Indians should stop buying from Unocoin, Zebpay, Coinsecure, and EthexIndia - page 2.

cryptoheadd

hero member

Activity: 1036

Merit: 501

Quote from: ?? on ??

What's the problem in creating a payment gateway for buying bits just like Ecom sites.

Payment gateways don't provide service to Bitcoin related businesses yet due to the legality of Bitcoin at the moment.
So, no Bitcoin business can implement a gateway on their site.

I did see someone use a gateway on their site, but they are not selling anymore. Not sure how they were able to do it.

Here's a link of their site: https://www.tbit.in/

bitcoinisbest

hero member

Activity: 1218

Merit: 557

What I have understood is that when you compare from one country to another country the rate difference is where you find the all difference. What I think if you compare within country should be an idealistic rather than comparing with international market. Bcoz there would be 100's other stuff which may be cheaper but we still buy from India itself which is used in our daily needs.

karan1498

full member

Activity: 163

Merit: 100

INDIA is shit in all terms

ngin-x

full member

Activity: 308

Merit: 100

Quote from: Clement Kaliyar on May 27, 2017, 02:08:51 PM

If you are able to purchase the coins from an foreign exchange then you could make a good amount of profit with the price difference but if you are planning to make money within the exchanges in India i am not sure how much profitable it would be but i am impressed with the performance of Ethex India when it comes to bank transfer speed.

If there was a way to buy coins from foreign exchanges, the prices at Indian exchanges would have largely remained in sync with International prices due to arbitrage. But this is not possible due to control over fiat by the banks and the artificial restrictions they impose on buying internationally. This is exactly why we need Bitcoin to go mainstream and replace fiat in the decades to come. It's an international currency with no barriers, that alone is a good enough reason to adopt bitcoin.

The only way to make profit in India would be to use a trading platform with low fees. Unfortunately Coinsecure has been down for a while now. So a lot of missed opportunities there. Unocoin and Zebpay maintain huge spreads and it's very hard to make profits there. We can't use algorithms to determine buy and sell prices in a highly speculative market where buyers and sellers have wild mood swings but that is what some of these exchanges are trying to do.

Clement Kaliyar

hero member

Activity: 1302

Merit: 532

If you are able to purchase the coins from an foreign exchange then you could make a good amount of profit with the price difference but if you are planning to make money within the exchanges in India i am not sure how much profitable it would be but i am impressed with the performance of Ethex India when it comes to bank transfer speed.

ngin-x

full member

Activity: 308

Merit: 100

I think there should be some parity between International and Indian prices. All Indian exchanges are selling at 20-30% premium. The spread between buy and sell price is humongous at Unocoin and Zebpay. This is ridiculous and we are being taken for a ride. Do not buy from Unocoin, these guys sell at insanely high prices and then buy back at a 40% lower price. Talk about minting money.

Arjunking

newbie

Activity: 31

Merit: 0

Cause of recent hype, the uneducated investor has jumped in and they are making the most of it by selling it at a premium. Can't blame them. The demand is too high and they are in it for profits.

nativehasher

member

Activity: 73

Merit: 10

coinsecure looks quite sketchy to me..at least their staff is quite unprofessional

onrise

sr. member

Activity: 1512

Merit: 316

The above exchanges are good but now due to increase in price and demand both the exchanges are too slow in withdrawal or amount and btc. CS is taking 3-4 days for the withdrawal to process and their website is mostly down nowdays.

Hope they recover form this soon.

nativehasher

member

Activity: 73

Merit: 10

Is there any way to arbitrage b/w usd exchanges and Indian ones? I think getting Indian bank account would be difficult?

@prashant

hero member

Activity: 910

Merit: 505

Quote from: Absinthe on May 26, 2017, 04:23:01 AM

The KYC AML procedures backlog is over a week now. Ethex India doesn't even bother to pick up phone call or reply to email.

Customer support is non existent.

The premium by all these three exchanges is ridiculously high - over 30% compared to coinbase / coinmarketcap rate.

Most exchanges or sellers have now opened to Indian card holders as we use debit and not credit card - so we can't chargeback them.

Why are you using ethex ,use zebpay or coinsecure,and coinsecure give best bitcoin price india but zebpay is more faster in verifying.you can use any of them.
If indian will stop buying from these exchange then which exchange they should buy from? escrower or trusted exchange?local bitcoin? ,I would recommend you to use these two exchange as they are good as they have good reputation as well as good in service.

btcrocks

sr. member

Activity: 546

Merit: 255

Quote from: onrise on May 26, 2017, 05:52:57 AM

Difference between buy and sell among exchanges itself is too high .

For instance Bitzoxo is selling at 207000 and buying at 182000 I. E 25000 Rs per Btc they are earning . That is really way too high premium . Priced needs to be corrected .

You can check my response here, it will work for credit cards only.

https://bitcointalksearch.org/topic/m.19210987

onrise

sr. member

Activity: 1512

Merit: 316

Difference between buy and sell among exchanges itself is too high .

For instance Bitzoxo is selling at 207000 and buying at 182000 I. E 25000 Rs per Btc they are earning . That is really way too high premium . Priced needs to be corrected .

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Well guys sweet arbitrage opportunity right now for Indians . Just made pure 2500 INR profit today , crazy premium price in Indian exchanges lol Tongue

thanks to Moneypolo <3

Absinthe

newbie

Activity: 28

Merit: 0

The KYC AML procedures backlog is over a week now. Ethex India doesn't even bother to pick up phone call or reply to email.

Customer support is non existent.

The premium by all these three exchanges is ridiculously high - over 30% compared to coinbase / coinmarketcap rate.

Most exchanges or sellers have now opened to Indian card holders as we use debit and not credit card - so we can't chargeback them.

Topic: Indians should stop buying from Unocoin, Zebpay, Coinsecure, and EthexIndia - page 2. (Read 4872 times)