Topic: Too much price difference in Google search vs actual Indian exchange (Read 4082 times)

Quote from: Blackshadow007 on May 26, 2017, 05:45:48 AM

Quote from: bitcoinisbest on June 27, 2017, 12:42:08 PM

True. Everyone in India is selling at a premium. Too much greed?

If it was only user-to-user exchange rate (coinsecure) which was at premium rates, i would call it greed.

But the direct buy (unocoin) prices are also at same level. This much difference cannot be attributed only to currrency conversion charges, right?

Coinsecure price always been way much lower then compared of unocoin and zebpay. Can anyone suggest me any foreign exchange from where I can buy BTC

You can buy if you have Moneypolo Verified account . Add funds via Credit / Debit card and then withdraw as BTC-E Code or withdraw to OKPAY then get bitcoin [ Total process can get you 6 - 8% fees ]

Awesome i was really looking into this i dint find any way to add fund and buy bitcoin .But again lots of things foreign exvchange and also FEMA limit . Why indian comapnies keeping huge margin for Buy and sell . Even my lots of friends who are just beginners want to invest while am showing these apps they also get back their step by seeing buy and sell price.

You can buy from bitlish.com(KYC to be submitted) through credit card.

Current price - 2345$

Fee-4%+0.25$=~95$

Now Convert it to INR=2440x65=158600

Plus Foreign conversion markup fee+tax on CC=4.1% =165103

Current price on coinsecure 189000

Profit-->189000-165103=23897(in one day)

I have not included exchange fee and bitcoin transfer fee

If you do this method often you will come under FEMA act of Indian Govt.

There is a limit of 10L or 50L per year for credit cards under FEMA act,not much sure about this..

sardasa

hero member

Activity: 1064

Merit: 502

* Buying Bitcoin *

-snip-
Have you used CC or DC? And which is more advisable to use CC or DC? Is there any difference in the fees anywhere when DC or CC is being used to purchase btc. How much time it takes to make a purchase, is the amount deposited in bitlish.com instant or it takes time?

For bitlish.com it does not matter whether it's CC or DC. It would matter to you as consumer, you might get more reward points when using CC instead of DC (depending upon your CC issuer) and then you can pay your CC bill after few days in next few months.
During this time you can sell your BTC and earn some profit and pay your CC bill with your profit too.

Deposit time should be instant whether one uses CC or DC. FX conversion should also be the same whether one uses CC or DC.
Once USD/EUR is deposited in your Bitlish account then you're able to buy BTC instantly.

bitcoinisbest

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Activity: 1218

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Quote from: btcrocks on June 27, 2017, 10:17:53 AM

Quote from: ?? on ??

Quote from: Blackshadow007 on May 26, 2017, 05:45:48 AM

True. Everyone in India is selling at a premium. Too much greed?

If it was only user-to-user exchange rate (coinsecure) which was at premium rates, i would call it greed.

But the direct buy (unocoin) prices are also at same level. This much difference cannot be attributed only to currrency conversion charges, right?

Coinsecure price always been way much lower then compared of unocoin and zebpay. Can anyone suggest me any foreign exchange from where I can buy BTC

You can buy if you have Moneypolo Verified account . Add funds via Credit / Debit card and then withdraw as BTC-E Code or withdraw to OKPAY then get bitcoin [ Total process can get you 6 - 8% fees ]

You can buy from bitlish.com(KYC to be submitted) through credit card.

Current price - 2345$

Fee-4%+0.25$=~95$

Now Convert it to INR=2440x65=158600

Plus Foreign conversion markup fee+tax on CC=4.1% =165103

Current price on coinsecure 189000

Profit-->189000-165103=23897(in one day)

I have not included exchange fee and bitcoin transfer fee

If you do this method often you will come under FEMA act of Indian Govt.

There is a limit of 10L or 50L per year for credit cards under FEMA act,not much sure about this..

Does the normal Indian debit/credit card works in that?

Yes, it will work I have already done few trades, but right now it's not advisable as the market is in the downtrend and you may end up with a huge loss.

