Summary: UPI is a revolutionary payment system in India that enables seamless transactions. It provides users with the ability to easily link their UPI accounts to digital asset exchanges accepting deposits in Indian Rupees. This process allows its clients to actively participate in the expanding digital currency market, ensuring transactions comply with the relevant financial regulations of the country.
Upon completing a detailed examination of India’s best exchanges, we identified Bybit as the top platform accepting INR deposits through UPI transfer. Bybit has a user-friendly interface available in English and Hindi and provides live customer support in both languages. It provides an extensive range of over 1000 tokens and includes features like leverage trading up to 25x on futures markets. Besides trading, it supports an NFT marketplace, crypto loans, and a crypto debit card.
- Free Indian Rupee (INR) deposits from any Indian bank, debit or credit card.
- Buy 940+ cryptocurrencies with low fees (0.1%) through spot and futures trading.
- Regulated and trusted exchange with over 18 million users worldwide.
Can I Buy Bitcoin with UPI?
Yes, Indian investors can buy Bitcoin through cryptocurrency exchanges in India. This process can be done by depositing INR with UPI transfer to a secure platform and converting it for digital currencies like Ethereum, Tether, or Solana. Finding one that is overseen by the Reserve Bank of India is essential for ensuring the security of your funds and maintaining regulatory compliance in the country.
How to Buy Crypto with UPI Transfer
Individuals using UPI can trade cryptocurrencies using exchanges adhering to Indian financial standards. We recommend Bybit as the ideal platform due to its operational efficiency and seamless UPI deposit process. Once your Indian Rupees have been deposited, they can be used to buy over 1000 cryptocurrencies, which can be traded on derivatives contracts or staked for high yields.
Here’s an easy guide for those new to the digital asset world:
- Sign Up: Register on Bybit and complete identity verification for added security.
- Choose a Payment Method: Select UPI in the ‘Buy Crypto’ section.
- Pick a Currency: Choose ‘INR’ for smooth transactions.
- Finalize the Purchase: Browse and choose from the available coins, determine your investment amount, and click ‘Buy.’
UPI Cryptocurrency Policy
UPI plays a key role in the cryptocurrency landscape by connecting to regulated investment platforms. It doesn't directly facilitate digital asset trading but enables customers to transfer funds to exchanges that comply with the regulatory frameworks of the Reserve Bank of India. Bybit is strongly recommended for its clients due to its adherence to these regulatory norms and its emphasis on user security.
Digital Asset Investing Fees
The key to success in the cryptocurrency world is making informed decisions. In this regard, it’s necessary to get familiar with the associated costs of digital asset trading. If you are new to this, here’s our quick summary to get you started:
- Deposit Expenses: The cost of adding money to your account usually depends on the payment method you choose. UPI transfers are usually cheaper than other options like credit or debit cards.
- Trading Commissions: Bybit typically charges a nominal fee of around 0.1% per trade. This applies to both buying and selling digital currencies, ensuring transparent and fair trading costs.
- Withdrawal Fees: This charge usually depends on the different coins and chains selected. The withdrawal commission is fixed for any amount. For example, standard Bitcoin carries a fee close to 0.0005 BTC.
Choosing Bybit for digital asset trading through UPI offers several advantages. The platform has a vast selection of over 1000 cryptocurrencies, suitable for a range of interests and strategies. It also maintains competitive fees, crucial for both novice and seasoned investors.
What is UPI?
UPI (Unified Payments Interface) is a revolutionary payment system developed by the National Payments Corporation of India (NPCI). Launched in 2016, UPI has transformed the Indian digital payment landscape by allowing instant money transfers through mobile devices. It enables users to link multiple bank accounts into a single mobile application, simplifying various banking features under one umbrella.
Its unique selling point is its simplicity and efficiency, as it facilitates direct bank-to-bank transactions using a single identifier, such as a UPI ID or QR code. This system has gained immense popularity due to its ease of use, high speed, and robust security measures. UPI supports a wide range of transactions, including bill payments, merchant payments, and P2P transfers, making it a cornerstone of India's push towards a digital economy.
Final Thoughts
To summarize, UPI plays a key role in connecting Indian users to the expanding digital asset market. For those seeking to venture into the world of digital currencies, Bybit is our top recommendation due to its free and instant INR deposits, combined with a broad selection of over 940 tokens for trading and staking purposes. It has an intuitive multilingual interface available in Hindi and rigorous security protocols, making it an ideal choice for both new and experienced traders in India.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
