Hello friends,
I am doing good, and I hope that you are having a good time with your near and dear ones.
The title is exciting right because you can see that this exchange is India's first zero-fee crypto exchange and it will not be charging any amount on the trade. The question is if this is possible. How the exchange will run its operation when it does not generate revenue through the trade? Exchanges earn revenue through the trading volume and if they stop then how they will build revenue sources for themselves?
From the user perspective, it is good that we will not be required to pay any trade fee on the exchange. This is very helpful for the users in India when the market is not doing good and there is already a hefty amount of tax applicable on crypto income. I'm sure the exchange must have worked behind the scenes to figure out the solution. This is a big decision and research is surely needed to take this kind of decision.
Giottus, an India-based crypto exchange, is trying to lure investors to its platform with a new, pocket-friendly strategy. The exchange on Monday, October 31 announced that it will allow its users to engage in crypto trades with zero fees. This new strategy is Giottus' way to help potential investors plan their trades with ease and broaden their margins of expected profits.
Giottus is an Indian exchange. The exchange has announced that it will allow zero-fee trading. With this initiative, they are trying to bring more users to their trading platform. I heard about the exchange but never used it. This is not a big exchange but this can make them big you never know. I don't know if they provide a deposit and withdrawal facility. Many exchanges are not providing it because of the banking problems. Many banks are creating issues with crypto exchanges and because of this the exchanges are not able to provide INR deposits and withdrawals,
In India, most of the users buy and sell Crypto using the I N R Currency. They do not own any other crypto already and this is why they only have the option to buy using INR. Bank is necessary to use INR and if the exchange provides this service then only they can use it. I will check more about this exchange. I am also going to check how they provided this deposit and withdrawal option and if UPI is supported.
This is very good news and I like it. There are many big exchanges in the country but they never did something like this. If UPI is supported then it's very good. Even if the UPI is not supported then IMPS can be helpful. In any case, any option to deposit and withdraw the Indian currency will be helpful for Indian users. I also don't know what coins are listed in this exchange but obviously, they will have all the popular coins. There can be another point for checking out if they provide crypto deposit and withdrawal services. Come up the exchanges in India provide only trading services and their wallets are not enabled.
I don't like the exchanges where the wallet is not functional because it is not a good practice. No matter what excuse these exchanges give is not justified. A wallet is a necessity for any crypto exchange and if they do not have it then I just stay away from this type of exchange. There will be KYC because it is mandatory as per the rules in India and I think it is good also. I hope this exchange gets more users if they provide good services.
Thank you
Have a nice day!