Learn how to sell cryptocurrency in India quickly & safely in 2024 including how to sell crypto on popular crypto exchanges in India like WazirX, CoinDCX & Binance.
How to sell cryptocurrency in India
Want to cash out on your crypto in India? It’s easy to sell your crypto for INR. All you need to do to sell your crypto is follow these three simple steps:
- Find a trusted crypto exchange
- Move your crypto from your wallet to your exchange
- Sell your crypto
We’re looking at each step in depth including how to pick a trustworthy crypto exchange in India and provide detailed instructions for selling crypto on three popular platforms: WazirX, CoinDCX, and Binance.
How to find a safe crypto exchange
Choosing the right cryptocurrency exchange is critical to ensure a safe and hassle-free selling experience. With the growing number of exchanges available in India, it’s essential to do thorough research and consider the following factors:
- Security: Look for exchanges with robust security measures, such as two-factor authentication (2FA) and cold storage for funds. A platform with a solid security track record will safeguard your assets from potential cyber threats.
- User-Friendly Interface: Opt for an exchange with an intuitive and user-friendly interface. This will make the selling process smoother, especially if you’re new to cryptocurrency trading.
- Liquidity: High liquidity on an exchange ensures that you can quickly convert your crypto into Indian Rupees (INR) at fair market prices without experiencing significant price fluctuations.
- Regulation and Compliance: Choose an exchange that complies with Indian regulations and has transparent policies. This helps protect your rights as a user and ensures your transactions are legally recognized.
- Customer Support: Consider platforms with responsive customer support to address any issues that may arise during the selling process.
You can find out more about the best crypto exchanges in India, but for now, let’s delve into the steps to sell crypto on three of the most popular – starting with how to transfer your crypto from your wallet to your chosen exchange.
Transfer your crypto to your exchange
If you’re not holding your crypto in a non-custodial wallet – you should be. So before you can sell your cryptocurrency on any exchange, you need to transfer your crypto holdings from your personal wallet to your exchange account. Here’s how you can do it on three popular Indian crypto exchanges:
How to deposit crypto on WazirX
- Sign in to your WazirX account and go to funds
- Choose the cryptocurrency you wish to sell
- Select deposit to reveal the deposit address
- Transfer your crypto from your wallet to the provided deposit address
- Once the transaction is confirmed on the blockchain, you’ll be able to see your crypto in your WazirX account
Read next: Your Complete WazirX Guide
How to deposit crypto on CoinDCX
- Log in to your CoinDCX account and go to wallets
- Select the cryptocurrency you want to sell and select deposit.
- You will be provided with a deposit address for that particular crypto
- Transfer your crypto from your wallet to the given deposit address
- Once the transaction is confirmed, your funds will be available in your CoinDCX wallet
Please note, following difficulties with regulation in 2022, CoinDCX imposed changes on crypto deposits and withdrawals. In a news release, the exchange stated “crypto deposits & withdrawals remain disabled for everyone by default. One must follow an enhanced due diligence process to enable crypto deposit/withdrawal. For crypto deposits, all old addresses across wallets are still active and continue to receive funds. We are in the process of disabling the same.”
Read next: WazirX or CoinSwitch?
How to deposit crypto on Binance
- Log in to your Binance account and select deposit
- Select deposit crypto
- Select the cryptocurrency you want to transfer to Binance to sell
- Select the deposit network – make sure this matches the network of the wallet you’re withdrawing funds from
- You’ll now be able to see your deposit address to copy
- Transfer your crypto from your wallet to the deposit address
- Once the transaction is confirmed, your funds appear in your Binance wallet.
Sell your crypto
With your funds now available on your chosen exchange, you’re ready to sell your crypto. Follow these steps on each platform to complete the selling process:
How to sell crypto on WazirX
- Log into WazirX and go to markets
- Select the correct INR trading pair for your crypto – for example, BTC/INR
- Select sell
- Enter the amount of crypto you want to sell.
- Confirm the details of your transaction
- Your order will be processed and confirmed as soon as there’s a matching buy order
How to sell crypto on CoinDCX
- Log in to CoinDCX and go to markets
- Select the crypto you want to sell
- Select sell
- Select the amount of crypto you want to sell
- Confirm the details of your transaction
- Your order will be processed and confirmed
How to sell crypto on Binance
- Log in to Binance and go to P2P trade (make sure you’ve added a payment method beforehand)
- Select express
- Select the crypto you want to sell and the fiat currency you wish to sell it for
- Enter the amount of crypto you’d like to sell
- Select sell with 0 fee
- Select your preferred payment method
- Select confirm sale
What about taxes on selling crypto in India?
If you’re selling crypto in India, you need to be aware of the tax implications. Any profit you make from selling crypto for fiat currency like INR, or indeed, trading crypto for crypto, are subject to a flat 30% tax – with no exceptions.
Learn more about crypto taxes in India.
