Arbitrage possibilities with the indian exchanges - page 2.

cryptoheadd

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Quote from: stoner on December 01, 2016, 12:01:39 PM

I see. I traded with them and the payment went through (they also offered me a bank payment but i decided to stay with paypal).
They process the USD payments via 3rd party processor so I believe I am safe, not sure about the rupees payments though.

Well, best of luck to you mate.
I wouldn't recommend using them for any more of your transactions.

stoner

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Activity: 113

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Quote from: cryptoheadd on December 01, 2016, 11:41:32 AM

Quote from: stoner on December 01, 2016, 11:21:59 AM

Quote from: cryptoheadd on December 01, 2016, 10:58:17 AM

I've never heard of BTC trade India.
It's a scam for sure.

If you want to buy or sell Bitcoins, I'd recommend using a trusted exchange like Coinsecure or Zebpay.

That is same like saying "Coinbase is scam because I've never heard about it."

Such comment can only come from an uneducated person. You can claim something only if you are able to support it with facts (such as delayed payment, etc).

I understand what you mean.
I've tried almost every Indian exchange and I've never heard of Btcindia.org and I'm sure nobody here has.

It's a scam because Paypal is the only method of payment. (I'm not going to get into the details as most people here have already discussed this.)

The address mentioned on that site is 10 mins away from where I live.
So, I know that there is no Bitcoin exchange over there.

If you did trade BTC with them, it's probably going to get charged back.

I see. I traded with them and the payment went through (they also offered me a bank payment but i decided to stay with paypal).
They process the USD payments via 3rd party processor so I believe I am safe, not sure about the rupees payments though.

cryptoheadd

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Activity: 1036

Merit: 501

Quote from: stoner on December 01, 2016, 11:21:59 AM

Quote from: cryptoheadd on December 01, 2016, 10:58:17 AM

I've never heard of BTC trade India.
It's a scam for sure.

If you want to buy or sell Bitcoins, I'd recommend using a trusted exchange like Coinsecure or Zebpay.

That is same like saying "Coinbase is scam because I've never heard about it."

Such comment can only come from an uneducated person. You can claim something only if you are able to support it with facts (such as delayed payment, etc).

I understand what you mean.
I've tried almost every Indian exchange and I've never heard of Btcindia.org and I'm sure nobody here has.

It's a scam because Paypal is the only method of payment. (I'm not going to get into the details as most people here have already discussed this.)

The address mentioned on that site is 10 mins away from where I live.
So, I know that there is no Bitcoin exchange over there.

If you did trade BTC with them, it's probably going to get charged back.

stoner

member

Activity: 113

Merit: 10

Quote from: cryptoheadd on December 01, 2016, 10:58:17 AM

I've never heard of BTC trade India.
It's a scam for sure.

If you want to buy or sell Bitcoins, I'd recommend using a trusted exchange like Coinsecure or Zebpay.

That is same like saying "Coinbase is scam becasuse I've never heard about it."

Such comment can only come from an uneducated person. You can claim something only if you are able to support it with facts (such as delayed payment, etc).

cryptoheadd

hero member

Activity: 1036

Merit: 501

I've never heard of BTC trade India.
It's a scam for sure.

If you want to buy or sell Bitcoins, I'd recommend using a trusted exchange like Coinsecure or Zebpay.

stoner

member

Activity: 113

Merit: 10

Quote from: Herbert2020 on December 01, 2016, 02:37:42 AM

this topic is shouting shady!
1. why is OP even announcing what he is doing? there is no reason for making competition unless you are advertising the btcindia[dot]org website.
2. the site is "receiving" bitcoin and giving "paypal" this shouts charge-back scam.
3. bitcoin price is currently 58,418 INR in India (Zebpay) which means that site is paying 2000 INR over price for no reason (or for reason of scamming)
4. even localbitcoins bitcoin price is 5700 INR buy and 5500 INR sell another red flag.

in short every other place in India is buying bitcoin for 2000-3000 lower the price of btcindia[dot]org so why would this site want to buy bitcoin over priced and insist on using PayPal?

I am not really in a mood for conspiracy theories.

1. Because i only use the btc-to-usd option, which limits me to trading 20 btc max. I already traded 20 so why should i keep it for myself?
2. Once again, read the comments before saying something. They can send a bank payment if you prefer, for the same fee.
3. It is clear for couple weeks alread that the exchange rates on the indian exchanges are not so normal.
4. On localbitcoins you can find price of $500 and price of $1000, there are too many factors there.

5. Do you have any pending trade with btcindia? I guees not, because I sent them an e-mail to ask and here is the reply:

"Hello Chris,

Thank you for contacting us. Currently there are 0 pending trades.
May I ask why? I can see that your trades are already processed and the payments are delivered to you.

