Bitcoin Forum

I only trade in crypto coins but few of my friends who are interested in joining the crypto community ask how to convert the coins earned into 'real' money.
I didn't need to convert them atm so I am unaware of the same.

What's the most convenient way to do so? I guess local bitcoins? Are there any automatic exchanges left that can directly transfer to the bank account or any other INR wallets?

The most easiest way to sell bitcoins and directly transfer to Bank accounts is using P2P features available at certain exchanges. Best I know is Wazirx.com (http://Wazirx.com) Sell your Bitcoins for USDT and then you can go to the P2P menu. There you can ask your usdt for selling and match it with some buyer. Buyer will send payment directly to your account and you just have to acknowledge payment on the website. Wazirx would release funds from Escrow and pay them to buyer.

The days of automated exchanges in India are over when the RBI forced the banks to close the accounts of the exchanges running in India, you can sell the coins in Wazirx and trade the USDT in their P2P exchange and it straight forward and that is the case with Local bitcoins and Paxful.
There are other options too

• giottus (https://www.giottus.com/)
• remitano (https://remitano.com)
• localethereum (https://localethereum.com)

I am yet to trade in Giottus and Remitano but giving you the options to trade in India.

There are some in the past but when RBI restricted crypto payments then local exchanges were closed so only option is to trade on exchanges like localbitcoin where also they changed KYC policies recently so your friends needs to provide the required documents to start trading on localbitcoin and also localethereum is suggested for non KYC users but I am not sure how much liquidity they have got.

Apart from the exchanges mentioned above (wazirx, giottus, local bitcoin/Ethereum, remitano), there is bitbns (http://www.bitbns.com) and coindcx (https://coindcx.com/). Personally, I have used bitbns, giottus and local bitcoin. Of the three, I prefer Giottus. If you looking for an exchange directly sending money to your exchange, then you can try Giottus. They also work using P2P model. Payments will be procesed within an hour.

I personally always use localbitcoins for liquidating my bitcoins, I understand that your concern must be the high exchange rates over there, but I've got a trick. Make a paytm merchant/business account, and you get the most money out of your coins if you sell them for paytm.
Transfer the paytm to your bank for 0% tx fees  ;)
Other than that, I have used Koinex exchange a couple of times.
If you've got ethereum, then localethereum is a good option to check out

Most trading happens in p2p these days, there is no exchange that directly sends money to users account (unlike good old days)  :(

Anyway, you can add instashift to the list.

I generally stick on to one source until it is disrupted. I used to contact directly to offline sellers via contacts and make a p2p transaction.
Since Zebpay came into picture I switched to it since it offered better rates but then Zebpay moved to out of India.
These days I am using WazirX as it is the best source for me in the current market. The payments are smooth, fast and convenient.

Step 1: BTC to ETH or BCH using https://CoinSwitch.co.

Step 2: ETH or BCH to INR using https://LocalEthereum.com or https://local.Bitcoin.com respectively.

Why this? It is also P2P transaction right? So we can use localbitcoin for converting BTC to INR directly!

Yes. That was odd to read actually. Among all cryptocurrencies, BTC has the highest demand in India. Don't know why someone will convert BTC to BCH/ETH and then sell it for INR.
And yes you are right, both of the sites he mentioned are P2P networks too.

In which year are you in? This is 2020, Zebpay and Koinex have been closed for a long time now and are no longer live. Plz don't misguide users.

Newbie isn't misguiding users but rather plagiarizing an old 2017 quora post. I have seen newbies changing referral codes and plagiarizing posts but in this case adi1396 is plagiarizing referral codes as well.  ;D

Reference for reporting the plagiarism : Re: Report plagiarism (copy/paste) here. Mods: please give temp or permban as needed (https://bitcointalk.org/index.php?topic=1926895.msg53700288#msg53700288).

Most probably adi1396 will be perma-banned by global mods for plagiarism either by today or tomorrow.  :)

^ Both Zebpay and Koinex are not live anymore, so it's misguidance + plagiarism. Anyways, nice catch

Although it is completely unrelated to post above but I received email from ZebPay couple of days ago (you guys would have received too if you were the member of Zebpay).

