Topic: BTC Purchase Directly now possible :D (Read 2380 times)

I just gave example, even if you buy 200-300k and don't file ITR, just wait for notice from Income tax authority. Credit card transaction is too much trackable, and IT Authority always keep eye on that.

Who is buying bitcoin worth 500k from india?bitcoin itself is designed to keep its user anonymous and also after demonetisation nobody will even think of making transaction that much for a digital unit.

Who is buying bitcoin worth 500k from india?bitcoin itself is designed to keep its user anonymous and also after demonetisation nobody will even think of making transaction that much for a digital unit.

Income tax Authority can ask question from according to bill pay of credit card. Like you file ITR for 500k and paid bill of CC for more then 500k for buying bitcoin from outside India. Then it will be really hard for you explain.

Can any question from any government authorities may attract in coming time if purchased BTC from CC/DC? Or is there a limit that you can buy upto a limit from CC/DC outside India during a year?

Can any question from any government authorities may attract in coming time if purchased BTC from CC/DC? Or is there a limit that you can buy upto a limit from CC/DC outside India during a year?

You can buy via Moneypolo with debit / credit card

Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR

You can buy via Moneypolo with debit / credit card

Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR

How do you buy from Moneypolo, do You make bank transfer or  payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange.

How do you buy from Moneypolo, do You make bank transfer or  payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange.

It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here

This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option?
How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers?

It is really good news that Bitstamp are allowing other country in that India is included to trade bitcoin using credit / debit card but the problem is they only allow usd or euro currency to be used so the transaction in card will be shown as usd or euro conversion and that will affect forex exchange. So be careful when you are going to use their service as tax problem will come

Well its difficult to address verify in Bitstamp cause as per UK law they do not allow credit card statement as address proof . Instead they ask Physical bank seal marked Bank statement lol .. most of Indian bank just provide e-statements now and most other banks has passbook facility .

It is a mandatory in Europe to follow these steps to avoid further confusions and legal struggle that they are collecting every possible details for the verification.It is a good thing but the issue will be the processing fees and the conversion fees which makes selecting Indian exchanges to purchase coins more profitable for the end user as the Indian exchanges usually charge higher fees than the international market.

When you use credit cards for FX transactions, it is your responsibility to ensure that you comply with all applicable rules and regulations.
The authorities can scrutinize transactions at any time.

I just got that mail yesterday evening , i am not yet address verified . They ask way too much info to complete that so when i do then i can provide info about it usage .. :/

Wouldn't the authorities be concerned by we all just start buying bitcoins over internet through cards?

I was aware that there would be some conversion fee but 8% is just too high which makes trading a loss rather than a profit.

I just checked the FAQ and on top of all that, they have a huge withdrawal fee too.


Indian exchanges are most preferred compared to international exchanges.

Any reviews so far on using bitstamp from india.

They are not accepting INR, Bitstamp or Card company will charge mark up fee for $.

Not sure about debit card but I checked through credit card bitstamp charging 8% fee so I don't think it's viable option.

International withdrawals are charged with 0.09% fee, minimum fee is $15.00. Minimum amount for international withdrawal is $50.00.

Well certainly if 8% and 2.5% is found out to be true then certainly no point in buying from any International exchanges. Its better to buy from very own Indian exchanges. Because you may end up paying more if purchased from International markets.

Yes they will not accept INR  but USD , there will be 2.5% exchange rate for USD TO INR for sure but not sure about Deposit rate but 8% fee ? thats big lol . Moneypolo is far better then

They are not accepting INR, Bitstamp or Card company will charge mark up fee for $.

Not sure about debit card but I checked through credit card bitstamp charging 8% fee so I don't think it's viable option.

After card purchases are done, won't they ask for id verification in case of withdrawals?
I think that if this is going to happen, Indians are surely going to make something big on this including me.
I had been waiting for such a chance and seems like my wish has become true, we can finally purchase it at International rates.

Finally an international exchange accepts INR (if that what the mail implies) and bitstamp is the best possible site we can buy bitcoins from. I was thinking to trade on international exchanges and sell on Indian exchanges as it's profitable with the fluctuating rates (international exchanges offer market rates while Indian ones offer 5% more than the market rates).

Dear customers,

There's a lot happening at Bitstamp right now!

As you know, XRP trading is now in full swing and debit/credit card purchases were extended last week to USD 5,000/EUR 5,000 daily and USD 20,000/EUR 20,000 monthly. But that's not all!

With Visa and MasterCard debit and credit card purchases for bitcoin already possible throughout the EU-28, we have now expanded Bitstamp's debit/credit card purchasing functionality to include the following countries:

Switzerland, Norway, Monaco, Montenegro, Serbia, Turkey, Andorra, Moldova, Gibraltar, Iceland, Greenland, Liechtenstein, Isle of Man, Faroe Islands, Aland Islands, San Marino, Hong Kong, China, Singapore, Taiwan, South Korea, Australia, New Zealand, Japan, Argentina, Brazil, Israel, Sou th Africa, Chile, Kuwait, Cayman Islands, Qatar, Saudi Arabia, India, Lebanon, Puerto Rico, Peru, Madagascar, Mozambique, Dominican Republic, Curacao, Dominica, Jordan, the Bahamas, Bahrain, French Polynesia, Ecuador, Trinidad and Tobago, Barbados, Reunion, Jamaica, Paraguay, Brunei, New Caledonia, Guadeloupe, Martinique and Sint Maarten.

This means that if you are in the EU 28 or any of the countries listed above, you can now purchase bitcoin instantly using your Visa or MasterCard credit/debit card!

Only a one-time verification of your card details is required before instant bitcoin purchases on Bitstamp are yours. This service has been brought to you in cooperation with our partner, Simplex. For further information, please contact our support team at [email protected] .

As ever, thank you for your continued support - it means a great deal to us - and please stay tuned for further announcements!

Best,

Nejc Kodric
CEO, Bitstamp