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General questions about cryptocurrency

What is a Cryptocurrency?

Cryptocurrencies are decentralised digital assets operating on blockchain technology. There are more than 5000 cryptocurrencies out there today, but Bitcoin was the first-ever cryptocurrency launched.

Is cryptocurrency legal in India?

Cryptocurrencies are neither recognised by the Government as legal tender nor are they regulated by the RBI. However, there are no laws that prohibit (or allow) trading in crypto.

Is Cryptocurrency an investment or a currency?

Cryptocurrencies such as Bitcoin are digital currencies not backed by real assets or tangible securities. They are traded between consenting parties with no broker and tracked on digital ledgers. Due to the increasing value created by market forces, certain cryptocurrencies are perceived to be potential investments.

How can I buy cryptocurrency in India?

To buy a cryptocurrency, you will have to deposit funds into an account. You can transfer this from your bank account to your wallet via UPI by clicking on the 'Funds' tab on Defy. With Defy, you can get started on your cryptocurrency investing journey with under Rs. 1000.

Can I buy cryptocurrencies other than Bitcoin in India?

Defy supports the purchase and sale of cryptocurrencies. You can buy Bitcoin, Dogecoin, Ethereum and other cryptocurrencies using Defy.

What is cryptocurrency mining?

Mining is the process by which new cryptocurrencies are entered into circulation; it is also the way that new transactions are confirmed by the network and a critical component of the maintenance and development of the blockchain ledger.

What is Blockchain?

A blockchain is a database i.e. a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in a way that is decentralised so that everyone can access all the information from anywhere. This makes it tamper proof and distributes control over to everyone.

What is an exchange?

When you want to buy or sell cryptocurrencies, you can’t just directly do it through your bank or an investing firm. Once you’ve decided you want to buy some Bitcoin, Ethereum, or another cryptocurrency, you’ll need to create an account on a crypto trading platform to exchange your INR for digital assets. This is done through an exchange.

What are Cryptocurrencies?

Cryptocurrencies are digital or virtual currencies that are secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Why should I get involved with cryptocurrencies?

A common reason to invest in cryptocurrency is the desire for a reliable, long-term store of value. Unlike fiat money, most cryptocurrencies have a limited supply, capped by mathematical algorithms. This makes it impossible for any political body or government agency to dilute their value through inflation.

How is the price of Cryptocurrency determined?

The most effective way the price of a cryptocurrency coin is determined is by its demand. Heavy demand from buyers will push the value of a digital coin upwards. Conversely, if a coin has a high token supply with little demand, then its value will drop.

Where can I store my cryptocurrencies?

What is a wallet address?

A Bitcoin wallet address is a digital address, made up of letters and numbers, that you use for sending and receiving Bitcoin transactions. In just the same way that an email address is used to send and receive emails, a Bitcoin wallet address is the digital address from which you send and receive BTC.

Security & Privacy with Defy

Is Defy safe?

At Defy, we consider security the most important aspect of our platform as well as our organization. All your information is completely safe with us. We use the same security software for both our Crypto-Wallets and Identity Management.

Note: Defy club doesn’t share your KYC Details with any Private Third Parties.

Who are we?

Defy is a coming-of-age fintech startup that aims at disrupting the cryptocurrency space in India. We are a social crypto exchange platform designed for everyone and are India’s most trustworthy app that puts the user’s needs at the heart of the conversation. Defy is backed by some of the best investors in the business such as Y Combinator, Goat Capital, Jam Fund, Goodwater capital, Night Ventures and many more.

How safe is it to transact with Defy?

All transactions are 256 bit end-to-end encrypted. The safety of your data is our utmost priority and we never share any of your data with any third party users. In case you would like to know more about our privacy policy, please click here

What happens if my money gets debited and the crypto is not credited to my account?

It takes upto 15 minutes for your transaction to reflect into your account. In the event it doesn’t, you can always reach out to us at

Is my data safe?

We never share any of your personal data with any third party providers. Personal data could be inclusive but not limited to your crypto holdings with Defy, transaction details, payment details, documents provided for the purpose of identification, KYC documents and so on.

Can I buy and sell crypto whenever I want?

Yes, Defy is an app that is open for you to buy, sell, trade and invest in crypto 24/7. We currently have over 40 cryptocurrencies that you can choose from.

How many coins are listed on Defy?

Defy has 40+ cryptocurrencies listed on the app. This includes Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin, Stellar Lumens, Solana, Polkadot and many more. You can start with ₹100 to buy a cryptocurrency.

What is the minimum amount I can get started with?

You can start buying cryptocurrency with ₹100. There is no maximum limit to purchase. HODL on like a boss!

Getting Started with Defy

How is Defy useful to me?

Defy lets you Buy and Sell cryptocurrencies at, anytime, anywhere in seconds all for free.

How can I get Defy?

The first thing you head over to google play-store, search for Defy & hit the download button.

