It has been five months since RBI put a ban on regulated entities from dealing with those who deal in cryptocurrencies. The banks had three months to end their relationship with cryptocurrency exchanges. Shortly after July 5 deadline, exchanges stopped INR deposits and withdrawals aligning with the RBI diktat.
But, being jugaadu at heart, Indian exchanges went a step further to develop multiple innovative ways to keep providing cryptocurrency trading services to Indians like crypto to crypto trading, peer to peer trading and many more.
Some exchanges however, managed to keep the INR transfers alive in India, or atleast restart it. They found unorthodox ways to deposit and withdraw INR fiat for trading. These are the exchanges on today’s list.
Exchanges that allow INR Deposits and Withdrawals
There are three exchanges that use a modified Peer to Peer model for providing INR deposit and withdrawal facility.
Method: Voucher, Peer to Peer
Type: IMPS and UPI
Bitbns exchange has over 62 Cryptocurrencies listed for trading and all of them are paired with INR only. Bitbns never moved to Crypto to crypto model, the exchange has been consistent with its trade offering and have been listing more and more coins at regular intervals.
Off to a rocky start with INR Deposit and Withdrawal solutions such as voucher deposits from BidforX and operating with multiple bank accounts, Bitbns now, seems to have found the stability with new Peer to Peer INR deposits system.
To deposit INR on Bitbns, you can choose the p2p route, where you will be matched with someone who wants to withdraw INR. So you transfer the money to the other user who wants to withdraw and once both parties confirm, the balance is updated in your Bitbns account. Needless to say its Vice Versa for Withdrawals.
To learn more about how you can deposit or withdraw INR on Bitbns, check out the article below
Method: Hybrid Peer to Peer
Giottus uses a similar approach for INR Deposits and Withdrawals that Coindelta is using. From our preliminary observation and after consulting some people who are close to the matter we found out that some High net-value individuals are providing services to both Coindelta and Giottus.
Giottus started the process before Coindelta though. On Giottus, you pay 0.2% fee for deposits and withdrawals which goes into the pocket of ‘Partners’, that process your transaction. You as a trader have to transfer INR, in case of a deposit, to the bank account provided and the deposit will be credited into your Giottus account within a few minutes. Giottus claims it to be instant, but nothing is truly instant in this world now, is it?
Similarly, after raising a request for withdrawal, the INR will be credited to your bank account in a few minutes. The peer partners are earning 0.2% on every transaction, which is truly a great incentive financially. For every 10 lakhs deposited or withdrawn, the partner makes Rs. 2000. Not bad.
To learn more about how you can deposit or withdraw INR on Giottus, check out the article below
Method: Peer to Peer
Type: IMPS and UPI
Koinex joined the list on Sep 12, 2018. Dubbed as Koinex 3.0.0, a brand new version of Koinex, the exchange now accepts INR deposits and withdrawals in a peer to peer trading fashion. I have to admit it looks a whole like Bitbns’s P2P INR system.
If you want to deposit INR on Koinex, your request will be matched with someone who wants to withdraw INR. So you transfer the money to the other user who wants to withdraw and once both parties confirm, the balance is updated in your Koinex account. Same goes for Withdrawals.
Koinex has not announced any fees on the INR deposits and withdrawals yet, we will update the article when they do.
To learn more details on how to deposit or withdraw INR on Koinex, check out the article below
Exchanges that Allow INR based Trading
Only a handful exchanges still offer a way to get INR into your exchange accounts, but a bunch of other exchanges still offer INR based trading without the ability to deposit or withdraw INR. A few exchanges such as Zebpay, only recently disabled their INR trading pairs.
Here’s the list of exchanges (other than the above) where you can still trade cryptocurrencies with INR.
Honourable Mention: Peer to Peer Exchanges
It is important to note that while some exchanges allows INR transactions, there are a few that allow P2P trading with INR. Basically you can buy cryptocurrencies with INR using these exchanges, but you will be paying for it to just another user who is selling it.
Read: Coincrunch’s coverage on Peer to Peer exchanges
Without dwelling deep into P2P exchanges, here’s the list of some prominent exchanges that supports INR trading onto their P2P platform
So there you have it folks, you know what can be done with INR on which exchanges. Hope you guys check them all out and don’t forget to let us know how your experience was on our telegram group.