Giottus Review: P2P Indian Cryptocurrency Exchange
Early in 2018, the Reserve Bank of India (RBI) has issued a ban on cryptocurrency exchange throughout all states in India.
Giottus, a Tamil Nadu based Indian Cryptocurrency exchange market led by its COO, Arjun Vijay has promised a smooth flow of INR deposits and withdrawals through P2P (Peer-to-Peer) trading. Before going through the Giottus review, below are few recommended articles for you:
- Peer-to-peer Cryptocurrency exchanges in India (Complete List)
- List of Cryptocurrency Exchanges in India
For safety protocols, Giottus platform is charging a 0.2% service fee for withdrawal and deposits to all its P2P partners.
It also ensures that transactions will be processed within the first 30 minutes or else they will give away 10 XRP tokens for free.
Giottus P2P Exchange: How does it works?
- High processing speed and zero downtime. Giottus is super-efficient and can process about 50,000 transactions every second which makes it a highly scalable and efficient trading platform.
- It is a P2P trade engine. Here both the buyer and the seller need to have a KYC verified account with Giottus. A buyer can do a transaction without sending INR to Giottus.
- A seller has to transfer bitcoins to his or her Giottus verified bitcoin wallet. The seller then has to create a Sell Order mentioning the price and quantity thereby listing himself in the Giottus trade platform for other buyers to view.
- The prospective buyer who likes the seller’s pricing and quantity will send an alert. He can also view the buyer’s profile. The buyer then pays in INR which is transferred to the seller’s bank account directly along with payment confirmation.
- The seller also confirms that his account has been credited by the said amount and the buyer also gets an alert automatically that he has received the bitcoins.
- Giottus also has powerful features like Stop-Loss and Stop Trailing Orders. The crypto market is highly volatile so these features enable users to limit their losses when the value comes down or increase their profits automatically when the value goes up.
Some of the salient features of the Giottus trading platform has been enlisted below.
- Giottus has a dispute resolution system where buyers and sellers can raise disputes of nonpayment or non-receipt of any said amount in the transaction. The Giottus team will solve the issue and lock the crypto transaction until the dispute is resolved completely.
- Giottus is the only platform to have Ethereum, bitcoin, Ripple, Bitcoin Cash, Litecoin along with INR as base pairs.
- Very low trading fees with only 0.25% fees charged for buy orders and zero fees for sell orders.
- Deposit and withdrawal of INR are done through easy payment gateways like NEFT, IMPS, and RTGS so it is quite fast and reliable.
- All transactions are KYC verified so it is quite secure and prevents any undue delays.
- It has partnered with the majority of the banks so no processing delays.
- One of the most secure trading platforms by far. It is based on state-of-the-art security mechanism and applies more than 100 security measures to each transaction that is processed. All transactions are encrypted and properly audited and the majority of the funds are stored in cold wallets which are offline which prevents fraudulent activities.
- Fraudsters will be blocked immediately from the system. They will be however allowed to withdraw their funds.
- It is a KYC verified P2P exchange market which prevents frauds like Sybil attacks and all accounts have to be verified to become members of the Giottus community.
- No need to convert crypto coins to INR. Giottus allows direct exchange thus saving time and effort.
The Giottus trading platform is one of its kind and its population is increasing day by day. It is great news in the cryptocurrency market that ensures the revival of crypto exchange in India and enables users to deposit and withdraw INR despite the RBI ban. Hope you enjoyed this article Giottus Exchange Review. Please share your opinion and experience with this platform in the comment section below.