If you are reading this post then you want to know how to sell Bitcoin in India or you are looking for alternate options in case your exchange decided to shut down or move their operation to some other country. From 2018 till now, I have been using an exchange which was also known to pay compensation of 10 XRP if they fail to process your withdrawal request within 30 minutes.
That compensation policy is no longer active anymore after the RBI ban. Still, you will receive your money in your Bank account within an hour or so. None, of the active exchanges, will guarantee you that they will complete your withdrawal request to your bank account within a couple of hours. Most of them take 24 hours or more.
How to sell Bitcoin for Instant Cash:
For me, there is only one exchange in India where I sell my cryptocurrency for instant cash into my Bank account and that is Giottus exchange. They support only six major cryptocurrencies and they are Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin and Tether (TUSD). 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 one hour, sometime it may take a little bit longer but, it will be done within the time frame of 9:00 am in the morning till 11:00 pm in the night every day seven days a week.
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How it is done?
Giottus exchange uses both UPI and IMPS banking technology to credit your Bank account. They use the P2P service to transfer your money instantly to your Bank account.
How to sell Bitcoin on Giottus exchange?
First, you need to Signup and then verify your phone number as well as your email address. 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. Let’s go through all the steps one by one.
Click here to open the website on your browser.
Click on Register for free at the bottom of the page.
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.
In case if you face any problem while registering, you can contact their live support on Telegram. Click here to join there Telegram channel. You will receive a verification email asking you to confirm your email address. Click on the verification link to open up the login page. 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 that you will see is your Dashboard. At the top of the screen, you will see profile written in orange color, click on that link and then you need to update your Bank account details and also complete the KYC verification.
After you have completed the steps 1 to 6, go to the dashboard screen once again, click on the dashboard. Scroll down and under CoinBalance, click on Deposit in front of Bitcoin and capture or copy the deposit address. Transfer your Bitcoin to this address and wait for it to credit in your Giottus Bitcoin wallet. You will receive a notification on your mobile number when it is done.
Now click on Tradeview. By default, Bitcoin will be 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.
After you have completed the sale, the INR equivalent amount that you had sold 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 once again that you wish to transfer to your bank account on a popup screen. Enter the amount and also the OTP sent to your mobile phone to complete the withdrawal process.
You can check the status of your withdrawal request under INR Deposit/Withdraw details on the dashboard. Timing for INR Deposit/Withdraw is from 7:00 am till 11:00 pm every day.
Recommended Cryptocurrency Wallet:
Atomic Wallet is a Multi-Cryptocurrency Wallet with features like Atomic Swap, P2P Exchange and Buy Crypto. You can store more than 300 coins and all ERC-20tokens in it. It is available both for desktop and mobile. The desktop wallet allows you to buy crypto’s using your bank account debit/credit card. Download it and do join there Telegram channel for instant support. Do follow them on Twitter. Below are useful links from Atomic Wallet.
In the end, I would like to thank you for reading this article on how to sell bitcoin in India for instant cash. I have been personally using their service for the past year now. I have never faced any problems or delays in service. If I had any issue, I would directly contact them on their Telegram channel where they are very active and helpful. I do understand that the charges are on the higher side.
Generally, an exchange will be charging you a sum of .0.02% as a service fee but, they will not guarantee you the time frame. This is where they are different and that is why they charge you more. If required, I would update this article in case if there is any change in their service or if they are not operational anymore.
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