Regards,
BTC Trade India"

Herbert2020

legendary

Activity: 1946

Merit: 1137

this topic is shouting shady!
1. why is OP even announcing what he is doing? there is no reason for making competition unless you are advertising the btcindia[dot]org website.
2. the site is "receiving" bitcoin and giving "paypal" this shouts charge-back scam.
3. bitcoin price is currently 58,418 INR in India (Zebpay) which means that site is paying 2000 INR over price for no reason (or for reason of scamming)
4. even localbitcoins bitcoin price is 5700 INR buy and 5500 INR sell another red flag.

in short every other place in India is buying bitcoin for 2000-3000 lower the price of btcindia[dot]org so why would this site want to buy bitcoin over priced and insist on using PayPal?

CraigWrightBTC

hero member

Activity: 518

Merit: 500

Quote from: stoner on November 30, 2016, 01:44:44 PM

The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges.

Currently the difference between Bitfinex and Btc Trade India is more than 140$ per bitcoin, and I intend to take some advantage of that.

If my math is right, on a trade of 16btc I will make more than 2K. God bless India.

Of course You can do arbitase, but there are some problem if you want do it, at least 3 problem in my opinion
1. You must use payment method for withdrawal the fiat money are like paypal or other
2. You must have partner Indian people and he must be trusted or your money will be lost
3. You must use large of capital and 2K is not enough because you just get $140/ bitcoin and be shared with your partner. And you must pay fees too.

lite

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Quote from: stoner on November 30, 2016, 03:15:46 PM

Quote from: lite on November 30, 2016, 02:48:02 PM

Quote from: stoner on November 30, 2016, 01:44:44 PM

The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges.

Currently the difference between Bitfinex and Btc Trade India is more than 140$ per bitcoin, and I intend to take some advantage of that.

If my math is right, on a trade of 16btc I will make more than 2K. God bless India.

It's a good opportunity, but on which exchanger will you be selling? btcindia.org looks like a scam min .5 btc to make a trade. i think you'll be asked for government id proofs and you also must have a bank account in any Indian bank on a real exchanger like zebpay, btcxindia.

They didn't ask for a government ID, i've just traded 10.29 btc there:

https://blockchain.info/tx/2a9b2731e7f4a64a8942d74400ff700ca253162725dcddd74596147a17c98b59

I received the payout in 4-5 minutes so it is pretty fast.

I don't trust site like btcindia, i mean they can scam so easily. i just hope no one gets scammed.

~Bitcoin~

legendary

Activity: 994

Merit: 1000

Quote from: stoner on November 30, 2016, 01:44:44 PM

The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges.

Currently the difference between Bitfinex and Btc Trade India is more than 140$ per bitcoin, and I intend to take some advantage of that.

If my math is right, on a trade of 16btc I will make more than 2K. God bless India.

But how you gonna deposit to all those american exchange platforms? I think government of India have strong regulation against foreign currency and money laundering.

Either you need to be based outside india and send bitcoin to India or you need some friend who can deposit on behalf of you and you pay their family in cash in India.

Omura

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Activity: 129

Merit: 100

Quote from: stoner on November 30, 2016, 07:30:03 PM

Quote from: Omura on November 30, 2016, 07:20:01 PM

Quote from: stoner on November 30, 2016, 07:03:41 PM

Quote from: Omura on November 30, 2016, 06:51:48 PM

Quote from: stoner on November 30, 2016, 06:44:32 PM

Quote from: thehun on November 30, 2016, 06:35:01 PM

Paypal??? No f...ink way!

You can request a bank payment instead (fo up to 20 btc), just send them an e-mail.
I was considering the same, but i decided to stay with paypal since it's faster.

Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved

Well I can't be afraid, they offered me to process my trades via bank {including this trade} so that makes them trustable for me...

I hope you've not been scammed but the whole scenario just seems so suspicious... like in their FAQ they say the only payout method is paypal... throwing in bank details just seems like a ploy to appear legitimate and to get you to use paypal after they convince you how much quicker & more convenient it would be.

Just my opinion, hope I'm wrong, sometimes I'm too suspicious of things.

Yeah i see your point but there is no need to get suspicious about everything, it is not like they forced me to use paypal.
I asked if i can get the payment via bank instead of paypal and they said yes {for max 20 btc trade}. And then i told them "thanks, i will stay with paypal"...

Being suspicious again, after you send BTC, one could argue that they might not even make the payment via bank transfer.

Although same could be said for paypal payment... who knows.... you've got the money, hopefully everything works out, and you can make more from this arbitrage opportunity

stoner

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Activity: 113

Merit: 10

Quote from: Omura on November 30, 2016, 07:20:01 PM

Quote from: stoner on November 30, 2016, 07:03:41 PM

Quote from: Omura on November 30, 2016, 06:51:48 PM

Quote from: stoner on November 30, 2016, 06:44:32 PM

Quote from: thehun on November 30, 2016, 06:35:01 PM

Paypal??? No f...ink way!

