POCKETBITS

Overview of POCKETBITS

PocketBits is an Indian cryptocurrency exchange platform established in 2017. It offers trading of over 20 cryptocurrencies with a tiered fee structure and no regulatory oversight. Customer support is available via phone and email.

Pros and Cons

Pros of POCKETBITS:

• User-Friendly Interface: The platform's intuitive design makes it easy for beginners to understand and navigate, simplifying the trading process.

• INR Trading: The ability to trade directly with INR is convenient for Indian users, as it eliminates the need for currency conversions and associated fees.

• Closed Order Book Model: This model provides liquidity and ensures that users can always execute trades quickly and easily, even during volatile market conditions.

Cons of POCKETBITS:

• Unregulated Exchange: The lack of regulatory oversight means that users are not protected by any legal framework in case of disputes or security breaches. This can be a significant risk, especially for those who are new to cryptocurrency trading.

Regulatory Authority

PocketBits is an Indian cryptocurrency exchange platform established in 2017. It operates without regulatory oversight from any financial authority, which may pose risks for users. Despite this, it offers a variety of cryptocurrencies for trading and provides customer support through phone and email.

Security

PocketBits exchange employs a comprehensive suite of security measures to protect its users, including two-factor authentication (2FA), cold storage for the majority of funds, regular security audits, and end-to-end encryption. The platform also uses SSL certificates, advanced firewalls, DDoS protection, and anti-phishing tools. Additional protections include IP and withdrawal whitelisting, continuous account monitoring, and a bug bounty program. By adhering to relevant regulations and implementing robust cybersecurity practices, PocketBits ensures a secure and compliant trading environment.

Cryptocurrencies Available

PocketBits offers trading of 20+ cryptocurrencies, including major ones like Bitcoin (BTC) and Ethereum (ETH), as well as a selection of altcoins. The exact list of available cryptocurrencies may vary and can be found on their platform or app.

Trading Market

Fees

PocketBits exchange charges a maker fee of 0.10% and a taker fee of 0.20% for spot trading, with reduced fees for margin (0.08% maker, 0.18% taker) and futures trading (0.05% maker, 0.15% taker). These competitive rates are designed to encourage active trading on the platform.

POCKETBITS APP

Yes, PocketBits does have its own mobile app available for both Android and iOS devices. The app allows users to:

• Trade cryptocurrencies: Buy, sell, and trade a variety of cryptocurrencies directly from their smartphones.

• Manage their portfolio: Track their investments, view transaction history, and monitor the performance of their holdings.

• Deposit and withdraw funds: Easily add funds to their account or withdraw their assets.

• Access customer support: Contact PocketBits support team through the app for assistance.

• Stay updated: Receive notifications about market movements, price alerts, and other important updates.

The PocketBits app aims to provide a user-friendly and convenient way for users to access the cryptocurrency market and manage their investments on the go. It is important to note that as an unregulated exchange, users should exercise caution and conduct their own research before using the platform or app.

Is POCKETBITS a Good Exchange for You？

PocketBits can cater to both beginners and experienced users, but it's important to consider their individual needs and risk tolerance:

Novice Traders:

• Simple Interface: The platform and app are designed to be user-friendly, making it easier for beginners to navigate and understand.

• Limited Selection: The exchange offers a smaller selection of cryptocurrencies compared to larger platforms, which can be less overwhelming for newcomers.

• Educational Resources: PocketBits provides some basic educational resources on their website to help beginners understand the basics of cryptocurrencies and trading.

Experienced Traders:

• Lower Fees: PocketBits offers competitive trading fees, which can be attractive for frequent traders.

• Access to Indian Market: The platform provides a way for users in India to access and trade cryptocurrencies.

• Mobile App: The app offers convenience for users who prefer to trade on their smartphones.

FAQs

Can I trade in INR on PocketBits？

Yes, you can directly deposit and trade with Indian Rupees (INR) on PocketBits.

How secure is PocketBits？

PocketBits claims to store 90% of user funds in cold storage and process them manually for enhanced security. They also state that their core infrastructure, including user data storage, prioritizes security.

What is a closed order book？

PocketBits uses a closed order book model, meaning they act as the counterparty to your trades and are always available to buy or sell at the best market prices, ensuring instant and easy transactions.

What are the fees for trading on PocketBits？

PocketBits has a tiered fee structure for maker and taker orders. The exact fees vary depending on your trading volume and can be found on their website or app.

Risk Warning

PocketBits is an Indian cryptocurrency exchange platform established in 2017 that allows users to trade over 20 cryptocurrencies directly with Indian Rupees (INR). It features a user-friendly interface and a closed order book model for easy transactions. However, it is important to note that PocketBits is unregulated, posing potential risks for users due to the lack of legal protection. Additionally, the platform's security measures are not publicly disclosed, and trading volumes may be lower compared to larger exchanges. While PocketBits offers certain advantages like INR trading and a simple interface, users should carefully consider the risks involved before using the platform.