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 |
Pros & Cons
Flitpay has partnered with the SaveORA platform to offer discount coupons and cashback on your shopping. Let’s list the exchange’s advantages and disadvantages in this Flitpay review.
Pros | Cons |
Competitive user levels | No leverage options |
Various services, including Crypto Gift Cards and Crypto Earn | No fee discounts on quick buy/sell transactions |
INR deposits and withdrawals | Lack of call center and live chat feature |
Demo account available for practice trading | Limited to the Indian Rupee as the only fiat currency option |
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 blockchain 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 Margin and Futures markets. 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
Creating a Flitpay account is easy, even for beginner crypto traders. Flitpay registration:
#1 Fill Out the Signup Form
Visit the official Flitpay website. Enter your email address and create a secure password with a mix of letters, numbers, and symbols. (Optionally) Insert a referral code. Accept the Terms and Conditions, then click "Sign Up".
#2 Verify Your Email
Check your inbox for a 6-digit verification code sent by Flitpay. Paste the code into the required field on the website to activate your account.
Once done, you can proceed to complete KYC verification for enhanced security and full access to trading features.
#3 Complete Flitpay KYC
On the Flitpay dashboard, click on the "Verify KYC" button and provide the following details:
- Name
- date of birth
- Full address
Then, upload the necessary documents for Flitpay verification and complete the selfie confirmation step.
Flitpay App and Trading Platform
Flitpay offers a user-friendly trading experience through both its web platform and mobile app (available for iOS and Android devices).
Some of the application's features include an intuitive dashboard, real-time charts, order book, and trade history.
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 Features
Flitpay offers a range of services beyond simple crypto trading to cater to a broader audience of blockchain enthusiasts.
Feature | Availability |
Staking | Yes |
Yield Farming | No |
Social Trading | No |
Liquidity Pool | No |
Gift Card | Yes |
Customer Support
One of the biggest disappointments in this Flitpay review is the lack of a live chat feature. The platform only offers support via Telegram, WhatsApp, Email, and Ticket.
- Email: support@flitpay.com
- Telegram: https://t.me/Flitpaysupport
- Flitpay WhatsApp Support
- Ticket System: Through the “Contact Us” page
While the official website doesn’t disclose the support team's working hours, the reply time is 24 - 48 hours.
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
Flitpay Exchange Geo-Restrictions
The company has users from across 133+ countries. However, it can’t provide services to US persons and any country sanctioned by the United States Government (including OFAC), the United Nations Security Council, or the European Union. Flitpay restricted countries:
- Iran
- North Korea
- Myanmar
- Cuba
- Russia
- Syria
- Afghanistan
- Belarus
- Somalia
- Yemen
- Venezuela
- Sudan
- Congo
- Belarus
- Iraq
- United States of America
The list is subject to change, so check with the exchange’s support team before registering.
Flitpay Compared to Other Exchanges
Refer to the table below to understand the advantages and disadvantages of trading with Flitpay compared to other exchanges.
Parameters | Flitpay Exchange | |||
Number of Assets | 150+ | 700+ | 7800+ | 2800+ |
Maximum Leverage | 1:1 | 1:125 | 1:12 | 1:200 |
Minimum Deposit | INR 100 | Varies by Cryptocurrency | N/A | $1 |
Spot Maker Fee | 0.05% - 0.5% | 0.02% | -0.01% - 0.14% | 0.05% |
Spot Taker Fee | 0.05% - 0.5% | 0.02% | 0.03% - 0.23% | 0.05% |
Mandatory KYC | Yes | No | Yes | Yes |
Futures Trading | No | Yes | Yes | Yes |
Mobile Application | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | Yes | Yes |
Staking | Yes | Yes | Yes | Yes |
Copy Trading | No | Yes | Yes | Yes |
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.