Giottus Crypto exchange announced free INR Deposits and withdrawals with a guarantee of withdrawal in 10 minutes. In this article we will test the same.
Now that the Banking Ban from RBI has been quashed by the Supreme Court, crypto exchanges will be free to open bank accounts and provide INR deposits and withdrawal services to their users. Earlier today Giottus exchange made such an announcement.
The exchange is offering Zero Fee INR deposits and withdrawals. For the next three days, until March 07, the exchange is also waving off trading fees. On asking why they removed the fees, Vikram Subburaj, the co-founder of Giottus said it is time to celebrate.
“Supreme court has removed a big obstacle today and we are trying to do our bit to make customers feel that the golden days are back. Time is money in Crypto. By enabling instant deposit and withdrawal, we believe that we are not just giving back time but money.”
Vikram Subburaj, Giottus
INR Deposits on Giottus
Giottus is still using a Partner based deposit, thereby they are giving bank accounts of their INR partners where you can deposit the money after opening a request.
Once the amount and form of payment is setup, you will be matched with a deposit partner. You can only send money from the registered and verified bank account setup with the exchange. Since I had not setup UPI, I chose IMPS deposit for me.
Curse my bank, because it said, “Success! Your Payee has been added Successfully. You may transfer fund to this payee after 30 minutes.”
After 30 minutes, when my bank finally allowed me to transfer the money. I did. I updated the reference number and uploaded a screenshot of the transaction.
The status of the deposit then changed to “Submitted”. Within 2 minutes, the deposit was approved.
Pro tip: Do not setup Payee on websites, set them up on the bank mobile apps. They don’t need cooling period in most banks.
INR Withdrawals on Giottus
Giottus says the INR withdrawals are processed in 10 minutes, and if they aren’t processed in 10 minutes, than the user gets 10 XRP as reward. I don’t mind winning 10 XRP. I am challenging their claim.
Once you create a withdrawal request, you must verify the bank details. You will get withdrawal in the same bank account that is registered with the exchange.
As soon as I created the withdrawal request, I was asked to verify the same with a mobile OTP. I did.
The status of the withdrawal changed to “OTP verified”. Within mere seconds, it changed to “pending”, and before I could finish this sentence, my phone buzzed with the credit message from bank. It literally happened in seconds.
There goes my 10 XRP reward.
Verdict
Giottus INR deposits and withdrawals are free indefinitely, and trading fee is Zero until March 07. Users can take advantage of the opportunity.
The INR transactions are super fast, reminds me of the days in December 2017 before the instant deposits and withdrawals stopped. The INR withdrawal was almost instant. The deposit took less than a minute.
Speaking about the exchange, there are 12 cryptoassets that can be traded on Spot market against INR. The dashboard loads slowly and we have already informed the team regarding the same, who have assured us they are working on it.
Earlier, Giottus took upto 30 minutes to process these transactions. So this is a vast improvement. However, currently the service is only offered for transactions between 10 AM and 11 PM.
What do you think about Giottus’s INR service? Would you try it out? Let us know in the comments below.
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