Hello Friends,
Good day to you. Hope the day is going well for you and it's going well for me also.
Indian exchanges are going through a good ride because they have seen nice surge on the trading volume. This is happening because the international exchanges are blocked in India and some of them have also announced that they are stopping the services for Indian users. This is not for all because one of the exchange has also got registered in India and compliant with FIU. This exchange name is KU coin and this is the first international exchange which is compliant with FIU in India. But there is another problem that this exchange is charged in us so don't know how things will work for this exchange in India and till now there is no update from the government or from the exchange side.
Now coming back to the Indian exchanges that are getting more trading volume from Indian users. This is good that exchanges are getting more users and more trading volume which is going to help allot them to grow the overall infrastructure. But there is a problem with Indian exchanges that they do not provide good support to the community. Now the question is would they be able to manage it by providing great services to the users? I highly doubt because people keep on complaining on social media about some of the leading crypto exchanges in India. There are many issues by these exchanges in the market.
Some of the Indian exchanges are not allowing the crypto and fiat withdrawal. Some exchanges are not responding on the issues reported by the users. Even after that some exchanges are not providing the basic services to the users which should be in place so these are some of the issues that are reported by the community time to time on social media. Volume increase is not everything because this way only exchange will benefit but they will have to be ready to deal with this increase else things will be difficult for them as well as for the users.
The top three exchanges, including WazirX, CoinDCX, and Zebpay, have collectively surpassed trading volumes of over $584 million in March, compared to $189.91 million at the end of February.
I think that it is high time when Indian exchanges need to understand the user requirement and they must fix their way of working. People run behind international exchanges because they get good services and nice volume so if Indian exchanges are expecting the similar user behaviour then they will have to upgrade themselves and come on the same level. If users will not be getting good services by Indian exchanges then ultimately they will leave them and it will impact the crypto community in India.
Conclusion
Overall this is good news for Indian community where more users are getting active and trading volumes are increasing. If everything gets into place and things are shorted then it is good for the Indian Crypto community. Now it is also the time for Crypto exchanges to upgrade their way of working and support specifically because users would expect that and if this is fixed then things can be good on Indian exchanges. We are about to see the Bitcoin halving shortly and post that maybe more people will come into crypto which is like the start of Bitcoin bull run so time to be ready for the crypto community and especially about exchanges.
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