How do you convert your BTC and cryptos to INR - page 2.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: elevates on October 18, 2023, 11:26:22 AM

-snip-

Cool down there fellow mate. I am sure the intention of the OP was to make a thread for those who might be in need of such a topic and not promote the idea that bitcoins should be sold away for INR. Someone may have coins at hand and need to spend them for emergency because they did not bother to keep funds separate for that mater.

Anyway, OP should comment on what the tax situation for such transactions have been. That 30% is a big number out there.

One method to avoid all these problems is through giftcards. But I never made a head to head comparison of fees spent on exchanges and on giftcards.

elevates

sr. member

Activity: 756

Merit: 390

Stop converting your Bitcoins to INR, if you don't understand the value of Bitcoin then you are a shit asking such a question. Bitcoin is more valuable than INR, if it wasn't then you would have been hiding behind a cave. You came here for what to know what?. Being a low rank member you should encourage a point for adopting Bitcoin, whereas you are talking how to get the most from Bitcoin for INR.

Bitcoin Smith

sr. member

Activity: 910

Merit: 284

I used Binance and Localbitcoins website in the past, but now I'm only using Paxful for converting especially BTC to INR on rare occasions. And 1% trading fees on Paxful but it doesn't hurt much as long as I can find trusted traders with no TDS deduction, so literally I am paying zero fee for converting BTC to INR, but you should be very careful on Paxful where lot of new accounts offer 10-40% over market price but if you receive funds from their account then next day you will get a call from bank says that you received money from hacked bank account.

Choose trusted trade partners only, if you choose p2p mode trade and never compromise on it.

bitnote

jr. member

Activity: 70

Merit: 5

The most efficient approach to exchange BTC or other cryptocurrencies for INR is through the P2P method on reputable cryptocurrency exchanges.
This method allows me to convert my crypto into fiat currency without charging any fees.

I typically allocate my funds into cryptocurrencies that I don't intend to use for my day-to-day expenses, which is why I don't frequently convert crypto to INR. However, should the need arise, I would opt for the P2P method since it's fee-free on numerous exchanges, and it offers flexibility in terms of payment methods.

libert19

hero member

Activity: 2520

Merit: 952

I use colodax, I'm already using it for couple years and it's working fine. Although, rates I get are quite fked up at times, but I find it convinient and trusted from what I've experienced.

SaShiRaJaVu

hero member

Activity: 1694

Merit: 541

It would be great, if there is a comparison of different exchanges we can use and their fees.

Stopped using Wazirx after the raid from ED, bet they will be sending all user information to government authorities and make sure you pay all the taxes.

Still using Binance P2P as it is highly unlikely they will be sending information unless requested by the government.

LucyFurr

jr. member

Activity: 52

Merit: 10

PoW>>>PoS

Hey guys, I thought sharing your ways of converting BTC to INR or vice versa may be helpful for other users from our community because every exchange and trading platform has a different fee structure so this may help to identify the best and cheapest option to convert our cryptos to Rupees.

I am using Wazirx for converting my BTC to INR because the price on that platform is always 3-4% above the market price (I mean from corimarketcap price) so we can get better deals compared to other exchanges but 1% TDS will be deducted along with trading fee once the trade order executed, then we also have to pay a withdrawal fee of RS.10 for NEFT and 25 for IMPS.

The normal trading fee is 0.4% but if you are holding WRX tokens then you will get discounts accordingly.

Topic: How do you convert your BTC and cryptos to INR - page 2. (Read 337 times)