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How to Buy Crypto with Baroda UP Bank in India

Last updated on November 12, 2023

Quick Summary: While Baroda UP Bank 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.

Baroda UP Bank Homepage

As mentioned in my quick summary, like most India banks, Baroda UP Bank 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.

Thankfully there are many crypto trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Binance as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Baroda Up Gramin Bank

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

1. Pick a cryptocurrency 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 crypto

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 Baroda UP Bank.

Buy Crypto With Binance

About Baroda UP Bank

Bank of Baroda (BOB or BoB) is an Indian public sector bank that is headquartered at Vadodara, Gujarat. It is the second-largest banking institution of the public sector in India after the State Bank of India, with the number of customers at 132 million with a total of $218 billion and an international presence that includes 100 offices in foreign countries. Based on the data of 2019 the bank is 1145 on the Forbes Global 2000 list.

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

On the 17th of September The government of India suggested merging Dena Bank and Vijaya Bank together with Baroda Bank, the Bank of Baroda, pending approval from the boards of the three banks, thus creating the third-largest lender in the nation. This merger was signed by both the Union Cabinet and the boards of the banks on January 2, 2019. As per the terms of the merger Dena Bank and Vijaya Bank shareholders received 110 and 402 equity shares from the Bank of Baroda, respectively worth Rs 2 for each 1000 shares they owned.

Bank of Baroda announced in May 2019 that they would either shut down or rationalize 800-900 branches to improve efficiency and reduce the amount of the amount of duplicate work that occurs after a merger. Regional and zonal offices of the merging companies will also close. PTI reported an unnamed bank official who said the Bank of Baroda would look to expand its operations in the eastern part of India since it already has an extensive presence in other regions.