An Ethereum exchange is a platform that allows you to buy and sell (trade) ETH. If you are in India, you probably want to join an exchange that supports your local currency, i.e. INR, and allows you to buy ETH directly from your bank account or using your credit cards.
In terms of the best ETH exchange in India, you have the following two options:
- Centralized exchanges
- P2P exchanges
As the name is self-explanatory, a centralized exchange is the one where everything is in control of a centralized entity, the owner or the managing team. They can see your trades, your funds as well as control the way transactions are processed. The transaction cost is also high with a centralized ETH exchange because of the middleman cost.
A P2P exchange, on the other hand, allows users to trade directly with each other, giving users complete control over their funds, transactions, and the fee they pay for each transaction. A P2P exchange is still centralized but the role of the platform (the owner, team, etc.) is minimal. They come into the picture only when there is a dispute that needs the help of a third party.
In this article, we will discuss the best way to buy ETH from both a centralized and a P2P exchange in India.
Buy ETH from a Centralized Crypto Exchange
Some of the best examples of centralized ETH exchanges in India are WazirX, BuyUCoin, and CoinDCX. All these exchanges are controlled by the owners and charge a transaction fee in the range of 0.2-1% per transaction from the user.
In order to buy ETH from a centralized exchange, the user will need to create an account on any of the platforms mentioned above. After that, the user will need to complete their KYC as per the govt regulations, which may take 24-48 hours for approval. After KYC completion, one can start buying ETH from the exchange. Most of these exchanges support the Indian currency and allow you to buy ETH using your Indian bank account and/or cards.
Cons of buying ETH from regular exchanges
- Lack of transparency
- High transaction fee
- Need for middlemen
- Limited payment flexibility
Buy ETH Securely & Quickly from a P2P Exchange (Shiftal)
Shiftal is the #1 peer-to-peer ETH exchange in India, where you can buy ETH directly from other users without going through a middleman. The platform lets you find and connect with potential sellers looking to sell their ETH coins through ads. You can click the advertisement that you like and then talk and trade directly with the user. Everything is transparent and the payments are highly secure, as you pay directly to the bank account or wallet of another user.
To avoid fraudulent activities, Shiftal uses the escrow wallet, which keeps the user coins and funds secure and completes a transaction only after the payment confirmation is received from the seller.
Shiftal is one of the first exchanges to offer the facility to buy ETH in India using UPI and multiple other payment options. All in all, there are 70+ payment options that you can use to pay for your orders on Shiftal. These include NEFT, IMPS, cash payment, ATM, UPI, PayTM wallet, Google Pay, Amazon Pay, credit card, and gift vouchers.
Shiftal also has a robust support system, through which users can request instant help from an expert team for quick resolution of trade disputes. Shiftal is also the first crypto exchange to provide the Callback Request feature for users to get instant support in case of trade disputes.
In order to buy ETH from Shiftal, you’ll first have to register on the Shiftal website. After that, you can complete your KYC in minutes through Shiftal’s automated KYC verification system, which is fast and secure. Then, you can start exploring the available ETH ads after selecting your location and preferred payment method. Once you find the right ad, click the buy button to find details about the seller and the trade terms. If the trade fits your criteria, you can proceed to pay the seller in a mutually agreed manner. Once the Shiftal escrow verifies the payment, the ETH coins will be instantly credited to your Shiftal wallet, from where you can transfer it to another wallet or hold it securely.
Buying ETH from Shiftal is not only easy and quick, but the platform gives you the flexibility to choose from as many as 70 payment options. So, you can buy ETH using your Amazon vouchers as well as using your Paytm wallet.
Visit https://www.shiftal.com to start buying ETH at the lowest price online.
Originally published at https://medium.com/