It’s a pretty common sight. Whenever there’s a major crash in the crypto market, somehow Indian crypto exchanges stop taking INR (fiat) deposits.
I’m talking about exchanges like WazirX and CoinSwitch. These exchanges, which until recently supported INR deposits via various methods, somehow don’t support it now that the crypto market is cooling off from the bull run.
If you’re curious, about how to buy crypto in India, without using exchanges like WazirX, Vauld, or CoinSwitch, this article is for you.
We are going to take a look at multiple options to buy and sell crypto using your credit and debit cards. So, when these exchanges stop accepting INR deposits, you can jump to another platform and buy the Dips.
I only mention apps and platforms I’ve used or been using for a long time. This doesn’t guarantee the safety and security of the assets, but I just want to let you know we are together in this. There is no bias or hidden agenda.
MoonPay has been my go-to platform to buy crypto for a while.
Ever since WazirX started to have issues, as well as Vauld, stopped accepting INR, MoonPay has been the only platform I’ve used to purchase Solana, Ethereum, and ADA.
MoonPay has a beautiful User Interface and UX. It’s a delight to use this platform.
It’s also one of the easiest ways to buy crypto. You don’t have to create a new account, it happens automatically when you make your first purchase.
Through MoonPay, you can buy crypto using your credit or debit cards. You don’t have to deposit fiat currently into a wallet, it is a direct transaction.
MoonPay doesn’t have a wallet. This means you need to have an option to buy and store your coins with them. While initiating an order to purchase cryptocurrency, you need to enter your wallet address. MoonPay will directly transfer the coins to this address.
You can find top crypto wallets here. I recommend choosing Ledger Nano or SafePal if you are a long-term holder, and Exodus if you are a casual trader.
Overall, MoonPay would be my #1 recommendation if you want to buy crypto in India, without using an exchange.
Neat Little Trick:
What I discovered is certain Indian banks have blocked all crypto-related transactions via Debit and Credit cards. Depending on your chances, your card might work the first time, but won’t subsequently.
To counter this, I recommend doing this:
1. Pick one of these banks – IndusInd Bank, ICICI Bank, Federal Bank, Kotak Mahindra Bank and IDFC first bank.
2. Transact in different currencies for each purchase. I generally buy in CAD using my ICICI and IndusInd credit cards. But at the times they don’t process Canadian dollars, so I switch to Brazilian Real, USD or Swiss Franc.
Take precautions and set a limit on your cards, disable international transactions as soon as you finished buying. Don’t make the mistake of buying using your personal savings account debit card, or business debit/credit card.
I prefer having a separate bank account for crypto investments.
FTX is one of my favorite crypto exchanges. I’ve been buying Solana primarily through FTX, as well as investing in Metaverse-related projects/tokens.
One of the reasons why FTX is my primary crypto exchange is its pace of listing new projects. FTX has probably the largest collection of listed tokens, some exclusively available on FTX and nowhere else.
FTX works pretty well in India. You need to create an account, complete the basic KYC process and within a few minutes, you will be able to buy crypto using your debit or credit card.
Not all Indian credit and debit cards will work on FTX. Even if they do for the first time, there’s a very good chance they won’t for the second time.
I recommend using a Federal Bank debit card on FTX. I was able to use it a few times before it started getting denied. However, unlike other banks, talking with customer care solves the issue. You can also try IndusInd debit cards.
Note that you can open a Neobank account on either Fi or Jupiter to get access to Federal Bank debit cards.
You should also give P2P trading a try on WazirX. It works just fine for the most part.
I’m discovering more platforms and alternative solutions to purchase crypto in India. As I find more, better solutions, I’ll update this article.
If you’ve questions, let me know in the comments.
Another very valuable article in today’s time…where most are struggling to transfer INR..Tks Mate…
I’m glad it helps, Akshay.
Thanks for the valuable article. May I request you to review CoinDCX. As of now, it’s accepting deposits although there are few issues always.
CoinDCX is accepting deposits via bank transfers, not the most reliable way. Plus, it has tens of popular coins you can’t withdraw. I don’t advise using it unless you’re buying a good chunk of ETH or BTC.
Thanks a lot Aayush for the insight. Majority of my purchases were BTC, ETH & Matic. But I’ll revisit the plan as per your advice.