How to buy cryptocurrency coins like Bitcoin in India using Koinex and BuyUcoin

I’ve been trading in cryptocurrency coins for a few weeks now so I thought I’d write this initial guide for people figuring out how to buy Bitcoin in India. Mind you,ย Koinex and BuyUcoin are not the only platforms out there. If it’s only Bitcoin you want, more popular are services likes:

ZebPay (use referral code REF17052340 and get Rs. 100 worth of Bitcoin for your first buy or sell) – ZebPay is a mobile app only service. Claims to be the most downloaded Bitcoin trading & wallet app in India.

Unocoin (referral link gets you a little Bitcoin when you sign up) – Web-based and mobile-app. Currently the second biggest bitcoin trading app.

Coinome – Recently launched by the company Bill Desk, one of India’s largest payment gateway service providers. Their website and platform look pretty good and operates better than Unocoin in my opinion. Edit: Coinome now offers Bitcoin Cash and Litecoin.

Indian bitcoin altcoin websites
Expect more services offering buying & selling of crypto currencies

There are others like Coinsecure.in, Sragy, CoinDelta, Flitpay (app only) and Remitano, but I just don’t know how good they are. A lot of them are new and I expect more such websites and apps will launch in 2018 as the popularity of Bitcoin in the mainstream news grows. I preferred to do most of my trading in Koinex because aside from Bitcoin, they allow for buying of Etherium (ETH), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH) as well. BuyUcoin allows for many more altcoins (alternative coins — basically anything besides Bitcoin), see the full list here. It was important to me that I diversify my cryptocurrency investments since I’ve already missed the boat on Bitcoin. It’s just way too expensive to own any significant chunk now. So if you want to buy Ripple in India, then Koinex is probably the best place to get it.

NOTE: Koinex and BuyUcoin do not have mobile apps. Be careful, there are fake apps under Koinex’s name on the Google Play store. Do not download them. Theft and hacking of coin exchanges is fairly common and hackers/thieves do it to steal Bitcoins & other coins of value.

No matter which trading platform you choose, do your research and check the Facebook pages and app store reviews for each service. See if people are complaining about anything and what the issues are. Also — and this very important — check the price at which Bitcoin is being sold on these platforms. Koinex is a peer-to-peer exchange so the prices being traded are based on what the users on Koinex are willing to buy or sell at. Check the buy and sell prices on ZebPay, Unocoin, BuyUcoin and the like. Those websites even have a huge price gap between buy and sell prices for Bitcoins.

Remitano bull sell price difference
See the price gap between the Buy and Sell rates on Remitano

Since Koinex is an exchange, you are buying and selling based on prices being quoted in the trades with other Koinex users. As supposed to ZebPay, Unocoin and BuyUcoin where you can simply state the quantity or value of Bitcoins you want to buy and get it.

Getting started with Koinex and BuyUcoin

First you need to register with these websites. Registration is entirely free on all of them. These websites make money from transaction fees. The registration process for all the above named websites includes a KYC (Know Your Customer) verification. This includes uploading a scanned or photo images of your Aadhaar card, PAN card and id proof (passport, license, etc.). The KYC verification took me a day or two on Koinex, Unocoin and BuyUcoin but as the popularity of Bitcoin grows, coin exchanges the world over have been dealing with a massive surge in users signing up and this has resulted in delayed processing of KYC. Once your profile has been verified, you then then need to enter your bank details as you can load your Koinex or BuyUcoin wallet with Indian rupees using a bank transfer. So it could take nearly a week after registration for you to begin trading on these cryptocurrency exchanges.

