obvious scam is obvious
while it is possible to arbitrage with indian exchanges(if you live in India)
this particular site is 100% pure scam
please,lock the topic
Topic: Arbitrage possibilities with the indian exchanges (Read 1544 times)
Don't get fooled, this is a scam and OP is the scammer or is speaking on his behalf.
https://www.reddit.com/r/Bitcoin/comments/5hj7i3/scamed_at_btcindiaorg/
https://www.reddit.com/r/Bitcoin/comments/5hj7i3/scamed_at_btcindiaorg/
Stoner is one lucky bastard
Just wanted to shout out that I personally got hit by this and was convinced by stoners version of events.
Reporting my experience, I initiated a 0.5 BTC trade but got a odd request to send an additional 1.5 BTC to top-up the trade to 2 BTC as "due to high volume trades we have increased the minimum".
After soul searching and reading stoner posts, Topped-up the 1.5 BTC as requested and BTC India reverted "it was strange it didn't go though... actually our systems needs you to transfer EXACTLY 2.0 BTC".
After a bit of back and forth, they said "we can request a refund if you'd like", after which they went dark.
I'm not one to defame others but if you're reading this, condsider yourself warned. The BTC India website is still up, and I intend to update this if things turn for the better. To anyone who's read this thread and intends to test the waters: No update = this was a total loss.
Just wanted to shout out that I personally got hit by this and was convinced by stoners version of events.
Reporting my experience, I initiated a 0.5 BTC trade but got a odd request to send an additional 1.5 BTC to top-up the trade to 2 BTC as "due to high volume trades we have increased the minimum".
After soul searching and reading stoner posts, Topped-up the 1.5 BTC as requested and BTC India reverted "it was strange it didn't go though... actually our systems needs you to transfer EXACTLY 2.0 BTC".
After a bit of back and forth, they said "we can request a refund if you'd like", after which they went dark.
I'm not one to defame others but if you're reading this, condsider yourself warned. The BTC India website is still up, and I intend to update this if things turn for the better. To anyone who's read this thread and intends to test the waters: No update = this was a total loss.
iam first about bitcoinindia org
new exchanger or old exchanger, because in coinmarketcap can't find about volume transaction
in there fiat money deposit and withdraw, all support payment procesor, transfer in bank(wire transfer), paypal, skrill and more or not
or only support paypal
i can see in there only exchange without trading
only exchange you must incraese your trust
new exchanger or old exchanger, because in coinmarketcap can't find about volume transaction
in there fiat money deposit and withdraw, all support payment procesor, transfer in bank(wire transfer), paypal, skrill and more or not
or only support paypal
i can see in there only exchange without trading
only exchange you must incraese your trust
I just checked Indian market bitcoin prices, I believe the prices are converging right now. Yes Indian market prices are getting slashed out maybe with the reason of heavy dump from local/international bitcoiners. Usuaally arbitrage trading opportunities are for short-term and this India based opportunity is almost getting finished off.
Yes, converging prices are symptoms of end of possibility of arbitrage trading. But right now Indian market are still trading with enough gaps to make use of. Preev shows $766.7 and Indian exchange unocoin shows prices equivalent of $828.29, more than $50 a good profits to book per one full bitcoin trading instantly. I cannot wait for that 10k paypal payment to be reversed
IF the payment was actually made, that is.
Screenshots can be faked and the OP seemed really interested in getting people to use that service.
Example of a faked screenshot:
I cannot wait for that 10k paypal payment to be reversed
The exchange opperators themselves would be doing the arbing if there is huge profit in it vs actually running the exchange. I did often wonder in the past if BTC-e did this.
Sceptical, domain just registered and only for one year...
Thank you for the useful information.I just checked Indian market bitcoin prices, I believe the prices are converging right now. Yes Indian market prices are getting slashed out maybe with the reason of heavy dump from local/international bitcoiners. Usuaally arbitrage trading opportunities are for short-term and this India based opportunity is almost getting finished off.
Sceptical, domain just registered and only for one year...