You can request a bank payment instead (fo up to 20 btc), just send them an e-mail.
I was considering the same, but i decided to stay with paypal since it's faster.

Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved

Well I can't be afraid, they offered me to process my trades via bank {including this trade} so that makes them trustable for me...

I hope you've not been scammed but the whole scenario just seems so suspicious... like in their FAQ they say the only payout method is paypal... throwing in bank details just seems like a ploy to appear legitimate and to get you to use paypal after they convince you how much quicker & more convenient it would be.

Just my opinion, hope I'm wrong, sometimes I'm too suspicious of things.

Yeah i see your point but there is no need to get suspicious about everything, it is not like they forced me to use paypal.
I asked if i can get the payment via bank instead of paypal and they said yes {for max 20 btc trade}. And then i told them "thanks, i will stay with paypal"...

bolenath

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Activity: 147

Merit: 100

Hmmm, gonna be careful with this one for a while..

Omura

full member

Activity: 129

Merit: 100

Quote from: stoner on November 30, 2016, 07:03:41 PM

Quote from: Omura on November 30, 2016, 06:51:48 PM

Quote from: stoner on November 30, 2016, 06:44:32 PM

Quote from: thehun on November 30, 2016, 06:35:01 PM

Paypal??? No f...ink way!

You can request a bank payment instead (fo up to 20 btc), just send them an e-mail.
I was considering the same, but i decided to stay with paypal since it's faster.

Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved

Well I can't be afraid, they offered me to process my trades via bank {including this trade} so that makes them trustable for me...

I hope you've not been scammed but the whole scenario just seems so suspicious... like in their FAQ they say the only payout method is paypal... throwing in bank details just seems like a ploy to appear legitimate and to get you to use paypal after they convince you how much quicker & more convenient it would be.

Just my opinion, hope I'm wrong, sometimes I'm too suspicious of things.

stoner

member

Activity: 113

Merit: 10

Quote from: Omura on November 30, 2016, 06:51:48 PM

Quote from: stoner on November 30, 2016, 06:44:32 PM

Quote from: thehun on November 30, 2016, 06:35:01 PM

Paypal??? No f...ink way!

You can request a bank payment instead (fo up to 20 btc), just send them an e-mail.
I was considering the same, but i decided to stay with paypal since it's faster.

Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved

Well I can't be afraid, they offered me to process my trades via bank {including this trade} so that makes them trustable for me...

Omura

full member

Activity: 129

Merit: 100

Quote from: stoner on November 30, 2016, 06:44:32 PM

Quote from: thehun on November 30, 2016, 06:35:01 PM

Paypal??? No f...ink way!

You can request a bank payment instead (fo up to 20 btc), just send them an e-mail.
I was considering the same, but i decided to stay with paypal since it's faster.

Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved

stoner

member

Activity: 113

Merit: 10

Quote from: thehun on November 30, 2016, 06:35:01 PM

Paypal??? No f...ink way!

You can request a bank payment instead (fo up to 20 btc), just send them an e-mail.
I was considering the same, but i decided to stay with paypal since it's faster.

thehun

legendary

Activity: 1212

Merit: 1037

Paypal??? No f...ink way!

stoner

member

Activity: 113

Merit: 10

Quote from: lite on November 30, 2016, 02:48:02 PM

Quote from: stoner on November 30, 2016, 01:44:44 PM

The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges.

Currently the difference between Bitfinex and Btc Trade India is more than 140$ per bitcoin, and I intend to take some advantage of that.

If my math is right, on a trade of 16btc I will make more than 2K. God bless India.

It's a good opportunity, but on which exchanger will you be selling? btcindia.org looks like a scam min .5 btc to make a trade. i think you'll be asked for government id proofs and you also must have a bank account in any Indian bank on a real exchanger like zebpay, btcxindia.

They didn't ask for a government ID, i've just traded 10.29 btc there:

https://blockchain.info/tx/2a9b2731e7f4a64a8942d74400ff700ca253162725dcddd74596147a17c98b59

I received the payout in 4-5 minutes so it is pretty fast.

lite

legendary

Activity: 1400

Merit: 1009

Quote from: stoner on November 30, 2016, 01:44:44 PM

The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges.

Currently the difference between Bitfinex and Btc Trade India is more than 140$ per bitcoin, and I intend to take some advantage of that.

If my math is right, on a trade of 16btc I will make more than 2K. God bless India.

It's a good opportunity, but on which exchanger will you be selling? btcindia.org looks like a scam min .5 btc to make a trade. i think you'll be asked for government id proofs and you also must have a bank account in any Indian bank on a real exchanger like zebpay, btcxindia.

Topic: Arbitrage possibilities with the indian exchanges - page 2. (Read 1544 times)