How CoinSecure & BTCXIndia collect fees?

zahra4577

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Quote from: bitcoinisbest on March 09, 2017, 05:25:59 AM

Quote from: zahra4577 on March 09, 2017, 03:41:10 AM

Quote from: bitcoinisbest on March 09, 2017, 01:15:35 AM

Quote from: zahra4577 on March 08, 2017, 06:01:40 PM

Quote from: Rude Boy on March 08, 2017, 12:42:25 PM

BTCXindia fees 1% .they deduct amt only 0.01 BTC at the time of purchase. There is no hidden cost.they only ask the transaction amount as per Indian (RBI) rules & regulations. Because, here in India they have restrictions for transferring payment between one account to account. So, their fees are acceptable. If you feel uncomfortable, just use some other coin exchange like zebpay.

Do you think Zebpay does not charge any fee then you are absolutely wrong.
Zebpay have their own fee structure and it is also more or less same as any other exchanges.

In terms of fees zebpay does not collect any amount. They directly have the spread between buy/sell. And that difference is their profit. Well this difference is so much that sometimes its more than 6000 per btc. Almost 7-10% around 1 btc.

While fees charged by others is around 0.3 - 1.15 % Roll Eyes

No you are wrong.I am not sure about percentage but they do deduct fee.Last time i sold 0.29 btc when the rate was 69k inr and they deducted 40 rs.

This should not be the case. Check out bitcoinrates.in clearly it is 0% there. For example if you sold 1 btc @ 60000, you will get 60000 and nothing less than that. May be that 40 Rs is some withdrawal charges you may be saying about if they have so.

I think you didn't notice that iwas talking about Zebpay fee.
Zebpay has two options Trade bitcoin and Buy/Sell bitcoin.
Buying and selling bitcoin has no additional fee because they already selling at high price.

bitcoinisbest

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Quote from: zahra4577 on March 09, 2017, 03:41:10 AM

Quote from: bitcoinisbest on March 09, 2017, 01:15:35 AM

Quote from: zahra4577 on March 08, 2017, 06:01:40 PM

Quote from: Rude Boy on March 08, 2017, 12:42:25 PM

BTCXindia fees 1% .they deduct amt only 0.01 BTC at the time of purchase. There is no hidden cost.they only ask the transaction amount as per Indian (RBI) rules & regulations. Because, here in India they have restrictions for transferring payment between one account to account. So, their fees are acceptable. If you feel uncomfortable, just use some other coin exchange like zebpay.

Do you think Zebpay does not charge any fee then you are absolutely wrong.
Zebpay have their own fee structure and it is also more or less same as any other exchanges.

In terms of fees zebpay does not collect any amount. They directly have the spread between buy/sell. And that difference is their profit. Well this difference is so much that sometimes its more than 6000 per btc. Almost 7-10% around 1 btc.

While fees charged by others is around 0.3 - 1.15 % Roll Eyes

No you are wrong.I am not sure about percentage but they do deduct fee.Last time i sold 0.29 btc when the rate was 69k inr and they deducted 40 rs.

This should not be the case. Check out bitcoinrates.in clearly it is 0% there. For example if you sold 1 btc @ 60000, you will get 60000 and nothing less than that. May be that 40 Rs is some withdrawal charges you may be saying about if they have so.

zahra4577

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Quote from: bitcoinisbest on March 09, 2017, 01:15:35 AM

Quote from: zahra4577 on March 08, 2017, 06:01:40 PM

Quote from: Rude Boy on March 08, 2017, 12:42:25 PM

BTCXindia fees 1% .they deduct amt only 0.01 BTC at the time of purchase. There is no hidden cost.they only ask the transaction amount as per Indian (RBI) rules & regulations. Because, here in India they have restrictions for transferring payment between one account to account. So, their fees are acceptable. If you feel uncomfortable, just use some other coin exchange like zebpay.

Do you think Zebpay does not charge any fee then you are absolutely wrong.
Zebpay have their own fee structure and it is also more or less same as any other exchanges.

In terms of fees zebpay does not collect any amount. They directly have the spread between buy/sell. And that difference is their profit. Well this difference is so much that sometimes its more than 6000 per btc. Almost 7-10% around 1 btc.