Okay, now about transferring money. I have to bring this up since I see a lot of people complaining on the FB pages of all the coin exchanges about delays in seeing the money they transferred to Koinex’s or BuyUcoin’s bank account (and other trading platforms too). The process works like this:

  1. You have to transfer money via online bank transfer to Koinex or BuyUcoin’s bank account via NEFT or IMPS.ย Koinex andBuyUcoin have mentioned their bank account details on their website. Likewise with the other coin trading platforms. UPDATE: Koinex has mentioned that for all INR deposits done using IMPS/NEFT you have to enter only your Koinex Id in the remarks section when you make the transfer. No other remarks will be accepted.
  2. After your make a bank transfer, you then need to create a ‘Deposit Request’ in Koinex or BuyUcoin and mention the reference number of the successful bank transfer transaction.

I’m going to use my experience with Citibank to explain this. When I made bank transfers from my Citibank account to Koinex’s Kotak Mahindra Bank account and BuyUcoin’s Central Bank of India, Citibank generated a reference number consisting of only number. I immediately created a deposit request on Koinex and BuyUcoin. When you create a deposit request, you have to enter the reference number. The reference number you get that is all numeric is not the reference number you have to enter in the deposit request on Koinex and BuyUcoin. After the transfer is successful, Citibank (or any other bank, if you opted for SMS updates), sends me an SMS like this:

02/12/2017 EFT TO UTR#CITIN17860374010- -IBLOCK TECHNOLOGIES PVT LTD -CA -36XX4XXX27 -CENTRAL BANK OF INDIA -GHAZIABAD -HAPUR Ref No :- 0811833818 10,000.00

CITIN17860374010 is the UTR (Unique Taxpayer Reference) number you have to enter. So my advice is NOT to create a deposit request immediately after you make the bank transfer. Wait until you get the SMS or email confirmation (you can check your online bank account for the confirmation too) once the transfer is successful. Then create the deposit request on Koinex, Uncoin, BuyUcoin and so on using the UTR number. That’s the correct reference number you need to enter in the deposit request along with the amount you transferred. Once the correct reference number has been added to the deposit request, the money should appear in your INR wallet shortly after.

UPDATE: Koinex does not require the UTR or deposit request process anymore. As stated already, when you make the bank transfer, you only need to enter your Koinex Id in the remarks section of the bank transfer. But before you make a bank transfer you fist need to add your bank account details to your Koinex account.

Now you can begin trading.

How to buy Bitcoin on Koinex

After signing in, select Bitcoin from the drop down as seen in the screenshot below:

Select Bitcoin Koinex
To buy any of the coins Koinex offers to trade, you need to first select it from the drop down

In the TRADE section, enter the quantity of Bitcoin you wish to buy. You can put in any quantity you wish to buy and wait if someone is willing to sell the exact quantity you want for the price at which you are offering. Or you can simply put in a quantity that you see someone is selling for.

Enter price quantity Bitcoin Koinex
I only put Rs. 5 lakhs as a example. Nobody is going to sell their precious Bitcoin for Rs. 5 lakhs when the market rate has crossed Rs. 10 lakhs ๐Ÿ™‚ For a quicker sale, you have to enter the lowest ask price. So that’s Rs. 10,410 you will be spending to buy 0.001 Bitcoins

You can still offer a lower rate than what is listed as the ‘Last Traded Price’. The trade request may still go through. It’s just that you may have to wait until someone offers to buy at that lower price or the overall trading price of Bitcoin falls.

Buy sell Koinex trade

By the way, Koinex will levy a small transaction fee and all taxes for the purchase or sale when placing a trade request.

Buying Ripple on Koinex
For example, if I were to buy 200 Ripple in Koinex for Rs. 18 per Ripple, including their fee, I would have to pay Rs. 3609.

For list of Koinex’s fees, see this page.

How to buy Bitcoin on BuyUcoin

BuyUcoin is not a peer-to-peer exchange. Like ZebPay and Unocoin, you can straight up buy & sell how much ever Bitcoin or any other cryptocurrency they offer. After signing in to your account and once your wallet has INR loaded, click the BUY SELL from the top bar. Bitcoin is shown as default.

