Are you ready to cash out your cryptocurrency investments in India? Selling your crypto for INR (Indian Rupees) is a straightforward process, but it’s essential to do it safely and efficiently. In this guide, we’ll walk you through the steps to sell cryptocurrency in India quickly and securely.
The Best Exchanges to Sell Crypto in India
Choosing the best exchange to sell your crypto in India is important for a smooth and safe experience. Start by looking at the exchange’s reputation – see what other users say about it. Check if it follows rules and keeps your money secure. Pick an exchange that’s easy to use and doesn’t charge too much in fees. Also, make sure it has a lot of users, so you can easily find someone to buy your crypto. By considering these factors, you can find the best exchange for selling your crypto in India and make the process simple and reliable.
We’ll also explore how to sell crypto on some of the most popular crypto exchanges in India, including WazirX, CoinDCX, Mudrex, and BitBNS.
How to Deposit Crypto in your Exchange Account
To deposit crypto in your exchange account, select a trusted exchange, create an account, locate your deposit address, initiate the deposit with the desired amount, confirm the transaction, and begin trading once the deposit is confirmed. Here’s how you can deposit crypto on these popular Indian crypto exchanges:
Wazirx
- Sign in to your Wazirx account and navigate to the “Funds” section
- Choose the cryptocurrency you wish to sell
- Select deposit to reveal the deposit address
- Transfer your crypto from your wallet to the provided deposit address
- Once the transaction is confirmed on the blockchain, you’ll see your crypto in your WazirX account.
For deposit times, it varies based on network speeds and congestion. Most deposits happen quickly, but if yours hasn’t shown up after 24 hours, avoid contacting support. Check the confirmations needed for success on the Trading, Deposit & Withdrawal Fees page. There are no deposit fees for crypto on WazirX, and no minimum limits either. Just note, you can’t transfer crypto between WazirX accounts right now.
Coindcx
- Log in to your CoinDCX app and tap on the ‘Deposit’ button.
- Now, you will be directed to the funds page, at the bottom of which you can now see the deposit button. Go ahead and tap on that button.
- You can now choose the crypto asset you want to deposit into your CoinDCX account.
- After selecting the token for deposit in your CoinDCX account, you’ll see the deposit form with a QR code and wallet address to initiate the withdrawal from the sender account.
- Make sure you choose the right network option for your token. This is a critical step, or you can lose your tokens.
- Now, once the deposit is initiated, you might have to wait for a while as the deposit may take some time to get verified and processed.
- Once that is done, you can now scan the QR code on the deposit form or use the wallet address and apply for a withdrawal from the other account using that wallet address.
- Upon verification of the documents and the necessary compliance measures, your deposit will be processed, and funds will be reflected in your account.
Crypto deposits have become increasingly beneficial for Indian users, especially following recent actions by the Financial Intelligence Unit (FIU) under the Finance Ministry. These efforts aim to assist Indian users in securely and compliantly buying, selling, and holding crypto assets.
Mudrex
- Access Wallet: Open the Mudrex app and navigate to your USDT wallet.
- Copy Address: Click on Deposit, select the blockchain network, and copy your public wallet address.
- Withdraw from Other Wallet: In your external wallet (like Binance), choose the crypto you want to transfer, select the withdrawal option, paste the Mudrex wallet address, pick the correct network, input the amount, and confirm the transfer.
- Verify Deposit: Back in Mudrex, check the transaction under Activity for confirmation.
Depositing crypto into Mudrex is streamlined for ease. Simply access your Mudrex wallet to obtain your address, initiate a transfer from your existing wallet by pasting this address, and then confirm the transaction within Mudrex. This process bridges your external crypto assets with Mudrex’s trading platform, enabling seamless trading activities.
Bitbns
- Go to Wallet page
- Click the ‘Receive’ button next to the cryptocurrency you want to deposit
- You can either scan the QR or paste the address in the source wallet/exchange you’re withdrawing from
- For some crypto like XRP, XLM, etc you’ll have to enter the Tag or Memo. For crypto like USDT, you’ll have to select the network like ERC20, TRC20, etc which matches with the wallet/exchange you’re withdrawing from.
- Make sure that minimum amount and other requirements mentioned in Bitbns as well as the source wallet are fulfilled
- Complete the transaction in the source wallet
In summary, depositing cryptocurrency into your Bitbns wallet is easy. Just go to the Wallet page, click ‘Receive’ next to the cryptocurrency you want, and either scan the QR code or paste the address from your other wallet or exchange. Make sure to include any extra info like tags or memos for certain currencies. Also, pick the right network for currencies like USDT. Meet the minimum deposit requirements from Bitbns and your other wallet. Then, finalize the transaction in your source wallet. Following these steps will smoothly move your cryptocurrency into your Bitbns wallet for trading or safekeeping.
How to Sell Crypto in your Exchange Account
To sell crypto in your exchange account, go to the ‘Sell’ section, select the cryptocurrency and amount, review the details, and then confirm the sale. Funds will be credited to your account, ready for withdrawal or further trading. Here’s how you can sell crypto on these popular Indian crypto exchanges:
Wazirx
- Log into WazirX and go to markets.
- Select the correct INR trading pair for your crypto – for example, BTC/INR.
- Select sell.
- Enter the amount of crypto you want to sell.
- Confirm the details of your transaction.
- Your order will be processed and confirmed as soon as there’s a matching buy order.
Selling crypto on WazirX involves a few straightforward steps: Log in and navigate to markets, select the appropriate INR trading pair, choose to sell, enter the amount you wish to sell, and confirm your transaction details. Once there’s a matching buy order, your order will be processed. This method ensures a seamless transition from holding crypto to converting it into INR, ready for further use or withdrawal.
