How to buy Bitcoin with Paytm Wallet in 2023

This introductory guide explains how to buy Bitcoin with Paytm Wallet. Follow our simple three step guide to make your first purchase.
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Updated: Jan 25, 2023
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Firstly, the most important question to answer is: can I buy Bitcoin with Paytm Wallet?

No, Paytm Wallet doesn’t allow you to purchase cryptocurrency. However, you can use Paytm Wallet on a peer-to-peer (P2P) exchange and buy Bitcoin that way.

You just need a crypto exchange that accepts Paytm Wallet deposits. And we’re here to help.

How to buy Bitcoin with Paytm Wallet – a step-by-step guide

It takes about 15 minutes to buy BTC with Paytm Wallet. Have a copy of your photo ID to hand and follow this guide to get started.

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Step 2. Create an account

You need an account before you can buy anything. Sign up with your contact details and a form of ID for verification.

Step 3. Make a deposit via Paytm Wallet

Enter how much you want to deposit and select Paytm Wallet as your payment method from the list of options.

Step 4. Use the search box to find Bitcoin

Use the search box on the home page to search for Bitcoin and the currency you want to pay in (such as GBP).

Step 5. Make your purchase

Enter how much Bitcoin you want to buy, check the details and process the transaction. Once the payment goes through, your new Bitcoin will show up in your exchange account.

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Quick answers to key questions

Can I buy crypto with Paytm Wallet?

Yes, you aren’t limited to buying Bitcoin alone. The only limit is which coins are available on the exchange you’ve chosen. Most crypto exchanges that support Paytm Wallet as a payment method offer 50+ cryptocurrencies and many offer hundreds more.

Is Paytm Wallet safe?

Yes, it’s completely safe to use Paytm Wallet. The only risk to look out for is to make sure you sign up to a regulated Paytm Wallet Bitcoin broker when buying Bitcoin. Using an unregulated broker platform can put your money at risk.

How much does it cost to buy Bitcoin via Paytm Wallet?

Expect to pay about 10% more than the market price. Only a handful of sellers accept Paytm Wallet, so they have the freedom to set the price higher than you would find were you to use another payment method.

You have to use a P2P exchange, like Paxful, to buy Bitcoin with Paytm Wallet. On those platforms, you deal directly with the seller, who gets to set their own price. 10% above market is about par, but it can be significantly more. 

Can I store Bitcoin in my Paytm Wallet?

No, Paytm Wallet can’t be used to store cryptocurrency. It’s a payment provider that links to your bank account, so it only holds fiat currencies; mainly rupees, but it can be used to store international currencies as well.

The best way to store Bitcoin is in a dedicated crypto wallet. 

Why don’t more crypto platforms support Paytm Wallet?

The Reserve Bank of India has acted aggressively to stop Indian payment providers from accepting crypto payments or dealing with cryptocurrency in general. As a result, there are virtually no links between Paytm Wallet and crypto exchanges.

Should I buy Bitcoin using Paytm Wallet?

If you’re willing to pay the extra cost that comes with using a P2P exchange. Finding a crypto broker that accepts payments from your Paytm Wallet is difficult, so the alternative is forking out more money to use a platform like Paxful.

Here are some of the pros and cons of using Paytm Wallet to buy Bitcoin.

Pros

  • An easy way to manage your crypto purchases
  • Paytm is linked to your bank account

Cons

Is there an alternative to buying cryptocurrency with Paytm Wallet?

There are plenty of alternatives, whether you want to pay through an online payment provider or go down a more traditional route. Here are some of the different ways to pay for your Bitcoin purchase.

FAQs

Can I buy Bitcoin with Paytm Wallet on Coinbase?
Can I buy Bitcoin with Paytm Wallet on Cash App?
How do I fund my crypto account with Paytm Wallet?
Can I buy Bitcoin with Paytm Wallet instantly?
Can I buy Bitcoin with Paytm Wallet anonymously?

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.