Flitpay offers access to 150+ cryptocurrencies for OTC and Spot trading. The QBS (Quick Buy/Sell) fee is 0.2%, and Spot commissions range from 0.05% to 0.50%. The exchange offers its affiliates up to 50% commissions and up to 100 FLT tokens.
Flitpay; An Introduction to the Crypto Exchange and its Background
Flitpay was founded in India by co-founders Akash Bansal and Ashish Sangai in 2017.
The company has 30 employees and 1M+ users. It operates under the watchful eye of the India Financial Intelligence Unit (FIU). Flitpay provides OTC market and Spot trading on 150+ cryptocurrencies in two markets: INR and USDT.
Flitpay Exchange Table of Specifications
The crypto exchange has a native token called FLT, which you can earn by signing up or as a reward for referring new clients.
Exchange | Flitpay |
Launch Date | 2017 |
Levels | 6 levels from Regular 0 to Level 5 |
Trading Fees | Quick Buy/Sell 0.2% Spot Trading 0.05% - 0.50% |
Restricted Countries | Iran, North Korea, Myanmar, Cuba, Russia, Syria, Afghanistan, Belarus, Somalia, Yemen, Venezuela, Sudan, Congo, Belarus, Iraq, United States of America |
Supported Coins | 150+ |
Futures Trading | No |
Minimum Deposit | INR 100 |
Deposit Methods | Bank Transfer, Instant Bank Transfer, Crypto |
Withdrawal Methods | Bank Transfer, Instant Bank Transfer, Crypto |
Maximum Leverage | 1:1 |
Minimum Trade Size | INR 100 |
Security Factors | SSL/TLS Encryption, MFA, Cold Storage, IDS/IPS systems |
Services | OTC Market, Spot Trading, Mobile Trading, Crypto Earn, SaveORA Crypto Cashback |
Customer Support Ways | Email, Telegram, WhatsApp, Ticket |
Customer Support Hours | N/A |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | FLT |
Does Flitpay Offer User Levels?
The exchange offers fee discounts on Spot trading based on the trader’s 30-day trade volume in INR. The user level system contains 6 levels, including:
Tier | 30D Spot Trading Volume (INR) |
Regular 0 | 0 – 100K |
Level 1 | 100K – 500K |
Level 2 | 500K – 5M |
Level 3 | 5M – 10M |
Level 4 | 10M – 50M |
Level 5 | 50M – 1B |
Flitpay Exchange Fees and Commissions
Quick buys and sells on the platform incur a fixed 0.2% commission per transaction. While crypto deposits are charge-free, you must pay a network fee to withdraw most digital assets.
Spot trading fees vary based on the trader’s fee tier. Note that the fees include an 18% GST.
Tier | Spot Trading Fee |
Regular 0 | 0.50% |
Level 1 | 0.40% |
Level 2 | 0.30% |
Level 3 | 0.20% |
Level 4 | 0.10% |
Level 5 | 0.05% |
We’ll discuss the INR payment fees later in this Flitpay review.
Flitpay List of Digital Assets
The platform has listed over 150 cryptocurrencies and provides spot trading in two markets, including USDT and INR. There are 6 USDT and 156 INR trading pairs on the platform. Most popular digital assets available on Flitpay:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- Cardano (ADA)
- Polkadot (DOT)
- Chainlink (LINK)
- Stellar (XLM)
Leverage Options on Flitpay
At the time of writing this Flitpay review, the platform doesn’t offer Futures and Margin trading services. This decision likely stems from the high risks associated with leveraged trading, which can lead to significant losses for inexperienced traders.
Registration and KYC on Flitpay Exchange
Opening an account with Flitpay is a straightforward process. However, you must verify your account to access crypto withdrawals and the spot market.
- Visit the Flitpay official website;
- Click “Sign Up”;
- Fill out the registration form;
- Verify your email address;
- Provide your phone number and the OTC sent by SMS;
- Fill in the personal information form;
- Upload supporting documents and a selfie.
Flitpay Security Measures
The exchange is registered with the Financial Intelligence Unit (FIU) India. It has implemented various security measures to guard users’ funds and data, including:
- SSL/TLS Encryption
- Multi-Factor Authentication (MFA)
- Cold Storage for Digital Assets
- Firewalls and IDS/IPS Systems
- Regular Cybersecurity Training for Employees
- Compliance with the Reserve Bank of India (RBI)
Flitpay Deposit & Withdrawal
The platform supports INR and Crypto payments. There are two types of INR transactions, including Standard Bank Transfer and Instant Bank Transfer.
Payment Method | Fee | Min Amount | Max Amount |
Instant Bank Deposit | INR 20 INR 50 0.25% | INR 100 INR 50,001 INR 100,001 | INR 50,000 INR 100,000 INR 1,000,000 |
Standard Deposit | INR 0 | INR 100 | INR 2,000,000 |
Instant INR Withdrawal | INR 20 0.25% | INR 100 INR 10,001 | INR 10,000 INR 50,000 |
Standard Withdrawal | INR 10 | INR 100 | INR 500,000 |
Flitpay processes Instant Bank Transfers via IMPS, NEFT, and RTGS methods.
Flitpay Exchange Trust Scores
The platform has performed well in users' eyes. The Flitpay Trustpilot profile features 14 reviews, 100% of which are positive (4-star and 5-star). The exchange also has 2.89K ratings on the Google Play Store.
- Trustpilot: 4.5 out of 5
- Google Play Store: 4.0 out of 5
Flitpay Investment and Growth Plans
The exchange has developed an “Earn” service offering fixed annual earnings on your crypto assets. It also provides a referral program for its clients.
- Flitpay Earn: Annual interest rates of up to 10% available for 13 cryptocurrencies (e.g., BTC, ETH, XRP, TRX, and USDT) with 3 intervals, including 30, 60, and 90 days
- Affiliate: Up to 50% commission and a scratch card worth between 50 FLT – 100 FLT for referring new clients in addition to an affiliate sign up prize of up to 500 FLT
Writer's Opinion and Conclusion
Flitpay provides access to 162 trading pairs in the INR and USDT markets. The platform supports INR deposits and withdrawals through IMPS, NEFT, and RTGS payment methods. The exchange has a score of 4.5 out of 5 on Trustpilot.