There's a lesser known exchange in India that has been offering Steem/INR pair for sometime. BuyUCoin.com has some 30 cryptocurrencies listed on the website. Steem/INR pair is one amongst them.
This is the first exchange in India to list Steem. I've been aware of this fact for sometime now but couldn't post about it as I wanted to take some feedback from some members of a crypto group who have experience with this exchange.
Sadly though the feedback wasn't very good. Mostly negative. I'm not the one to experiment with my tokens too much with unknown exchanges and hence I've avoided this exchange for a few reasons.
The first issue is the bid/ask price. The prices are basically shit if you want to buy/sell Steem. You'll be buying it way over market prices and selling at really low prices. This combined with low trading volumes makes it a terrible place to trade your precious Steem or any other tokens.
The easier method is the existing one where you sell your sbd/steem on bittrex, blocktrades, binance and send your btc to an Indian exchange and withdraw from there instantly.
This works best for most people over any other process although p2p channels are growing fast-more on that later.
BuyUCoin in my crypto circles has received many negative ratings and I personally wouldn't trade with them. Here's a review posted by fellow steemian and it doesn't sound very good although they came back to say in another post that Buyucoin resolved some of their issues.
Whenever I use a new exchange from India I'm generally on the lookout for feedback from other users. I am part of some crypto communities and there's always someone there who has used newer trading platforms from India. I'm generally wary of security, prices, volumes and transparency of Indian exchanges.
The high costs of purchase and transfer fees it doesn't make it my first choice for any transactions. It's far cheaper to use Bittrex/Binance and then any Indian exchange to sell my Btc. For trading alt-coins on an Indian exchange you can try Koinex or Coinome. I use the latter frequently!
Buyucoin may have pulled up their socks by now but it's better to be safe with your coins. I dont trust any exchange from India with their security unfortunately and avoid keep any coins on them generally. Coinsecure theft has shown that Indian exchanges have a long way to go.
This is just for your information. Try at your own risk.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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