2022.03.01 Cofinex
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Cofinex P2P is the best platform to buy Bitcoin in India via UPI (Unified Payment Interface). In India, there are many digital wallets that support UPI payment. Some of them are Paytm, PhonePe, Mobiwik, Freecharge, GPay, and many more. UPI is fast, instant, secure and widely accessible in India.
How to buy Bitcoin on Cofinex using UPI (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 “UPI” 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 open your Paytm/PhonePe/GPay/Freecharge/Mobiwik app on your smartphone and make the payment to the seller’s UPI ID.
- 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 UPI (Unified Payment Interface) Method
Pros
- Very fast & Instant
- Widely used by everyone in India
Cons
- Can only buy up to 2,00,000 INR via UPI as per the limit set by RBI for UPI transactions
- Not meant for bulk buying
FAQ on buying Bitcoin using UPI
- How long does it take to purchase Bitcoin?
It is very fast to buy bitcoin via UPI payment on the Cofinex P2P platform. However, sometimes, the seller might take some time to confirm the payment. It usually takes around 1 to 5 minutes and then the Bitcoin is all yours. - 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, an Cofinex representative will personally approach you and introduce you to the Cofinex OTC product where you can buy even larger volumes of Bitcoin. - What happens in case of failure in a UPI transaction. How is the dispute resolved?
In such cases, the buyer needs to submit his UPI transaction screenshot to the Cofinex representative. The Cofinex representative will take a look at the screenshots and relevant documents and then will further help him with the issue.
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.
