Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to buy cryptocurrency with your bank account

Read our step-by-step guide to buying Bitcoin and other digital currencies with a bank transfer.

If you want to buy cryptocurrency with Indian rupees, using a crypto exchange that accepts bank transfers can be one of the cheapest and most convenient solutions. But if you’re new to cryptocurrency, it can be tough knowing where to get started.

Read on for a list of which exchanges accept bank transfers and how you can buy crypto with your bank account.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy cryptocurrency with a bank transfer

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Zebpay Cryptocurrency Exchange App
Bank transfer (ACH), UPI
INR, AUD, EUR

36
cryptocurrencies

Use INR to get cryptocurrency through an international exchange and app.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

434
cryptocurrencies

Finder exclusive: Sign up and use code 1xf56 for one month of VIP 1 benefits. Deposit/transfer more than 0.1 BTC to KuCoin within 7 days of registration for 1 month of VIP 2 benefits. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
WazirX Cryptocurrency Exchange
WazirX Cryptocurrency Exchange
Cryptocurrency, UPI, IMPS, NEFT, RTGS
INR

90
cryptocurrencies

Enjoy fast verification and high speed trading on this well-known Indian cryptocurrency exchange.
FTX Cryptocurrency Exchange
FTX Cryptocurrency Exchange
Credit card, Wire transfer, Silvergate Exchange Network (SEN), Signature SIGNET
USD,EUR,GBP,AUD,HKD,SGD,TRY,ZAR,CAD,CHF,BRL

69
cryptocurrencies

FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets. Note: Not available for US customers.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

818
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
AAX Cryptocurrency Exchange
AAX Cryptocurrency Exchange
Alipay, Bank transfer, Cash, Neteller, PayPal, Qiwi, SWIFT, WeChat, Western Union, UPI, IMPS, Paytm, Faster Payments (FPS), PayNow, Swish, Payme
AUD, CAD, CNH, CHF, EUR, GBP, HKD, NZD, SGD, USD

110
cryptocurrencies

Make fast transactions including spot, futures and P2P trading with this cryptocurrency exchange.
loading

Compare up to 4 providers

Must read: Bank account payment methods

There are four ways you can buy crypto with your Indian bank account:

  • National Electronic Funds Transfer (NEFT). NEFT is a nationwide electronic funds transfer system that allows a quick way to transfer funds between NEFT-enabled bank accounts. These transfers can take between one to two hours to arrive.
  • Real Time Gross Settlement (RTGS). RTGS is a large value funds transfer mechanism that facilitates interbank transfer. The system requires a minimum transaction value of ₹2,00,000. This interbank funds transfer facility is settled on a real-time and one-to-one basis, and typically takes 30 minutes to be processed.
  • Immediate Payment Service (IMPS). IMPS is an instant payment system in India that allows funds to be transferred immediately from one account to another within the same bank or across other banks. The service has been later extended to other electronic channels, such as Internet banking and ATMs.
  • Unified Payments Interface (UPI). Most Indians will be quite familiar with this instant interbank payment system, which makes it easy to send payments to many payment apps like Airtel Payments Bank, Paytm, PhonePe and MobiKwik. UPI works by transferring funds between two bank accounts on a real-time basis.

Depending on the exchange you choose, the exchange may support one, two or even all four of these payment methods.

Quick guide to buying Bitcoin with your bank account

  1. Register for an account with a cryptocurrency exchange like WazirX.
  2. Enable 2-factor authentication.
  3. Verify your account.
  4. Select “Funds” and click “Deposit INR”.
  5. Link your bank account by entering the account details.
  6. Click on “Instant Deposit IMPS/NEFT/RTGS” and you’ll see the WazirX bank details.
  7. Transfer your funds via IMPS/NEFT/RTGS to the account provided.
  8. Once the transfer is successful, click “Exchange” at the top of the screen.
  9. Visit the BTC/INR market and select the “Buy” tab.
  10. Enter the amount you want to buy, or the amount of INR you want to spend.
  11. Review the transaction details.
  12. Click “Buy BTC”.
Go to WazirX's website

This is our quick guide to just one way to buy with a bank transfer.
Compare some other options in the table above.

