Disclaimer: After I published this article a lot of people came forward and explained to me how it could be risky for founders to declare that information and how it might not be needed in many cases. The most agreeable argument made was “You are dealing with a registered company, lets all start to accept that company has a bigger trust backing than the names of few individuals”.
Keeping that in mind, we are removing a few names from the list, specifically prominent exchanges. However I still believe that for a user to know they will be get the support in case of issues, there has to be a face and name attached to a company. This is of course my personal opinion and the views are my own. Now go ahead 🙂
You will read about how good or bad a cryptocurrency exchange in India. You will read about how great their UI is or how low their fees are. One might even start asking around on telegram channels and social media for feedback on the exchanges.
But, do you know that how dangerous it is to not know who you are handing over your PAN, Aadhaar, Phone Number and Bank account details to?
There are over 40 exchanges in India according to our knowledge and not everyone is keep on declaring who the owners, the founding members, or the team members behind the product are. This is very concerning situation.
Some developers have created exchanges as a side product besides their own regular jobs. They choose to hide info in order to avoid conflict of interest at work. But understand this, you are asking people to trust you with their money while you hide and have another job. NOT A GOOD PROSPECT.
So to my readers, I appeal. Please make an informed decision before you decide to invest.
Here’s a list of Indian Exchanges whose founders’ info is not available:
Everything about this website looks shady. Atleast the Indian version. Apparently they have presence in Kenya, Singapore and Malaysia as well. However, the problem is, we don’t know who is owning it. The head office is in Kuala Lumpur. To be fair, I heard about Belfrics from another news site, so it won’t be a bad exchange, but it has Zero liquidity in the order book for India and INR deposits are not allowed.
The name is recently added, as recently as May 22. When we published this article, Bitbns team details were available in public. They are no longer available on the website.
Another company from Singapore had closed order book operations in India. I say had because they have closed operations thanks to the RBI prohibition.
The Exchange BTCmonk has an Android and iOS app but you cannot see the exchange until you register. The FAQ section gives a vague explanation of being established in Canada but the contact us page shows an address in Pune as well as Bangkok. Nevertheless, there is no info of the team, so better stay away from it.
This is a relatively new exchange and I decided to check it out. Apart from a few very bad reviews on Google Play Store, it seemed like a good exchange. My KYC was completed in a minute here. However, there is no team info on the website. I know who the founder is, a man named Animesh Khandelwal. I wanted to review BuyBitcoin and I will, but only after the team details are made public.
The reason is after I reviewed PayLeo and complained about not showing the team details, people started using it and started facing issues and they weren’t really helped by the staff. So I do not want to review an exchange where it is not easy to reach out to the founders.
This app based exchange offers Bitcoin, Ethereum and 2-3 more coins to trade. What it does not offer is the information about who created CoinKeen.
This close-to-my-home exchange from Ahmedabad has been in news before. Its a good new exchange. But who has created it? Zimba Infonet. Who owns Zimba Infonet? We don’t know.
FlitX formerly known as Flitpay
The company is based in Jaipur, Rajasthan. No other info available. They offer Bitcoin, Ethereum, Dogecoin and a few more. It is an app based exchange.
Have you heard of NATUKURI TECHNOLOGIES PRIVATE LIMITED? Probably not. Hence you don’t know who the founders of Koinshub are. I remember having a chat with one of them on telegram but I can’t find the chat anymore. No team details on the website.
At this point, I am both angry and sad about so many exchanges operating without full disclosure.
This exchange first offered Crypto-INR and Crypto-Crypto pairs. Then they shut down Crypto-Crypto pairing. A few users have reported withdrawals issues too. We reviewed their exchange but I would like to reiterate – They have not made the founders’ details public.
This Ludhiana based venture of YCM Softweb Technologies Pvt. Ltd offers Bitcoin and Ethereum trading. But we don’t know who is founder of YCM Softweb Tech. Sorry, I will pass on Quikcoin.
The Surat based Mobile app says they have 14000 active users. A few testimonials too. But there are no details of the owners of the company.
This Bitcoin trading app offers OTC trade. Needless to say, no details of founders available.
Not sure how these companies get testimonials from Foreigners, they aren’t even allowed to trade on this platform. Anyway, it is the same story. App based exchange with no founder or team details.
If you think we missed out on an exchange or one of the above exchanges have made changes and updated their founder details, please write to [email protected] for rectification.