A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BTCXIndia consists of four parts: general information, fees, deposit methods and security.
UPDATE 6 March 2018: BTCXIndia has closed down its operations. The exchange encourages its traders to withdraw all of their respective assets. This was announced through the following message:
BTCXIndia is an Indian cryptocurrency exchange, which one might have figured out by its name. It claims to be the first crypto token exchange in India that offers real time trading between crypto tokens and rupees.
At the moment, with effect from 1 January 2018, INR and XRP (Ripple) deposits were halted and with effect from 6 March 2018, the trading between XRP and INR was also halted. The future of BTCXIndia is somewhat unclear.
BTCXIndia’s unclear future does not bother US-investors though, as they were prohibited from trading at BTCXIndia anyways. So if you were a US-investor that wanted to trade there, you would have had to reconsider your choice of trading venue and choose one of the other top crypto exchanges anyways.
BTCXIndia Trading fees
Trading fees are important. You must consider the trading fees at all times. BTCXIndia is one of the exchanges who don’t charge different fees between takers and makers. Usually, we call such exchanges’ trading fees “flat”. This exchange offers a flat trading fee of 1.00%. It does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
This exchange’s fee level is substantially above the industry average. The industry average can be argued to be around 0.25%, and BTCXIndia’s trading fees are four times higher than that. Such differences can really make a difference in the long term.
BTCXIndia Withdrawal fees
We have not been able to find BTCXIndia’s withdrawal fees. This is potentially a risk for you as an investor (if you can’t find them, they are more likely to be high). Accordingly, we strongly urge you to make your own analysis of the withdrawal fees at this exchange before depositing any funds to it and before concluding that it is the best cryptocurrency exchange site for you.
BTCXIndia offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any particular reason.
BTCXIndia’s security score is D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):