Bitcoin is a digital currency created by the mysterious and pseudonymous Satoshi Nakamoto following the market crash in 2009. The idea behind bitcoin was to enable transactions to be made with no middlemen – meaning, no banks at much lower transaction fees than traditional online payment mechanisms. Bitcoin is also known as digital gold.
Now you might be wondering 'if Bitcoin is like gold then, where can I buy it? I can buy gold from my nearest jewelry or gold shop. But I don't know where to buy Bitcoin and also is it legal to buy it in India'
I got answers to all of your questions
How To Buy Bitcoin in India?
First of all, let me clarify that it's totally LEGAL to buy Bitcoin in India!
There are various ways to buy Bitcoin in India. It can be bought on exchanges and there are several market places that facilitate transactions directly between people. The method of buying Bitcoin varies depending on your preferences, available options, and capital. But you can use a variety of methods such as – online transactions, cash, or even bank transfers to buy Bitcoin.
One of the easiest ways to buy Bitcoin in India signing up on an online Made in India Bitcoin exchange.
After the introduction of KYC (Know your client) and AML (Anti Money Laundering) norms, most exchanges require your information in order to validate your identity. Only then will you will be able to open your account. The information includes your ID proof, photo, bank account details, proof of address, and so on.
How To Buy Bitcoin With Nuo?
To get started with buying Bitcoin using Nuo, we first begin by registering on the app, followed by completing our KYC and then finally depositing funds for our purchase.
Step 1: Nuo Account Creation
- Download the Nuo app, sign up with your email id or google account
- Enter OTP received on your email
- Fill in your name and set up your desired MPIN
- And complete your sign up
In order to start investing in bitcoin on Nuo, you must submit all the necessary KYC documents for verification to help us comply with regulatory authorities.
The documents necessary for KYC are
- PAN card
- Aadhaar card
Also, you will have to declare yourself as a Politically Exposed Person (PEP), if required, in the process. However, no documents are required to support this declaration.
Once you submit your details, the verification process begins within just a few minutes. We have automated a few things in this process to speed things up.
There are the following possibilities that could happen
If everything is alright, your KYC is approved almost automatically and instantly. This depends upon the upload quality of your PAN and Aadhaar documents.
If in case, after certain automatic retries, your KYC needs manual verification, the process could take up to 48 hours depending upon the availability of the support team and the number of pending requests. Rest assured, we try to do it as soon as possible.
Step 2: Depositing Funds
KYC verification should be completed before depositing funds
Currently, we support the following two methods thorough various automated payment gateways and is almost instant
- UPI via Cashfree
- Debit Cards, Credit Cards & Netbanking via MobiKwik wallet
Our team is tirelessly working on adding more payment options soon.
To add money into your Nuo wallet
Click on the icon shown in the image
Where you can INR Balance option to Add and withdraw money
Click add to deposit your funds, enter the amount you want to deposit and confirm
You will be directed towards the payment page to complete the payment
Step 3: Buy Bitcoin
Now you are ready to buy Bitcoin with your deposited fiat money. Let’s explore how easy the process is:
Get back to the home screen
As you can see there's an option to Buy BTC
Confirm it by entering your MPIN and congratulations, you have successfully bought your Bitcoin.