How to Buy Crypto with UCO Bank in India

Last updated on November 12, 2023

Quick Summary: While UCO 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.

UCO Bank Homepage

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

There are a large number of crypto exchanges 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 UCO Bank

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 UCO Bank.

Buy Crypto With Binance

About UCO Bank

UCO Bank, formerly United Commercial Bank is an Indian public sector bank founded by the government in 1943 Kolkata. In FY 2020-21, the total revenue was 3.24 millions. Based on the data for 2020 UCO Bank is ranked at the 80th spot in the Fortune India 500 list.

UCO Bank was ranked 1948 in the Forbes Global 2000 list of the year 2018. The last day of March, 2017 UCO Bank had over 4,000 service units, 49 zonal offices scattered across India. There are also two overseas branches located in Singapore as well as Hong Kong. UCO Bank’s main office is located at BTM Sarani, Kolkata.

At the time of 31 March 2021, the government’s shareholding at the bank stood at 94.44 percent. In FY 2020-21, the bank recorded a net profit of Rs167 million. Branch expansion began quickly especially in rural areas. Additionally, the bank was able to achieve a number of distinct differentiators in Priority Sector lending as well as other social uplift initiatives. To stay in line with the changing environment and the growth of business The Bank embarked on an exercise of organizational restructuring in 1972.

This led to more specificity in the field, decentralisation of administration, and a focus on the development of skills and attitudes in personnel. In tandem, full total commitment to the government’s programmes to alleviate poverty was maintained and the post of convenor of State-Level Bankers’ Committee (SLBC) was given to the Bank for Odisha and Himachal Pradesh in 1983.