Slightly higher prices - Infact I think they are overcharging for the bitcoins at the moment. Their buy prices are more then then the Mtgox exchange prices too.
. And when you see their sell prices its around 3k less then MtGox
.
Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox).
Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell.
Hi
We have very complex algorithm to decide on our prices. Normally people see only last trade price on exchange and thinks that it is bitcoin price they can get, but the perception is very wrong as last trade can be of only 0.01 BTC and what you want to sell is say 10 BTC. You can not directly use Exchange last or buy rate, you must use Exchange buy side orderbook to accumulate the quantity you want to sell and see how much it gets you, which is always going to be higher than the last trade price. You will also have to add exchange fees, fees and charges required to move money in and out of exchanges, currency conversion charges in bank.
On top of it we offer locked in exchange rates in such volatile market where once you book order with us and send money in within locked in period we honor booked rate only. If you will see carefully the price difference between exchanges is very huge in volatile period, over 70 to 100 dollars a time which goes to around 4k to 6.5k INR which also makes our task a bit tough
As far as fees concerns we offer loyalty discount so after certain volumes your effective fees reduced to 1.5% only.
We also add in various other factors which allows us to manage our risk profile when Bitcoin trading is volatile. We can assure you that if you will take final counting with selling or buying coin rates, our rates would be one of the best available in the market.
Regards
Only if your site WORKED! Always out of stock, or try again when the prices are low.
Yes, we agree we do have stock issues at the moment. As soon as we restock it, we go out of stock almost immediately. We are working hard to resolve this.
Regards
This is what I am hearing from past two weeks, really! Not to be rude, but can you please lower your fees, because looks like you guys are charging way more than expected! You guys also show low price at night, but you wouldn't let us buy. What kind of trap is this? Also, right now, the price comes down to 56000 for one btc, and on BTC-e china it's 725 dollars (which is equal to 45k). Take GOX price and you are still overcharging your customer.
Other sites like INRBTC are charging 49000 at the moment! I have been waiting for, like, ever since to get my hands on a few BTCs but looks like no one is ready to sell when the market value is down.
I definitely understand you folks are here to make profit, but I'd absolutely love to see an Indian site offering "affordable" prices with btcs always in stock. The market is wide open to capture, and I hope you folks will come out with something interesting very soon.
Well,
We sincerely apologize for stock issues, but it is fact that we go out of stock as soon as we restock it. We are working very hard to resolve this. We are launching few programs to generate steady liquidity on the site.
The prices in night may go low or high depending on how Bitcoin market goes up an down. Normally as it is seen that as USA wakes up noticeable activity starts on exchanges and it can find a trend, up or down. We do not allow trading in night as we can not complete orders and can not control our liquidity in the night. We are not an exchange where you trade with third party on platform. Also as our website is for Indian users only there is no point for us to allow trading in night. There are few things related to security which I will not go in detail.
On sites like INRBTC people set the prices what they are comfortable at. INRBTC is kind of exchange platform, and have different business model. We can not compare both this model.
We want to assure you that we are working very hard to resolve liquidity issues. But our first priority is if we accept order we want to complete it as exactly what we have promised. We also want to make sure we grow organically as exponential growth is normally not good for any business. If we can not entertain order in satisfactory manner, we are fine to apologize for not accepting order.
buy operating BuySellBitco.in is a lot tougher and much riskier...Let us appreciate the fact.
I know a lot of people on this forum appreciate what buysellbitco.in does but a few quotes should not tarnish that reputation especially when those quotes are based on wrong facts.
INRBTC, thanks for kind words.
Only if your site WORKED! Always out of stock, or try again when the prices are low.
I have the same experience. This forces buyers to make purchases during a market high and not be in a position to take advantage of dips. That is neither a healthy nor ideal situation for business. I will hazard a guess and say that if you solve this problem you will increase your business manifolds.
I am only speculating here but it seems like when the prices drops the sellers naturally don't want to sell because the market tends to climb back up. Even if it drops below $600 it seems to go back up so why would anyone want to sell when it drops? If that is the problem then its not a very good business model and not fair to the buyers.
I totally understand and agree with the risks undertaken because buysellbitco.in is freezing the price for 4 hours - which in the BTC universe is a potentially big risk. Therefore the current rate and commission is something we have to live with until there is a much higher liquidity and adoption within the community.
Something has to change though. Maybe for a certain order size (above 0.5 or 1 BTC) even if the website is out of stock, it should be able to make a purchase from an exchange immediately after payment confirmation reaches its bank. That could be automated with the exposure of API by various exchanges. If that is too risky, maybe it can be done in a semi-automation or total manual mode. Its better than putting up an out of stock notice and drive the business elsewhere.
Well, we are working on an idea where you will be able to place order for 3000 INR, one time in a day, so you can get your hands on your first Bitcoins. This may take some time to get in, but its already in works.
Regards
