How to Use UPI to Buy Bitcoin on Indian Crypto Exchanges?

Are you looking to invest in Bitcoin but unsure of how to start buying using INR? Good news- some Indian exchanges allow users to invest in crypto via UPI. You do not require a credit or a debit card, and it’s also very fast and easy. You can simply start your crypto trading journey with a smartphone and a UPI ID. 

Check out this blog till the end to know how you can buy Bitcoin in INR using UPI and why Mudrex is one of the best platforms in India to do it.

Key Takeaways

• Why should you use UPI to buy Bitcoin?
• Detailed comparison of the best crypto exchanges in India.
• How to Buy Bitcoin with UPI on Mudrex?
• Is Bitcoin trading with UPI safe and legal in India?

Why Buy Bitcoin with UPI?

As you all know, Bitcoin is the most popular cryptocurrency in the world, and owning a small part of it can be a good option for future-focused investors. However, traditional payment options like debit cards or wire transfers, which have been used for this long, can be slow, expensive, and outright unavailable in India. However, UPI has made it much simpler for Indian investors.

Here are some major benefits of using UPI for crypto purchases in India:

• Transactions are processed quite quickly.
• You don’t need a debit/credit card. Simply use your existing bank account.
• Many exchanges in India offer zero-fee UPI deposits.
• While crypto is not regulated, UPI transactions in India are legal.
• Every UPI transaction is authorised with two-factor authentication and linked to your mobile devices. 
• Anyone with a smartphone and a bank account can transact on crypto platforms using UPI.

Best Crypto Exchanges in India that Support UPI

Selecting the right exchange for trading crypto in India is very crucial. You want a platform that is safe, beginner-friendly friendly and supports INR and UPI without any hidden charges. Here is a comparison table of the best crypto exchanges in India.

Key Factors to Consider

• Choose an exchange that has a bank-grade security, 2FA, and withdrawal whitelist options.
• It becomes easier to trade with a simpler interface. New investors will always look for a user-friendly interface.
• Watch out for the deposits, withdrawals, and trading fees.
• Look for real-time deposits and withdrawals using UPI.
• A fast and smooth KYC process will speed up your transactions.

1. Mudrex

Mudrex is a user-friendly crypto platform that supports UPI transactions. It allows seamless deposits in INR and also ensures a secure trading experience by requiring KYC verification. Featuring a low trading fee of just 0.1%, Mudrex stands out as an efficient and cost-effective platform for Indian traders.

2. CoinDCX

CoinDCX is another popular crypto exchange in India that supports UPI transactions. It has mandatory KYC compliances to ensure security for the traders. CoinDCX also features a low trading fee between 0.1-0.2% and is a flexible option for both casual and active traders. 

3. ZebPay

ZebPay is one of the oldest Indian crypto exchanges that offers dependable and smooth UPI support for Indian users. The platform ensures the security of the traders by employing KYC compliance. It also has a low trading fee of 0.15% and strikes a good balance between affordability and functionality.

Step-by-Step Guide to Buying Bitcoin with UPI on Mudrex

Step 1: Selecting a Trusted Crypto Exchange

Begin by registering on an RBI-approved and secured crypto exchange like Mudrex. The platform supports UPI payments, offers low transaction fees, and is also friendly for beginners. 

Step 2: Create an Account and Complete KYC

• Register with your email ID or mobile number.
• Verify your email ID or mobile number. 
• Submit your KYC documents like Aadhar and Pan Card.
• Your account verification will be completed within a few hours.

Step 3: Deposit INR via UPI

• Log in to your account on your selected crypto exchange.
• Select the “Add Funds” option. 
• Choose UPI as your payment option.
• Enter the deposit amount. Eg, 500, 1000,1500 INR.
• Enter the UPI ID ( linked to your bank account ) and the amount.
• Approve the payment request on your UPI app ( PayTM, PhonePe, GPay ).

Step 4: Buy Bitcoin

• Once you have deposited INR, go to the Bitcoin buying page.
• Enter the INR amount you want to invest.
• Review the current market price of crypto.
• Confirm your order, and your transaction is complete!

Is Buying Bitcoin with UPI safe and legal in India?

Yes, if done from the right platform, buying Bitcoin with UPI is completely safe and legal in India.

• While crypto is not considered legal tender in India, you can buy and sell it on compliant exchanges.
• The RBI lifted its 2018 crypto ban in 2020 following a Supreme Court ruling.
• You must register on exchanges that use KYC protocols. For example, Mudrex.
• Use 2 2-factor authentication, set passwords, and avoid depositing large funds on exchanges.

Always use reputed exchanges like Mudrex that offer strong encryption and also follow RBI protocols.

ALSO READ: What Makes A Crypto Crypto Exchange Legal in India.

Conclusion

You won’t have to navigate complex technical procedures or use foreign payment systems to transact on cryptocurrencies in India. With UPI, buying crypto has become fast, intuitive, and accessible to every Indian with a bank account and a smartphone. Whether you are a beginner in trading or a seasoned investor, UPI cuts down the barriers and simplifies crypto investments in India.

Exchanges like Mudrex have significantly revolutionized the crypto experience in India. From hassle-free onboarding to a quick KYC experience and secured UPI deposits, Mudrex offers everything you need to kickstart your crypto trading journey. The platform is designed to make your crypto investment as simple as using your favourite payment app. 

If you have been sitting on the sidelines, join the Mudrex Telegram community to navigate your crypto trading journey safely. With Mudrex, buying Bitcoin has become very easy and stress-free.

FAQ

1. Is it legal to buy Bitcoin in India using UPI?

Yes, you can use the RBI-registered platforms supporting KYC to buy Bitcoin in India using UPI. Platforms like Mudrex allow users to buy Bitcoin using UPI.

2. Which Indian crypto exchange is the best for buying Bitcoin with UPI?

Mudrex is one of the best choices for UPI support, having low fees and a secured infrastructure. It is especially suitable for beginners.

3. What documents are required to buy Bitcoin in India?

You have to complete your KYC on the registered platform before you can buy Bitcoin from the same. Traders have to verify their account using an Aadhar Card or PAN Card before they can buy Bitcoin with UPI.

4. Can I sell Bitcoin and withdraw INR via UPI?

Yes! Platforms like Mudrex allow you to sell Bitcoin and convert it to INR. Once converted, you can withdraw it directly into your bank account using UPI.