Code:
$ whois btcindia.org
[Querying whois.pir.org]
[whois.pir.org]
Domain Name: BTCINDIA.ORG
Domain ID: D402200000000757222-LROR
WHOIS Server:
Referral URL: http://www.enom.com
Updated Date: 2016-11-29T10:22:33Z
Creation Date: 2016-11-29T10:19:20Z
Registry Expiry Date: 2017-11-29T10:19:20Z
Sponsoring Registrar: eNom, Inc.
Sponsoring Registrar IANA ID: 48
Domain Status: clientTransferProhibited https://icann.org/epp#clientTransferProhibited
Domain Status: serverTransferProhibited https://icann.org/epp#serverTransferProhibited
Registrant ID: 579e6624edf2fc92
Registrant Name: Bit India
Registrant Organization: BTC TRADE INDIA
Registrant Street: 52/1, DESH BANDHU GUPTA MARG
Registrant City: NEW DELHI
Registrant State/Province: NEW DELHI
Registrant Postal Code: 110005
Registrant Country: IN
Registrant Phone: +91.9911746627
Registrant Phone Ext:
Registrant Fax:
Registrant Fax Ext:
Registrant Email: [email protected]
Admin ID: 579e6624edf2fc92
Admin Name: Bit India
Admin Organization: BTC TRADE INDIA
Admin Street: 52/1, DESH BANDHU GUPTA MARG
Admin City: NEW DELHI
Admin State/Province: NEW DELHI
Admin Postal Code: 110005
Admin Country: IN
Admin Phone: +91.9911746627
Admin Phone Ext:
Admin Fax:
Admin Fax Ext:
Admin Email: [email protected]
Tech ID: 579e6624edf2fc92
Tech Name: Bit India
Tech Organization: BTC TRADE INDIA
Tech Street: 52/1, DESH BANDHU GUPTA MARG
Tech City: NEW DELHI
Tech State/Province: NEW DELHI
Tech Postal Code: 110005
Tech Country: IN
Tech Phone: +91.9911746627
Tech Phone Ext:
Tech Fax:
Tech Fax Ext:
Tech Email: [email protected]
Name Server: DNS1.NAMECHEAPHOSTING.COM
Name Server: DNS2.NAMECHEAPHOSTING.COM
DNSSEC: unsigned
>>> Last update of WHOIS database: 2016-12-08T02:41:40Z <<<
They are paying a fuc**ng 10k INR more than the normal rate. That's around 20%
Due to the recent crisis with their currency notes, Indian bitcoin markets are trading around $950 price levels, so bitcoin prices are 20% higher in India than the rest of the world markets. That is the reason OP is discussing about arbitrage trading based on Indian markets and other markets. I guess it is not that easy as it involves fiats and dealing in fiat in India might attract more regulations from their government.
I already showed the screenshots fro the trade, but here it is again:
Why do you even mind if they call this website Scam ? I suspect you are the guy behind this
They are paying a fuc**ng 10k INR more than the normal rate. That's around 20%
No body is so generous dude
Edit : Also site looks very basic and Cheap which makes it look even more scammy
I already showed the screenshots fro the trade, but here it is again:
And the PayPal payout:
And the transaction ID:
https://blockchain.info/tx/2a9b2731e7f4a64a8942d74400ff700ca253162725dcddd74596147a17c98b59
Once again people, read the thread before commenting, they offered me a bank transfer instead of a paypal transfer, i simply chose paypal myself.
"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. "
very strong statement that will build doubt for sure if this address that has been provided is not existing a possibility of a scam site hope no one got into the net of scammers, arbitrage is good but that big difference from current price is too suspicious better to review and and assess properly before doing any trade.
The simple statement about reviews is: "you cannot review something if you do not have any experience it."
In this case it goes: 1. trade 2. review (it cannot be: 1. review 2. trade, as you mentioned).
My experience was a pleasant one, so my review still remains positive.
The fact, you have gotten away with your first transaction is no guarantee, the next would be all said and done. from experience, they won't strike yet, until a good number of gullible people are off their guard.
you can change from X coin to Y coin to Z coin and back to X coin where you make arbitrage income thanks to it.
It is completely new thing to me. So far I have tried arbitrage trading across exchanges but with your way of suggestion, I guess if I study in depth the price fluctuations I may get chances to trade within exchanges. In first read I could not understand your idea but now I am realizing it's potential and how often it will be possible.
