Is It Good To Hold KYC Compliant Accounts On Top Indian Cryptocurrency Exchanges?
In the past 8-10 months we've seen the rise of a number of cryptocurrency exchange startups in India. Even as though our cryptocurrency market is very small at present but rise in the number of players has been astonishing. We have over a dozen exchanges operating out of India and more are likely to begin operations soon.
However, recent RBI mandate has been a major bottleneck in further adoption of cryptocurrencies in the country. Coupled with falling prices of Bitcoin and alt-coins it has scared away potential investors from entering.
But for those that are still hodling their tokens or planning to enter and exit their positions in cryptos for INR through legal channels then it's good to have your accounts open in a few of the top exchanges.
Mostly due to the fact that the prices vary sometimes from one exchange to another. Also, now that P2P mechanisms are being explored, this might allow you to purchase and sell in smaller amounts than currently possible.
Some of the top exchanges ensure they meet the strictest standards in KYC compliance. This may deter anyone looking for anonymous transactions. As all crypto-fiat transactions will require KYC compliance on exchanges offer these services.
However there are others such as Instashift where there's no need for KYC.
From speculation POV, the only issue with trying to use an exchange that offers the most bang for your buck is the slow transfer rate of BTC. There are several times when I wanted to sell, I've observed one or the other exchange offering a good sell rate. But it's not possible to immediately transfer funds, and by the time it does get there, chances are those rates are no more competitive.
Since the fees are different on each exchange, speculation sometimes makes you to hold your capital on a few good ones and trade as the price varies. It's not something you can do a lot on exchanges that have a huge spread but on a few good exchanges in the country where spreads are sometimes very close, you can do this.
I expect the prices to be on the lower side for BTC in India for sometime to come. This might allow a lower point of entry for most investors.
Having an account that's ready to use ensures you can at the very least, hold some capital in that particular exchange. Whenever you see pumps or dumps, you may immediately complete your trade.
Volatility in crypto offers plenty of opportunity for trading. But remember it comes with plenty of risk as well. But honestly which form of high yield investment doesnt?
Personally I use/used Coinome, Unocoin, Zebpay, Coinsecure (until 6 months ago), and Koinex in the past. Coinome is my favourite for the speedy processing of withdrawals currently. However, with the advent of P2P systems I'm curious to try Koinex Loop and WazirX in the near future.
One thing you need to remember is the security of your personal information. Please proceed only if you are comfortable sharing you KYC details with any exchange you decide to sign up. Kindly do your own due diligence before you proceed.
Feel free to share your thoughts on this subject in the comment below.
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I think all exchanges should be KYC. It reduces money laundering and can keep coins safe.
The lower prices in India can be a decent opportunity to enter the game. This is all before the fact that there is less than a week left before the 6th July deadline.
I have a sneaking suspicion that there are hundreds of people who are waiting for the very last possible moments of the coming week to buy the dips
Maybe it's a matter of concern for some guys, but for me Coinome and Zebpay are the best.
I am already enjoying their services, little worried about the very deep correction of BTC prices, maybe it's gives me more opportunity to add some.
After reading your last update regarding Wazirx I am eager to join this one as an option for peer to peer trading but needs some more clarification and user experience reviews.
Still waiting for some good news.
Good luck dear sir @forepower
@firepower It is right that you have said, the number of cryptocurrency users in the last 1 years has increased a lot, but recently on the exchege of the Indian Government cryptocurrency, RBI gave some notice, and India has asked people not to invest in cryptocurrency, These are very small compared to big exchange, but recently the Indian government can take a big decision about the cryptocurrency on 5 July, India is waiting for it now,
I think that privacy is highly overrated.
I am as simple as a guy as one could get. The most noteworthy thing anyone could get from looking at my account is that I tend to go to the grocery store a little bit more often than I should.
Even if it were holding details about me spending time with prostitutes, online gambling or other vices, that would still not be important or special enough to matter.
The same is true for a lot of other small people and their small problems they would like to keep for themselves.
With that being said, a little bit of KYC information is a small price to pay for the percs granted for doing so. And as long as you keep your business and life clean, what do you need to hide anyway?
Done sir,👍👍👍👍👍
Hi @firepower,
I have only one account on unocoin and I found the exchange is good one. However I haven't used any other exchanges till now. So I can't make any comparison, but sometimes I have seen huge difference between buying and selling price on unocoin. Yesterday I got a email from unocoin regarding RBI notice