Flitpay Exchange Review: A Solid Choice for Indian Crypto Traders

Flitpay is an Indian crypto exchange that was launched in 2017. It supports over 350 cryptocurrencies and offers flat trading fees of 0.20% with no deposit fees, which means it’s about on par with the industry standard in this respect. Users have praised fast transaction speeds, though. 

One of the most standout features of Flitpay is its referral program, which incentivizes engagement with cashback rewards. However, there are some drawbacks to this exchange, which should not be ignored. Let’s explore how both the good and the bad contribute and whether Flitpay is a legit exchange worth your time.

Flitpay Exchange Overview

Flitpay, launched in 2017, is one of the leading crypto exchanges in India, allowing users to buy, sell, and trade over 350 cryptocurrencies using INR.

It feels like Flitpay is designed with novices and intermediate traders in mind. It boasts a user-friendly interface that simplifies the trading process. With features like spot trading, staking, and quick buy/sell options, you can manage your cryptocurrency investments efficiently. However, advanced traders may find the lack of more advanced options unappealing.

As a user, you benefit from competitive fees, including a flat trading fee of 0.20% and low withdrawal fees. This encourages active trading and helps you maximize your returns.

Flitpay isn’t what we’d consider a “top-tier” exchange, but with over half a million users and a high trading volume, it definitely has its place. 

Regulation and licensing

Flitpay is registered with the Financial Intelligence Unit (FIU) in India and adheres to the latest Prevention of Money Laundering Act (PMLA) guidelines. This indicates that Flitpay operates under some regulatory framework aimed at preventing money laundering and terrorist financing. 

However, the available information does not specify whether Flitpay holds a full license from any financial authority.

So, while Flitpay appears to have some regulatory compliance requirements, we haven’t been able to find the extent of its licensing and regulation. More transparency from Flitpay on its regulatory status would be appreciated.

User interface and experience

Flitpay’s user interface is designed to make navigation smoother, and we do appreciate the effort. The design itself is not luxurious or opulent, but it’s intuitive and easy to use. Simply put, whenever you think about where something is on the website, it turns out to be exactly where you’d think it would be. 

The app is likewise structured for quick navigation. You can instantly buy, sell, and trade cryptocurrencies with minimal clicks. This is complemented by fast transaction speeds, enabling real-time trading and instant deposits and withdrawals of INR through multiple payment methods.

The platform includes a dashboard that categorizes functions, so it’s easy for you to track your portfolio and manage trades efficiently. Comprehensive support resources and educational materials are also available.

The trading dashboard is standard in terms of functionality, not unlike your regular TradingView terminal. It’s simple enough for what it is, and while it does lack some of the more advanced trading tools, beginners will like its simplicity.

This ease of use and user-friendly platform and app are some of Flitpay strongest points. 

Cryptocurrencies supported

Flitpay has a pretty extensive cryptocurrency offering, which makes it a versatile platform for traders. It supports over 350 cryptocurrencies – from BTC and ETH to lesser-known cryptos like ASTR and TIA – and caters to diverse investment preferences. 

This broad range of digital assets lets you explore various investment opportunities, from well-established coins to newer, potentially high-growth options.

On a typical day, the exchange also has decently high daily trading volume – upwards of $1 million – so it’s unlikely you won’t be able to make the trades you want.

Trading fees and charges

Understanding trading fees and charges is, of course, vital for any cryptocurrency investor. When you use Flitpay, you’ll encounter a competitive and transparent fee structure, and we appreciate the simplicity of it. 

For every transaction, you’ll pay a flat trading fee of 0.20%, which is about the industry standard, so it’s on par with many other exchanges, including some of the best crypto exchanges in the industry. This means that whether you’re buying or selling crypto, you’ll know exactly how much you’re paying in fees.

The platform doesn’t charge fees on crypto deposits and withdrawals, which is good, though again, fairly common in the industry. They do charge fees for INR withdrawals, though.

If you’re a high-volume trader, you can also benefit from discounts. Also, Flitpay offers a Fixed Earnings option, where you can earn interest on your crypto holdings without incurring holding fees.

However, if you withdraw funds early from Fixed Earnings accounts, you won’t earn interest for the duration held. So, if you exercise this option, you should be sure you won’t want to withdraw your funds before the agreed-upon date. It’s worth noting that Flitpay supports some of the top cryptocurrencies for staking, so you shouldn’t have any problem finding a crypto savings product that’s right for you.

Customer support review

Flitpay, as a cryptocurrency exchange platform, has received mixed reviews regarding its customer support. While some users have praised the promptness and knowledge of the support staff, others have expressed frustration with the level of service they received.

On the positive side, some users commended Flitpay’s customer support team for their exceptional service.

However, some users cited issues such as delayed deposit confirmations, prolonged withdrawal processes, and the exchange randomly freezing withdrawals while requesting personal documents. 

Some have stated that, while customer support has been unprofessional, it’s still better than other Indian exchanges. We’re not really sure whether to consider this a good or bad thing. 

To be fair, the cryptocurrency industry as a whole has faced challenges in providing consistent and reliable customer support due to its rapid growth and the unique nature of the technology involved. While it definitely isn’t Flitpay’s strong point, that would also be true for many other exchanges, Indian or not.

