How to Buy Bitcoin in Groww App: A Step-by-Step Guide for 2024

Why Buy Bitcoin via the Groww App?

Groww, a popular investment platform in India, has expanded its services to include cryptocurrency trading, making it easier than ever to buy Bitcoin alongside traditional assets. With its user-friendly interface, low fees, and secure ecosystem, Groww simplifies Bitcoin investing for both beginners and experienced traders. By integrating crypto into its platform, Groww lets you manage stocks, mutual funds, and Bitcoin in one place.

Prerequisites for Buying Bitcoin on Groww

Before purchasing Bitcoin on Groww, ensure you meet these requirements:

• A verified Groww account (complete KYC).
• Linked bank account or UPI ID for payments.
• Updated Groww app (iOS or Android).
• Sufficient funds in your Groww wallet or bank account.

How to Buy Bitcoin in Groww App: 5 Simple Steps

Step 1: Open the Groww App and Navigate to Crypto Section

Log in to your Groww account, tap ‘Discover’ at the bottom, and select ‘Crypto’ from the investment options.

Step 2: Search for Bitcoin

Type ‘Bitcoin’ in the search bar or locate it under the cryptocurrencies list. Click ‘Buy’ to proceed.

Step 3: Enter Investment Amount

Specify the amount you wish to invest in INR. Groww displays the equivalent Bitcoin quantity based on real-time prices.

Step 4: Review and Confirm

Double-check the transaction details, including fees and Bitcoin valuation. Confirm using your MPIN or biometric authentication.

Step 5: Receive Bitcoin in Your Groww Wallet

Once processed, the Bitcoin will reflect in your Groww crypto wallet. You can track its performance under the ‘Holdings’ section.

Managing Your Bitcoin Investment on Groww

• Track Performance: Monitor Bitcoin’s price movements via the app’s real-time charts.
• Sell Bitcoin: Navigate to your holdings, select Bitcoin, and choose ‘Sell’ to liquidate.
• Security Tips: Enable two-factor authentication (2FA) and avoid sharing login details.

Fees and Limits for Buying Bitcoin on Groww

Groww charges a 0.1% fee per Bitcoin transaction. Minimum investment starts at ₹100, with no upper limit. Deposits via UPI are instant, while bank transfers may take 1-2 hours.

FAQs: Buying Bitcoin in Groww App

1. Is Groww safe for buying Bitcoin?
Yes, Groww uses bank-grade encryption and complies with RBI guidelines to protect user data and funds.

2. Can I transfer Bitcoin to an external wallet?
Currently, Groww only supports holding Bitcoin within its platform. External wallet transfers aren’t available.

3. How long does a Bitcoin purchase take?
Transactions are usually instant if you use UPI. Bank transfers may delay the process by up to 2 hours.

4. Are there tax implications?
Yes, profits from Bitcoin sales are subject to a 30% tax under Indian law. Groww provides a tax statement for easy filing.

5. Can I automate Bitcoin purchases?
Groww doesn’t support recurring Bitcoin buys yet. You’ll need to manually execute each transaction.

Conclusion

Buying Bitcoin on Groww is a seamless process ideal for investors seeking convenience and security. By following this guide, you can start building your crypto portfolio in minutes. Always research market risks and invest responsibly.