Have you used CC or DC? And which is more advisable to use CC or DC? Is there any difference in the fees anywhere when DC or CC is being used to purchase btc. How much time it takes to make a purchase, is the amount deposited in bitlish.com instant or it takes time?

btcrocks

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Activity: 546

Merit: 255

Quote from: ?? on ??

Quote from: Blackshadow007 on May 26, 2017, 05:45:48 AM

Quote from: sardasa on June 26, 2017, 01:58:07 PM

True. Everyone in India is selling at a premium. Too much greed?

If it was only user-to-user exchange rate (coinsecure) which was at premium rates, i would call it greed.

But the direct buy (unocoin) prices are also at same level. This much difference cannot be attributed only to currrency conversion charges, right?

Coinsecure price always been way much lower then compared of unocoin and zebpay. Can anyone suggest me any foreign exchange from where I can buy BTC

You can buy if you have Moneypolo Verified account . Add funds via Credit / Debit card and then withdraw as BTC-E Code or withdraw to OKPAY then get bitcoin [ Total process can get you 6 - 8% fees ]

You can buy from bitlish.com(KYC to be submitted) through credit card.

Current price - 2345$

Fee-4%+0.25$=~95$

Now Convert it to INR=2440x65=158600

Plus Foreign conversion markup fee+tax on CC=4.1% =165103

Current price on coinsecure 189000

Profit-->189000-165103=23897(in one day)

I have not included exchange fee and bitcoin transfer fee

If you do this method often you will come under FEMA act of Indian Govt.

There is a limit of 10L or 50L per year for credit cards under FEMA act,not much sure about this..

Does the normal Indian debit/credit card works in that?

Yes, it will work I have already done few trades, but right now it's not advisable as the market is in the downtrend and you may end up with a huge loss.

karan1498

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Activity: 163

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How can an Indian buy BTC at International rates without getting ripped off and ending up paying same rates as Indian markets?

it only works when in india everyone is selling at more premium than the market rate . like about 15-20% above the market rate .

Quote from: bitcoinisbest on June 27, 2017, 01:37:55 AM

Well what do you do then, do you buy from International market or from Indian market? If from International then how much % of total fees do you pay in turn, like depositing withdrawing etc. Also what are FEMA laws etc are you aware of it?

FEMA laws, i am not aware much about the laws , but the limits are 250k$ and if you buying via cards you shouldnt be worrying much about the laws ! Even if you do bank wires , you only need to tackle bank . laws will affect you i guess after you cross the limits, which finds you suspicious . I pay anywhere between 9-12% fee in total .

bitcoinisbest

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Activity: 1218

Merit: 557

Quote from: karan1498 on June 26, 2017, 09:16:35 AM

Quote from: bitcoinisbest on June 26, 2017, 06:39:10 AM

Well adding so much fees and time consuming so its better you can buy at Indian exchanges or local bitcoin or on this forum where you will get the btc quickly and also you do not have to much worry about the various international rules, FEMA , bank inquiry if they see some big amount through CC/DC etc.

Who will buy at so much premium!! Everyone wants at intl market rate!

Well what do you do then, do you buy from International market or from Indian market? If from International then how much % of total fees do you pay in turn, like depositing withdrawing etc. Also what are FEMA laws etc are you aware of it?

sardasa

hero member

Activity: 1064

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* Buying Bitcoin *

Quote from: karan1498 on June 26, 2017, 09:16:35 AM

Quote from: bitcoinisbest on June 26, 2017, 06:39:10 AM

Well adding so much fees and time consuming so its better you can buy at Indian exchanges or local bitcoin or on this forum where you will get the btc quickly and also you do not have to much worry about the various international rules, FEMA , bank inquiry if they see some big amount through CC/DC etc.

Who will buy at so much premium!! Everyone wants at intl market rate!

How can an Indian buy BTC at International rates without getting ripped off and ending up paying same rates as Indian markets?

karan1498

full member

Activity: 163

Merit: 100

Quote from: bitcoinisbest on June 26, 2017, 06:39:10 AM

Well adding so much fees and time consuming so its better you can buy at Indian exchanges or local bitcoin or on this forum where you will get the btc quickly and also you do not have to much worry about the various international rules, FEMA , bank inquiry if they see some big amount through CC/DC etc.

