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How to Buy Crypto with IDFC First Bank in India

Last updated on November 12, 2023

Quick Summary: While IDFC First 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.

IDFC First Bank Homepage

As mentioned in my quick summary, like most India banks, IDFC First Bank 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.

Thankfully there are many cryptocurrency 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 IDFC Bank

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 IDFC First Bank.

Buy Crypto With Binance

About IDFC First Bank

IDFC First Bank (formerly IDFC Bank) is an Indian Private Sector Bank created through the merger of the bank arm of Infrastructure Development Finance Company and Capital First Ltd., an Indian non-bank financial institution.

It’s one of the few universal banks offering monthly interest to savings savings accounts. as well as lifetime free credit cards that are high with low rates of annual percentage.

In the month of November 2022 the bank had expanded by 670 branches to 249 asset services centres with 812 ATMs, and 606 correspondent centers for rural businesses across the nation.

Bank offers products and services in relation to wholesale banking, retail banking , and investment banking. However, in addition to other offerings home loans continue to be the main growth engine of the institution. The company also has one of the highest rates of interest rate on savings accounts in the nation and offers an annual interest charge of 6percent.