In December last year, I met the entire Coindelta team, wasn’t as big as it is today. Shubham Yadav, the co-founder of Coindelta exchange and I spoke about the developments at CD and the future plans, which obviously got side tracked, thanks to RBI. But ever since I started Coin Crunch, Shubham has stopped sharing what is going on at Coindelta.
Needless to say, I wondered what their plan B for RBI’s Banking ban was going to be, and I asked him often. He never revealed it until the official announcement. A peer to Peer exchange called Flux.
Flux is a home grown Peer to Peer exchange, one more to the list of few. How does it work? Does it add value to the already crowded market? Lets find out.
Does Flux solve a Problem?
If you’ve read our other articles, you know the answer to this question. P2P is a somewhat valid solution to RBI’s banking ban and can be used to buy or sell cryptocurrency. Flux offers four cryptocurrencies BTC, ETH, XRP and USDT. Coindelta also offers a USDT market to trade over 30 other crypto assets. You can buy USDT on Flux and then use the USDT to buy other tokens.
Registering on Flux
Even if you are a coindelta user, you still need to register on Flux. I believe one of the reasons is to give value to existing users with the referral program.
To register, you need to enter your email address on the login screen and a referral code (optional).
You will receive a verification email with registration link. A new flux window will open in the browser. Now you have two options
- Register as a new User
- Existing Coindelta user
You can pick the latter if you have used the same email address that you registered on Coindelta with. It is an extra step for Coindelta users that need to be fulfilled to start trading on Flux. But it does increase the segregated accountability – at any time Coindelta will know how many of their spot exchange users have not yet registered to their P2P exchange Flux.
Flux and Coindelta are two different exchanges, both require their own passwords and 2FA keys to login, and you need to transfer funds from Coindelta to Flux and vice versa to trade on a particular exchange. The transfer is free.
Switch Between Exchanges
You can buy or sell BTC, ETH, XRP or USDT with INR on Flux. You can buy all other cryptocurrencies with USDT on Coindelta. Since Coindelta and Flux are two different exchanges within one website, if you wish to trade on Coindelta and your funds are lying in Flux wallets, you need to transfer the funds. There is no withdrawal or transfer fee. Similarly, if you wish to sell your cryptocurrency for INR on Flux, you need to transfer them to Flux from Coindelta wallets.
Add Payment Methods
Before you begin trading, atleast before you try to place a sell order, do setup your payment methods. Go to Profile > Payment methods and setup the bank details for IMPS and UPI or either one.
To understand how Flux works, I bought 200 XRP coins. To Buy or sell a cryptoasset you can place your own orders or choose from any open orders.
Points to note:
- All users are KYC compliant
- All seller funds are held in escrow to avoid fraud (Notice the assured tag on sell orders)
- Payment method can be UPI or IMPS
- Users can rate their trading experience, you can see the average rating in the rating column
- Buyer Fee – 0.3%, Seller Fee – 0%
Now, let us begin the test
For the test, I tried to buy 200 (199.4 after fees) XRP on Flux. I did not create my own order but I chose from existing open sell orders. Honestly, XRP is quite expensive on Flux than the market. I chose a seller ‘Circuit’ to buy 200 XRP at Rs. 32.69 each
Once I clicked on the ‘Buy Now’ button, I received the UPI details of the seller to make the payment. I have to upload the proof of payment as well as transaction ID. Proof of payment is not mandatory, I entered the transaction ID only.
Buyer must make a payment within 30 minutes or else the transaction will go into dispute.
Once the payment was made I clicked on ‘Confirm payment’, the seller then gets 1 hour 20 min to confirm the receipt. My seller confirmed it within 30 seconds, even before I could get a screenshot. Once the seller confirms, buyer receives the funds in his or her wallet. Now, I can transfer it to Coindelta, or keep it in Flux to sell in future.
After the order is completed, both buyers and sellers get an option to rate the trade. I rated mine five star.
A good product doesn’t just do what it is supposed to do, it also adds value by giving you features to ease the experience even more. There are few tricks up Flux’s sleeve that can improve the experience.
Telegram Integration for Notifications
You can integrate your telegram account with Flux and receive the notifications on telegram. You have to go to Profile > Notifications and enter your telegram ID. Then send a specific message to the Coindelta Bot.
Coindelta Flux also offers a new referral program for sign ups. If you refer your friend, you earn 30% of the commission paid by your friend. Referral program as we have historically observed have helped gain a lot of users and incentivised a lot of users to trade.
Disable Trading Without Cancelling orders
It is midnight and you’re already in bed. You get a notification that some trader wants to trade with you. You have to get up to accept or cancel the request. Annoying? Definitely.
Alternatively, on Coindelta you can switch off trading. That means, you don’t have to cancel your orders before going to bed. You can just disable trading while you are away from the computer.
Coindelta exchange has finally landed its P2P exchange after much awaiting, and they are standing tall against the wrath of RBI. In coming months Peer to Peer exchanges are going to be the revolution we need in Crypto trading, and the Indian exchanges are already mastering the art.
Flux is simple, easy to use and has a couple of extra features. Keeping an exchange KYC compliant is important as dispute resolution becomes very easy. Trades happen fast. Liquidity could be an issue as it is with many exchanges.
I personally like the telegram notification feature as I am always online on Telegram. Other than that, escrowed assets ensure the security for both buyers and sellers and the UPI payment method allows users to refrain from sharing their Bank Account numbers.
Using Flux for the first time requires you to register. Although it doesn’t take away a lot of time, it is still an extra step. It can benefit users to gain that delicious referral bonus.
Flux has a mobile responsive site for trading P2P on the smart phones. I prefer to trade on Desktops, having the feature on a mobile app or having a mobile responsive website does help when your computer isn’t around you.
What do you guys think of Flux? Let me know in the comments below