As a cryptocurrency investor in India, you might have faced multiple challenges to holding some of the various Altcoins available in the international exchanges.
All the while, you might have faced certain regulations for cross-border transactions or you might simply have distrusted such exchanges for being established overseas.
Somehow, even if you had laid your hands on some of the Altcoins, where opportunities for making money are huge, you might have come across certain hurdles for keeping track of things where you first purchase some Bitcoins, for example, get it transferred to certain wallet provider which is established overseas, purchase the Altcoin you preferred and while you want to book some profits, it's further more a complex task, let alone risking your money, for the duration you're invested in Bitcoin, you're prone to the wild swings the digital token is widely known for.
So, while in India where you've gone through companies providing wallet services and accounts for maintaining private keys and addresses, which secures your cryptocurrency holdings along with keeping track of it, this proved as a pretty daunting task up until now.
Money Trade Coin Group, through its Indian arm MTCX India, has for the first time in the country, took the initiative and launched India's first multi-cryptocurrency exchange services which follows all KYC and AML guidelines.
Up until now, MTCX India used to provide its Indian customers with trading in the group's flagship asset Money Trade Coin while it also served its Indian users with wallet services to store their holdings in other cryptocurrencies.
Starting February 7 2018, MTCX India will launch the multi-cryptocurrency exchange services, wherein the Indian traders would get the opportunity to buy/sell/trade/hold their digital coins directly on their registered exchange.
A minimal brokerage charge would be levied on every transaction that occurs between two parties while trading in cryptocurrencies.
An exhaustive list of the cryptocurrencies that would become available for trading in India through the MTCX India platform is as follows:
- Bitcoin Cash
- Bitcoin Gold
Once launched, all these cryptocurrencies would become available for trading to Indian traders through the fiat currency. This would prove as a significant step towards developing the cryptocurrency holdings in India for firstly, it would eliminate the tedious process that traders used to face while trading in such digital assets overseas.
Secondly, it also reduces the risk of exposure to some other cryptocurrency, say Bitcoin, for earlier, it was the medium through which one could invest in Altcoins.
Moreover, the exchange services would also provide a multi-layered security system that would help prevent any unauthorized access or fraudulent activities and protect each customer's account individually. While there are concerns surrounding the fallout of multiple cryptocurrency exchanges that recently happened overseas, MTCX India is already registered under the laws of the Indian government, so there's little to no risk of such collapse in a similar fashion.
While the Money Trade Coin Group keeps growing globally as a recognized provider for cryptocurrency related solutions, this move from the group will introduce a formal route for Indian traders to hold their cryptocurrencies.
While mainstream traders could get rid of the complexities in their holdings that used to happen earlier, there's a wide audience of non-tech savvy people and businesses in India that would find an easy solution for an alternative trading arena.
While it's an easy guess that Money Trade Coin would react positively to such development, it remains to see, how quickly does the Indian population adopt and embrace such technology.