In India, using a licensed and regulated broker is the best option for purchasing cryptocurrency using the PayTM Money App. You can buy and sell digital assets easily and safely using this method by transferring INR to a cryptocurrency platform.
We advise the Bybit exchange for investors who want to get started right away. With up to 100x leverage, they provide instant PayTM deposits for trading over 400 cryptocurrencies.
Quick Steps:
- Open an account: Sign up to Bybit with your e-mail address and verify your email
- Deposit Funds: Select the ‘Buy Crypto’ tab and choose INR and PayTM as your preferred deposit method
- Find Crypto: Once you complete the deposit, find the crypto you want to buy on the platform
- Buy Coin: Input the amount of INR you want to invest and click ‘Buy’
How to Buy Crypto With PayTM
As previously mentioned, using a PayTM account and a regulated crypto-broker in India is the simplest way to invest in cryptocurrencies like Bitcoin, Ethereum, and Solana. Because the Bybit exchange offers quick and inexpensive INR deposits to trade over 400 cryptocurrencies and fantastic staking features to earn interest on your deposits, we highly recommend using it.
You can get started in 4 simple steps with a PayTM account:
- Open an account: Sign up to Bybit with your e-mail address and verify your email
- Deposit Funds: Select the ‘Buy Crypto’ tab and choose INR and PayTM as your preferred deposit method
- Find Crypto: Once you complete the deposit, find the crypto you want to buy on the platform
- Buy Coin: Input the amount of INR you want to invest and click ‘Buy’
How Much Crypto Can I Buy With PayTM?
On the Bybit exchange, you can purchase up to 1,000,000 INR worth of Bitcoin using PayTM. When you sign up, a transaction and deposit could take up to 20 minutes.
PayTM Deposit and Trading Fees
Depending on the broker, different fees apply to PayTM purchases of BTC or ETH. According to our experience, peer-to-peer trades are more expensive than standard exchange trades, so you can plan to pay up to 1% per transaction.
About PayTM
A digital wallet and e-commerce payment system provider from India is called PayTM. Vijay Shekhar Sharma founded it in Delhi NCR in 2010. The business provides online mobile recharge, utility bill payment, DTH recharge, metro card recharge, IRCTC train ticket booking, movie tickets, bus tickets, cricket league tickets, and flight tickets. Loans, insurance, investment products, and mobile banking services are all offered by PayTM.
With over 300 million users as of 2022, PayTM is India’s biggest mobile payment platform. The business processed over 1 billion transactions in 2018 and had a $50 billion gross merchandise volume (GMV). Canada, Japan, and the United Arab Emirates have all been added as new operating countries for PayTM.
Quick Answers to Key Questions
Can I Buy Crypto With Paytm Wallet?
You can purchase other currencies besides Bitcoin, yes. The coins that are offered on the exchange you’ve selected are the only restriction. The majority of cryptocurrency exchanges that accept Paytm Wallet as a payment method provide more than 50 cryptocurrencies, and many of them provide hundreds more.
Is Paytm Wallet Safe?
Yes, using Paytm Wallet is entirely secure. The only risk to be aware of is making sure that, when purchasing Bitcoin, you register with a licensed broker using Paytm Wallet. You run the risk of losing money if you use an unregulated broker platform.
How Much Does It Cost to Buy Bitcoin Via Paytm Wallet?
Expect to spend roughly 10% more than the going rate. Few sellers accept Paytm Wallet, so they are free to charge more than you would if you used another payment method.
To purchase Bitcoin using your Paytm Wallet, you must use a P2P exchange like Paxful. On those platforms, you communicate directly with the seller, who sets their own price. 10% above market is about par, but it can be significantly more.
Can I Store Bitcoin in My Paytm Wallet?
No, you cannot store cryptocurrency in a Paytm wallet. It is a payment service provider linked to your bank account, so it only stores fiat currencies, primarily Indian rupees, though it can also be used to store other currencies.
A specialized crypto wallet is the ideal place to store Bitcoin.
Why Don’t More Crypto Platforms Support Paytm Wallet?
The Reserve Bank of India has taken aggressive action to prevent Indian payment processors from accepting cryptocurrency payments or otherwise working with cryptocurrencies. There are consequently hardly any connections between Paytm Wallet and cryptocurrency exchanges.
Should I Buy Bitcoin Using Paytm Wallet?
if you’re willing to shell out more money to use a P2P exchange. The alternative is paying more money to use a platform like Paxful since it is difficult to find a cryptocurrency broker that accepts payments from your Paytm Wallet.
The advantages and disadvantages of buying Bitcoin using Paytm Wallet are listed below.
Pros
- An easy way to manage your crypto purchases
- Paytm is linked to your bank account
Cons
- Very difficult to find brokers that accept Paytm Wallet
- The cost of buying Bitcoin can be 10% or more higher when you use Paytm
- Can’t invest in crypto from the Paytm app
Final Thoughts
A fantastic way to enter the crypto world is by purchasing cryptocurrency with PayTM. It is inexpensive, quick, and safe. Additionally, you can easily transfer INR to your preferred platform or broker to purchase any cryptocurrency listed on that platform’s exchange. Bybit is a good choice because they provide instant deposits and reasonable fees. Additionally, they offer over 400 cryptocurrencies and the chance to earn interest on your deposits.