How to buy cryptocurrency with your bank account

Buying crypto with your bank account is actually quite easy. To show you how to do it, let’s look at an example of how to buy Bitcoin (BTC) with Indian rupees.

Choosing the right exchange

There are a number of platforms to choose from when purchasing crypto with your bank account, so compare your options to see how each exchange performs across a range of key areas:

  • Bank account payment methods. How can you send INR to the exchange from your bank account: NEFT, RTGS, IMPS and/or UPI transaction?
  • Fees. How much will it cost you to complete your transaction? Remember to also consider the trading fees the exchange charges.
  • Transaction limits. Are there any minimum or maximum limits on the amount of crypto you can purchase? When you want to transfer the crypto you purchase away from the exchange, what is the minimum withdrawal limit?
  • Processing times. How long will it take for you to complete your crypto purchase from start to finish? For example, while IMPS and UPI transactions usually clear instantly, NEFT transfers can take one to two hours.
  • Supported cryptocurrencies. Which cryptocurrencies can you purchase directly with INR? Some platforms will only provide access to one or two popular digital currencies while others will offer a much wider range.
  • Ease of use. Does the platform have a simple and intuitive user interface that you can navigate without any problems?
  • Sign up and verification. What information and documentation will you need to provide to register for an account? How long does the verification process take?
  • Security features. What protective measures are in place to ensure the security of your funds? For example, does the platform support 2-factor authentication? Where are your funds stored? Has the exchange ever been hacked?
  • Customer support. How can you contact the customer support team? What contact methods are supported and during what hours is the team available? Is there an online help centre where you can easily find solutions to a range of common problems?
  • Reputation. Check out online forums and reviews to gauge what level of community trust the platform has. Would other users recommend it?

Answering these questions should help you narrow down your choices and find a platform that will work for you.

Compare exchanges now

Must read: How to store your crypto

If you want to store your newly acquired crypto coins on the exchange where you bought them, you can. However, this is not recommended for a couple of reasons:

  • You don’t control your private keys, the exchange does
  • Exchanges are frequently targeted by hackers and there have been numerous incidences of security breaches

With this in mind, the safest course of action is to move your digital coins into a secure wallet that allows you to retain control of your private keys. From desktop and mobile wallets to online and hardware wallets, there are plenty of options to choose from. Make sure you do your research before picking one that’s right for you.

Find out more about choosing a cryptocurrency wallet.

Is it safe to buy crypto using a bank account?

Buying crypto with a bank account offers a safe and secure way to exchange INR for digital currency, but only if you’re certain you’re dealing with a reputable exchange provider. With this in mind, it’s essential that you thoroughly research the credentials of any platform before transferring any funds.

You’ll need to find out the following:

  • Who are the people behind the platform?
  • Where is it based?
  • How is it regulated and is it properly licensed?
  • How long has it been in business?

Of course, if you plan on buying cryptocurrency from someone through a peer-to-peer platform, you’ll need to be certain you’re dealing with a reputable seller before transferring any funds. This is why it’s a good idea to set up the trade through a marketplace that uses some sort of reputation system and has security measures in place to protect against fraud.

From a broader point of view, you should also be fully aware of the risks associated with buying cryptocurrency before you make a purchase. Cryptocurrencies are complicated and volatile assets, so there’s a risk of losing some or all of the money you spend.

Pros and cons

Pros

  • Buy crypto directly with INR
  • Relatively simple process
  • Cheaper than buying with a credit card
  • Suitable for beginners looking to get their hands on some digital currency

Cons

  • Only a limited selection of altcoins can be purchased with INR – many digital currencies can only be exchanged for other cryptocurrencies
  • Fiat-to-crypto trades usually attract higher fees than crypto-to-crypto trades

Next steps

If you want to buy crypto with your bank account, the first thing you need to do is start comparing a range of cryptocurrency exchanges. Compare their features, accepted payment methods, transaction limits, fees and level of community trust to find a platform that’s right for your needs.

Compare exchanges now


FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site