Giotas Exchange Announces India’s First Zero-Fee Crypto Trade for Users: Details

Giotas, an India-based crypto exchange, is trying to lure investors to its platform with a new, pocket-friendly strategy. The exchange announced on Monday, October 31 that it will allow its users to engage in crypto trades with zero fees. This new strategy is Giotas’ way of helping potential investors easily plan their trades and increase expected profit margins. The exchange seeks to provide users with the best daily prices for crypto assets available for trading in the country.

While India has emerged as the country that has reportedly shown the highest crypto adoption at the grassroots level, the Indian government’s tax regime on crypto has impacted the trading volumes recorded by Indian exchanges.

This may be why Giotas is now exploring strategies to increase trading volumes on its platform with this newly introduced zero-fee trading factor.

“We are a customer-centric organization that believes in making crypto accessible to the masses. Commenting on the development, Vikram Subburaj, CEO of Geotus, said, “The move to zero fees was an easy but necessary decision given the extended bear market we have seen over the past two years.”

The exchange offers a range of crypto investment programs like staking, fixed rewards and SIPs. Moving forward, the exchange which claims to serve over one million users is looking to improve liquidity on trading pairs that can yield the best daily prices on crypto assets for investors.

India, which has not yet finalized laws to regulate the crypto sector, has imposed a 30 percent tax on all crypto earnings along with a one percent TDS deduction on all crypto transfers. With these tax laws, the Indian government wants to keep a financial track record of anonymous crypto transactions on a large scale to ensure that the assets are not being misused in illegal activities like money laundering and terror financing.

However, these tax laws proved to be the ax on the number of crypto trading activities that were recorded before the passage of these tax laws.

Earlier this month, Indian crypto exchange and unicorn CoinDCX told the media that Indian exchanges have reported a 95 percent decline in trading volumes compared to international exchanges.

“Trading costs and cuts often add up and impact margins, especially in bear markets. Recognizing this, Giotas has taken the lead in enabling the zero-fee initiative, with the stated aim of simplifying investing for its clients,” the exchange said in a press release.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss Orbital, the company’s new clamshell-style foldable handset, on the latest episode of the Gadgets 360 podcast. Available on Orbital spotify, Song, JioSaavn, google podcast, apple podcasts, amazon music And wherever you get your podcasts.
Affiliate links may be automatically generated – see our ethics statement for details.

Leave a comment