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How to Buy Crypto with Central Bank of India

Last updated on December 13, 2023

Quick Summary: While Central Bank of India 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.

Central Bank of India Homepage

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

There are a large number of crypto 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 Central Bank Of India

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

1. Pick a cryptocurrency trading platform

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 Central Bank of India.

Buy Crypto With Binance

About Central Bank of India

Central Bank of India (CBI) is an Indian public sector bank that is headquartered in Mumbai. Although it is a name, it’s in no way the main bank of India and the Indian central bank’s name is actually the Reserve Bank of India.

The Central Bank of India was founded on the 21st of December 1911, by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as its Chairman. It was it was the very first commercial Indian bank that was controlled and owned by Indians.

The year 1963 was when the new government of Burma was able to nationalize the Central Bank of India’s activities in the country, and it was renamed People’s Bank No. 1.

In 1969 in 1969, the Indian Government made the bank national on 19 July with 13 other banks.

Nameboard of Central Bank of India, Shankar Sheth Road Branch, Pune.

Central Bank of India, Brabourne Road Branch (in blue) located in Kolkata.
Central Bank of India was one of the first banks in India to issue credit cards in 1980, in conjunction with Mastercard.

On the 108th anniversary of its foundation day Central Bank of India made its first move toward robotic banking with an automated system named “MEDHA”.

CBI is among the twelve private sector banks of India which was recapitalised in 2009.

At the time of 31 March 2021 the institution operates the network of 4,608 branches and ATMs with 3,644 ATMs, 10 satellite offices, and an extension counter. The bank has a pan-India presence which covers all 28 states. seven of the eight union territories, and 574 district headquarter offices out of all districts across the country.