In the mail, they announced comeback to India in 2020 under new leadership. Although the primary comeback will be in zero fees crypto-crypto trading but I hope once they get favourable response, they will bring fiat-to-crypto trading into play too.

Buck up WazirX, Easy wind is coming... ;D

I also received the same mail but I don't think they would ever start trading with Fiat for Indians anytime soon unless RBI lifts up the ban. They were asking me to withdraw any funds in the wallet before that. Nothing's positive as of now.

Recently RBI just announced that Bitcoin or Crypto is not illegal in India. It is better to sell Crypto on WazirX. It is most trusted platform in India.

I am new aswell and I am buying BTC from WazirX. I hope that will work out for you to sell yours.

If you have any crypto that is supported by Changelly or Shapeshift then get it converted in ETH or BTC.

And then simply sell to me through : https://localcryptos.com/profile/legendster

I do UPI / NEFT / IMPS

And you will find many sellers/buyers like me there.

if you want to convert your bitcoin to INR there are so many options you can easily convert your btc into INR and get your withdrawal in your bank account.
there are So many popular exchanges are:
wazirx
zebpay
bitbns
coindcx
they also provide  UPI /IMPS/NEFT Services.
i personally use wazirx because of its fast withdrawal

Local Bitcoins can be used if you are actually using some wallet other than one which does not have access to trading and buying and selling option.

Use Zebpay
They have good rates and the money can be directly collected in your bank account in 5 days with only 10 Rs charge and you don't even have to actually do anything with it .

Trading options are also available there for other coins too.

Setting up and independent wallet might so the trick but you have to actually spend the 0.0006 transaction amount in most wallets.

They do require ID's and that is a problem therefore remember that it is indeed beneficial if you have nothing to hide.

I have a local seller friend in Northern India who deposits the money in my bank account directly and so never had the need to go through all the hassle of exchanging to fiat thing. It's been long now and hence the trust has build up between us and also it never worried me with the banks since the transactions are happening from the same account and so the banks will also won't doubt on these transactions.  ;D ;D

Now you no need yo worry about anything since Supreme court of India lifted the ban of RBI which was imposed on crypto related transactions so its now completely legal to receive money from even exchanges as well. ;)

you can use crypto exchange eg wazirx bitbns and coincodex they are still good and working from more then 2 years. always choose those exchanges which withdrawal fee is less and give instant or fast withdrawal Direct bank or
NEFT & UPI

Try our service and it is hassle-free, simple and secure.
We support automatic swapping for cryptocurrencies, Exmo, Perfect Money, Payeer.
Indian Bank and UPI related transactions are processed in semi-automatic or manual mode and completed within 5-10 minutes during working hours.
We provide support via Live Chat, Email, Telegram and WhatsApp

Link in signature.

Price is very less than the actual market price, and there is no real trading activity at all!

Anyone used this service before?

We are not a trading service but an exchange service.

You can see recent transactions on our home page

Regarding your AML & KYC policy — There should be specific criteria on when to ask user for kyc, many with similar policy ask for kyc just after user deposits funds, and then his funds get stuck.

Currently, we do not ask each user to go through KYC, it is required only if a transaction is flagged by our system.

We are implementing a new KYC system, which will be easier, and verification will be done during the transaction but before making the deposit.

You can use WazirX, it offers P2p options to buy and sell bitcoins with INR, WazirX now is also acquired by binance.  Even now as the RBI ban has been lifted so you can use ZEBPAY as well.  I personally used both of the platforms and some times I also look for a local buyer.

There are so many cryptocurrency exchange available in india like localbitcoins,zebpay,coindcx,wazirx etc.but I will highly recommend everyone to use localbitcoins because this is one of the oldest website which works worldwide in this you can use all the Indian payment methods like paytm mobikwik,upi and you can also direct transfer in bank

Wazirx.com is the best. It's easy to deposit and convert just like in other exchanges. Deposit trx as it cost low fees and sell for IC. After having IC deposit to your Bank Account.

I use localbitcoin. Always sell or buy from traders who have done several trades. Newbie can scam you.

