July 5th, 2018. : P2P Crypto Exchanges to the rescue !!

July 5th, 2018 is coming closer and all the regulated Indian banks and financial institutions will stop servicing cryptocurrency exchanges as directed by Reserve Bank of India on April 6th, 2018.

While you may have came across several alternate ways to continue trading in cryptocurrency, IMO Peer-to-Peer Exchanges seems to be a very good option.

P2P Exchanges are an alternative to the Exchanges like Zebpay, Bitbns, Unocoin, koinex etc. In a P2P Exchange a buyer directly deals with the seller. The buyer pay INR into the seller's account and the seller releases cryptocurrency to the buyer's wallet.
All major P2P Exchanges have escrow mechanism, so that seller can't run away with your money.

Pros and cons of P2P Exchanges:
Pros: Money comes or goes out directly from the bank accounts of buyers and sellers.
Cons: If you are not vigilant, you can be a victim of fraud. So, just be careful !

Some of the popular P2P Exchanges for trading in INR are Local Bitcoins, Hodl Hodl, Instashift, paxful etc.

I will post reviews about the top P2P Exchanges in the next post, very soon :)

Thanks for reading !!