How to Sell Bitcoin in India? 5 Best Sites to sell BTC (October 2023)
Bitcoin’s popularity is undeniable. As of 2023, not only is it the leading cryptocurrency globally, but it’s also the top choice for over 100 million Indian crypto enthusiasts. Yet, many remain in the dark about how to sell Bitcoin in India. Whether you’re an early bird investor seeking updated platforms or a newcomer eager to get started, this guide is tailor-made for you.
First of all, let us understand what are your options to sell Bitcoin in India in 2023:
- Selling Bitcoin for INR: You can convert your Bitcoin directly into Indian Rupees.
- Trading Bitcoin for Stable Coins: USDT and other stable coins offer a stable value, making them a popular choice for many.
- Exchanging Bitcoin for Altcoins: Diversifying your crypto portfolio? Trade your Bitcoin for Ethereum or other altcoins.
Once you’ve decided to sell for INR (first option), receiving your funds is straightforward:
- UPI: In under a minute, your funds are usually ready.
- NEFT/IMPS: Typically, it takes about 2-3 hours for the transaction to reflect in your bank account.
- Third-party Platforms (e.g., Mobikwik): Expect to see your money within an hour.
Throughout this guide, we’ll provide a detailed exploration into selling Bitcoin in 2023, keeping an eye on essential aspects like exchange rates, transaction fees, security, customer experience, and platform reviews. Let’s simplify the process of selling BTC in India for you!
What we are going to learn?
Top Cryptocurrency Exchanges to Sell BTC in India
- Binance P2P
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 can also sell their BTC to USDT, or any other stablecoin, or alts.
Please note: Getting your money directly from the exchange is not always possible. Sometimes there are limitations, and in that case only WazirX P2P works. It is advised you check with WazirX twitter before selling your BTC to INR on WazirX spot exchange.
Sell Bitcoin for INR on CoinDCX: Best Crypto Exchange with Good UI
After WazirX, CoinDCX is the second largest and credible 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: Oldest Indian BTC Trading 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.
Before selling your cryptocurrencies on Binance P2P, please learn about Binance P2P scam and how to avoid them.
Selling Bitcoin For Cash in India: Find a P2P Partner or a Friend to Trade Bitcoins for Cash
One direct method to liquidate your Bitcoin holdings in India is through cash transactions. If you’re considering this approach, it’s crucial to prioritize safety:
- Choose Familiar Contacts: Engage with individuals you know personally. This minimizes the risk of fraud or scams.
- Stay Legal and Informed: While trading Bitcoin for cash isn’t illegal, it’s essential to maintain a thorough record of all your transactions. Ensuring you pay the necessary taxes on your crypto transactions will keep you in good standing with authorities.
- Tax Implications: Be aware that as per the latest Income Tax regulations in India, a 1% TDS (Tax Deducted at Source) applies to cryptocurrency transactions. It’s your responsibility to self-report and settle this tax when buying or selling cryptocurrencies.
By approaching cash-based Bitcoin transactions with caution and diligence, you can ensure a smooth and compliant trade.
How to to sell your Bitcoin in India Anonymously?
As mentioned above, you can trade Bitcoin for cash with your friends, or a local partner.
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.
Is buying and selling BTC in India illegal?
Buying and selling BTC is not illegal in India. However, it is advised to self-report and pay TDS and taxes accordingly.
Which is the best crypto exchanges to sell BTC in India?
I have mentioned a few options above. Select any which offers the highest rate at the time of liquidating and go with the exchange.
Has Indian Government banned trading Bitcoin in India?
No Indian government has not banned Bitcoin trading in India. You can buy and sell BTC without any worry. Just ensure to pay the right amount of taxes on time.
Is buying and selling BTC peer to peer illegal in India?
No, trading BTC P2P in India is not illegal in India. Infact, it is one of the most preferred ways to buy and sell BTC anonymously.
What is the current position of Indian Govt. on Bitcoin?
I do not see any outright ban of cryptocurrency trading coming. Indian Govt. has taken the approach of levying high taxes. This step is taken to minimise buying and selling BTC as much as possible. In less than a year, we could see more regulations coming in. Till then, you can use any of the mentioned steps to sell Bitcoins for INR.
You can check this article to learn more about Indian Government’s latest stand on Cryptocurrencies #G20.
Now that you know how to sell Bitcoins in India, let us know in the comment section which one do you most often use.