Cashing out cryptocurrency to INR through a top Indian OTC (Over-the-Counter) desk involves a series of steps that make the process smoother and safer compared to regular exchanges. OTC desks are designed for high-volume trades and often offer better rates and personalized service. Here’s how you can do it:
- Choose a Reputable OTC Desk First, select a trusted FIU-registered (Financial Intelligence Unit) OTC desk in India. Some popular options include A2ZCrypto, WazirX OTC, Giottus OTC, and CoinDCX. Make sure the platform is regulated and follows KYC/AML (Know Your Customer/Anti-Money Laundering) guidelines.
- Sign Up and Complete KYC OTC desks require users to complete KYC verification. You’ll need to provide: Once your identity is verified, you can proceed to trade.
- Initiate the Transaction
- Send the Crypto to the OTC Desk Once the rate is confirmed, the OTC desk will provide you with a cryptocurrency wallet address. You’ll need to transfer your cryptocurrency (such as USDT, BTC, or ETH) to this wallet.
- Receive INR in Your Bank Account After the crypto transfer is confirmed on the blockchain, the OTC desk will transfer the agreed INR amount to your linked bank account.
- Check for Transaction Fees OTC desks may charge a small commission or service fee for the transaction. Ask about fees upfront, so you know the net amount you’ll receive in INR.
- Security: Always choose a well-established, FIU-registered OTC desk to ensure safety and transparency.
- Tax Implications: Be aware of the tax regulations on crypto in India, as you may need to report capital gains when selling crypto.
- Volume Thresholds: OTC desks are typically best suited for high-volume transactions, so check if they have a minimum trade requirement (e.g., ?10 lakhs or more).
Following these steps should help you smoothly cash out your cryptocurrency into INR using one of India’s top OTC desks.
- If you’re dealing with small amounts of USDT, using a regular exchange may offer you the best rates due to liquidity and low fees.
- For large transactions, an OTC desk can be more advantageous because it offers personalized service, minimized slippage, and more stable prices, though the rates might slightly differ due to the service fees.
