India Bitcoin Exchange – How To Properly Secure Cryptocurrency Coins?

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Just around the time Bitcoin exchanges are being raided in India by IT officials and being checked by SEBI and ED for tax evasion and potential economic, legal, customer protection and security related risks, several users of Hyderabad-based Bitcoin India, holding bitcoins worth several lakhs of rupees, got locked trading platform for bitcoin in india of their accounts. The users have either been locked out of their accounts or have been unable to deposit trading platform for bitcoin in india withdraw from it.

The panicked users took to social media to express their distress and fear of being cheated by the startup. Some users even showed up at the registered office of the company in Hyderabad demanding a response.

Raised tickets but no response. According to a report in FactorDaily, several of the accounts, which have fiat and cryptocurrency worth nearly Rs 50 lakh, show zero balance. However, over the past few months, bitcoin has been trending and the number of users grew times but our staff strength was still the same. One of the main issues being faced by most users of Bitcoin India was that their accounts either showed zero balance or they were unable to access their accounts. This, Sykam says, is because when users try to trade several times buy and sell on a single day from an account, the server flags the account as suspicious and temporarily bans it.

Despite nearly 1, people posting on Facebook Live trading platform for bitcoin in india for resolution of this issue, Sykam claims that only users have been locked out due to suspicious activity. And to avoid such issues in the future, Bitcoin India has restricted its users from buying and selling more than two times. There have also been issues with withdrawals and deposits. Sykam claims that the withdrawal issue should be solved in the next 48 hours while deposits will take a little more time.

Facing severe backlash from users, including a few news reports about Bitcoin India not responding to its users, Sykam also went live on Facebook to assure its users that Bitcoin India was not a fraudulent company. Bitcoin India is currently facing a scalability issue. As we are clearing old queues, new ones are coming.

We trading platform for bitcoin in india in fact limited a few features on our platform and deployed manpower from there to clear queues. We are not robots. There are different kinds of issues from different kinds of users speaking different languages. What added to the tension for users and for the startup, were news reports over the past week about IT officials conducting raids at Bitcoin exchanges. Sykam says fearing action against their company as well, several employees decided to take leave and not show up for work, making matters trading platform for bitcoin in india for the company.

Founded by Sykam inBitcoin India is one of the few bitcoin startups in India that support multiple cryptocurrencies including Bitcoin, Ether, Dash, Litecoin and offers Bitcoin mining subscription plans. It has a wallet and allows trading on its platform. Bitcoin India is now in the process of hiring more employees, especially for its customer service team to be able to handle the increasing traffic.

We are hiring more employees and hopefully by end of January, customer services will be back to normal. By the end of trading platform for bitcoin in india year, Bitcoin India will be increasing its employee strength to at least employees.

Skip to main content. Distressed Bitcoin India users cry foul. The Bitcoin India chief has said there is no need to panic and has assured the safety of accounts. Why users have been locked out One of the main issues being faced by most users of Bitcoin India was that their accounts either showed zero balance or they were unable to access their accounts. Background Founded by Sykam inBitcoin India is one of the few bitcoin startups in India that support multiple cryptocurrencies including Bitcoin, Ether, Dash, Litecoin and offers Bitcoin mining subscription plans.

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The story, which was about to unfold for cryptocurrencies, later in the year, is nothing short of a fairy tale.

The pain surges furthermore, if the cryptocurrency one wants to invest in, is not available to buy with the fiat currency of the country. But year has come about as a year of transformation, not only for the cryptocurrency market, but also for the Indian contribution to it. There are a lot of exchanges currently functional in India, and Indian investors have got a plethora of options to choose from.

Although, back in it was called Buysellbitco. The founding member of Buysellbitco. Saurabh Agrawal and Sandeep Goenka , before rebranded the company to Zebpay. Involves minimum learning curve for the new user;. Unocoin is one of the leading Bitcoin companies in India. Having started in , Unocoin belongs to the league of early entrants into the Bitcoin space in India. Today, majority of their operations are run from Bengaluru, Karnataka.

Unocoin offers its services via website and as well as through mobile apps. Some big time venture capital firms have invested in Unocoin. Unocoin also provides a Merchant payment gateway , which enables online businesses to accept payments in the form of Bitcoin. The team behind Bitxoxo. Company has its head office in Delhi, India. It is a pioneer in the Indian cryptocurrency space with a complete exchange, offering multiple cryptocurrencies on a single platform.

The head office of the company is operational in Mumbai, Maharashtra. ThroughBit is a startup, based out of Bengaluru. The company is totally bootstrapped till now and have plans of expanding into new geographies soon. The team behind ThroughBit is a mix of individuals from varied backgrounds. This feature will soon be available;. The platform is very easy to navigate and get familiar with;. Although, it will come out in due course of time.

They also strive to offer services without any downtime, and yet without compromising on the security aspect. The peer-to-peer platform has one of the most advanced trading system available right now. CoinDelta offers a plethora of cryptocurrencies to trade. Initially the platform was launched with four major cryptocurrencies i. Your email address will not be published. Leave this field empty.

Notify me of follow-up comments by email. Notify me of new posts by email. Thursday, April 5, Neha Singh December 15, December 24, India 1. ThroughBit ThroughBit is a startup, based out of Bengaluru. As on 16th December. Neha Singh A cryptocurrency enthusiast who has spent around 5 years in the Software Industry. A writer and an avid Blockchain technology geek.

Now, i will be able to choose my exchange for trading. Leave a Reply Cancel reply Your email address will not be published.