Who will buy at so much premium!! Everyone wants at intl market rate!

bitcoinisbest

hero member

Activity: 1218

Merit: 557

Well adding so much fees and time consuming so its better you can buy at Indian exchanges or local bitcoin or on this forum where you will get the btc quickly and also you do not have to much worry about the various international rules, FEMA , bank inquiry if they see some big amount through CC/DC etc.

sardasa

hero member

Activity: 1064

Merit: 502

* Buying Bitcoin *

Quote from: eXpl0sive on June 23, 2017, 03:18:56 AM

Quote from: onrise on June 22, 2017, 12:54:05 PM

Quote from: iamrohitkgupta on November 26, 2016, 11:16:20 AM

Quote from: erikalui on November 25, 2016, 08:40:53 AM

That's the reason I prefer buying at international exchanges and selling at Indian exchanges due to the rate difference.

How do I, as an Indian, buy bitcoins from international exchange?

I think cex.io is a good exchanger if you want to buy international. I have been using it for awhile now. The rates are abit lower in comparison to Indian exchange websites

Are you an Indian or NRI? If Indian how much btc you buy regularly and how do you do payment through? What are the fees involved in buying/selling and wire transfer charges and withdrawal? How many days it takes to send the money too?

I was browsing their site yesterday and came across this:

cex.io/limits-commissions

They accept credit cards also, even from unverified customers. But they charge 3.5% fees on credit cards, apart from your CC company would also charge 3.5%. So you end up paying 7% fees for deposits.

Although I can see they also accept wire transfer which has low fees, but that might be difficult to execute from an Indian bank account.

Not only this, their BTC/USD rates are way above preev. If you buy at that rate using your credit/debit card then you would end up paying more than what you would have paid to our very own Indian Exchanges for the same amount of BTC.

eXpl0sive

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waiting to explode

Quote from: onrise on June 22, 2017, 12:54:05 PM

Quote from: iamrohitkgupta on November 26, 2016, 11:16:20 AM

Quote from: erikalui on November 25, 2016, 08:40:53 AM

That's the reason I prefer buying at international exchanges and selling at Indian exchanges due to the rate difference.

How do I, as an Indian, buy bitcoins from international exchange?

I think cex.io is a good exchanger if you want to buy international. I have been using it for awhile now. The rates are abit lower in comparison to Indian exchange websites

Are you an Indian or NRI? If Indian how much btc you buy regularly and how do you do payment through? What are the fees involved in buying/selling and wire transfer charges and withdrawal? How many days it takes to send the money too?

I was browsing their site yesterday and came across this:

cex.io/limits-commissions

They accept credit cards also, even from unverified customers. But they charge 3.5% fees on credit cards, apart from your CC company would also charge 3.5%. So you end up paying 7% fees for deposits.

Although I can see they also accept wire transfer which has low fees, but that might be difficult to execute from an Indian bank account.

onrise

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Quote from: iamrohitkgupta on November 26, 2016, 11:16:20 AM

Quote from: erikalui on November 25, 2016, 08:40:53 AM

That's the reason I prefer buying at international exchanges and selling at Indian exchanges due to the rate difference.

How do I, as an Indian, buy bitcoins from international exchange?

I think cex.io is a good exchanger if you want to buy international. I have been using it for awhile now. The rates are abit lower in comparison to Indian exchange websites

Are you an Indian or NRI? If Indian how much btc you buy regularly and how do you do payment through? What are the fees involved in buying/selling and wire transfer charges and withdrawal? How many days it takes to send the money too?

eXpl0sive

hero member

Activity: 574

Merit: 502

waiting to explode

Quote from: iamrohitkgupta on November 26, 2016, 11:16:20 AM

Quote from: erikalui on November 25, 2016, 08:40:53 AM

That's the reason I prefer buying at international exchanges and selling at Indian exchanges due to the rate difference.

