2022.03.01 Cofinex
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Cofinex P2P offers the best service to buy Bitcoin in India via bank transfer. In India, the bank transfer works on 3 basic techniques. IMPS, RTGS & NEFT payment methods. All of these 3 bank payment methods have different speeds and different payment limits. Amongst them, IMPS is the fastest method to send the payment.
How to buy Bitcoin on Cofinex via Bank Transfer (Step by Step process)
- Sign up on the Cofinex platform. Go to the P2P market. Click here for P2P Market.
- By default, the coin to purchase in the P2P market is set to USDT (Tether). You need to change it to BTC (Bitcoin).
- Once done, find the best offer that suits your requirement (in terms of price, payment modes & limits). In this case, we are choosing Bank Transfer as our mode of payment.
- Click on the “Buy BTC” green color button residing on the offer you have selected.
- Enter the INR amount you want to use to buy Bitcoin. Make sure it is within the limit range provided by the merchant. In the “Pay With” section, choose “Bank Transfer” as your mode of payment.
- Click on the blue color “Buy BTC” button.
- Another window will appear asking for confirmation. Make sure to click on the blue color “Continue” button within the prescribed time limit.
- A new window will appear with all the details for the payment. This includes Seller’s bank account details, INR amount to be paid, Bitcoin to be received in return.
- Now you need to log in to your net banking website. Add the seller’s banking details to your beneficiary list and make the payment via IMPS, NEFT or RTGS payment methods.
- Once you make the payment, you need to go back to your Cofinex seller information page and click on “I HAVE PAID, NEXT STEP”.
- A pop-up will appear asking for Payment confirmation. You need to enter your RRN number. You can find the RRN number in the SMS you received after the INR got deducted from your bank account.
- Once you have entered your RRN number, click on blue colored “Paid” button.
- You will then be redirected to the “Waiting for confirmation page”. This is the step where you need to wait for the payment to be released from the Seller’s send.
- If the seller doesn’t release the Bitcoin immediately (5 minutes), you can click on the “Remind to confirm” button to remind him to release Bitcoin to your wallet.
- Once the seller confirms your payment, the “Waiting for confirmation page” will automatically transfer to the “Order Completed” page.
- An email will also be sent to your email ID giving you confirmation of the asset released by the seller.
- Then you can transfer your assets (Bitcoin) to your Spot/Margin/Futures account by clicking on the blue colored “Asset Transfer” button.
- And that’s how you will receive your Bitcoin.
Pros & Cons of Bank Transfer Payment Methods (IMPS v/s RTGS v/s NEFT)
Pros
- Bank transfer can be used to make bulk payments. (Above 2,00,000 INR)
- Bank transfer can also be used to make small payments (Below 2,00,000 INR)
- Bank transfers are instant (RTGS & IMPS)
Cons
- Bank transfer can take time (NEFT)
- You can bulk buy (up-to 2,00,000 INR) using Bank Transfer (IMPS)
FAQ on buying Bitcoin via Bank Transfer
- How long does it take to purchase Bitcoin?
It usually depends on the type of payment method you are opting for in the Bank Transfer method. If it’s IMPS & RTGS, then the payment is instant. However, if it’s NEFT, then it usually takes time (1-2 hours). However, that being said, in any of the payment methods, you need to add the seller’s details in the beneficiary list in your bank which again takes at least 2 hours of waiting time before you can make a payment to the seller. - What is the minimum amount of Bitcoin one can buy?
You can buy Bitcoin worth 100 INR on the Cofinex P2P platform provided the amount you want to buy is falling within the selling limit range of the seller. - What is the maximum amount of Bitcoin one can purchase
There is practically no limit to the amount of Bitcoin one can purchase on the Cofinex P2P platform. You can buy as many as 100,000,000,000 INR worth of Bitcoins on the Cofinex P2P platform and if you have a requirement of even more than this, Cofinex representative will personally approach you and introduce you to the Cofinex OTC product where you can buy even larger volumes of Bitcoin.
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.
