A new day, a new exchange. We have 36 cryptocurrency exchanges in India and still counting. A new one, Payleo from Bengaluru is on our radar today. The parent company of Payleo.in is Block-Tag IT Services Private Limited founded by a Kishore and Abhiram, I do not even know the last names.
- Advanced trading platform is lovely and feature rich
- Deposits and Withdrawals are faster
- Faster KYC
- The exchange (not the advanced) looks cluttered at many places
- No information of the founders or the team on the website
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Payleo.in – The new Crypto Exchange
As you open Payleo it looks a bit like many other exchanges’ home page. A one-pager telling you to register, showing the markets they offer, what’s their USP and so on. What usually I do not like about these exchanges whether new or old is No information on founders.
If you are going to ask people to give you their private information, their time and their money, have the courtesy to show who is behind the wheels of your project. Payleo is no different. There is no information on the website but I know Kishore and Abhiram are founders, Krishna Prasad is a marketing guy and there is atleast one more person Megha S. in the team, thanks to the emails I received and wrote.
Trading is offered for four crypto-assets: ETH, BTC, BCH and LTC
But you don’t have to trade with only INR/fiat. You can trade with BTC too. Payleo offers both INR and BTC pairs for ETH, BCH and LTC.
You can register to Payleo with just a username, an email and a password. I prefer emails over usernames personally, having usernames is slightly more secure. People can guess your email address, but they will never guess your username ‘Ilovecoincrunchdotin’.
KYC – Know Your Customer
KYC on Indian exchanges is like a Wear, wash, rinse, repeat deal. Aadhaar, PAN card, name, phone number, bank account statement/cheque and you’re set.
e-KYC with Aadhaar is a new way to go for quick verifications. Thanks to e-KYC, users are on-boarded quickly and effectively. My KYC was done within minutes.
Although it says enter account number that’s 16 or 11 digit long, my 14 digit account number worked.
The most important aspect of an exchange is, well, how well do they exchange currencies :P. Payleo has a hidden gem in their exchange which I love the most. But will get to that in a minute.
Overall Payleo.in seems cluttered and it surely looks like that in the INR deposit form. You get an account number to deposit the money in. Be it IMPS or NEFT. UPI is not supported but if you enter the transaction number right, it goes through. We advice not to try it though.
The cluttering continues to the withdrawal form as well. Payleo will ask you to enter the account holder name (That ought to be your name), the account number (that ought to be your account), the bank name (that ought to be your bank), you get the idea. And why oh why do we need Swift?
If everything ought to be matching the details I provided during KYC, why ask them again? A very big improvement needed here.
Buying and Selling Crypto:
Usually exchanges have one way to buy or sell crypto, but Payleo has layers like an onion. There are multiple options to buy and sell crypto:
- Buy or sell using a closed order book form
- Buy or sell fixed priced packages like Buy for 100 INR or 500 INR and so on
- Advanced open order book trading
Here’s when Payleo gets interesting:
1. Buying and Selling in a Closed order book manner:
The above screenshot shows the closed book order method. It is simple. They tell you the buying/selling price, you enter the quantity, check the transaction summary and hit the buy/sell button.
2. Buying a Fixed value pack:
This is for the lazies like me who say ‘Let me just buy for 1000 rupees, whatever the rate’. You’ve got it. You can buy or sell crypto for as low as 100 INR. To be honest when I first saw Payleo the amounts weren’t this low.
As it says in the box, the crypto dropdown doesn’t work. Had to go back, choose Ether and come here.
3. Advanced Trading – Open order book
Possibly the most priced possession of Payleo.in.
The advanced trading exchange is nothing like the white and blue payleo you logged into. This is dark. It is black, grey, red, green and blue.
Due to low volumes I cannot test all the features so I recommend you to explore it yourself here. But I do like what I see.
Here are some of the interesting features of the Advanced trading platform:
- Place Market/Limit orders with a Stop Limit option.
- Advanced Orders allow even more types of orders, of which honestly I haven’t tried anything.
- A bouquet of chart indicators
- Open Order Visibility on the Trade book
As I explored the platform I learnt more about it. A couple of things caught my eye:
- You can send Crypto to someone by Email. If the person has a Payleo account, they get it, if they don’t, they are asked to create one.
- OMG wallet – There is an OMG wallet on the exchange but no trade engine for it. So it should be something launching very soon I presume.
Payleo.in is both fascinating and annoying at certain points. A couple of drop downs don’t work. The original design looks cluttered. However it gets better in the advanced trade platform. For avid traders and enthusiasts, the advanced trading platform looks like a home run as I have never seen such a platform on any other exchange in India. For newbies though, it will be difficult to get hang of it.
Payleo certainly can work on the small bugs we pointed out in the article as well as some we sent over email. They are not hindering security wise but for sure dampens the experience. Overall as I always say, these are new exchanges and always ensure you do your research before sharing your information. It is difficult to know who exactly is running the show in Payleo from the website.
Do give it a shot, who knows you might like it and if you wish to send me Bitcoins via email, ping me on telegram
Edit log: Payleo Founder names included