What platforms is Defy on?

Defy is currently on the Android Playstore. However, we are currently working on our iOS app and we should be live with it on the Appstore very soon!

What is the minimum age requirement to sign up & trade on Defy?

Any person above the age of 18, having documents and details such as PAN Card, Aadhar Card, and Bank account is eligible to create an account and trade on Defy.

How do I sign up on Defy?

The first step in the sign-up process is to enter your Phone number, after which you will receive an OTP, enter OTP & hit Next.

The second step in the sign-up process is to set a 4-digit PIN for your Defy app & re-confirm the same and voila!

Can I have multiple accounts on Defy?

No, you can create only one account with the registered email and mobile number.

Can I create a new account with the same set of KYC documents?

No, you can only have one registered Defy account with a set of KYC documents.

What is KYC ? Why is it required?

KYC stands for Know Your Customer. Here we ask you for a few details like your relevant identity documents to know you better.

1. It is the means through which ensures that each individual on our platform is a genuine user. This enables us to identify & verify each user to protect the interest of our entire user base.

2. This is done to prevent money laundering, fraudulent transactions, and criminal activity.

3. Money laundering typically happens unbeknownst to the financial authority whose platform is being used for such activities. With KYC online verification and offline KYC authentication in place, banks can catch any potential money laundering.

What is the complete list of documents required for KYC Verification?

You will need to submit the following documents to complete your KYC

Tax ID Verification: PAN Card

National ID Verification (Front and Back) *: Aadhaar Card / Passport

How much time will it take to complete my KYC process?

Your KYC can be completed in less than 5 minutes, provided the shared images are of higher quality for us to verify.

Also, please ensure the name on the Defy account should be the same as the name on the provided KYC documents.

Can I complete the KYC process without PAN?

Unfortunately, NO. PAN Card is a mandatory document for completing your KYC process with Defy.

How to complete KYC on Defy?

Kindly click on the Profile icon at the bottom of the screen, click on User verification to start your KYC process.

Why can't I upload documents from phone gallerias OR folders?

We at Defy believe in maintaining utmost security and transparency on our platform and, because these images can be forged, we do not allow to upload documents from the galleries OR folders.

Hence, we request you to click an image of the hardcopy of your document & upload them to complete your KYC.

How do I change my basic KYC details?

You can change the basic KYC details from the Defy app itself IF you have not yet uploaded the verification documents.

How long does it take to modify KYC details?

An account once made with Defy cannot be edited OR modified, because we do not allow modification of the KYC details if your KYC is partially complete OR completely approved.

My KYC is in pending state

If all your KCY documents are in compliance with the given instructions on the app then they should be processed in a few minutes. And if there happens to be any lack of information, your KYC will be rejected and you will receive a message explaining the rejection reason.

So we suggest you wait for at least 24 hours to know the clear status of your KYC, if it is still in a pending state, you can raise a ticket OR chat with our customer success team.

Why was my KYC rejected? How can I know the reason?

Some reasons as to why your KYC may have been rejected are:

1. You are uploading the softcopy of the documents which are not allowed. Hence please click a picture of your document on the spot and upload the same.

2. The images uploaded may be blurry, so try uploading a clear photo of the documents.

3. The name on your Defy account does not match the name on your KYC documents that you've uploaded.

4. The selfie uploaded might be a live picture OR not clear OR might not match the image on the documents.

5. Name and Date of Birth (DOB) entered do not match with the documents submitted/uploaded.

So, please make sure you follow all of the above guidelines to get your KYC completed. You will receive a message from us explaining the KYC rejection reason.

How do I add a Bank account on Defy?

You will have the option of Adding a Bank account on Defy during the sign-up process, if you choose to SKIP then, you can go to the Profile button on the bottom of the screen & click on Bank details to add a new bank account.

How to complete my bank account verification?

The Bank Verification on Defy is a completely automated process. Enter the Bank Account number > Re-confirm > Enter ISFC Code > Choose account type and hit submit.

Your Bank Details will be verified instantaneously on the app. If any of these details are missing, the Bank Verification fails and we will notify you of the reasons for the failure. You have to reinitiate the process.

Deposits and Withdrawals

How can I deposit INR to my Defy account?

You can deposit INR on Defy account by clicking on the Portfolio tab, you see the option "Add Funds" below your profile photo.

You can directly deposit your funds using the net banking feature OR you can use the UPI feature to deposit funds to your Defy account.

{UPI ID should associated to your Defy verified bank account}

Note - Deposits using the Normal standard payment method might take as long as 6 hours to be processed and reflected on your Defy wallet.

Can I deposit using a debit/credit card?

As of now, we do not accept debit/credit cards, but you can deposit funds using IMPS, NEFT, OR UPI for deposits.

Are there deposit fees?

Good News! Nope, we do not charge any deposit fees.

Contact Us

Get In Touch
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Write to us at
Call us at +91 80507 35081