If you are reading this article then you are here to know how to sell Bitcoin in India or the best way to sell Bitcoin in Indian in 2020.
You are also looking for a trustworthy and reputable exchange in India to sell Bitcoin for INR.
After the RBI ban on cryptocurrency transactions, a lot of trusted crypto exchanges did shut down leaving the community helpless.
But, some of them did stick till the end and here we are after the Honorable Supreme court’s verdict on the removal of the Ban placed by RBI.
From 2018 till now, I have been using this crypto exchange which earlier used to pay compensation of 10 XRP if they fail to process withdrawal requests within 10 minutes.
They are back now and their compensation policy is live and active. If they cannot transfer the money into your bank account within 10 minutes they will pay you 10 XRP as compensation.
Isn’t that wonderful!
Most of the big Indian exchanges do not offer the same level of service. Normally they process a payment within one hour or so and sometimes it can take up to 24 hours.
Sell Bitcoin for Instant Cash:
I only use this exchange to sell my BTC, ETH & LTC for instant cash into my Bank account as the rate offered is far much better than other exchanges. Apart from the above three they also have BCH, XRP, TUSD, USDT. LINK, KNC and more.
They are known as Giottus exchange, started in early 2018 by two IIM alumni Vikram Subburaj, CEO and Arjun Vijay COO. Giottus charges 0.25% for buyers and 0.15% for sellers as a service fee.
Standard banking charges are applicable for withdrawal and deposit. They generally process your request within 10 minutes. Deposit and Withdrawl are processed within the time frame of 10:00 am till 10:00 pm 7 days a week.
Handpicked articles for you:
- How to earn Bitcoin fast in 2020?
- How to Invest in Bitcoin in India?
How it is done?
Payments are processed using both UPI and IMPS banking services for both deposit and withdrawal. They provide both P2P exchange and spot exchange service. The spot exchange service is a direct withdrawal using the exchange funds.
How to sell Bitcoin on Giottus exchange?
First, you need to register and then complete the phone number verification for two factors and then email verification.
After you have completed your primary verification you have to complete your KYC and add Bank details. KYC verification is done instantly but, sometimes it may take up to 24 hours. Below are the steps and screenshots.
- Fill the form with correct details.
The email address provided by you will be your login username. It will be also used for sending official communication and OTP. The phone number will be used for 2FA authentication. After entering all the details click on Create Account. Do join their telegram channel as they provide support there.
- Enter your username and password and then click on Login.
- Enter the 6 digits OTP sent to your mobile number and click on verify.
- The next screen is your Dashboard. At the top right-hand side of the screen you will see a profile picture.
- Click the link and then your Bank account details and also complete the KYC.
- After completing the above steps, click on dashboard and then scroll down and under CoinBalance, click on Deposit in front of Bitcoin and capture the QR code or copy the deposit address.
- Transfer your Bitcoin to this address and wait for it to credit in your Giottus Bitcoin wallet. Your Bitcoin will be credited into the exchange wallet after one confirmation.
- You will also receive a notification on your mobile number when it is credited.
- Click on Spot Exchange to sell Bitcoin using the market value provided by the exchange.
- Click on P2P exchange to sell using the listed offer.
- On the Spot exchange screen by default, Bitcoin is selected. Click on Sell and Input all the details.
- You can either choose Limit Order, Market Order, Stop Market or Stop limit from the dropdown.
- After you have entered all the details click on Sell to complete the process as shown below.
- After you have completed the sale, the INR amount will get reflected under INR Balance on the Dashboard.
- Click on Withdraw to transfer the money to your Bank account. You will be asked to enter the amount that you wish to transfer to your bank account on a popup screen.
- Enter the amount and an OTP will be sent to your mobile phone to complete the withdrawal process.
- You can check the status of your withdrawal under INR Deposit/Withdraw details on the dashboard.
In the End:
In the end, I would like to thank you for reading this article on how to sell bitcoin in India for instant cash. As mentioned earlier in this article that I have been personally using their service for the past year and a half now and have never faced any problems or delays.
Other exchanges do charge a hefty withdrawal fee between the range of 0.02% to 0.03% but, they still do not guarantee you the time frame.
I hope this article helps you and if you like this article want to be the first to read more articles related to crypto universe then do follow us on our social media channels.