India is beginning to look towards trading on Peer to Peer exchanges. The convenience cannot be ignored, nor can the fear.What if the seller takes my money and runs.Exchanges are investing on Dispute handling, fraud prevention and support to avoid such incidents. But only when a trader has used the platform, can he or she truly trust a P2P exchange.
The RBI decision in many ways is a boon to P2P exchanges. This is their chance to shine. To offer services that are similar to those of other open orderbook exchanges but also different enough to never touch the fiat currency themselves. Even Koinex, Coindelta and Wazirx announced their own P2P exchanges. But there are many hurdles to cross.
For one, Peer to Peer exchanges worldwide are largely limited to offering one cryptocurrency for trading. LocalBitcoins offer Bitcoin, LocalMonero offers Monero, LocalEthereum offers, you get the drift. But P2P exchanges in India are breaking this barrier. Many existing and upcoming P2P exchanges are offering multiple crypto trading options.
Leading the charge is Instashift. In the past two days, Instashift has added 6 new coins to its list and is planning to add 3 more today, bringing the total of traded assets to 15.
Besides the usual suspects like BTC, ETH, LTC, XRP Instashift is heavy on ERC20 tokens such as ZRX, ZIL, POWR, QKC, ELF, THETA, CVC and MANA. “We are listing Quantstamp (QSP), Substratum (SUB), Chainlink (LINK)” today”, says Kalidasan K, co-founder of Instashift exchange.
Recently Instashift rolled out its exchange in Canada, making it the second country in their bag. Instashift however is not a registered company in India. It is registered in Estonia. The co founders Kalidasan and Rahul Chitale are Indian and can be found chatting with users on the official telegram group.
The exchange charges 1% fee for buyers and sellers which is being waved off for the first order under a special offer.
We at CoinCrunch are dedicating this week to Peer to Peer exchanges, so be sure to check out other posts on them.
About Peer to Peer Exchanges:
Peer to peer exchanges unlike the traditional exchanges offer you trade directly with another user. On P2P exchanges you can buy or sell cryptocurrency with another individual by paying or accepting fiat or any other currency directly into your bank account or wallet. To ensure that seller transfers the cryptocurrency after receiving payment, P2P exchanges deploy escrow mechanisms under which the seller funds are locked till the time the transaction is not complete. For any disputes, these exchanges offer dispute handling service which often involves a support staff to verify the details and make a decision.
Not all P2P exchanges are centralised. Certain Dapps like Bisq offer a completely unique way to trade crypto peer to peer. You can check out our list of P2P exchanges to know more.
What do you think of Instashift? Let us know in the comments below