Buyucoin buy Bitcoin
Select the coin you want to buy from the drop down

One downside with BuyUcoin is that they have set a minimum buy and sell amount. For now it says: ‘Min btc buy amount is 0.0015’.

Buyucoin how to buy Bitcoin
When buying, you have to quote the INR amount you wish to spend and it will show how much BTC that gets you. When selling BTC you own, you can enter the quantity of BTC you wish to sell.

If the buy goes through, you will see the amount you spent deducted from your wallet and the BTC you earned.

How to buy ARK Buyucoin India
The process is the same for other coins and tokens

One downside with BuyUcoin is that there is a huge gap between their Buy and Sell prices. It’s not the best website out there for cyptocurrencies but if you want to invest in altcoins, you don’t have much choice among the current Indian offerings. I feel BuyUcoin is buying altcoins from international exchanges and then re-selling them in India. Who knows, I could be wrong.

Regardless of which platform you use, be careful when spending money and buying or selling. Bitcoin prices are highly volatile right now and the price rises are often followed by a crash. So if you think you missed out on buying at a “low” price, don’t worry, I’ve seen prices fluctuate so much that I feel I shouldn’t feel bad on missing out. I’ve bought Ripple at Rs. 17 and Rs. 18 and then a few weeks later at Rs. 16. I bought my first Bitcoin at Rs. 5,80,000 (I only bought 0.01 then). Since then Bitcoin has been on a wild ride as you already know. Most cryptocurrency experts I follow predict a price correction but just don’t expect Bitcoin lose that much value anytime soon.

Before investing, I suggest reading this article: Hereโ€™s some advice before buying Bitcoin and altcoins.

If you found this post to be useful, please click Like and feel free to share this post on social media. You may also sign up to the various trading platforms I linked to using my referral links/codes.

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11 Comments

  • Maria

    11/12/2017

    This is really helpful and informative! ๐Ÿ˜€ Thanks!

    Mithun Divakaran Reply:

    Appreciate it Maria! ๐Ÿ˜‰

  • Mahaveer

    15/12/2017

    BuyUcoin has signup problem

    Mithun Divakaran Reply:

    It’s back up now. Always check the official Facebook pages of these exchanges for updates on what’s wrong. If you have facing delays in getting verified, then you can message them on FB to speed up the process. Just speak to them politely, not angrily. Every exchange is facing a massive surge in new user sign-ups.

  • Nirmal

    17/12/2017

    While initiating transfer from Citibank, I get an error message. We are currently unable to service your request. But the money transfer is successful for other bank accounts.

    How do I proceed with Citibank?

    Mithun Divakaran Reply:

    Did you try again after a later time? If you keep getting that error from Citibank then you would just have to contact Citibank and ask them whats wrong. I have never faced such an issue. And I have transferred from Citibank to Koinex and BuyUcoin at least 5 times by now.

  • Ankit Gupta

    19/12/2017

    I earned lot from BuyUcoin platform , excellent website to buy and sell cryptocurrency – I invested 50k in litecoin and now sold it successfully for 147k and got it into my bank account through their instant transfer option.

  • rohit

    24/12/2017

    You have mentioned that on koinex we make a bank transfer to the koinex account but koinex is providing a different bank account for every user and that too in different banks. why is it so?

    Mithun Divakaran Reply:

    I don’t know because there’s no way for me to check multiple Koinex accounts. I do know that my cousin had a different account number than what I saw in my Koinex profile. It was still Kotak Mahindra Bank but the account number was different. It still worked for him and he was able to transfer money successfully to his Koinex account.

  • Saikiran

    27/12/2017

    Citibank says “we are unable to process your request” Also there are many branches (in Citibank shown)with the ifsc code given! which branch to choose from.Mumbai Marian point?

    Mithun Divakaran Reply:

    Mumbai Marian point? If it’s NARIMAN POINT, then the IFSC code is CITI0000040.

Comments are closed.