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The company has existed for almost 6 years and first made a deal back in 2012. In the beginning, it was called Buysellbitco.in, but with the growth of cryptocurrencies and their popularity, two years later it was rebranded to broaden the range of services and remove the company’s specific reference to trading only BTC. Today, the head office is located in Singapore, and in India the company is represented by two offices in Mumbai and Ahmedabad.
The creation of ZebPay is the merit of enthusiasts who have become key cryptocurrency experts in India, precisely because of their work in creating the project in the past and actively supporting it today. The company’s mission is to make cryptocurrency transactions understandable and accessible to those who do not have access to full-service banking. At the end of 2016, ZebPay was recognized as the best Bitcoin company, and the team raised an additional million dollars for expansion and upgrades. Prior to this phase, the number of registered customers barely reached the 500,000 mark. After the upgrade, the number of registrations passed the 3,000,000 mark until March 2018.
Specifics of Work on Zebpay
The company promotes blockchain itself and Bitcoin in particular, proving the usefulness of solutions that can be implemented in this format. After statements by local party leaders that Bitcoin is “a dubious topic and more like a pyramid scheme,” the team had to do extensive outreach to customers and the public to avoid panic and outright negativity. On the other hand, they have been working closely with law enforcement on countering the use of cryptocurrencies in illegal money laundering or moving them around the world illegally.
In the recent past, cash was stolen from a Maharashtra state bank and exchanged for BTC by the ZebPay platform before the robbery was announced. The team froze all incoming and outgoing transactions, recovered all the coins from this transaction, sold them in a way to cover the state bank’s losses, and returned all the funds to the state.
Registration on Zebpay
Unfortunately for many traders, only residents of India can register on the exchange. The process is through downloading mobile apps with positioning enabled. For all devices located outside of India the download is not available. You can, of course, try to download it with hidden positioning or impersonate an Indian.
Even if the first stage is successful, the system will filter out all non-Indian citizens at the identity verification stage. The identity verification process takes place only through the Pan Card (Indian Taxpayer Card). You need to send its photo or number to the support desk to get access. In addition to tax information you need to specify the banking information, because all transactions are made only through transfers, hence, information about the profits are displayed to the controlling services. Zebpay crypto-exchange follows the key rule – “Know your customer”.
This has helped in the past to identify abusers and hand them over to the authorities, so the site does not deviate from it. The moment the total account turnover exceeds 1370 USD, you will need to confirm your identity by talking to a company representative and providing additional documents.
Deposit and Withdrawal on Zebpay
The specificity of the project imposes appropriate restrictions on deposit and withdrawal processes. Cryptocurrency transfers are made in the standard way, through direct transfer to the wallet of the exchange. Circulation on ZebPay have the following cryptocurrencies:
Trading pairs are made only against rupees and BTC, so any cross transactions are made through an additional transaction. Cash (rupees) replenishment is done only through bank crediting, and from own account, with tax verified money. Payments to the account are made in reverse order. But with all the same requirements.
Trading and Exchange
Through the Mobile recharge tab you can make a large number of one-time and recurring payments, including for mobile communications, Internet or TV. The application has the ability to send a notification to the owner, when the rate reaches a set point, as well as broadcast the current rate on the screen saver smartphone.
For special operations there is a provision to send assets to a unique address, for example, when withdrawing coins to a hardware wallet or sending to a user who does not work with ZP. Each transaction is confirmed with a 4-digit security code. Minimum amount of buy/sell or order placement is Rs. 1000. The fee for each transaction is 0.2%.
Security on Zebpay
Due to the fact that there is no official regulation of the cryptocurrency industry in India, it is not necessary to say that ZebPay has all the necessary licenses. Nevertheless, the enthusiastic founders have organized the work process competently enough:
- All transactions are conducted only through smartphones, which are more difficult to access than PCs;
- Every important action is confirmed by entering a PIN code (which is required to be kept secret everywhere);
- Customer funds are kept in cold wallets, and the history of fiat money transactions is available on the card statement, so any force majeure falls under insurance laws;
- Any non-Indian access is blocked, among other things, because a potential criminal who wants to hack into ZP falls under Indian law.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.