Crypto exchanges lower fees for India after Supreme Court lifts RBI ban
Wed, 08 Apr 2020, 13:37 pm UTC
Several crypto exchanges have lowered their fees for Indians.
Earlier this year, the Supreme Court overturned the Reserve Bank of India’s (RBI) crypto ban. Following the said move, the Indian crypto sector has started to grow with more Indians getting interested in bitcoin and other cryptocurrencies. Also, local crypto exchanges are seeing increased trade volumes and signups during the nationwide lockups due to coronavirus.
Among the factors one considers when choosing a cryptocurrency exchange is the fee structure. Several bitcoin and crypto exchanges in India have already lowered their fees including Wazirx and Zebpay.
According CEO Nischal Shetty, the crypto exchange charges 0.1% when the transaction is paid through WRX.
“We lowered our USDT fees to make it zero fees for transfer to Binance,” Shetty told Bitcoin.com. “So effectively maximum users in India now enjoy 0 fee USDT transfer from Wazirx to Binance and for other withdrawals, the fee has been lowered to 1.5 USDT. We’re planning to lower withdrawal fees for other tokens as well over time.”
Zebpay, one of the largest cryptocurrency exchanges in India has recently relaunched in the country. The exchange also announced on Friday that it would be waving “the normal 1.5% netbanking fee through April 10.” Using the platform, customers can trade BTC-USDT, ETH-USDT, XRP-USDT, ETH-BTC & TUSD-USDT without trading fees this month. At present, the exchange charges 0.00049 BTC for withdrawal fees.
Meanwhile, Coindcx charges 0.0005 BTC for withdrawals. The crypto exchange is among the firms that offer competitive fees in India.
“We have been competitive since [the] start as a policy as we believe in crypto adoption. As we have been maintaining the best price, compared to some competitors, we didn’t have to bring the fees down,” said Coindcx Co-founder and CEO Sumit Gupta.
Other popular crypto exchanges in India are Cashaa, Pocketbits, Giottus, and Bitbns. Pocketbits advertises 0% trading fees and a withdrawal fee of 0.0003 BTC. On the other hand, Giottus’ withdrawal fee is 0.0001 BTC while Bitbns charges 0.0005 BTC for the same service.
Meanwhile, Ajit Tripathi, an entrepreneur, crypto co-host and columnist at CoinDesk, was hoping that the overturning of RBI’s crypto ban will unlock the important source of financing for India’s blockchain technology startups and bring one million developers from India alone to blockchain and crypto platforms.
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