Although the top crypto exchanges in India are centralized, it is considered the easiest and safest way to buy crypto, considering its popularity in the market. However, this makes them vulnerable to hacking, government intervention, runaways, and funds mismanagement. But it is not the only mode with which you can buy crypto.
So here in this article, we will be talking about the easiest ways how to buy crypto without crypto exchanges in India.
Table of Contents
Summary (TL;DR)
- Cryptocurrencies are digital assets that can be bought and sold. Bitcoin and Ethereum are two of the most popular digital assets available.
- Cryptocurrencies can be bought either through centralized crypto exchanges or various other methods, some of which we’ve discussed in this article.
- We can buy crypto without crypto exchanges in India via payment service platforms, P2P, wallets with an in-built exchange, etc.
- You can simply use your wallet address to buy crypto. Likewise, the wallet address can be used to buy and receive crypto.
Peer-to-Peer (P2P) Trading
What is a Peer-to-Peer Crypto Network?
P2P stands for a peer-to-peer network, where no middlemen are involved and the transaction takes place directly between the buyers and sellers. For, example the Binance P2P provides a marketplace for buyers and sellers to connect with each other and bid on the price of crypto they wish to buy or sell.
How do P2P platforms work?
Before we go into how peer-to-peer networks work, it is essential to understand that not all P2P exchanges are decentralized.
- The platform works to allow you to select your own best price for buying/selling your crypto.
- The p2p platform connects you with your potential buyer/seller with zero or minimal intervention involved.
- Most p2p platforms do not ask for verification and thereby protecting privacy.
- The platform allows you to store your digital assets in your chosen digital wallet.
How to buy crypto on a P2P platform?
To buy crypto without crypto exchanges in India you need to p2p platform. Once you have picked a platform of your choice, create an account with them, and you are good to go.
However, before choosing a p2p platform, look out for the security protocol to be safe: Check out their security features like “how do they transfer the assets between the traders?” to protect your coins from theft.
Make sure to check out the fee policies. For example, some platforms do not charge fees, while others charge fees as a transaction fee or commission.
The key to a successful experience on P2P platforms is proper research. Since there is no central authority over it, your research matters the most.
Buy Crypto Without Crypto Exchanges in India: Paypal
Online payment processors like Paypal allow you to buy Bitcoin, Ethereum, and a few other coins. You can buy directly via PayPal’s platform or connect your PayPal account with third-party providers. Buying crypto with PayPal is made easy as the process is facilitated if you have an account with them.
How does crypto with Paypal work?
- To buy Bitcoin with PayPal, you will have to create an account with them and fund.
- There are no digital keys involved. In addition, the platform provides you with full crypto if the account gets hacked.
- Educational guides are available on the platform to learn the basics and get started. This is beneficial for beginners.
- Note that you can not transfer your digital currency to an external wallet.
How to buy crypto with Paypal?
- They presently offer these coins: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. To purchase other digital assets, you will have to use third-party providers.
- Open an account with them, and verify yourself. And then tap finances and select crypto from the dashboard.
- Choose your preferred currency and buy your crypto by following the screen instructions.
Buy Crypto Without Crypto Exchanges in India: Crypto Wallets
Digital or software wallets can be easily downloaded on your mobile phone and desktop. At the same time, to buy crypto directly into hardware wallets you need to buy them.
Examples of software wallets that you may download are as follows:
- Trust wallet
- Atomic Wallet (iOs)
One such hardware wallet that allows you to buy crypto without crypto exchanges in India directly is the Ledger Stax hardware wallet.
How do Trust and Atomic Wallet work?
Both Atomic and Trust wallets are decentralized and support more than five hundred coins and tokens. Both of these wallets can be downloaded on both your mobile and desktop. In addition, they come with an in-built exchange that allows you to buy crypto directly with them.
The wallets accept both credit/debit cards.
How to buy crypto using Trust/ Atomic wallet?
Buying crypto on both the software wallets is pretty straightforward. Follow the steps given below:
- First, download the software wallet of your choice on your desktop/mobile.
