be executed.
This option is best for users who wants to sell their Bitcoins without KYC approval. You can use LocalBitcoins to either sale your Bitcoins for cash or can take money transferred in your bank account.
While there is nothing illegal in buying and selling Bitcoins for cash , it is highly recommended that you keep a record of all the purchases and sells of your Bitcoin, and do pay taxes on your crypto.
Bonus: Find a P2P Partner or a Friend to Trade Bitcoins for Cash
If you can find people who buy or sell Bitcoins for cash, you can use this option to sell your Bitcoin anytime. However, it is recommended not to deal with anyone you do not know personally. One mistake and you could get scammed.
While there is nothing illegal in buying and selling Bitcoins for cash , it is highly recommended that you keep a record of all the purchase and sell of your Bitcoin, and do pay taxes on your crypto.
Is there a way to sell your Bitcoin Anonymously?
Well ofcourse, there are ways to sell your Bitcoin anonymously. As mentioned above, you can trade Bitcoin for cash with your friends, or a local partner. You can also find buyers and sellers on LocalBitcoins. You can choose a buyer, meet them P2P and sell your Bitcoin being anonymous. However, I would suggest not meeting random Bitcoin buyers or sellers you don’t know.
How to sell Bitcoin in India after RBI Ban?
Many wondered how to sell your Bitcoins in India after the RBI ban and which is why they have hesitated from purchasing their first Bitcoin. Truth is, the RBI Ban has been outruled by the Supreme Court. A year back, things were dull and Indian Government considered banning buying, selling or storing Bitcoin in India.
However, the current position of the Indian Government is affirmative, and we could quickly regulations jumping it. Till then, you can use any of the mentioned steps to sell Bitcoins for INR. Once, the bill is passed, we will have more clarity. Even in extreme case, if Indian Government bans Bitcoin and crypto, they will give you ample time to liquidate your Bitcoin.
Now that you know how to sell Bitcoins in India, let us know in the comment section which one do you most often use.