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1 bitcoin in inr zebpayZebpay, India's largest cryptocurrency exchange shuts down after RBI's Bitcoin ban
Your trust has been the pillar of our strength. Despite regulatory and banking problems along our journey, we continued to look for solutions as we did not want India to miss the bus of digital assets that power the public blockchain," the company said in a blog.
The curb on bank accounts has crippled our, and our customer's, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business," it added. After the RBI's April-5 circular, Zebpay had disabled the rupee deposit and withdrawal options on its mobile app.
The RBI's circular came after it was observed that the several companies had started dealing in over thousands of digital currencies which, the government and the RBI claim, had no intrinsic value - therefore leaving the investors at risk. The RBI's move was an attempt to ring-fence regulated entities from the risks associated with cryptocurrencies. In a statement issued last year in December, the Finance Ministry said: "Virtual currencies are not backed by government fiat.
These are also not legal tender. Hence, VCs are not currencies. Zebpay charges membership fees of 0. Zebpay app helps you trade in cryptocurrency using your smartphone. The Zebpay app is compatible with both iOS and Android devices.
You can access the Zebpay exchange platform directly from the app. Zebpay allows you to do money deposits from your bank account and trade in crypto pairs from the app itself. That means your coins are offline and secure. But your crypto assets at Zebpay are held in a secured pool and not in individual wallets with a private key. Zebpay allows you to transfer your crypto coins to other exchanges or your own individual wallet. Zebpay wallets are secured using HSM hardware security. Zebpay also has proprietary security protocol Omnitrixx to protect all wallet related transactions.
Zebpay deposits money rupees instantly. But is slow in processing withdrawal requests. The withdrawals happen in business days from the time you submit the money withdrawal request. Zebpay offers two types of withdrawal transaction limits, namely whitelisted and non-whitelisted. If you carry high volume transactions on a daily basis then you can whitelist the crypto that you are using. Whitelisting gives higher transaction limits on a more secure line. Details of whitelisted withdrawal limits are under.
Zebpay supports very few coins and crypto trading pairs. The company is currently revamping its exchange and platform to regain the lost momentum post removal of the RBI ban. We hope that the scene will change soon. Step 1 — Click here to open Zebpay account. You need to click on the deposit tab and select Mobikwik to proceed further. You will receive a payment request on your UPI app.
Once you approve the transaction on your UPI app the money would be credited to your Zebpay account. After confirmation, the money will get credited to your Zebpay account. On the app, you first need to select the cryptocurrency that you want to receive. You need to select the Bitcoin symbol to receive Bitcoins. You can label the receiving address. For sending the link you can scan the code or copy it and share it via email or message. To buy Bitcoin you can log in to the Zebpay exchange and on the left-hand side, you have the order entry form.
For example, you want to buy Bitcoins for Rs. The limit price is the price at which you want to buy bitcoins. Bitcoins are presently traded at Rs. You can place a limit order at Rs. For Rs. Make sure that it is a Bitcoin address only because Ethereum, Bitcoin, or any other coin will not accept Bitcoin on their address.
For sending Bitcoins from Zebpay, select the Bitcoin address from the address list and enter the quantity of Bitcoin that you want to send. Click on the send option to initiate the transaction and enter the PIN to confirm the transaction.
Enter the amount of Bitcoins that you want to sell and the BTC limit price at which you want to sell. For example, you need to sell approximately 0. The transfer of Bitcoins from Zebpay to Koinex is possible only when you have the Bitcoin address from Koinex. The Bitcoin address can be from your Koinex account or somebody else to whom you are sending the Bitcoins. To get a Koinex Bitcoin address, you need to tap the deposit option of Bitcoin.
Then you will get a pop-up with the address details in the form of QR code and in text form also. Enter your PIN numbers and confirm the transfer. Enter the buy order form by indicating the amount and the limit price at which you want to buy Ripple. Ripple is presently traded at Rs. For example, you can set the limit price at Rs. You will get approximately To withdraw Bitcoins from Zebpay, you need the Bitcoin address to whom you want to give.