- Follow the screen instructions and verify yourself; Atomic Wallet asks for verification. Whereas Trust Wallet does not ask for verification.
- Buy your crypto using your credit/debit card.
How does Ledger hardware wallet work?
Ledger Hardware Wallet allows complete control over your digital assets in an offline mode. Furthermore, it allows for sending/buying crypto from blockchain networks or third-party providers. So, you can both buy and store cryptocurrencies on the hardware wallet.
To buy crypto using the hardware wallet, you will have to buy it and set up the ledger live application.
Receive crypto in your wallet address
What is Wallet Address?
A wallet address is a string of random numbers and letters that holds your private key. It is the place where you have information regarding the coins you own and the history of transactions.
How to transfer cryptocurrency from one wallet to another?
You can receive crypto without getting into the tedious method of exchanges directly into your wallet address. For this, you require two wallet addresses. One from the sending end, the sender wallet, and the other from the receiving end, the receiver wallet. This can be done in two ways:
- Send your wallet address to a friend of yours who might be interested in selling cryptos. You can simply drop the address in the form of a text or give the QR code of your address.
- The other method would be to meet them in person and then place the order physically.
How does receiving crypto in your wallet address work?
To receive crypto in your wallet address, you must have or should create a wallet address for yourself. There are multiple software available that help you create a wallet address. The wallets mentioned above, both the hardware and software wallets, can be used to receive crypto.
Note different wallets support different currencies. You may find some currencies supported by specific wallets and vice versa.
In addition, you can create and use a separate wallet for separate coins like a Bitcoin address. At the same time, you can use other wallets to receive other coins.
Storing your digital assets in a diversified manner is a good security practice. It saves you from losing all your assets in one go if some mishap happens.
How to get a Bitcoin address?
You can create a Bitcoin address/ seedphrase using a crypto wallet or head on the official website of Bitcoin. They help you create a wallet that best fits your needs.
How to buy crypto using my wallet address?
You can buy crypto without crypto exchanges in India using your wallet address either from a friend or a known party with whom you agree to buy. This can be done in both online and offline modes.
- You simply have to send your wallet address for online mode, and the concerned seller will deposit the said crypto in your wallet.
- Then, you can pay them in fiat or decided currency through the method that comforts both parties. For example, bank deposits or UPI.
- Both parties may physically meet at a decided place for the offline mode. The buyer should pay in hard cash to the seller. At the same time, the seller will deposit your said crypto into your wallet.
Buy Crypto Without Crypto Exchanges in India: Conclusion
Buying crypto besides exchanges in India may sound complicated simply because of a lack of awareness and guidance.
However, we have discussed the four most accessible ways to buy crypto without crypto exchanges in India. You can choose the model that best comforts you. Although centralized exchanges have the market captured, you can always buy crypto in decentralized mode.
All you have to do is select the crypto you wish to buy and decide the mode with which you want to buy. In addition, always use the best practice to store your digital assets safely.
Frequently Asked Questions
Can you buy cryptocurrency without an exchange?
Yes, you can buy cryptocurrency without an exchange. Alternative methods besides exchanges include:
– Hardware or Software wallet with an in-built exchange.
– Receiving crypto in your wallet address
– Using online payment processors like Paypal
How can I buy cryptocurrency directly in India?
You can buy cryptocurrency directly in India using hardware and software wallets.
How to buy and sell cryptocurrency in India?
You can buy/sell cryptocurrency in India through centralized exchanges, peer-to-peer platforms, or decentralized exchanges.
Is crypto exchange allowed in India?
Yes, Crypto exchanges are allowed in India.
Can you buy crypto in ledger live?
Yes, you can buy crypto in ledger live. Ledger Live is an application that you can set up on the same ledger nano hardware wallet.
How to buy Bitcoin in India step-by-step?
Follow the steps given below to buy Bitcoin in India:
– Decide on a centralized or decentralized exchange that best fits your needs. Or opt for a method besides exchange.
– Choose the currency in which you wish to buy Bitcoin.
– Deposit the currency either online or offline to your concerned party.
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