In India there has a lot of option for crypto users. You guys can use wazirx exchange plus you guys gonna get bank option too. Now bitcoin is a legalize currency in india thats a very good news too. I heard a news that some banks are going to make a different sector for crypto currency buy sell this a huge opportunity and will be very easy for users. Though i am from Bangladesh and Still Bangladesh didn't give us chance to use crypto. It is still irregulated. So we are facing lots of problem to exchange crypto to money. We have to think lots of time before sending money to anyone. Because spaming is everywhere. Still we are trying to use crypto from staying an Against direction.

I suggest one should avoid lesser known new exchanges yo avoid being scammed. There are some good reuptes and old crypto exchanges mentioned in this thread. Op should try them.

Every one of your posts is about PCEX Member exchange. This doesn't really bring anything useful to the community, all of your posts state more or less the same thing and you aren't contributing to the community except just promoting PCEX Member exchange. Just a suggestion: try to participate in constructive and meaningful discussion in this board, it will both help you and this Indian board.

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As for how I convert my BTC to INR, I have previously used bitrefill before, when bitcoin was pretty low compared to today, around 2017. It was useful for making micro payments. I have also used localbitcoins once, to convert a small amount of BTC to fiat, it allows P2P exchange and thus its better imho than the centralized exchanges that require loads of KYC, especially now looking at the BuyUcoin hack.

My friend wants to buy bitcoin for cash, has anyone done that and any good references..

Wizerx best india exchenge buy btc And others crypto coins ,
 l am used 1 years wizerx trusted exchanges and very good. Withdraw and deposit very first compare to other
Exchange.

I dont think there is any exchange with that name, maybe you meant wazirx. It is not available in every countries for P2P exchange.

We now have many ways to convert our bitcoin to inr. Earlier we use zebpay and unocoin to receive inr in our bank. Thereafter so many exchanges come to india with good features and they serve well link wazirx and bitbns. Then comes remitano a great platform for indians to give inr instead of bitcoins. Now at present time we have all solutions at one place called Binance. We can easily deposit and withdraw inr peer to peer from this Exchange. Thank you

I would request to op to please avoid using these exchanges at any cost if you are holding a significant amount of bitcoins or other cryptos. All of these exchanges require kyc and they are Indian exchanges. So they are obligated to share their customer details to the related government agencies upon request.

Always use websites like localbitcoins or Paxful or Bisq and stick to them. They will also ask KYC after you reach to a certain volume but they are not obligated to comply with Indian Law.

The Most Easy Way to Sell Bitcoin and Transfer money to Bank account is P2P (Peer to Peer) Trading , and P2P Trading Feature Available in Many Exchanges but The Best Exchange is Binance, And as indian users wazirx is also good. First of all you have to sell bitcoin and convert to usdt and then sell usdt In P2p to any buyer , the buyer will send money to your bank account and then you will release the usdt which will send to buyer account

If you pay your taxes, it shouldn't be a problem, is it?

You can easily covert your bitcoin to INR  you can convert from many  exchange like, binance ,Wazrix these exchange have full security system so without any feer you can withdraw you bitcoin in to your bank account or sell on P2P and get INR direct in to your  account

It's easy method to convert bitcoin to INR many exchange giving this opportunity but best exchange for convert easily bitcoin to Inr and easily withdraw in to your bank account binance and Wazrix in this app we can easily convert every coin into INR easily

In India now we have some good exchange to trade and withdraw. First unicoin and zebpay was working but now wazirx, Biting, coindcx has come to make trade and withdrawal very fast. These exchanges comes with UPI /IMPS/NEFT Services With these formula we can withdraw cash. Another p2p market comes called remitano he also provide a good withdrawal system but these days Binance has all the facility for all Indian user Where you can deposit or withdraw inr very smoothly. Thanks to Binance team and their extremely hard work.

how do you declare your crypto earnings? and what to do if you are holding bitcoins since very long time. How to declare that?
Process seems very complicated

It's so easy many exchange give this opportunity to xonvy your bitcoin to INR Like binance, Wazrix in this exchange we can easily convert bitcoin to Inr  in very low fee and withdraw in to bank account .