Belfrics: A new update on Indian Cryptocurrency Exchange

Cryptocurrency exchange and blockchain development platform Belfrics has resumed trading operations in India. The company had stopped its exchange operations in India in the early year of 2018 due to banks refusing to provide payments solutions to the exchange.

In spite of the RBI's circular the Belfrics Group has resumed its services and they added four new coins on Tuesday to its platform to use the services: Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC). Before this, only Bitcoin (BTC) trading was available on their platform. They have also launched a dedicated app for live order-book trading of various altcoins and traders can now securely link their assets with their wallet and the app will be available for Android as well as for iOS users. The Group also plans to launch 20 more altcoins in the next six months and believes that the new launch will open up multiple trading opportunities for the traders.

Jabeer KM, the COO of Belfrics Group states that "India is a key market for us when it comes to crypto trading. With the launch of these new coins, we are targeting a base of at least 2,50,000 new traders on our platform by December 2018."

The Reserve Bank of India (RBI) in April had stated that RBI will not provide any service related to the cryptocurrency such as Bitcoin. This action was taken by the RBI due to the rise of cryptocurrencies beyond the critical limit which brought about financial instability. They also stated that in view of the associated risk, the RBI should not deal with any service to any individual or group with virtual currencies (VCs).

On the other hand cryptocurrency firms, enthusiasts, and organizations moved various courts against the RBI circular and combining all the petitions pending across various courts in this regard. By this, the Supreme Court refused to put stay on the RBI circular, till the matter is under sub judice. According to the RBI's circular, 3 months window will be over on 5th July and many exchanges like Zebpay have already shown notifications to withdraw the assets before the facility to do so gets over as it can anytime. The Supreme Court reportedly agree to hear the case on 3rd July.

Belfrics is a trade brand of Belfrics Global Sdn Bhd, a company, based in Malaysia and their website has different versions trying to focus on different countries out of which some are Malaysia, Singapore, Dubai, Kenya, Hong Kong, China, Indonesia, and India. The exchange accepts fiat currency by bank transfer and allows the traders to trade in Bitcoin. They provide a wallet and they claim the wallet to be very secure.

They have some trading conditions which are as follows and now I am just focusing on trading the bitcoins, not the altcoins which are recently added:

1. Trading Instruments: In past, Belfrics offered only Bitcoin to trade but now they have offered four more altcoins to trade and they are trying to offer more altcoins in future.
2. Withdrawal Limitations: Belfrics has set a withdrawal limitation on the maximum bitcoin which you can withdraw. The limitations are set for both day and month but after activating two-factor authentication the limit will be raised.

3. Leverage: Belfrics doesn't allow to trade on margin like Bitfinex allows trading on margin. But if you have the knowledge of trading on margin then you can trade on Bitfinex and Bitmex.
4. Fees: Belfrics Charges 0.50% of the volume for each transaction done by the trader. Others exchanges have different volume-based fees according to their levels in the market.

Some Pros and cons of Belfrics are as follows: Pros

1. No major hacks have been observed yet.
2. Bank Transfer is accepted here.
3. Wallets system is also offered.

Cons

1. It focuses only on few countries.
2. It is higher than the average trading fees.
3. It has problems with account creation Page, especially for Indians.