How do I, as an Indian, buy bitcoins from international exchange?

I think cex.io is a good exchanger if you want to buy international. I have been using it for awhile now. The rates are abit lower in comparison to Indian exchange websites

Do you deposit fiat via credit card or wire transfer?

freundes

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Quote from: iamrohitkgupta on November 26, 2016, 11:16:20 AM

Quote from: erikalui on November 25, 2016, 08:40:53 AM

That's the reason I prefer buying at international exchanges and selling at Indian exchanges due to the rate difference.

How do I, as an Indian, buy bitcoins from international exchange?

I think cex.io is a good exchanger if you want to buy international. I have been using it for awhile now. The rates are abit lower in comparison to Indian exchange websites

cracxme

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Activity: 170

Merit: 100

Quote from: karan1498 on June 07, 2017, 04:10:50 AM

yeah lol . i knew this limit , but i didnt knw if this applies for card foreign (online) use also . I still think its only for remittance but i am not sure as people in this thread say it applies in any way .

Limit is inclusive of all expenses doesn't matter you pay via wire transfer or shop online from your debit/credit card

karan1498

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yeah lol . i knew this limit , but i didnt knw if this applies for card foreign (online) use also . I still think its only for remittance but i am not sure as people in this thread say it applies in any way .

btcrocks

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Activity: 546

Merit: 255

Quote from: cracxme on June 06, 2017, 09:53:03 PM

Currently FEMA limit is $250,000 per year per person in India

Nice, was waiting for someone to post the exact limit.Things should be clear for everyone in this thread now.

cracxme

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Currently FEMA limit is $250,000 per year per person in India

deadley

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Quote from: karan1498 on May 28, 2017, 03:33:12 AM

dude this fema thing is for outward remittance right? the limits is for if you wire your funds in usd/eur right? this doesnt count in for debit/credit pos transactions.

lol, if you don't know anything then don't post unsubstantial post. FEMA applicable when you send fund from India to outside, doesn't matter how you send.

There is limit for individual for sending fund outside India.

karan1498

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dude this fema thing is for outward remittance right? the limits is for if you wire your funds in usd/eur right? this doesnt count in for debit/credit pos transactions.

Blackshadow007

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Currency Xchanger™

Quote from: Blackshadow007 on May 26, 2017, 05:45:48 AM

Quote from: cryptoguy2 on May 26, 2017, 10:36:55 AM

True. Everyone in India is selling at a premium. Too much greed?

If it was only user-to-user exchange rate (coinsecure) which was at premium rates, i would call it greed.

But the direct buy (unocoin) prices are also at same level. This much difference cannot be attributed only to currrency conversion charges, right?

Coinsecure price always been way much lower then compared of unocoin and zebpay. Can anyone suggest me any foreign exchange from where I can buy BTC

You can buy if you have Moneypolo Verified account . Add funds via Credit / Debit card and then withdraw as BTC-E Code or withdraw to OKPAY then get bitcoin [ Total process can get you 6 - 8% fees ]

You can buy from bitlish.com(KYC to be submitted) through credit card.

Current price - 2345$

Fee-4%+0.25$=~95$

Now Convert it to INR=2440x65=158600

Plus Foreign conversion markup fee+tax on CC=4.1% =165103

Current price on coinsecure 189000

Profit-->189000-165103=23897(in one day)

I have not included exchange fee and bitcoin transfer fee

If you do this method often you will come under FEMA act of Indian Govt.

There is a limit of 10L or 50L per year for credit cards under FEMA act,not much sure about this..

Very good suggestion will try this out , seems like BITLISH owner VIP of bitcointalk .

https://bitcointalksearch.org/topic/bitlish-lowest-visa-and-mastercard-fees-in-the-world-1272613

btcrocks

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Activity: 546

Merit: 255

Quote from: btcrocks on May 26, 2017, 10:30:49 AM

Quote from: bitcoinisbest on May 26, 2017, 10:28:07 AM

Quote from: Blackshadow007 on May 26, 2017, 05:45:48 AM