How to buy Bitcoin on Cofinex using PhonePe (Step by Step process)

1. Log in to your Cofinex platform.
2. Go to the P2P market or simply visit this link
3. According to different regions, the default coin to buy on the Cofinex P2P platform is set to USDT. You need to change it to BTC as shown below.
4. Also, in order to pay via PhonePe, you need to make sure that Payment Type on Cofinex P2P platform is changed to UPI.
5. Once we are done with selecting BTC and UPI as our preference, we will be shown all the Bitcoin buying offers that support UPI payment. We need to choose the offers wisely on the basis of their price, buying limit, completion rate and available BTC. Once chosen, click on the green-colored “Buy BTC” button.
6. A pop-up window will appear on your screen which will ask you to enter an INR amount to buy Bitcoin. The entered INR amount needs to be within the limit range provided by the merchant. Also, change the payment method to UPI in the “Pay With” section within the pop-up window.
7. Click on the blue colored “Buy BTC” button.
8. A new pop-up dialog box will appear asking for confirmation. Click on the blue colored “Continue” button.
9. You will then be redirected to the payment details page that will have the seller’s UPI ID, INR amount to be paid, Bitcoin to be received in return.
10. Open PhonePe app on your mobile and click on “To Contact” button.
11. You need to then click on the PhonePe UPI ID field to enter the seller’s UPI ID.
12. Once you have entered the seller’s UPI ID, you then need to enter the INR amount to be paid and the Payment Remarks. In this case, the amount to be paid is “500 INR” and Payment Remark is “0170”. Click on the blue-colored “SEND” button on PhonePe app.
13. Now you need to SUBMIT your UPI Pin to finally approve the UPI payment on PhonePe.
14. Once you make the payment on PhonePe, you need to click on the blue-colored “I have paid, next step” button on the Cofinex P2P platform page.
15. A pop-up will appear for Payment confirmation. Enter your RRN number to confirm the PhonePe payment. RRN number can be found in the SMS you receive from your Bank after the INR gets deducted. Once the RRN number is entered, click on the blue-colored “Paid” button.
16. Cofinex will then redirect you to the “Waiting for confirmation page” where you will need to wait for the payment to be released from the Seller’s end.
17. You can click on the “Remind To Confirm” button if the seller doesn’t release the Bitcoins within 5 minutes.
18. As soon as the seller confirms your payment, you will be redirected to the “Order Completed” page.
19. You will also receive an official email from Cofinex on your registered Cofinex email ID confirming your P2P order.
20. The Bitcoins will be released in your Funding account and you can then transfer them to your spot account by simply clicking on the “Asset Transfer” button and clicking on the “Confirm” button.
21. And that’s how you will receive your Bitcoin.

Pros & Cons of Buying Bitcoin Using PhonePe

Pros

• Better cashback offers
• Fast & Secure
• Occupies low space
• Snappy and good user interface

Cons

• Operated by YES BANK. Had issues in the past regarding consistency

How much time will it take to buy Bitcoin using PhonePe?

• Is it safe to buy Bitcoin using Google Pay?
  The payment via PhonePe app to the Bitcoin seller happens in an instant. However, the seller might take some time (probably 5 minutes at max) to respond you back and release the Bitcoin. From the Cofinex front, we take no time in facilitating the release of funds from the seller to you, provided no party raises any dispute.


• What is the maximum & minimum amount of Bitcoins I can buy on Cofinex using PhonePe?
  On the Cofinex P2P platform, you can buy Bitcoins worth even just 100 INR using PhonePe app. However, due to the limitation set by RBI (Reserve Bank of India) on the UPI transaction value, you can buy a maximum of 1,00,000 INR worth of Bitcoins in one single day.


• What will happen if my PhonePe UPI transaction fails. How is the dispute resolved?
  Under such circumstances, the first and foremost thing that the buyer should do is to take the failed UPI transaction screenshot. Now, if the money has been deducted from your bank account and you haven’t received it yet, then you need to first contact the seller via Cofinex P2P chat box and ask him if he/she has received the payment or not. If he has received the payment, he will release the Bitcoin. If he hasn’t received the payment, then you need to contact the PhonePe customer service and explain to them about the failed UPI transaction with the screenshot as proof.


• Will my PhonePe account be banned if I use it to buy Bitcoin?
  No, your PhonePe account won’t be banned. Buying Bitcoin in India is currently not illegal after the Supreme Court of India directed RBI to remove the crypto restriction in March 2020. However, to avoid any issues in transaction, it is recommended not to use words like “Bitcoin”, “Crypto”, “BTC” and many more crypto related keywords in the payment remarks on PhonePe app.

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