This is true. The new Zebpay app is here and we got our hands on the app. Thanks to the mysterious telegram channel Crypto Shooters Channel. If you wish to download the App, simply scroll to the bottom of the page for the instructions. Stay here if you wish to catch our short review of it.
Added New Coin: Bitcoin Cash
New OrderBook trading interface with Maker-Taker Model
Zebpay has added another coin to its app for trading. It is none other than Bitcoin Cash. Although I was never a fan of this coin, the tremendous growth has surprised me. Before I even got into crypto, one simple video of Roger Ver about him moving his Bitcoins to Bitcoin Cash assured me it was a good prospect, but I didn’t think it will stick this long. The video is now lost in the wast world of web and I practically could not find it anymore, I saw it when Cryptotrading wasn’t this popular.
On top of that Zebpay’s new update offers an orderbook trading experience. I still don’t know who is putting orders on the orderbook when the app hasn’t officially launched yet. The fees section indicates that the Exchange is now following a maker/taker model much like Coindelta and Coinome. More on that later. Glad to see that Zebpay is catching up with the new trend of cryptocurrency trading in India. Awesome.
The homepage hasn’t changed up. The menu moved from the right side to the left side. Taking its place is now a drop-down choice menu for the Currency that the user wishes to trade. Click on it and choose from Bitcoin or Bitcoin Cash.
The Trading Experience:
The second landing page hasn’t change much either. You can still see the prices on it and click on Buy or Sell. Send or Receive. Deposit or Withdraw. Although I did notice funnily that the price mentioned here is not exactly the price available for trading. This might be some sort of a bug.
However, notice the bottom menu now has option to see Wallet, Start trading or see the history. Quite cool. When you click on either Buy or Sell, you will be landing on another page. Page inside a page inside a page. An inception of Pages if you will.
You get more options to trade here. You can place an order of your choice, at the price you want. Essentially you can be a maker or a taker in this scenario. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order.
At the bottom of the page, one word stood out for me. “Book”. Click on it and you’ll see what I had been waiting for a long time to come on Zebpay. An Orderbook. If Zebpay has truly moved from being a broker to being an exchange, this orderbook will soon be driven by users. Which is great news for the community. A trade should be between 2 parties and not a B2C experience.
In the comparison between Indian crypto-exchanges, we noticed that Zebpay fees for trading are included in the price itself. That however has changed now. With the new Maker-Taker model Zebpay has waved off the fees for Makers much like Coindelta. I would assume that is temporary until a good set of traders can fill up the Orderbooks.
The Taker fee however is a steep 1%. It’s too high for my taste to be honest. With Koinex’s 0.25% and Coindelta’s 0.3%, this seems like a huge loss. Let’s not forget the newer exchanges which are charging no fees right now.
What I dislike:
One simple thing – The orderbook is not on the same page as where the order can be placed. This is simply bad because there is absolutely no true way of becoming a maker. You check the book and decide to place a buy order lesser than the lowest selling price, so as to become a maker. But since orderbook isn’t on the same page, you will not know if someone has a already beat you to putting a sell order at your preferred price.
This will immediately fulfil your order, making you a taker and hence being charged a hefty fee of 1%. I absolutely despise it. But if prices are low on Zebpay, I’d still buy my coins.
Where to get the app?
The app can be updated from Play store or App store