Is Crypto trading in India now illegal?
On April 5th, India's central bank RBI made the unprecedented decision to forbid any entities regulated by it from providing services to entities who deal with cryptocurrencies. In essence, this means Indian banks won't be able to allow its customers to acquire Bitcoin in exchange for INR.
Indian cryptocurrency investors and businesses were taken by surprise with RBI's announcement, with many left wondering if their holdings were now illegal.
The good news is that Bitcoin and other cryptos have not been made illegal. (Read: https://thenextweb.com/hardfork/2018/04/06/no-india-not-just-banned-virtual-currencies). Banks merely have to stop dealing with exchanges, which, although inconvenient, doesn't mean Indians should abandon trading in Crypto holdings.
Yes, you read that correctly, and CoinDCX is here to simplify it for you by launching India's 1st Crypto-Crypto Exchange.
CoinDCX Exchange: Launching on 7th April
Today i.e. Saturday 7th April, CoinDCX is launching India's First Crypto-Crypto Exchange, where you will have the freedom to trade in 30+ pairs legally in BTC/ETH markets with 0.10% trading fees, so you don't have to be forced out of the market when it's down.
KYC is now live on the CoinDCX platform. Users will be allowed to deposit crypto-holdings to CoinDCX starting today i.e. 12:00 PM, 7th April. Trading on our platform will commence at 6:00 PM on 7th April 2018.
"You don't have to get rid of your investment while the market is down. Simply move your cryptos to CoinDCX, where you'll be able to enjoy faster deposits, lower trading fees, 30+ trading pairs, and the most intuitive platform, all without touching INR."
- Sumit Gupta (Co-Founder & CEO, CoinDCX), said in a statement.
Trade like you're trading with INR:
"Even though our users will be trading in Crypto pairs, they can still check equivalent coin prices, place buy or sell orders and even track your portfolio - all in Indian Rupees (INR). At CoinDCX, we are aiming to give our users as much comfort as possible, even with pure crypto pairs."
Said Neeraj Khandelwal (Co-Founder & CTO, CoinDCX).
Why is CoinDCX the best exchange to trade your Cryptos (BTC/ETH):
CoinDCX, being a Crypto-Crypto exchange, doesn't deal with any RBI regulated entity i.e. Banks or any payment partners. You can legally deposit and trade your cryptocurrencies in BTC/ETH markets safely & securely with us. Put your crypto trading skills to good use and make your Satoshis grow.
Did we mention, CoinDCX is India's home-grown Exchange.
Benefits of using CoinDCX Exchange for tradingBy providing seamless Crypto deposits, diversity of trading pairs in both BTC and ETH, alongside a safe, secure, and hassle-free trading experience with top customer support, we want to give India's thriving blockchain community a chance to stay alive and strength to keep pushing for the progress we all want.
Join CoinDCX Community and let's keep India at the forefront of the blockchain revolution.
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Disclaimer: CoinDCX is not dealing with fiat (INR) pairs due to the latest RBI notice (Announcement). Trading in bitcoins and cryptocurrencies is subject to market risks, prices are determined purely by the demand/supply and not controlled by the platform.