2022.03.01 Cofinex
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Cofinex P2P platform now offers the best service to buy Bitcoin in India via Paytm UPI service. UPI payment service is one of the best payment services in India which is provided by many fiat currency digital wallets like Paytm, Google Pay & PhonePe. In this article, we will teach you how you can buy Bitcoin using Paytm app on the Cofinex P2P platform.
How to buy Bitcoin on Cofinex using PayTm (Step by Step process)
- Log in to your Cofinex platform.
- Go to the P2P market. Click here for P2P Market
- In some regions, the coin to purchase in the P2P market is set to USDT (Tether) by default. You need to change it to BTC (Bitcoin).
- Once changed to BTC, you have to select the Payment Type. We will be choosing UPI from the Payment Type list.
- After choosing BTC & UPI, we can then check all the Bitcoin Buy offers that are supporting UPI payments. Choose the offers wisely on the basis of completion rate, price, buying limits, and available BTC. Finally, click on the green-colored “Buy BTC” button.
- You now need to enter the INR amount to buy Bitcoin. Make sure it is within the limit range provided by the seller. Once done, choose “UPI” as your mode of payment in the “Pay With” section. Finally, click on the blue color “Buy BTC” button.
- A pop-up window will appear asking for confirmation. Click on the blue colored “Continue” button within the prescribed time limit.
- You will be redirected to a new page with all the details of the payment. This includes Seller’s UPI account details, INR amount to be paid and Bitcoins to be received in return.
- Now you need to open your Paytm app on your smartphone and click on the “Send Money To Anyone” button.
- You need to then enter the UPI ID of the seller in the Paytm UPI field and click on the blue colored “Proceed” button on Paytm.
- Enter the INR amount for Bitcoin and also the payment remark as per asked by the seller. After this, click on blue colored “Pay” button.
- Now you need to SUBMIT your UPI Pin to finally approve the UPI payment on Paytm.
- Once you make the payment on Paytm, you need to click on the blue-colored “I have paid, next step” button on the Cofinex P2P platform page.
- A pop-up window will appear asking for Payment confirmation. Enter the RRN number. You can find the RRN number in the SMS you will receive after the INR gets deducted from your bank account. Once you have entered your RRN number, click on blue colored “Paid” button.
- After this, Cofinex will redirect you to “Waiting for confirmation” page. You then need to wait for the seller to release the Bitcoins.
- If your Bitcoins aren’t released immediately (5 minutes) by the seller, click on the “Remind to confirm” button. This will send a reminder to the seller asking him to release Bitcoin to your wallet.
- Once the seller confirms your INR payment, the “Waiting for confirmation page” will automatically transfer to the “Order Completed” page.
- You can confirm the Bitcoins in your wallet by checking your email inbox. You will receive an email from Cofinex confirming your P2P order.
- You can then transfer your assets from the Funding account to Spot Account.
- And that’s how you will receive your Bitcoin.
Pros & Cons of Buying Bitcoin Using Paytm
Pros
- Strong Paytm customer support
- User-friendly interface
- Fast UPI processing
- 99.99% uptime guaranteed
Cons
- Paytm app accumulates high cache memory
- Can be used to buy only 1,00,000 INR worth of BTC per day.
FAQ on buying Bitcoin using Paytm
- Is it safe to buy Bitcoin using Paytm?
Paytm is one of the best & safest UPI payment service in India. While buying Bitcoin on Cofinex using Paytm payment service, you get double layer assurance. The first layer is from Cofinex escrow systems where we make sure that transactions are made in a fair manner. And second layer assurance comes from Paytm’s strong customer support who solves customer queries promptly, in case of any issues. - What is the buying limit range of Bitcoins one can buy using Paytm?
The buying limit range of Bitcoin on Cofinex P2P platform using Paytm payment service can go as low as 100 INR, provided it falls within the seller’s sell limit range. In terms of upper limit, you can buy a maximum of 1,00,000 INR worth of Bitcoin on Cofinex P2P using Paytm payment service. - What if my Paytm UPI transaction fails?
In such cases, we first recommend you to take the screenshot of the failed Paytm UPI transaction and keep it for future reference. Later, make sure the amount hasn’t been debited from your account. If it hasn’t debited, you can again try to make the payment to the seller. If the amount has been debited from your account, you can ask the seller to confirm whether he has received the payment or not using Cofinex chatbox service. If the seller confirms the payment, then he will release the Bitcoins. If the seller hasn’t received the money, you need to contact Paytm customer service and show them the failed transaction screenshot and ask for a refund. - Will my Paytm app be banned if I buy Bitcoin?
In order to avoid such scenarios, it is always recommended not to add keywords like “Bitcoin”, “BTC”, “Crypto” or “Cryptocurrencies” in the payment remarks or message attachment in your Paytm transaction. If you take care of this, then Paytm won’t be banning you.
Disclaimer: This material should not be taken as the basis for making investment decisions,
nor be construed as a recommendation to engage in investment transactions. Trading digital
assets involve significant risk and can result in the loss of your invested capital. You should
ensure that you fully understand the risk involved and take into consideration your level of
experience, investment objectives and seek independent financial advice if necessary.
