Your guide: How to Buy Crypto with ICICI Bank?
More people in India are looking into ways to invest in digital assets like Bitcoin, Ethereum, and others as they become more famous. You’ve come to the right place if you have an ICICI Bank account and want to know how to buy cryptocurrency with that account.
One of India’s best private banks, ICICI Bank, has made it easy for its clients to invest in cryptocurrencies. This guide will show you the steps you need to take to use ICICI Bank’s services to buy cryptocurrency. This way, you can be sure you can handle the process.
Keep reading to learn more.
Also read: BRICS: No De-Dollarization, Countries Use China When It Suits Them
Why work with ICICI Bank to buy crypto?
It’s important to know why ICICI Bank is a good choice for crypto purchases before you start the steps. Customers of ICICI Bank can send money to Indian cryptocurrency exchanges. This makes it easy to buy cryptocurrencies like Bitcoin and Ethereum.
The Reserve Bank of India (RBI) sets rules that the bank follows. This makes sure that your transactions are safe and secure. ICICI Bank also lets you pay for your crypto purchases in several ways, such as through bank transfers and credit cards.
Pick a cryptocurrency exchange as the first step
To buy cryptocurrency with ICICI Bank, the first thing you need to do is find a reliable exchange that accepts INR. You can use well-known platforms like Bybit, CoinDCX, and WazirX. These platforms are controlled and follow RBI rules, which means you can trust them and feel safe using them. Make sure that the trade you pick lets you pay with ICICI Bank.
Step 2: Make an account and confirm it
The next step is to sign up for an account after choosing an exchange. During this process, you will usually need to provide some basic personal information and make a strong password.
Once you’ve signed up, you’ll need to prove your account by sending in proof of who you are. This “Know Your Customer” (KYC) process is required by the exchange and helps them make sure that you are who you say you are and that your activities are legal.
Step 3: Use ICICI Bank to deposit money
After your account has been checked out, you can send money. You can choose INR as your deposit currency by going to the “Deposit” or “Funds” part of the exchange. You’ll be asked to pick a payment method. Pick ICICI Bank.
Depending on the exchange, you can use a bank transfer, UPI, or a credit card to put money in. Type in the amount you want to pay, and then follow the on-screen prompts to finish the transfer. Soon, the money should show up in your exchange account.
Step 4: Get cryptocurrency
As soon as you have INR in your trading account, you can buy cryptocurrency. Click on “Buy” or “Trade” and pick out the digital object you want to buy, like Ethereum (ETH) or Bitcoin (BTC). As the payment currency, make sure INR is chosen.
Type in the amount of INR or cryptocurrency you want to spend or buy. Before you confirm the buy, look over the transaction details, such as the exchange rate and any fees. If everything checks out, the coin will be added to your exchange wallet.
Step 5: Keep your crypto safe
It’s important to keep your digital assets safe after buying bitcoin. It’s easy to trade your money on the market, but it’s not the safest place to store it for a long time. You might want to move your cryptocurrency to a safe wallet.
Hardware wallets are the safest, but software wallets are also a good choice because they are both safe and easy to use. Keep your secret keys safe and make sure you have a copy of your wallet.
Fees and Rules
If you want to buy cryptocurrency through ICICI Bank, you should know about the fees that come with it. Most exchanges charge a small fee to trade, transfer, or withdraw money. This bank might also charge extra for some activities, like sending money between countries. This is to make sure that you are aware of these fees on both the trade and the bank’s end.
Additionally, keep up with the rules that apply to cryptocurrency in India. All markets in India must follow rules set by the Reserve Bank of India. These rules may change over time. To avoid problems, make sure you are following the most recent law rules.
Also read: BRICS: India & UAE Use XRP in Trade to Ditch the US Dollar”
Conclusion
In conclusion, buying crypto through ICICI Bank is pretty easy. Just remember to pick a trustworthy exchange, prove your account, and keep your digital assets safe. Because ICICI Bank supports crypto trades, it is a good choice for Indian investors who want to add digital currencies to their portfolios. With this guide, you’ll be able to buy crypto with ICICI Bank safely and easily.
So, what are you waiting for? Happy trading!