Your guide: How to Buy Crypto with UPI Transfer?
India is becoming more interested in cryptocurrencies like Bitcoin, Ethereum, and others, and more people want in. Using UPI (Unified Payments Interface) could be the best way to buy something if you’re new to crypto or just want to find a more easy way to do it.
UPI is a real-time payment system created by the National Payments Corporation of India. It lets you send money quickly from one bank account to another. So, if you’ve ever wondered, “how to buy crypto with UPI transfer” you’re in luck.
Keep reading to find out more.
Also read: BRICS: India & Russia Take Major Step to Ditch the US Dollar in Trade
Why Should You Use UPI to Buy Crypto?
UPI has become one of the most popular ways to pay in India because it’s quick, safe, and super easy to use. When it comes to buying cryptocurrency, UPI has a lot of benefits. To begin, UPI transfers happen right away, so you don’t have to wait days for the money to show up in your exchange account.
Second, UPI is directly linked to your bank account, so you don’t have to go through multiple payment gateways. Finally, UPI transfers are usually very cheap or even free, which makes it a good way to save money when buying crypto. Thanks to these pros, it’s easy to see why a lot of cryptocurrency markets in India now accept UPI as a payment method.
Pick a cryptocurrency exchange as the first step
To buy cryptocurrency with a UPI transfer, the first thing you need to do is find a trustworthy cryptocurrency market. You should pick an exchange that works with UPI because not all of them do. WazirX, CoinDCX, and ZebPay are some of the most well-known cryptocurrency platforms in India that accept UPI payments. These sites are safe, easy to use, and in line with Indian laws, so they’re a great choice for both new and experienced investors.
Step 2: Sign up and finish the Know Your Customer (KYC) check
Making an account is the next thing you need to do after choosing an exchange. Usually, you have to give your email address, make a password, and prove your email address as part of this process.
You’ll have to go through the Know Your Customer (KYC) process after signing up. KYC is a required process that requires you to show proof of who you are, such as your PAN card or Aadhaar card. Know Your Customer (KYC) checks make sure that your account is safe and that your purchases follow Indian law.
Step 3: Use UPI to connect your bank account
After setting up your account and completing Know Your Customer (KYC) checks, you can use UPI to connect your bank account to your exchange account. In the “Deposit” or “Funds” part of most exchanges, you can choose UPI as your payment method.
It generally looks like this: yourname@bank. You’ll need to enter your UPI ID. When you enter your UPI ID, the exchange will ask your UPI app to send a payment. Once you open the UPI app and confirm the payment, the money will be sent right away to your exchange account.
Also Read: BRICS: Russia’s Trade With Alliance Hits Record as US Dollar Takes Major Blow
Step 4: Use UPI to buy cryptocurrency
You can now buy cryptocurrency since your exchange account has money in it. Find the “Buy” or “Trade” part of the platform and pick out the cryptocurrency, like Bitcoin, that you want to buy. Make sure that INR is chosen as the currency for payment. Type in the amount of INR or cryptocurrency you want to spend or buy.
Make sure to confirm the transaction details are correct before making the buy. Be sure to check out the exchange rate and any fees. If everything checks out, the coin will be added to your exchange wallet.
Step 5: Keep your cryptocurrency safe
Once you’ve bought Bitcoin, it’s important to keep it safe. Leaving your crypto on an exchange may be handy, but it may not be the safest way to store it for a long time. You might want to move your digital assets to a safe bank. The safest wallets are hardware ones, but software wallets are also very good. Don’t forget to back up your wallet and keep your secret keys somewhere safe.
Conclusion
In the end, learning how to buy crypto with UPI transfers is fairly straightforward. By using this guide, you should be able to use UPI to buy your first cryptocurrency.
Just make sure you pick a trustworthy exchange, go through the Know Your Customer (KYC) process, and keep your digital assets safe. The world of cryptocurrencies is growing, and UPI makes it easy and safe to join. Have fun buying!