Sad news! Zebpay, India’s most prominent cryptocurrency exchange, has officially shut down.
Zebpay’s notice came yesterday following the ongoing regulatory distress in India’s cryptosphere where RBI has severed the relationship between banks and crypto businesses.
For the uninitiated, RBI had banned Indian banks from facilitating services To crypto related individuals & businesses in April this year.
Following the ban, many petitions were filed, and the case is still to be heard in the Supreme Court of India. However, Zebpay, even before the SC’s judgment, has decided to shut down.
Here is the full transcript of their announcement:
With Zebpay gone, its time we look at the alternatives for the Indian crypto traders.
There are quite a few Indian crypto exchanges where you can still trade cryptocurrencies in India.
Zebpay Alternatives For Indians
Founded by IIT graduates, also crypto enthusiasts, Bitbns is an Indian crypto exchange which started operations in December 2017.
The Bitbns team focusses on ease of use, security, and customer support right from the beginning.
The Bitbns team has also pioneered the innovative P2P model for exchange cryptocurrencies and INR despite difficult times in the Indian crypto scene.
Here is a sneak peek into their model:
- Deposit money (INR) in Bitbns.
- Withdraw money (INR) from Bitbns.
LocalBitcoins is the pioneer peer-to-peer Bitcoin exchange of the world where Indians can also trade freely.
You can meet actual, on-ground buyers and sellers on this platform and fix up meetings with them to be able to exchangeexcellentBitcoin. (Note: It only facilitates BTC transactions).
Here, you have following payment options:
- PayTm, etc.
Here is a step by step process to understand how you can buy/sell BTC using PayTm app in India:
Wazirx is another popular crypto exchange in India which has joined the party only in 2018.
It is founded by an experienced team which is continually innovating with a mission to involve every Indian in the blockchain revolution.
In the present situation, they have come up with a new way of peer to peer trading which enables Indians to withdraw and deposit INR while trading cryptocurrencies.
Here is the sneak peek into their methods:
For example, if you want to sell your BTC worth $5000 which is equivalent to approximately ₹3.4 Lakhs INR, here’s what to do (Source):
- Sell your crypto (BTC in this case) for 5000 USDT. Your trades will execute instantly because our USDT market has great liquidity! Now since USDT is a stable coin, its value will not fluctuate like volatile cryptos.
- Put your 5000 USDT for sale on WazirX P2P.
- When someone comes to buy 5000 USDT on WazirX P2P, they will transfer ₹3.4 Lakhs to your bank account. 💰
Note: Wazirx escrows the funds, and provides appropriate dispute resolution wherever required.
Koinex is another famous cryptocurrency exchange in India which has been operating since early 2017.
Post-RBI’s ban, Koinex team also launched a P2P solution for Indians for them to trade cryptocurrencies safely with INR off and on ramps without breaking the law.
They have launched a new P2P platform where your assets are used as collateral, and then the INR deposits and withdrawals are processed.
- How To Sell On Koinex Loop
- How To Buy On Koinex Loop
Note: You can trade ETH, BTC, and XRP on it as of now.
Inspired by LocalBitcoins, LocalEthereum makes it possible for anyone to buy/sell Ethereum in a peer-to-peer fashion.
And to your rescue, there are Indian traders on LocalEthereum with whom you can trade in various ways such as through:
- Cash, etc.
Here is a sneak peek into its trade listings on LocalEthereum:
Also, if you would like to learn about how to use LocalEthereum, here is the step by step guide: LocalEthereum: LocalBitcoins For Ethereum [ETH P2P Market]
Conclusion: Trading Cryptocurrencies In India
That’s it from my side in this write-up of how you can trade cryptocurrencies in Inda with INR even after Zebpay’s shut down.
I will keep updating this article as and when I get to know about more reliable exchanges like Zebpay. I hope these alternatives will help you quench your crypto thirst.
Caution: Never store your coins/tokens on these exchanges for long and always use a secure crypto wallet where you control your private keys such as Ledger Nano S.
Now, it’s your turn to recommend other ways through which you are still trading cryptocurrencies in India.
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