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How to Buy Crypto with Bank of Baroda in India

Last updated on December 29, 2023

Quick Summary: While Bank of Baroda does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of India cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

Bank of Baroda Homepage

As mentioned in my quick summary, like most India banks, Bank of Baroda doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform and comes with regulations and extra work for the banks.

There are a large number of cryptocurrency trading platforms that you can use to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use Binance as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Bank Of Baroda

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto exchange

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Bank of Baroda.

Buy Crypto With Binance

About Bank of Baroda

Bank of Baroda (BOB or BoB) is an Indian public sector bank with its headquarters at Vadodara, Gujarat. It is the second-largest private sector institution in India following State Bank of India, with more than 132 million customers and a total revenue of 218 billion dollars, and an international presence with 100 offices in foreign countries. Based on data from 2019 it’s 1145th on the Forbes Global 2000 list.

The Maharaja of Baroda, Sayajirao Gaekwad III established the bank on the 20th day of July 1908 within the princely state of Baroda located in Gujarat. It was the Government of India nationalized the Bank of Baroda, along with 13 other important commercial banks in India on the 19th of July 1969. The bank was declared an undertaking of the public sector that made money (PSU).

In 2011, BoB established its first Electronic Banking Service Unit (EBSU) in the Hamriya Free Zone, Sharjah (UAE). BoB also opened four additional branches within its existing operations located in Uganda, Kenya (2) and Guyana. BoB has shut down the office of its representative located in Malaysia prior to the opening of its bank consortium in the country.

BoB has received “In Principle Approval’ to upgrade their representative office located in Australia to an actual branch. Bob also purchased Mumbai’s Memon Cooperative Bank, which employed 225 people and had fifteen branches across Maharashtra and three branches in Gujarat. It was forced to shut down its operations from May of 2009 because of its financial precariousness.