how to buy crypto with upi without kyc

Non-KYC cryptocurrency trading through UPI provides convenience and accessibility but comes with limited withdrawal and trading limits, increased susceptibility to fraud, and restricted access to advanced features.

Jan 31, 2025 at 06:42 am

Navigating the Cryptocurrency Landscape: A Step-by-Step Guide to Buying Crypto with UPI Without KYC

Key Points:

• Understanding the process of buying cryptocurrency with UPI without KYC
• Identifying reputable platforms that offer this option
• Evaluating the security measures associated with each platform
• Exploring the benefits and risks of non-KYC transactions

Step 1: Choosing a Reliable Platform

• WazirX: One of the leading Indian exchanges, WazirX allows UPI payments for non-KYC transactions up to INR 50,000 per day.
• CoinDCX: Another reputable exchange that facilitates UPI payments for non-KYC trades with a daily limit of INR 25,000.
• Unocoin: A veteran exchange in the Indian market, Unocoin offers UPI deposits for non-KYC purchases, subject to a daily limit of INR 20,000.

Step 2: Creating an Account and Verifying Your Identity

• Typically not required for non-KYC transactions.
• Some platforms may ask for basic information, such as your phone number or email address.

Step 3: Depositing Funds via UPI

• Select "UPI" as the payment method on the exchange platform.
• Enter the UPI address of the exchange and the amount you wish to deposit.
• Authenticate the transaction using the UPI PIN.

Step 4: Purchasing Cryptocurrency

• Once the funds are credited to your exchange account, you can proceed to purchase cryptocurrency.
• Choose the desired cryptocurrency and enter the amount you wish to buy.
• The platform will display the transaction details, including the price and fees.

Step 5: Storing Your Cryptocurrency Securely

• Once the trade is complete, your cryptocurrency will be deposited into your exchange wallet.
• For enhanced security, it is recommended to transfer the coins to a hardware wallet or cold storage solution.

Benefits of Buying Crypto with UPI Without KYC:

• Ease of access without the need for extensive documentation.
• Lower processing fees compared to bank transfers.
• Faster transactions due to real-time settlements.

Risks of Buying Crypto with UPI Without KYC:

• Limited withdrawal and trading limits.
• Higher susceptibility to fraud and theft due to the lack of KYC verification.
• Restricted access to advanced trading features and services.

FAQs:

Q: How much can I buy without KYC?

A: Daily limits vary across platforms, typically ranging from INR 20,000 to INR 50,000 for UPI deposits without KYC.

Q: Do I need a PAN card for UPI transactions?

A: KYC verification is not required for UPI deposits less than INR 50,000 per day, hence a PAN card is not mandatory.

Q: Are non-KYC transactions secure?

A: While platforms employ security measures, non-KYC transactions carry higher risks due to the lack of personal identification verification. It is essential to use reputable exchanges and practice caution to protect against fraud.