The number of people holding cryptocurrencies in India has been growing rapidly in recent years. As of June 2022, there were an estimated 10.7 million crypto holders in India. The country has the highest number of crypto owners in the world, at 10.07 crore according to BrokerChooser. In 2021, the value of cryptocurrency transactions in India was estimated to be over $40 billion.
The Indian government is still in the process of regulating cryptocurrency. In 2022, the government announced a 30% tax on profits from cryptocurrency transactions. However, the government has also said that it is open to the idea of using blockchain technology for government applications.
While Indians love everything from Shiba and Doge to Bitcoin and Ethereum, buying and selling crypto in India can be a challenge!
Challenges In Selling Crypto in India
Slow settlement times: A study by CoinDesk found that the average settlement time for crypto transactions in India is 3 days. This is much longer than the settlement times for traditional financial transactions, which can be as fast as a few minutes. It can take several days for the funds from a crypto sale to be credited to your bank account. This can be a problem if you need the money quickly.
Poor exchange rates: A study by Comparitech found that the exchange rates offered by crypto exchanges in India are often worse than the exchange rates offered by foreign exchanges. This means that Indian crypto investors may lose money when they sell their crypto.
Scammers: In 2022, the RBI reported that it had received over 2,800 complaints of crypto fraud, with total losses of over ₹1,200 crore. There are several scammers who target people who are trying to sell their crypto. These scammers may pose as legitimate crypto exchanges or buyers.
High transaction failure rates: A study by WazirX found that the transaction failure rate for crypto trades in India is 1%. This is higher than the transaction failure rate for traditional financial transactions, which is typically less than 0.1%. There is a risk that your crypto sale transaction may fail. This can be due to a number of factors, such as technical problems or low liquidity.
Lesser-used payment methods: Some crypto exchanges only offer payment methods that are not widely used in India, such as the MobiKwik wallet. This can make it difficult to sell your crypto if you do not have access to these payment methods.
High transaction fees: The transaction fees charged by crypto exchanges can be high. This can eat into your profits from your crypto sale.
Completely non-functional crypto-to-rupee conversion: As of March 2023, the RBI has banned banks from providing services to crypto exchanges. This has made it difficult for crypto investors in India to convert their crypto to rupees.
Crypto Exchanges for Selling Crypto in India
The following table compares the top five crypto exchanges that allow you to sell crypto in India:
|Exchange||Same-day settlement||Low Fees||Customer service||Ease of use||No sign up|
Binamite is a crypto-fiat payment solution that allows you to buy and sell crypto to get paid in INR instantly. It is a safe and secure platform that solves the many issues that Indians face when selling crypto, such as high fees, slow processing times, and the fear of scams. It charges low fees for selling crypto, so you can keep more of your money. It also processes payments quickly, so you can get your money instantly. Additionally, Binamite uses blockchain technology to protect your transactions, so you can be sure that your money is safe.
How to Sell Crypto on Binamite
To sell crypto on Binamite, follow these steps:
- Go to the Binamite website and click on the “Sell Crypto” button in the upper right corner. Or go to the page directly.
- Fill in the amount and the cryptocurrency you want to sell and click on “Get Started.”
- Fill in your details. Enter the exact name associated with your bank account, an accessible email ID, phone number, and the source wallet address. The source wallet address is the wallet address from where you will be sending the funds to us for sale.
|Tip: If your funds are on an exchange, you will most probably not be shown your sending wallet address. The exchanges also route the funds through their parent wallets, hence the source wallet address can’t be determined accurately. |
In such a case, it is best to send the funds to a wallet in your custody, like Metamask. Use that wallet address to bounce the funds from the exchange to Binamite, and provide the address as the source wallet.
- The next is a one-time step. You will be asked to enter your bank details and PAN number associated with the details provided. If you are selling crypto in India, a 1% TDS will apply to the PAN provided. Based on your owed taxes, you can reclaim it with the ITR in the next financial year.
- This will be followed by an OTP verification. Enter the OTP received on the email ID that you mentioned earlier.
- Confirm the amount and receiving account number, then click on “Pay Now.” Make sure to note the exact sell order amount, and send it exactly as much to the wallet address to be provided in the next step.
- In the next step, the content of the “Transfer to” field contains our wallet address, where the funds have to be sent for sale. Please ensure to make the transfer using the source wallet you mentioned earlier.
- Once, you have transferred the exact amount from your personal wallet, find the transaction hash in the transfer details.
- Copy the hash code of your transaction from your wallet to manually verify your transaction on the Binamite website. Once you have provided the successful transaction hash, the order will be submitted. You will be redirected to the order status page where you can track your payment progress. A similar link will be sent to the registered email.
And your transaction is completed within a few minutes! With Binamite you can buy and sell crypto with ease and safety.