Are you interested in buying Ether in India?
If you are interested in that, then you came to the right place. We will cover everything that you need to know about purchasing Ether in India. Don’t worry, it’s a relatively simple process, but you do need to know what you are doing to ensure that everything goes smoothly.
Anyway, this article will cover the best wallet to use, the best cryptocurrency exchanges to buy Ether in India, and a few tips to ensure that your Ether stays safe.
Best Cryptocurrency Exchange to Buy Ether in India
India has a few different cryptocurrency exchanges. Not all of them are the best exchanges for buying Ether, though.
This section will cover the best exchanges for buying Ether in India. All the exchanges listed must accept the Indian rupee, have low fees, and sell Ether.
WazirX is the most popular cryptocurrency in India for good reason – it has over 120 cryptocurrencies available for purchase, accepts the Indian rupee, and has fees that range from 0.1% to 0.2%.
It’s easy to use, too.
Simply deposit money into WazirX, wait 3-5 days for the money to clear from your bank, and purchase your Ether.
Of course, we recommend immediately transferring out Ether after your purchase, which is easy enough. This step isn’t necessary, though.
BuyUcoin is another Indian cryptocurrency exchange, and it’s the one we recommend if you don’t want to use WazirX. The fees on BuyUcoin are a little higher than WazirX.
BuyUcoin does give you more trading features than WazirX, though.
This is why we recommend BuyUcoin if you want to daytrade Ether rather than just buy and hold. The trading fees are also slightly lower on BuyUcoin. But you will pay some more fees when you make a deposit.
LocalBitcoins is the best choice if privacy is your main concern. Why?
LocalBitcoins allows you to purchase cryptocurrency with cash (or other payment methods). All you have to do is find a seller in your area, pay them cash, and have them transfer the cryptocurrency to your account.
Also, LocalBitcoins has more than just Bitcoin for sale on their marketplace. They actually have most cryptocurrencies depending on the area.
Best Ether Wallets for India
If you want to purchase Ether in India (or anywhere), then you should first set up an Ethereum wallet. It’s not necessary to purchase Ether, but it’s highly recommended you don’t skip this step.
Fortunately, setting up an Ether wallet is fast, easy, and sometimes free. Here are the best Ether wallets to use in India.
A hardware Ether wallet is the most secure and easiest option. The one disadvantage of a hardware wallet is that it will cost money to purchase the wallet, which is why we only recommend this option if you’re serious about cryptocurrency.
As for the best hardware wallets, you can’t go wrong with a Nano or Trezor hardware wallet for security, ease of use, and cost. Both these wallets accept Ether, Bitcoin, and many other cryptocurrencies.
A software wallet is the best option for beginners. It’s easy to set up a software wallet and they’re very accessible since you can access them on your computer or smartphone.
Unfortunately, they aren’t nearly as secure as a hardware wallet, but most people don’t have any problem with the security of a software wallet. Just make sure not to tell anyone your password.
We recommend using Atomic Wallet as a desktop wallet or as a mobile cryptocurrency wallet for your phone. It’s available on Android and iOS.
Paper wallets are the most secure cryptocurrency wallet. However, they are also the most difficult type of wallet to use. You can create your own paper wallet on MyEtherWallet. All you have to do is write down the private key and store it in a safe place.
You then send all Ether to the paper wallet address. The paper wallet serves as a sort of bank for your Ether.
If you want to transfer your Ether, then you simply use the private key to send the Ether to a new address.
As we said, it’s a little complicated and convoluted. The security of a paper wallet can’t be overlooked, though. If no one has access to the paper with your private key on it, then the contents of your wallet cannot be stolen.
The biggest security concern with a paper wallet, and all cryptocurrencies wallets, is losing your private key.
Staying Safe While Buying Ether in India
Here are some tips for staying safe when buying Ether in India. Most of these tips are common sense, but they are worth mentioning for cryptocurrency beginners.
Store Ether in Your Own Wallet
First, store Ether in your own wallet rather than a cryptocurrency exchange. Why?
Cryptocurrency exchanges are private companies, which makes them much more susceptible to hacks that could result in you losing all the funds in your account.
Even worse, cryptocurrency exchanges are not typically insured like a bank, so you have no recourse in the event the exchange is hacked.
Don’t Lose Your Private Key
If you store cryptocurrency in your own wallet, then you will use a private key to access the funds. Believe it or not, most cryptocurrency is lost not by hacking.
It’s lost because people lose their private key, which means they lose access to their wallet.
Without your private key, you cannot transfer funds out of your wallet. And it is impossible to recover your private key.
Don’t lose your private key.
Don’t Confirm The Transaction Until It’s Verified (LocalBitcoins)
This applies to LocalBitcoins and other local options – don’t confirm the transaction as complete until it has been verified on the blockchain at least three times.
You can check the verifications on the blockchain by searching the transaction ID on any blockchain explorer.
All you have to do is wait for at least three confirmations, and then the transaction is impossible to reverse.