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

Introduction

Groww, India’s leading investment platform, has revolutionized crypto accessibility by integrating Bitcoin trading into its user-friendly app. With over 15 million users, Groww simplifies cryptocurrency investment for beginners and experts alike. This guide walks you through buying Bitcoin on Groww seamlessly while highlighting key benefits and considerations. Whether you’re diversifying your portfolio or entering the crypto world, Groww offers a secure gateway to Bitcoin ownership.

Step-by-Step Guide to Buying Bitcoin on Groww

Follow these simple steps to purchase Bitcoin directly within the Groww app:

1. Download and Register: Install the Groww app (iOS/Android) and complete KYC verification using PAN, Aadhaar, and bank details.
2. Navigate to Crypto Section: Tap ‘Discover’ > ‘Crypto’ from the bottom menu to access Bitcoin and other cryptocurrencies.
3. Select Bitcoin: Search for ‘Bitcoin’ or choose it from the trending list. Click ‘Buy’ on the BTC page.
4. Enter Investment Amount: Specify the rupee amount you wish to invest (minimum ₹100). The app displays the estimated BTC quantity instantly.
5. Confirm and Pay: Review the order details, including transaction fees. Authenticate via UPI or net banking to complete the purchase.
6. Track Your Holdings: Your Bitcoin appears in the ‘Holdings’ section within minutes. Enable price alerts to monitor value changes.

Why Buy Bitcoin on Groww?

Groww stands out for crypto investments with these advantages:

• Zero Commission: Buy Bitcoin without brokerage fees – you only pay minimal GST and transaction charges.
• Integrated Portfolio Management: Track stocks, mutual funds, and crypto in one dashboard for holistic wealth oversight.
• Beginner-Friendly Interface: Intuitive design with educational resources simplifies crypto for first-time buyers.
• Enhanced Security: Funds stored in encrypted, RBI-compliant wallets with two-factor authentication (2FA).
• Instant Liquidity: Sell Bitcoin anytime at live market prices with quick bank settlements.

Key Considerations Before Investing

While Groww streamlines Bitcoin purchases, remember these factors:

• Volatility Risk: Bitcoin prices can fluctuate sharply – only invest disposable income.
• Fee Structure: 1% TDS on profits + 0.5% transaction fee + GST. Calculate costs before trading.
• Wallet Limitations: Groww doesn’t support external wallet transfers; Bitcoin must stay on-platform.
• Tax Compliance: Report crypto gains under ‘Income from Other Sources’ during ITR filing.
• Market Timing: Use limit orders during high volatility to avoid slippage.

Frequently Asked Questions (FAQs)

Is buying Bitcoin on Groww safe?

Yes. Groww uses bank-grade encryption, cold storage for digital assets, and regular audits. Your investment is protected under SEBI-registered safeguards.

What payment methods does Groww accept for Bitcoin?

Groww supports UPI, NEFT, IMPS, and RTGS. Debit/credit cards aren’t accepted for crypto transactions per RBI guidelines.

Can I transfer Bitcoin out of Groww?

Currently, Groww doesn’t allow external wallet transfers. You can only buy, hold, or sell Bitcoin within the app.

How long does a Bitcoin purchase take?

Transactions complete instantly once payment clears. Bitcoin reflects in your portfolio within 5-10 minutes.

Are there investment limits for Bitcoin on Groww?

Minimum purchase is ₹100. Maximum limits vary based on your KYC tier – basic verification allows up to ₹1 lakh daily.

Do I pay taxes on Bitcoin profits?

Yes. India levies 30% tax on crypto gains plus 4% cess. Groww auto-deducts 1% TDS on sales, simplifying compliance.