Coinsecure Exchange: The Top Bitcoin Exchange in India

Exploring Coinsecure: The Bitcoin Exchange of India

As the cryptocurrency space continues to evolve, different exchanges are emerging across the globe. One such exchange that aimed to facilitate Bitcoin trading in India was Coinsecure. Although it's no longer operational, Coinsecure played a significant role in the Indian cryptocurrency landscape.

History of Coinsecure

Coinsecure was founded in July 2014 by Mohit Kalra and Benson Samuel. The exchange's mission was to create a Bitcoin trading platform and a wallet with robust security features for the Indian market. The platform gained popularity due to its user-friendly interface and low transaction fees.

Key Features and Services

• Wallet Services: Coinsecure provided a Bitcoin wallet service, allowing users to store, send, and receive bitcoins securely.
• Trading Platform: It offered a real-time trading platform with an open order book, where users could trade bitcoins against the Indian Rupee (INR).
• Merchant Services: Businesses could integrate Coinsecure’s merchant services to accept Bitcoin payments.
• Security: The platform emphasized security and implemented features such as two-factor authentication and cold storage for bitcoins.

Fees and Transaction Limits

Coinsecure had a competitive fee structure that attracted many users. It charged a 0.4% maker and taker fee on trades. Withdrawals and deposits in INR were free, while a small network fee was charged for Bitcoin withdrawals.

The Demise of Coinsecure

In April 2018, Coinsecure faced a severe setback when it lost 438 bitcoins, worth approximately $3.3 million at that time, due to an alleged theft. Coinsecure had to suspend operations and later announced that it would compensate users for the lost bitcoins.

"This loss has not only been financial but has also made a dent in Coinsecure's reputation, which the team had worked hard to build over the last 4 years." - Statement from Coinsecure team.

Impact on the Indian Cryptocurrency Ecosystem

The Coinsecure incident was a turning point for the Indian cryptocurrency ecosystem. It highlighted the importance of robust security measures and paved the way for regulatory discussions on cryptocurrency exchanges in India.

Lessons Learned

The Coinsecure saga serves as a lesson for exchanges and users alike. It is imperative for exchanges to employ stringent security measures and for users to practice safe storage methods for their cryptocurrencies. The incident also underscores the importance of regulatory clarity and oversight in the cryptocurrency space.

Conclusion

Coinsecure played a pivotal role in the development of the cryptocurrency market in India. While its journey was cut short, the impact it had on the Indian cryptocurrency ecosystem will be remembered as a catalyst for change and development in the sector.