While fees charged by others is around 0.3 - 1.15 % Roll Eyes

No you are wrong.I am not sure about percentage but they do deduct fee.Last time i sold 0.29 btc when the rate was 69k inr and they deducted 40 rs.

bitcoinisbest

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Quote from: zahra4577 on March 08, 2017, 06:01:40 PM

Quote from: Rude Boy on March 08, 2017, 12:42:25 PM

BTCXindia fees 1% .they deduct amt only 0.01 BTC at the time of purchase. There is no hidden cost.they only ask the transaction amount as per Indian (RBI) rules & regulations. Because, here in India they have restrictions for transferring payment between one account to account. So, their fees are acceptable. If you feel uncomfortable, just use some other coin exchange like zebpay.

Do you think Zebpay does not charge any fee then you are absolutely wrong.
Zebpay have their own fee structure and it is also more or less same as any other exchanges.

In terms of fees zebpay does not collect any amount. They directly have the spread between buy/sell. And that difference is their profit. Well this difference is so much that sometimes its more than 6000 per btc. Almost 7-10% around 1 btc.

While fees charged by others is around 0.3 - 1.15 % Roll Eyes

zahra4577

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Quote from: Rude Boy on March 08, 2017, 12:42:25 PM

BTCXindia fees 1% .they deduct amt only 0.01 BTC at the time of purchase. There is no hidden cost.they only ask the transaction amount as per Indian (RBI) rules & regulations. Because, here in India they have restrictions for transferring payment between one account to account. So, their fees are acceptable. If you feel uncomfortable, just use some other coin exchange like zebpay.

Do you think Zebpay does not charge any fee then you are absolutely wrong.
Zebpay have their own fee structure and it is also more or less same as any other exchanges.

Rude Boy

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BTCXindia fees 1% .they deduct amt only 0.01 BTC at the time of purchase. There is no hidden cost.they only ask the transaction amount as per Indian (RBI) rules & regulations. Because, here in India they have restrictions for transferring payment between one account to account. So, their fees are acceptable. If you feel uncomfortable, just use some other coin exchange like zebpay.

bitcoinisbest

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Quote from: Benson Samuel on March 07, 2017, 04:00:39 AM

Quote from: bitcoinisbest on March 07, 2017, 03:05:01 AM

CS - Well was just curious to understand that post demonetization there is being a significant growth on all exchanges so as per your model you earning is based on volume and no of users. So just for an idea what was the revenue in terms of fees in Jan & Feb. Also do you have other revenue generation other than fees for now?

Have not looked at totals collected as yet.
Our biggest fee generator is the API at the moment. Lots of users try different scripts, etc and that seems to be leading the pack at the moment.
If time and business permit, I would love to gamify the platform a lot more - add VIP points, add small priority fee packs that users can purchase from us. Also looking at drop rates, where users get some kind of random reward drops on certain transactions.
Not sure mate.. Lots of places to work on.. should happen in time.

For now, we working on revamping our UI in a huge way. Gonna finish that before the next bits come out.

Thanks for the information and hope that CS is back the normal way with quick withdrawals and quick and easy to place and cancel the order. And you get new hires on time for the smooth functioning of the site and on development front.

Benson Samuel

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Quote from: Marma Kalari on March 07, 2017, 03:14:16 AM

Quote from: bitcoinisbest on March 07, 2017, 03:05:01 AM

CS - Well was just curious to understand that post demonetization there is being a significant growth on all exchanges so as per your model you earning is based on volume and no of users. So just for an idea what was the revenue in terms of fees in Jan & Feb. Also do you have other revenue generation other than fees for now?

Coinsecure being an exchange what other revenue generation they will have other than the fees. Tongue

They have the lowest fees when it comes to Indian exchanges and they will deposit the amount in your bank within 24 hours and that is what i look in an exchange,what i would like to know is what is the maximum amount i can withdraw to my bank account per transaction,is there a limit because i could not get an answer from the support system .

Maximum amount is based on what banks allow.
We do not enforce a limit since banks handle the transfer risks on fiat for us.

