Ethereum is the second best cryptocurrency after Bitcoin in terms of market cap. You can think of it as the biggest altcoin( cryptocurrencies other than bitcoin).
Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network.
In India, people new to cryptocurrency got to know about bitcoin and this made them acquainted with Zebpay and Unocoin. Both are bitcoin brokers.
Although they are the most popular brokers in India, they only deal with bitcoins.
In this post, I will tell how you can buy ethereum in India directly using Indian Rupees as well as using Bitcoin.
Buy Ethereum in India
Buying Ethereum Using Indian Rupees
1. Ethx
Ethx is a secure ethereum wallet and exchange for Indian residents. Using this user can buy and sell ether instantly. Currently, they are in beta testing hence registration is by invitation only. Here’s the invite link: Sign up for Ethx
After signing up for Ethx, you will get free Rs. 200 worth of Ether. You will also get free Ether worth Rs 500 upon your first ether(1 ETH) purchase.
Ethx.in gives the ability to buy and sell ether with INR and also ability to send and receive Ether instantly.
You will be able to use the free Ether worth Rs. 200 after KYC. KYC requires bank account and identity verification.
You will receive a call to verify bank details. To buy Ether, you will need to deposit Indian Rupees in Ether wallet.
Best method is bank transfer and payment types allowed are NEFT, RTGS, IMPS and UPI. Minimum deposit amount is ₹ 1,000.
If you want to hold it for long, you can then transfer the Ether to your Ethereum wallet like MyEtherWallet.
2. Koinex
Koinex is a cryptocurrency exchange which supports multiple cryptocurrencies/ tokens on a single platform. Currently they allow to buy, sell and trade 5 cryptocurrencies namely, Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash.
Best method to deposit money is bank transfer and payment types allowed are NEFT, RTGS and IMPS. Minimum deposit amount is ₹ 2,000.
Koinex also requires KYC before you can trade there.
3. CEX.io
CEX.io is a cryptocurrency exchange and former Bitcoin cloud mining provider. It is based at London.
It allows for the buying of Ethereum for low fees via credit card. There is no KYC required.
This was the first website where I bought the Ethereum first time. I used my SBI Unnati credit card to buy Ethereum.
Buying Ethereum Using Bitcoin
If you already have Bitcoins and you want to buy Ethereum using Bitcoin, then use the following exchanges.
1. Changelly
Changelly allows you to convert one cryptocurrency to another. It also allows to buy cryptocurrency using credit card.
Once you enter BTC details, it will show how much ETH you will get. Then it will tell you the exchange rate, fees and estimated arrival time.
Then it will ask for your ETH wallet address. You can go with MyEtherWallet.
Then they will give your a address where you will need to send BTC. Finally you will receive corresponding ETH in your wallet.