I have seen these kinds of opportunities since I have been interested in bitcoin. To me it is actually easier to have altcoin exchanges where you can change from X coin to Y coin to Z coin and back to X coin where you make arbitrage income thanks to it. No big deal as I usually do not prefer to trade with fiats, it is always riskier.
"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. "
very strong statement that will build doubt for sure if this address that has been provided is not existing a possibility of a scam site hope no one got into the net of scammers, arbitrage is good but that big difference from current price is too suspicious better to review and and assess properly before doing any trade.
The simple statement about reviews is: "you cannot review something if you do not have any experience it."
In this case it goes: 1. trade 2. review (it cannot be: 1. review 2. trade, as you mentioned).
My experience was a pleasant one, so my review still remains positive.
Can you provide with proof of payment? Transaction id and transaction picture?
I doubt to your India exchange site you mentioned, because the site looks like copy-cat, I ever see the interface, system even min.deposit is have a same amount.
This is such an obvious scam it's not even worth to go deeper into the analysis
"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. "
very strong statement that will build doubt for sure if this address that has been provided is not existing a possibility of a scam site hope no one got into the net of scammers, arbitrage is good but that big difference from current price is too suspicious better to review and and assess properly before doing any trade.
The simple statement about reviews is: "you cannot review something if you do not have any experience it."
In this case it goes: 1. trade 2. review (it cannot be: 1. review 2. trade, as you mentioned).
My experience was a pleasant one, so my review still remains positive.
"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. "
very strong statement that will build doubt for sure if this address that has been provided is not existing a possibility of a scam site hope no one got into the net of scammers, arbitrage is good but that big difference from current price is too suspicious better to review and and assess properly before doing any trade.
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.
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.
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.
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.
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.
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'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.
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).
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.
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.
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?
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 $1000, there are too many factors there.
5. Do you have any pending trade with btcindia? I guees not, because I sent them an e-mail to ask and here is the reply:
"Hello Chris,
Thank you for contacting us. Currently there are 0 pending trades.
May I ask why? I can see that your trades are already processed and the payments are delivered to you.
Regards,
BTC Trade India"
this topic is shouting shady!
1. why is OP even announcing what he is doing? there is no reason for making competition unless you are advertising the btcindia[dot]org website.
2. the site is "receiving" bitcoin and giving "paypal" this shouts charge-back scam.
3. bitcoin price is currently 58,418 INR in India (Zebpay) which means that site is paying 2000 INR over price for no reason (or for reason of scamming)
4. even localbitcoins bitcoin price is 5700 INR buy and 5500 INR sell another red flag.
in short every other place in India is buying bitcoin for 2000-3000 lower the price of btcindia[dot]org so why would this site want to buy bitcoin over priced and insist on using PayPal?
1. why is OP even announcing what he is doing? there is no reason for making competition unless you are advertising the btcindia[dot]org website.
2. the site is "receiving" bitcoin and giving "paypal" this shouts charge-back scam.
3. bitcoin price is currently 58,418 INR in India (Zebpay) which means that site is paying 2000 INR over price for no reason (or for reason of scamming)
4. even localbitcoins bitcoin price is 5700 INR buy and 5500 INR sell another red flag.
in short every other place in India is buying bitcoin for 2000-3000 lower the price of btcindia[dot]org so why would this site want to buy bitcoin over priced and insist on using PayPal?
The exchange rate on the Indian exchanges is 130-140$ 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 opinionCurrently 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.
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 $140/ bitcoin and be shared with your partner. And you must pay fees too.
The exchange rate on the Indian exchanges is 130-140$ 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.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.
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.
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. 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.
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.
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
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"...
Hmmm, gonna be careful with this one for a while..
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.
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...
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 $9k involved
Paypal??? No f...ink way!
You can request a bank payment instead (fo up to 20 btc), just send them an e-mail.
I was considering the same, but i decided to stay with paypal since it's faster.
Paypal??? No f...ink way!
The exchange rate on the Indian exchanges is 130-140$ 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.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.
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.
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. 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.
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.
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.
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