BTCX India is India’s first live wallet and exchange platform. BTCX India exclusively for customers from India, offering the ability to convert Bitcoins to Rupees and vice versa.
The company was established in May 2014 and is managed by S Capital Solutions Pvt. After shutting down due to some legal issues, the exchange was relaunched by Kamesh Mupparaju, who stated that they discontinued the trading functions in order to integrate Ripple technology that enables trading between XRP and INR. Ripple confirmed this news.
The homepage looks simple, clean but a bit outdated. The FAQ and About Bitcoin sections seem to cover most of the important questions that customers often have. But other than that, the site doesn’t seem to offer anything else.
There are real-time exchange rates on the site, but that needs to be searched while in most other Bitcoin exchanges the feature is available on their live feeds.
BTCX India charges a 1% fee for buying or selling transactions, which also includes tax. Like most exchanges, they do not charge for their wallet services. Transferring from one wallet to another or via NEFT, RTGS and IMPS is free.
Ripple wallets always require an initial deposit of 20 XRP for you to receive a wallet address. This means you will have to have different wallet addresses and different accounts (since you can only have one account per address). This is a big obstacle.
BTCX India does not provide 24/7 exchange service. All trades are made from 8am to 8pm, Monday through Saturday. Transactions via NEFT and IMPS take 2 business days.
In addition to a detailed registration form and customer identification process, BTCX India also implements other security measures. A dynamic access code is sent to the user’s address or registered mobile number and is requested each time the user logs in. Users will be logged out if there is no activity on the exchange for a certain period of time. While this feature is meant to enhance the security of the floor, it can become very annoying at times.
BTCX India only allows transfers to and from a specific bank account.NEFT, RTGS and IMPS are now available. Third party transfers are not supported and they are considering implementing them in future plans. AccountsDeposits made via credit card or cash are also not available at this time.
Minimum transaction of 0.01 BTC is allowed. Deals related to Indian Rupees start from Rs 100. Funds can be withdrawn from the exchange to the user’s bank account via IMPS-Instant Instant Payment Service during weekdays (in other days it takes up to 4 hours).
For Ripple trading, the minimum amount is 100 XRP.
BTCX India is a good exchange for Indian users, although there are other providers out there that have more features and a more realistic interface.
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