Saturday, July 28, 2018

Why I Decided To Leave Zebpay (and You Should Too)

Much like many Indians, I bought my first Bitcoin on Zebpay at the beginning of 2017— at a time when not too many cryptocurrency exchanges were there in the country. Zebpay, along a couple of other names, was the most obvious choice.

Initially, things went smooth and fine. One of the best parts of Zebpay that I still admire is its simplified interface, which was exactly a newbie like me needed back then. From deposit to Bitcoin buying to withdrawing, I didn’t find much of any problem for the few months.

zebpay-complaints-about-its-customer-care-number-from-users
Zebpay Complaints

However, on the path leading up to where we are right now in the crypto-world, the rush for Bitcoin surmounted to new heights, for which, to much of their acceptance, Zebpay wasn’t ready for. Short in human capital and lacking the infrastructure, their services cracked, fell short, glitches became evident. Through all of these, the people at this India’s top cryptocurrency exchange, assumingly, worked hard. I still stood with them—even when many started jumping to other boats and even when their spread was huge. But that is until 6 weeks back; the same time around when they were having quite some trouble with their Express Transfer.

Also Read: Bitcoin and Income Tax India

6 weeks back I transferred (deposited) my Money to Zebpay’s bank account, which usually would have reflected on my Zebpay account within few hours. Only it didn’t. Trying to reach their customer support countless times went in vain. For reasons unknown, the transfer was delayed by 4 days. It eventually showed on my account. A few days later came the delay in processing my selling order, which took another 6 days. Also, ever since the traffic of Zebpay started increasing (the company says it’s adding 200,000 users every month) I also faced troubles at the time of withdrawal during more than a handful of times.

Amid all these delays, I lost many trading opportunities and potentially big money. And not to forget the fear and anxiety of losing all my money in all those uncertain transactions. It wasn’t as much of their interrupted services as their customer support that upset me the most. Zebpay Customer Care number always came either unreachable or busy, they were not very communicative on social media, and the exchanges over emails were assumingly automated. It was really dreadful when so much of your hard-earned money is at stake.

Also Read: Arun Jaitley on Bitcoin- Did He Ban Cryptocurrencies in India

I really liked Zebpay—I still do. I still hold a part of my Bitcoin there. However, the exchange isn’t really ideal for trading. Also, while the platform itself is exceptional – the best than many others – its customer support is the worst. Their 2.0 app does look promising for the traders with much more transparency. But I am still convinced, happily and disappointingly at the same time, Zebpay’s a great app for holding. For trading, one should definitely look for other good exchanges that have good customer support.

Bye-bye Zebpay. The investor in me loves you—the trader, not so much.

*****

This article is submitted by Hritesh Pansari as a guest post. The views and opinions expressed in this article are solely those of the author. They do not reflect the position of Bitcoin India Wiki.

Also Read: Bitcoin Trading For Beginners: 7 Deadly Mistakes You Are Making

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