CoinBreze offers INR deposits and withdrawals without KYC upto INR 100,000/- and Zero trading fee. The only pair for INR currently is BTC, rest of the exchange is Crypto-to-crypto.
A new entry into the crowded space of Crypto Exchanges is a portal called CoinBreze. The exchange, while not new, but is now trying to woo customers by providing free INR deposits and withdrawals and free trading. But is it worth it? We checked it out.
New Entry into the Market
Coinbreze launched its portal in 2018-2019 but began its marketing efforts in India after the Supreme Court judgment in favour of Crypto exchanges. The one way they hope to acquire users is to keep the trading fee to Zero. Another way to acquire users is to keep a low entry barrier by removing requirements for KYC upto INR deposits of 100,000.
Registration and Verifying Bank Details
Coinbreze mandates the user to enter their name, email address and upload a photo for registration and trading. In order to be able to deposit and withdraw INR, user must also complete bank verification.
Bank Verification requires user to provide bank account details with soft copy of the Passbook or statement as proof. User’s bank account is verified within hours during working days.
Trading on CoinBreze
The exchange currently offers only one fiat-to-crypto market which is BTC-INR. Co-founder Vivek Mohan told Coin Crunch, they will be adding more markets “soon”. Meanwhile, there are eight other Crypto-to-Crypto markets like BTC-TUSD, BTC-ETH, LTC-BTC and more.
The BTC-INR orderbook is thin, unsurprisingly. The exchange is new and has very few users. However the Crypto-to-Crypto markets are pooling liquidity thereby providing heavy orderbooks to fulfill large orders.
There is Zero trading fee.
INR Deposits and Withdrawals
Coinbreze allows fiat (INR) deposits in two ways.
- Bank Transfer
- Payment Gateway
Payment gateway is instant, allows transfer via net banking of many major banks and UPI, but it comes with a 1.03% fee. The deposit is instant.
Bank transfers like IMPS, NETF/RTGS is free, however the verification is manual. It is quick but involves anywhere between a few minutes to a few hours of waiting time.
The payment gateway went live just as we are writing this article and we have tested it for UPI. It worked well. For INR 5000 deposit, we instantly received 4947 INR in my Coinbreze wallet which I used to buy BTC to further test the exchange.
Crypto Deposits and Withdrawals
The exchange offers free Crypto deposits, which is not uncommon, and of course charges for Crypto withdrawals.
The Crypto Withdrawal of BTC was processed immediately. As a security measure, user has to verify the withdrawal request on email. As soon as I clicked on the verification request, I received the Transaction Hash of the withdrawal. I have honestly never seen these fast withdrawals anywhere.
Coinbreze offers wallets to deposit over 20 crypto assets which honestly, doesn’t make sense as most of them are not yet listed for trading. But they do and perhaps are planning on quickly launching the trade services for said tokens.
Team and Backers
Coinbreze like many other, is registered in Estonia as Shreedha Technology pvt ou. Primary investor in the company Shivashankar has pumped $800k into the exchange from his company Aditya Constructions.
Some core team members are part timing on coinbreze and their other work.
The Chief Executive officer is Ananthakrishna Hebbar, not much is available online about him. The CMO, who coincrunch has been in touch with is Vivek Mohan Sahay. Tech at Coinbreze is headed by Srikanth HC, who has the likes on Cognizant on this resume. Finance and Operation is handled by Mr. Ram Mohan, who is a chartered accountant.
The information was shared by Coinbreze team after noticing that they haven’t provided the information on the website. CCI has not independently verified all the team members.
That’s pretty much it about CoinBreze. As a process, we informed Coinbreze when we began testing the exchange if we found any bugs and they fixed it.
Did you try Coinbreze? How was your experience? Let us know in the comments below.
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