Zebpay was initially named ‘buysellbitco.in’, and Mahin Gupta was its first founder. And it was later changed into Zebpay in 2014, also adding two more partners – Saurabh Aggarwal and Sandeep Goenka. Zebpay became one of the very first exchanges, providing access to people of India to buy or sell Bitcoins.
Initially it started only with Bitcoins, while now it has Ripple, Bitcoin Cash, Ethereum and Litecoin. They are yet to list many cryptocurrencies like Monero, Dash, ZCash etc. as of now, but they do have plans on expanding their crytpo-portfolio. Zebpay has no web-based platform (like a website or an online portal) available for users.
They only have Android and iOS application. Zebpay is also famous for being a wallet. Since its launch, it hasn’t been hacked which makes it one of the most secure platforms to buy or sell cryptocurrencies in India.
If we talk about security, Zebpay has been under scanner and government radar since a long time. Very recently Indian government;s Income Tax Department also conducted a raid on their office, which scared the users that the exchange might have to shut their operations, but thankfully nothing happened, and Zebpay resumed its operations like before.
The app’s security is tight, as they also allow users to enable 2FA (two factor authentication). They provide a private key to all their users, and the sign-up is easy and quick. In case the user loses his private key or pin-code to access Zebpay, he can recover it quickly. Zebpay users have their unique ID that is synced with their mobile devices, but if you lose your device you can still access your cryptocurrencies and prevent them from being lost forever.
They have listed a hot-line number, if the users call on that number they can immediately block all the outgoing transactions on their account and freeze the crypto-assets.
ADVANTAGES OF ZEBPAY
There are many upsides and advantages of using this Indian cryptocurrency exchange. Some major ones are –
- Zebpay is one of the most popular platforms in India to exchange cryptocurrencies for fiat money. They accept Indian Rupees (INR), through bank wires and payment gateways. They accept payments through NEFT, RTGS, IMPS and Net-Banking, which are one of the most common ways to transfer money over internet in India.
- Zebpay as an application is extremely easy to use. It is not only user-friendly in nature, but it is also quick and effective.
- Registering for a new account on Zebpay takes hardly 5 minutes. You just need to verify your email ID and phone number. Apart from that, Indian users need to submit some identification documents like PAN card, Aadhar Card (local government issued ID). Verification takes 2-3 days typically, and sometimes even more depending upon the traffic on network.
DISADVANTAGES OF ZEBPAY
There are many downsides of this India-based Bitcoin exchange. Zebpay Review would be incomplete without discussing its shortcomings –
- There is no web-based portal or website available for Zebpay. It is only available for iOS and Android applications. Lack of website makes them less attractive to potential users.
- The application is not meant for traders. It has a very simple interface which does not have much charts or information. It isn’t meant for seasoned traders, or experts who wish to trade.
- The margin between buy and sell on Zebpay is usually large. Sometimes as large as thousands of rupees. Which does not allow people to trade at all. In the recent update they have reduced the margin and made it almost equal, though.
- They do not allow payments from debit cards or credit cards, neither do they allow payments from mobile wallets like PayTM, PayPal etc. The only way to deposit money is through bank deposits.
- They do not allow any other currency to be deposited. Since it is an Indian exchange, the only currency allowed is INR (Indian Rupees).