Current status of Indian Crypto exchanges

harsh057

jr. member

Activity: 44

Merit: 5

Quote from: CoinFellow on April 01, 2020, 07:21:22 AM

Since, the entire country is on lockdown, and mostly all of us are working home, I was thinking a few things -

It has been almost 1 month since Supreme Court struck down RBIs order banning Financial Institutions providing services to businesses dealing in Cryptos in India. This was expected to create a favourable environment for Cryptos in the country.

1) After this judgement has there been increase in active accounts on Indian Crypto exchanges like WazirX, Unocoin etc? What I have read there used to be around 50 Lakh active accounts before April 2018 RBI ban which fell to around 17 lakh during the ban.
2) Is there a change in volume on these Indian exchanges and more people actively trading/investing now considering that return on other Asset classes is not great.

Does anyone have any information on the above data points or how can we look up this information.

Thanks

As we know indian government file the rit against cryptocurrency regulations since 2019 quarter one and most of the Indian exchange move on and stablished out of India like zebpay and wazir exchange and they launched and upgrade more after the pendamic by government but still exchange has been gradeup so there is no doubt that there will be any problem we can face in cryptocurrency in India ..
Due to covid-19 government is very under loss so he can take any strict action on that only for the big money due to increase economy .

amishmanish

legendary

Activity: 1904

Merit: 1159

Quote from: Seijun_Sango on May 22, 2020, 03:20:45 AM

I have invented one exchange called CoinSwitch

Invented? Are you the founder of the exchange? That would be a pretty big deal. Are you sure you didn't mean "discover"?

Also, I looked through your post history. You seem to have taken an interest into crypto and are trying to be helpful by sharing articles etc. Sometimes you have been saying bullshit like this:

Quote from: Seijun_Sango on September 04, 2019, 05:53:23 AM

Litecoin is also the most popular coin, as its transactions take lesser time and are safer as compared to Bitcoin.

This is grossly incorrect as safer transaction is a direct outcome of the hashpower and node count. Litecoin is nowhere near Bitcoin. Its generally accepted as Silver to bitcoin's gold due to the lower confirmation time and 4 times max supply.

You have also shared some article about BSV. CSW has time and again proven to be unreliable and is an identity thief. BSV is just another one of his cash grabs where he has utilized his notoriety to gain a cult following. People quickly follow cult-leaders if they see an opportunity for profit. I would encourage you to please read about it and get familiar with the real history behind bitcoin starting with the likes of Satoshi and Hal Finney. This isn't just some "get rich quick" scheme.

Seijun_Sango

newbie

Activity: 25

Merit: 1

I have never used Wazirx and Unocoin but recently I have invented one exchange called CoinSwitch where you can buy, sell and trade 100+ coins with INR. You can try trading of small amount here if you are satisfied you can go for a bigger amount.

kabit9

full member

Activity: 853

Merit: 114

Quote from: akram143 on April 18, 2020, 12:48:49 PM

Quote from: 0zero0 on April 18, 2020, 08:25:46 AM

To be honest, we should never actually believe in the data exchanges provide.
Many times the volume provided by exchanges are fake. After what Coinmarketcap did with the fake volume I have stopped trusting any of the sites and exchanges regarding volumes and marketcap and rather believe on my intuition on the trading aspect.

Coinmarket cap and other price tracking websites just give the value which are provided by the exchanges so you can't expect accuracy on it.

Anyway since coinmarket cap is acquired by binance, is there any considerable changes?

Data is always misreported. 90% volumes on ~~most~~ all exchanges is wash trading done by bots. No changes yet on CMC from what we can tell but lets give it a few months and I'm sure we will see some changes and binance advertisements taking over.

akram143

full member

Activity: 1106

Merit: 166

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Quote from: 0zero0 on April 18, 2020, 08:25:46 AM

To be honest, we should never actually believe in the data exchanges provide.
Many times the volume provided by exchanges are fake. After what Coinmarketcap did with the fake volume I have stopped trusting any of the sites and exchanges regarding volumes and marketcap and rather believe on my intuition on the trading aspect.

Coinmarket cap and other price tracking websites just give the value which are provided by the exchanges so you can't expect accuracy on it.

Anyway since coinmarket cap is acquired by binance, is there any considerable changes?

0zero0

jr. member

Activity: 50

Merit: 2

To be honest, we should never actually believe in the data exchanges provide.
Many times the volume provided by exchanges are fake. After what Coinmarketcap did with the fake volume I have stopped trusting any of the sites and exchanges regarding volumes and marketcap and rather believe on my intuition on the trading aspect.

kabit9

full member

Activity: 853

Merit: 114

Quote from: avikz on April 12, 2020, 12:04:55 PM

Quote from: kabit9 on April 12, 2020, 01:47:06 AM

What is the situation with ZebPay and their plans for India?

Still have some INR stuck with them.

Zebpay has come back to Indian market already starting from 6 March 2020. They have enabled all trading pairs including bank deposit and withdrawals. Not sure why you didn't get that news! I believe they have enabled old accounts as well. If you are not able to withdraw, try connecting with their support! But they are back in business already!

Thanks very much for your reply. I will go ahead and contact support. Strange I didn't receive any email from them.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: kabit9 on April 12, 2020, 01:47:06 AM

What is the situation with ZebPay and their plans for India?

Still have some INR stuck with them.

Zebpay has come back to Indian market already starting from 6 March 2020. They have enabled all trading pairs including bank deposit and withdrawals. Not sure why you didn't get that news! I believe they have enabled old accounts as well. If you are not able to withdraw, try connecting with their support! But they are back in business already!

kabit9

full member

Activity: 853

Merit: 114

What is the situation with ZebPay and their plans for India?

Still have some INR stuck with them.

CryptoInsights

member

Activity: 141

Merit: 19

Quote from: akram143 on April 01, 2020, 12:46:11 PM

I am still using localbitcoins for converting into fiat only for my needs at the moment,trading is still not yet for me on exchanges like wazirx.

Same here WazirX is not that user friendly. I had used Giottus and CoinSwitch since before for buying and trading and I think there are many more like us that prefer these exchanges over wazir or new exchanges.

akram143

full member

Activity: 1106

Merit: 166

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Due to lock down, economic crash the activity may not be reached the high numbers yet.

I am still using localbitcoins for converting into fiat only for my needs at the moment,trading is still not yet for me on exchanges like wazirx.

avikz

legendary

Activity: 3080

Merit: 1500

I don't think anyone apart from the exchange owners will have any insight on those data points. Both WazirX and Unocin owners are very active in Twitter. You can ask them directly and I don't think they will have any issue in answering.

Wazirx: https://twitter.com/NischalShetty
Unocoin: https://twitter.com/Unocoin

Hope this helps!

CoinFellow

jr. member

Activity: 39

Merit: 12

Since, the entire country is on lockdown, and mostly all of us are working home, I was thinking a few things -

It has been almost 1 month since Supreme Court struck down RBIs order banning Financial Institutions providing services to businesses dealing in Cryptos in India. This was expected to create a favourable environment for Cryptos in the country.

1) After this judgement has there been increase in active accounts on Indian Crypto exchanges like WazirX, Unocoin etc? What I have read there used to be around 50 Lakh active accounts before April 2018 RBI ban which fell to around 17 lakh during the ban.
2) Is there a change in volume on these Indian exchanges and more people actively trading/investing now considering that return on other Asset classes is not great.

Does anyone have any information on the above data points or how can we look up this information.

Thanks

Topic: Current status of Indian Crypto exchanges (Read 295 times)