Mobikwik wallet halts crypto transactions services: A look at all other available options for users
Currently, only a few exchanges allow crypto trading with the use of Immediate Payment Service (IMPS) bank transfers. Notably, at least six cryptocurrency exchanges in India were offering Mobikwik e-wallet option—all of them have stopped with immediate effect. Here we take a look at all the available options for users to withdraw and deposit their money from crypto exchanges.
Withdraw/Deposit funds
On popular crypto exchanges such as WazirX, CoinDCX, and Coinbase depositing funds seems quite difficult with only one or two options available. Currently, most of the Indian crypto exchanges allow users to deposit funds only through net banking—with limited banks supporting transactions. Axis Bank, HDFC Bank, Kotak Mahindra Bank and several other private banks are not supporting any crypto transactions.
The minimum amount to deposit funds via net banking starts from Rs 100 to Rs 4,99,000 (maximum).
For withdrawing funds, both NEFT and IMPS option seem to be available as of now. Users can withdraw a minimum of Rs 1,000 and maximum of Rs 5 lakh per transaction using IMPS. NEFT allows a minimum of Rs 1,000 per transaction and a maximum of Rs 50 lakhs per transaction. The daily limit to withdraw funds is Rs 1 crore. UPI or any other payment wallet is not available on any cryptocurrency exchange.
Peer-to-peer withdrawal
For a quicker and more anonymous withdrawal, crypto exchanges are providing the option of a peer-to-peer platform to sell Bitcoin for cash. One can sign up on a peer-to-peer exchange platform and choose the location of your ideal buyer. Then, one can use the marketplace to find buyers. Most peer-to-peer platforms have an escrow option where Bitcoins are not released to the buyer until one confirms they have received payment.
While using the peer-to-peer selling method, it is crucial to be aware of fraudsters. Also, it is highly recommended to use a peer-to-peer platform that lets you keep your Bitcoins locked until you verify the payment has been obtained from the buyer.
