BTCX India Review – How Reliable Is It?
BTCX India is India’s first live trading platform and wallet. BTCX India is dedicated only to clients from India, offering the possibility of converting Bitcoins into Rupees and vice versa.
The company was founded in May 5t, 2014 and it is managed by S Capital Solutions Pvt. Ltd. After a shutdown due to some legal problems, it was started again by Kamesh Mupparaju, who stated that they stopped trading functions to integrate Ripple technology to allow trading between XRP and INR. Ripple confirmed the news.
The homepage looks simple, clean but a bit outdated. The FAQ and About Bitcoin section seems to cover most of the important questions that would a customer would normally have. But aside from that, the web page doesn’t seem to offer anything else.
There are real time exchange rates on the site, but they have to be searched for, while most other bitcoin exchanges have this feature available on their live feeds.
BTCX India charges 1% for buys or sells, this fee also including taxes. Like most exchanges, they charge no fees for their wallet services. Transfers from one wallet to another or via NEFT, RTGS and IMPS are without charge.
Ripple wallets always require an initial deposit of 20 XRP for you to receive a wallet address. This means that you’ll have to have different wallet addresses and different accounts (because you can have only one account per address), which is a big drawback.
BTCX India does not offer its exchange services 24/7. All transactions are done in between 8 am to 8 pm, from Mondays to Saturdays. This leads to a large time gap between an INR deposit made outside the functioning hours and when the amount appears in the wallet.
Transactions via NEFT and IMPS take 2 working days.
Aside from a detailed registration form and Know Your 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 this code is required each time the user logs in. the user will be logged out if there is no activity on the exchange for a certain amount of time. Although this feature is meant to reinforce its security, this task can become very bothersome.
BTCX India only allows transfers to and from a specific bank account. NEFT, RTGS and IMPS are currently available. Third party transfer is not supported and they are considering to implement them in future plans. Deposits made through credit card or cash are also not available at the moment.
A minimum transaction of 0.01 BTC is allowed. Transactions that involve Indian Rupees start at Rs100. Funds can be withdrawn from the exchange to the user’s bank account via IMPS-Immediate Payment Service instantly during week days (in other days it takes up to 4 hours).
For Ripple transactions, there is a minimum amount of 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 practical interface. There are far better exchanges that have a wider variety of payment options and number of altcoins.