Notice – Vauld has suspended operations indefinitely. You can’t deposit, withdraw or sell crypto anymore on Vauld. We advise you to halt any transactions related to crypto and store your coins/tokens on a separate wallet, not on the exchange.
Please make sure you don’t signup or transact on this platform. The article below will be updated with alternative platforms shortly.
If you are looking for a quick guide to sell your crypto funds in India and withdraw cash into your bank account, this article is for you.
Below is a tutorial to help you deposit your crypto coins and tokens on an exchange in India and then sell it for INR.
Which you can then withdraw to your bank account.
It’s a very simple process and I’ll walk you step by step.
Step 1: Create an Account on A Crypto Exchange in India
I recommend using WazirX or Vauld. They offer better liquidity, faster KYC approval, beginner-friendly user interface and I use both of them. So I’m confident in recommending these two crypto exchanges over any other exchange in India.
I’m using Vauld in this tutorial.
Visit Vauld and create your crypto exchange account. Once your account is verified, you can move on to step two. It takes less than 10 minutes for Vauld to approve your account.
Step 2: Deposit Your Crypto Funds on an Exchange
Now, we need to deposit our crypto funds on a crypto exchange to trade them for INR.
Like I said, in this case, I am using Vauld. You can use WazirX as well and the process is somewhat similar.
Login to your Vauld exchange dashboard and click on Wallet.
Under the wallet section, select the crypto coin or token you want to deposit in your Vauld exchange wallet.
Below I’ve selected Solana as an example:
You will now notice an address on the right side of your screen. This address is unique for each cryptocurrency.
In this case, this is my Vauld wallet address for depositing Solana coins.
This address will only support Solana deposits. Any other coin or token sent to this address will be lost forever.
Fortunately, modern crypto wallets will not allow you to make a transaction if the address is wrong, there’s a difference in the coin and address pair, or the blockchain network is different.
Copy this wallet address. We will need this in the next step.
Step 3: Sell Your Crypto Funds for INR
The next step is selling the crypto funds you just deposited in your exchange wallet.
This is pretty simple. Simply go to your Vauld dashboard, click on Exchange and select “Instant Buy & Sell”.
Enter the number of coins/tokens you want to sell. Or enter the INR equivalent.
Then click on “Sell Now”.
In a matter of seconds, your crypto-currency is converted into INR, a fiat currency.
The INR amount is now available to withdraw from your Vauld fiat wallet.
Step 4: Withdrawing INR to Your Bank Account from Vauld
Go back to your Vauld wallet. And under “Fiat” click on the INR asset type.
Here you will see the available INR balance available for you to withdraw to your bank account.
Click on the available balance and continue the withdrawal process on the right side of your screen.
Enter the amount you wish to withdraw, or quickly select from 25% to 100% of the amount.
Then select your bank account from the dropdown menu.
Click on Continue to initiate the withdrawal. If you’ve enabled Multi-Factor Authentication, which I highly recommend you do, you’ll need to enter the 2FA code as well.
And that’s it!
You will see a success message on the next screen. This amount will be transferred by Vauld to your bank account instantly, via IMPS. You can also choose to withdraw via your UPI id, it’s all the same.
So this is how you sell crypto-currency for INR & withdraw fiat INR funds to your bank account.
You may also like to read How to Convert DOGE to INR on WazirX
If you’ve any questions let me know in the comments below.