Benson Samuel

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Quote from: bitcoinisbest on March 07, 2017, 03:05:01 AM

CS - Well was just curious to understand that post demonetization there is being a significant growth on all exchanges so as per your model you earning is based on volume and no of users. So just for an idea what was the revenue in terms of fees in Jan & Feb. Also do you have other revenue generation other than fees for now?

Have not looked at totals collected as yet.
Our biggest fee generator is the API at the moment. Lots of users try different scripts, etc and that seems to be leading the pack at the moment.
If time and business permit, I would love to gamify the platform a lot more - add VIP points, add small priority fee packs that users can purchase from us. Also looking at drop rates, where users get some kind of random reward drops on certain transactions.
Not sure mate.. Lots of places to work on.. should happen in time.

For now, we working on revamping our UI in a huge way. Gonna finish that before the next bits come out.

Marma Kalari

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Quote from: bitcoinisbest on March 07, 2017, 03:05:01 AM

CS - Well was just curious to understand that post demonetization there is being a significant growth on all exchanges so as per your model you earning is based on volume and no of users. So just for an idea what was the revenue in terms of fees in Jan & Feb. Also do you have other revenue generation other than fees for now?

Coinsecure being an exchange what other revenue generation they will have other than the fees. Tongue

They have the lowest fees when it comes to Indian exchanges and they will deposit the amount in your bank within 24 hours and that is what i look in an exchange,what i would like to know is what is the maximum amount i can withdraw to my bank account per transaction,is there a limit because i could not get an answer from the support system .

bitcoinisbest

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CS - Well was just curious to understand that post demonetization there is being a significant growth on all exchanges so as per your model you earning is based on volume and no of users. So just for an idea what was the revenue in terms of fees in Jan & Feb. Also do you have other revenue generation other than fees for now?

lordquanta

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Quote from: cracxme on March 06, 2017, 08:46:15 AM

Quote from: bitcoinisbest on March 01, 2017, 04:55:02 AM

I think OP got confuse that they are charging double fees i.e they deduct the btc as well the Rs and in the end buyer/seller pays double fees. But this is not the case op. Its simple and straightforward.

Let me correct you, there is double charge because we have to pay 0.3% for every buy or sell, means if a buyer is buying 1BTC at 100,000 INR, then he will receive only 0.997BTC , where as seller will end up with only 99700 INR for selling his 1BTC to above person.

So here mind games come from coinsecure, for 1 BTC trading they got 0.003BTC + INR 300 as fees, which looks like totally unethical in my opinion, they should charge fees only in one way either for buying or selling only.

There isn't any mind game nor any unethical practice involved. This is true for most of exchanges. Coinsecure is cost-effective considering all trade. Important point is "fees is charged per transaction irrespective of buy or sell". Lets consider following scenarios:
* Scenario I : You as customer/buyer
When you purchase a bitcoin. This is one transaction from your side. Thus transaction fees applied.

* Scenario 2: You as seller
When you sell a bitcoin. That is another transaction. Thus transaction fees applies.

If you had traded in stock market or commodities then it would have been obvious to you. That is how market works. That is how exchange owner earn their living or profit.

If you dont want to pay any transaction fees then Exchanges from China would had been the only option for you.

Benson Samuel

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Quote from: cracxme on March 06, 2017, 08:46:15 AM

Quote from: bitcoinisbest on March 01, 2017, 04:55:02 AM

I think OP got confuse that they are charging double fees i.e they deduct the btc as well the Rs and in the end buyer/seller pays double fees. But this is not the case op. Its simple and straightforward.

Let me correct you, there is double charge because we have to pay 0.3% for every buy or sell, means if a buyer is buying 1BTC at 100,000 INR, then he will receive only 0.997BTC , where as seller will end up with only 99700 INR for selling his 1BTC to above person.

So here mind games come from coinsecure, for 1 BTC trading they got 0.003BTC + INR 300 as fees, which looks like totally unethical in my opinion, they should charge fees only in one way either for buying or selling only.