Referral program details

The Flitpay referral program is a way for users to earn rewards and commissions by referring friends and family to the Flitpay cryptocurrency exchange. Here’s how it works:

• Rewards for Referrals: Scratch cards – both the referrer and the referred user receive a scratch card worth 50 FLT to 100 FLT tokens, and the referrer can receive up to 500 FLT tokens. The referrer earns 50% of the trading fees from all trades made by their referred friends on Flitpay.
• Earning Potential: The program offers unlimited earning potential. The more trades the referred friends make, the more the referrer earns in trading commissions.
• Sharing Referral Links: Users can share their referral links or codes on social media or WhatsApp groups to encourage more referrals.
• KYC Verification: The referral program requires KYC verification, which is done automatically by Flitpay.
• User Experience: The program is designed to be user-friendly, allowing new users to start trading immediately with virtual credits for practice trading, and it supports over 150 cryptocurrencies.

You can generate a pretty significant income by referring others to the platform and earning commissions from their trading activities.

Users have generally expressed satisfaction with the cashback incentive. The combination of cashback, commission on trading fees, and scratch card rewards makes Flitpay’s referral program a very appealing feature.

Security measures and practices

In crypto, any exchange worth its salt must emphasize security, as centralized exchanges are, in essence, crypto banks of sorts. And you want your money to be safe in your bank.

Flitpay’s security measures play a pivotal role in protecting user data and transactions. On Flitpay, your information is encrypted using industry-standard protocols, safeguarding it from potential breaches. This is standard practice, but it’s good to know Flitpay is taking its security seriously.

The platform also employs two-factor authentication (2FA) to add an extra layer of security against unauthorized access.

Some key security features of Flitpay include:

• Industry-standard encryption protocols: Your data and transactions are encrypted to protect them from potential breaches.
• Two-factor authentication (2FA): An additional layer of security against unauthorized access to your account.This includes both Google Authenticator and email/SMS verification.
• Regular security audits: Continuous checks to identify and address potential vulnerabilities in the system.
• Cold storage for user funds: A significant portion of user funds are stored offline, making them less susceptible to hacking attempts.

While Flitpay’s security measures are commendable, the exchange has faced some challenges and user dissatisfaction. Some users have reported issues with delayed deposit confirmations, prolonged withdrawal processes, and account freezes. 

However, we should mention that very few exchanges have a perfect record when it comes to security and customer satisfaction.

Mobile app functionality

The Flitpay mobile app offers a robust and user-friendly platform for cryptocurrency trading on the go. With compatibility starting from iOS 13.0, it’s accessible to a wide range of iPhone and iPod touch users.

The app’s efficient design allows for seamless navigation and quick trading decisions. The rate alerts feature keeps you informed about market movements, enabling you to react promptly. With support for multiple cryptocurrencies, you have a variety of trading options at your fingertips. 

It does feel like the app was designed for beginners and intermediates, as it’s obvious more focus was put on user-friendliness rather than advanced trading features.

User reviews and ratings

While evaluating the effectiveness of a cryptocurrency exchange, user reviews and ratings obviously play a part in understanding the platform’s strengths and weaknesses. 

For Flitpay, user feedback seems overwhelmingly positive on the surface, with an average rating of 4.5 out of 5 across various platforms. However, the context doesn’t really back it up. 

Firstly, there are only 14 reviews on Trustpilot, and for a platform that’s been around since 2017, that’s very few. Secondly, some reviews don’t really make sense. For example, one user’s review states, “Withdrawal is not working. Transactions are very slow” – but then they gave it 5 stars. 

Moreover, a few reviews (out of 17, a few make up a decent percentage) are worded in the same way, which makes us think there’s a possibility that not all of these reviews are 100% authentic. 

Flitpay Review FAQs

Is Flitpay a good exchange?

Flitpay is a solid choice for beginner and intermediate cryptocurrency traders, offering over 350 coins and competitive fees. However, it lacks advanced trading tools and fiat support beyond INR, which may be a limitation for more experienced traders.

Is Flitpay safe and legit?

Flitpay is registered with India’s Financial Intelligence Unit (FIU) and complies with local regulations like the Prevention of Money Laundering Act (PMLA). However, the available information does not specify whether Flitpay holds a full license from any financial authority.

So, while Flitpay appears to have some regulatory compliance requirements, we haven’t been able to find the extent of its licensing and regulation.

Where is Flitpay located?

Flitpay is based in India and primarily caters to Indian cryptocurrency traders, offering INR as its sole fiat currency option for transactions.

Is Flitpay available in the US?

No, Flitpay is not available in the US. It mainly operates within India and supports trading in INR.

How much does Flitpay charge to withdraw money?

Flitpay does not charge fees for cryptocurrency withdrawals, but they do charge fees for INR withdrawals.

What are the fees on the Flitpay exchange?

Flitpay charges a flat 0.20% trading fee for all transactions, which is about average for the industry. There are no fees for crypto deposits, and discounts are available for high-volume traders.

Verdict: good for Indian traders and casual users

Flitpay offers a solid option for Indian cryptocurrency traders, supporting over 350 cryptocurrencies with a user-friendly interface and competitive fees. Its standout features include a rewarding referral program and zero deposit fees, making it appealing for beginners and intermediate traders.

However, Flitpay has some limitations. It only supports INR for fiat transactions, which may limit its appeal to international users. Advanced traders might find the lack of sophisticated tools and broader fiat options a drawback. Additionally, while Flitpay’s security measures are robust, users have reported occasional delays with withdrawals and inconsistent customer support.

Overall, Flitpay is a reliable exchange for casual users seeking a straightforward platform with plenty of trading options. However, for those looking for more advanced features or better customer support, other exchanges may offer a more comprehensive experience. Proceed with a balanced view, especially considering the exchange’s current limitations in transparency and user support.