Regulations with the Indian Reserve Bank have not transformed at all, but that has not stopped Koinex from bringing forth competition for the LocalBitcoins platform. It is a P2P token transaction network by Koinex, one of India’s leading exchanges. After the implementation of RBI’s directive for banks to not engage with cryptocurrency firms, Indian users badly required more options for dealing with cryptocurrencies. Loop comes to the saving and is branded as a P2P trading organizer.
Koinex Loop is a very bright and white website, before applying, users will have to compulsory complete the KYC to trade on loop. After approval, the Buyer will then be able to do payments on the account details provided.
With Loop, users can buy or sell Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) with other users on the platform for INR fiat. Users can then use the BTC, ETH, and XRP to exchange it for other coins and tokens listed on Koinex’s crypto-to-crypto market.
There is still plenty of time to see if Koinex Loop will accomplish to increase trading volume, though the reason for lessening activity is certainly justified. The Reserve Bank of India will not let users pair with traditional banking services, which makes it hard to put in or take out currency. There is no restriction like this in place for consumers, which means that peer-to-peer trading is still an option.
Koinex Loop has been solving the problem of buying and selling cryptocurrency using INR in India. It is easy to use, consistent and well integrated with Koinex’s crypto-to-crypto exchange.
However as reported by Coin Crunch, the liquidity is a major problem on the exchange. In spite of receiving emails and text messages, the customers do not respond to requests on their listings, or the listed orders are not satisfied for days organized.
A lot of P2P exchanges are facing the same challenge. Capacities have dropped across all exchanges, majorly in India due to RBI’s banking ban.
The post Koinex Loop Solves Problem Of Buying And Selling Cryptocurrency appeared first on OWLT Market.
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