Coindcx
- Log in to CoinDCX and go to markets.
- Select the crypto you want to sell.
- Select sell.
- Select the amount of crypto you want to sell.
- Confirm the details of your transaction.
- Your order will be processed and confirmed.
Selling crypto on CoinDCX is streamlined for user convenience. After logging in and navigating to markets, users select the crypto they wish to sell, specify the amount, and confirm the transaction details. This process culminates in the order being processed, facilitating a smooth transition from holding to selling your digital assets on the platform.
Mudrex
- Log into your Mudrex account.
- Navigate to your portfolio or the section displaying your investments.
- Identify the investment or crypto you want to liquidate.
- Look for a “Sell” or “Withdraw” option to initiate the process.
- Enter the amount you wish to sell or withdraw and confirm the details.
- Finalize the transaction by following the prompts.
- Verify the transaction has been completed and funds are credited appropriately.
Keep in mind that Mudrex is designed with a focus on automated investments. This means that the platform may not support direct trading like other exchanges. For this reason, it’s always best to check the latest guidance from Mudrex or reach out to their support team to get the most up-to-date information and step-by-step procedures. This way, you can manage your investments effectively and avoid any confusion.
Bitbns
- Log into your Bitbns account.
- Navigate to your wallet.
- Choose the cryptocurrency you want to sell.
- If the cryptocurrency is not already in your Bitbns wallet, deposit it by clicking on the “Deposit” button and following the instructions to generate a wallet address.
- Initiate a withdrawal by clicking on the “Withdrawal” button next to the cryptocurrency you want to sell.
- Enter the quantity or volume you wish to sell and the destination address where you want to send the cryptocurrency.
- Confirm the withdrawal details.
- Process the withdrawal, which effectively means selling your cryptocurrency.
Remember, Bitbns is all about buying, holding, and trading cryptocurrencies on its own platform. So when you’re selling, it usually means you’re withdrawing to other exchanges or wallets. Always make sure to look up the most current instructions or get help from Bitbns’ official guides and their FAQs to keep things smooth and straightforward.
How to Cash Out your Crypto or Bitcoin
To cash out your cryptocurrency or Bitcoin amid the recent market downturn, you have several avenues available:
- Use a Centralized Exchange: Platforms like Coinbase, Binance, or Kraken offer easy-to-use interfaces for selling your cryptocurrency. Simply choose the cryptocurrency you want to sell, specify the amount, and convert it into cash, which can then be transferred to your bank account.
- Utilize Your Broker’s Platform: If your broker, such as Robinhood or Webull, holds your crypto assets, you can easily execute a trade on their platform to convert them into cash.
- Engage in Peer-to-Peer Trading: Explore peer-to-peer online platforms like Binance P2P or Paxful, where you can directly sell your cryptocurrency to another person in exchange for dollars. These transactions are often facilitated by escrow services provided by the platform.
- Cash Out at a Bitcoin ATM: Bitcoin ATMs provide a direct means of converting your Bitcoin into cash. Simply send your Bitcoin to the ATM’s provided QR code, and within minutes, you’ll receive cash. However, be mindful of the high commissions associated with Bitcoin ATM trades.
- Trade Cryptocurrencies Indirectly: If your exchange doesn’t support direct conversion to dollars, consider trading your cryptocurrency for another popular currency like Tether (USDT) before finally cashing out to dollars.
Why Catax? Exploring Our Benefits
Catax is India’s first platform that makes dealing with blockchain and crypto taxes much easier. They offer tools and services that help make sense of cryptocurrency taxes. With Catax, you can manage and check your crypto taxes without a hassle. It helps you put together tax reports from different exchanges and wallets quickly. This is great for everyone from individual traders to big companies and even auditors. Catax is also working on new tools to make handling and processing crypto in offices a lot simpler.
Our mission is to assist cryptocurrency users with their tax obligations by providing transparent, straightforward, and convenient reporting.
Why?
Managing and fully comprehending crypto assets has not been easy. Whether an individual or a corporation, any taxpayer or even accounting professional assisting clients with crypto taxes.
Benefits:
- No overpay on your taxes.
- National & International Exchange Support.
- Easily track your crypto assets & taxes.
- All your transactions in one place.
- Reliable crypto assets tax reports.
- Easily find and fix issues in your transactions.
- Full-time crypto concierge with accounting and tech Support..
FAQs on How to Sell Crypto in India in 2024
If you’ve sold or utilized Bitcoin by exchanging it for cash on a platform, purchasing goods/services, or swapping it for another cryptocurrency, you’ll be liable for taxes if the realized value exceeds your initial acquisition price. This could result in a taxable capital gain, subject to either short-term or long-term tax rates.
Deciding when to sell crypto isn’t governed by strict rules. However, it’s essential not to panic-sell during price drops. If you believe in its long-term value, holding onto your investment may be wise, as panic-selling often leads to regret among crypto investors.
Selling, buying, or converting cryptocurrencies on Coinbase typically incurs fees. These fees are determined when you initiate your transaction and can vary based on factors like your selected payment method, order size, market conditions, jurisdictional location, and the expenses Coinbase bears to facilitate the transaction.
The optimal time to sell cryptocurrency is typically between 8 am to 4 pm local time, when trading activity peaks. Trading during these hours increases the likelihood of successful transactions due to higher trading volumes. Outside of this timeframe, trading may be slower and less conducive to executing trades efficiently.
Yes, crypto exchanges and trading services typically charge trading fees for buying, selling, or exchanging digital currencies on their platforms. These fees contribute significantly to the revenue of exchanges, complementing other income streams like advertising, listing fees, and premium services.
One thought on “How to Sell Crypto in India in 2024: Easy Steps”