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Listing of STEEM on Indian Exchanges WazirX & CoinDCX is a Joke!
This week saw several exciting news about STEEM like its listing on Metal Pay wallet and some anticipation of its collaboration with Typerium. For Indian users, it was its listing on two major Indian crypto Exchanges, first on WazirX and then on CoinDCX.
On July 9th Steem tweeted about this news as:
Twitter acount of WazirX also confirmed this by initiating an interesting promotion:
It didn't end up here. Steem used this opportunity to pull in another major Indian crypto Exchange viz. CoinDCX with the following tweet:
Indian Steem Witness and community leader @firepower also persuaded members of Steem community to request CoinDCX to follow by listing STEEM on USDT as well as BTC markets:
Finally CoinDCX lists STEEM too
This actually resulted in CoinDCX listing STEEM on its Exchange. And it not only listed STEEM/USDT & STEEM/BTC but also in ETH & BNB markets:
So far so good. But in reality, all these exchanges has just made a formality by making an announcement to list STEEM on their platforms without activating their STEEM wallets.
No Deposits / Withdrawal allowed. But STEEM is trading!!!
With both Deposit & Withdrawal disabled for STEEM on WazirX, STEEM is trading with USDT! What will you say that? In India we have a slang for this and call it dabba-trading. We doubt whether the volume shown is actually for real STEEM or it's just some ledger entry.
Do WazirX even have any account or wallet for STEEM?
Same is the case for CoinDCX. It too has not yet activated both Deposits and Withdrawals for STEEM. But it clearly shows that its order nbooks are either from Binance (for BTC, ETh & BNB) or Huobi (for USDT).
WazirX has a high withdrawal fee of 11.8 STEEM whereas CoinDCX has only 4.34 STEEM as its withdrawal fee. However, both of these Exchanges are charging exorbitantly. Compare this with Binance's 0.01 STEEM as withdrawal fee. Ain't Indian Exchanges aware that transaction on STEEM are free! Why charge a hefty withdrawal fee?!!
Unfortunately, none of these Exchanges have announced any schedule for when they are going to enable the STEEM wallet on their platforms. Without that this listing makes no sense to users ...except Exchanges' boasting and getting some bragging points.
May be, these companies want to get into the same league as B1! The much hyped announcement of VOICE was like this only - just announcement and no product! 😊.
