India is one of the biggest markets when it comes to the world of cryptocurrencies. At its peak, India accounted for close to 10% of global cryptocurrency transactions. Over the years there have been a number of cryptocurrency exchanges which have opened up in India. However, the biggest problem that continues is the fact that these exchanges have a limited number of currencies that can be traded. CryptoIdol, India’s latest cryptocurrency exchange - aims at solving that problem.
Here’s a look at some of the biggest cryptocurrency exchanges of India:
- Koinex - supports Bitcoin, Bitcoin Cash, Ripple, Ethereum and Litecoin
- Unocoin - supports Bitcoin, Bitcoin Cash and Litecoin
- Coinome - supports Bitcoin, Bitcoin Cash, Ripple, Ethereum and Litecoin
- Coindelta - supports Bitcoin, Bitcoin Cash, Ripple, Ethereum, LiteCoin, OmiseGO, Qtum
- Zebpay - supports Bitcoin, Bitcoin Cash, Litecoin
Looking at these exchanges, the most diverse of these exchange offers support for just seven different cryptocurrencies. However, seven is not enough. Most international cryptocurrency exchanges offer many more currencies. The Indian cryptocurrency exchanges lack a diversity when it comes to trading options and that is where CryptoIdol comes in.
CryptoIdol offers a versatile selection of cryptocurrencies. Users who register on to the platform will get the option to trade between 12 cryptocurrencies to trade. The platform offers support for the following cryptocurrencies: Bitcoin, Bitcoin Cash, Ripple, Ethereum, Litecoin, DASH, NEO, Ethereum Classic, LSK, Dogecoin, Digibyte, Peercoin.
With CryptoIdol’s arrival, cryptocurrency traders based in India would be able to trade between many more currencies than they were able to in the past. This opens the doors for some brand new cryptocurrencies in the Indian markets such as DASH, NEO, Peercoin, Dogecoin, etc. In the past, if a trader wanted to invest or trade in these currencies, they would have to depend upon foreign cryptocurrency exchanges.
Foreign cryptocurrency exchanges often have a high trading fees as well as charge a currency conversion fee. CryptoIdol poses no such problems. It is an Indian cryptocurrency exchange and hence charges no currency conversion fees. Moreover, CryptoIdol also charges a very nominal trading fee. Buy Fees on this platform ranges between 0.14% to 0.23% while the sell fees is that of 0.10% to 0.18%. This trading fees is significantly lesser compared to the high trading fees that Zebpay charges: 1.18% for buying and 0.59% for selling.
CryptoIdol is a cryptocurrency trading platform which is backed by Zimba Infonet LLP. This cryptocurrency exchange is based in Ahmedabad and allows an advanced yet easy to use platform for trading cryptocurrencies. The platform requires KYC approvals before users can begin to trade. However, the process is simple and quick. CryptoIdol also offers quick withdrawals to bank accounts.
The arrival of this cryptocurrency trading platform is all set to change the scenario of the Indian cryptocurrency trading as we know it to be.