Is it safe to buy cryptocurrency in India Since, RBI has banned cryptocurrency in India. Is it safe to buy cryptocurrency in India?
In India, Reserve Bank of India(RBI) had instructed to all banks to stop all the business dealings with companies dealing with Virtual Currencies such as Bitcoin and other Altcoins within 3 months from April 6. India’s central bank issued a circular to stop all dealings in cryptocurrencies by July 5.
Buying from an Indian in a pair of INR may be very risky because your wallet can freeze anytime and withdrawal may not proceed into your bank account. There are many things in which we have to take care while making any investment in cryptocurrencies.
Some popular exchanges such as Zebpay and Unocoin are claiming that their withdrawal process in working fine but can freeze anytime. Zebpay has now launched a new update to provide Peer-to-peer trading to traders and now the exchange supports 19 cryptocurrencies and 37 trading pairs. Exchanges Other than Zebpay and Unocoin, Kionex has also supported Crypto-to-crypto trading in India.
Some other players have also taken this opportunity, a new cryptocurrency exchange has arrived known as WazirX. This exchange has introduced its own coin for crowdfunding “WRX”. The exchange is currently supporting Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin etc.
How to buy Cryptocurrencies in India after the ban?
LocalBitcoins is a P2P Bitcoin exchange where Buyers and sellers agree on trade terms, and LocalBitcoins is used as escrow. In many countries where bitcoins are restricted it is the only way to buy cryptocurrencies. LocalBitcoins allow to Buy/sell through many payment options. The problem of using LocalBitcoin is there are many scams around this site.
Instashift, it allows users to buy/sell cryptocurrencies in a multi-party p2p model. It allows users selling crypto in escrow and requires the buyer to have an existing wallet, they can also get money directly in their bank accounts.