This is not unethical. It is a fee collected for services to 2 different customers.
Most in India charge 1% on both sides.
This is the same with every exchange. Some offer maker/ taker books, but our structure is not based on that.

cryptoheadd

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Quote from: cracxme on March 06, 2017, 08:46:15 AM

Let me correct you, there is double charge because we have to pay 0.3% for every buy or sell, means if a buyer is buying 1BTC at 100,000 INR, then he will receive only 0.997BTC , where as seller will end up with only 99700 INR for selling his 1BTC to above person.

So here mind games come from coinsecure, for 1 BTC trading they got 0.003BTC + INR 300 as fees, which looks like totally unethical in my opinion, they should charge fees only in one way either for buying or selling only.

Why do you think that it's unethical of them?

There are 2 parties involved, ie, the buyer and the seller. Each pay 0.3% per trade executed. So, if you sell bitcoins, 0.3% is going to be deducted from the fiat that you receive and if you buy Bitcoins, 0.3% is going to be deducted from the BTC amount.

There are no mind games involved. They are simply charging you a "service" fee.

cracxme

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Quote from: bitcoinisbest on March 01, 2017, 04:55:02 AM

I think OP got confuse that they are charging double fees i.e they deduct the btc as well the Rs and in the end buyer/seller pays double fees. But this is not the case op. Its simple and straightforward.

Let me correct you, there is double charge because we have to pay 0.3% for every buy or sell, means if a buyer is buying 1BTC at 100,000 INR, then he will receive only 0.997BTC , where as seller will end up with only 99700 INR for selling his 1BTC to above person.

So here mind games come from coinsecure, for 1 BTC trading they got 0.003BTC + INR 300 as fees, which looks like totally unethical in my opinion, they should charge fees only in one way either for buying or selling only.

bitcoinisbest

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I think OP got confuse that they are charging double fees i.e they deduct the btc as well the Rs and in the end buyer/seller pays double fees. But this is not the case op. Its simple and straightforward.

Esphere.in

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Quote from: TigerMart on February 27, 2017, 04:07:52 PM

I know that CoinSecure fee is 0.3%, whereas BTCXIndia fee is 1%. But, is this fee deducted from both INR & BTC?

That means, if I sell 1 BTC @ 70000 INR at CoinSecure, will I get 69790 INR? Again, if I buy 1 BTC @ 70000 INR at CoinSecure, will I get 0.997 BTC?

On the other hand, if I sell 1 BTC @ 70000 INR at BTCXIndia, will I get 69300 INR? Again, if I buy 1 BTC @ 70000 INR at BTCXIndia, will I get 0.99 BTC?

Please clarify...

Let me clear this for you. Coinsecure has a 0.3% fees which is 0.003 BTC and that is what you are getting while purchasing 1 BTC you are getting 0.997 .What is wrong with it.
In the case of BTCXindia they have a fees of 1% and they are deducting 0.01 BTC at the time of purchase.What is that you are finding it confusing.It is straight up transparent calculation and no hidden fees.

cryptoheadd

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Quote from: TigerMart on February 27, 2017, 04:07:52 PM

That means, if I sell 1 BTC @ 70000 INR at CoinSecure, will I get 69790 INR? Again, if I buy 1 BTC @ 70000 INR at CoinSecure, will I get 0.997 BTC?

On the other hand, if I sell 1 BTC @ 70000 INR at BTCXIndia, will I get 69300 INR? Again, if I buy 1 BTC @ 70000 INR at BTCXIndia, will I get 0.99 BTC?

Yes, the fees is deducted from the trade that you do, so you receive 0.3% less of what you buy/sell.
For example, if you sell INR 100,000 worth of BTC, you'll get INR 99700 in your fiat wallet.

Hope this helps.

TigerMart

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I know that CoinSecure fee is 0.3%, whereas BTCXIndia fee is 1%. But, is this fee deducted from both INR & BTC?

That means, if I sell 1 BTC @ 70000 INR at CoinSecure, will I get 69790 INR? Again, if I buy 1 BTC @ 70000 INR at CoinSecure, will I get 0.997 BTC?

On the other hand, if I sell 1 BTC @ 70000 INR at BTCXIndia, will I get 69300 INR? Again, if I buy 1 BTC @ 70000 INR at BTCXIndia, will I get 0.99 BTC?

Please clarify...

Topic: How CoinSecure & BTCXIndia collect fees? (Read 2671 times)