Trading bitcoin on indian exchange is a joke

traderethereum

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Quote from: gnjn on November 10, 2017, 09:53:57 AM

Bitcoin price has fallen down drastically today. Right now 1BTC = $6750. But on indian exchange zebpay it 5 lk($7700).
Observing it since last 3 hrs but price of bitcoin havent moved lower than 490000($7550).

if the price is still like that or its increase but its less than the other exchanges, i think people will do arbitrage trading and they will buy from that place and send into other exchanges to make a big profit. i am sure that if the gap of the price is big, there will be many people want to do arbitrage but before doing this, make sure that we thinking about the delay of the transaction and sometimes we could not make any profit because of the delay.

AjithBtc

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This is not a joke, similar incident took place when the demonetization took place in India last year. I believe this is due to the increased market demands. During last year when the price of bitcoin was around $750, in India it was trading for a price above $950. This has been used as an opportunity for arbitrage trading by the global traders.

13abyknight

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Welcome to the Indian Bitcoin scene where most exchanges are focused on making profit and don't care about customers and their experience. Zebpay is literally the biggest joke here as they set their own buy/sell prices irrespective of the price of Bitcoin and the users here are deluded enough to buy from them. With not many options to choose from and lbtc also being a hub for scammers, it is very difficult to trade Bitcoin effectively for profit in India.

aardvark15

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Quote from: gnjn on November 10, 2017, 09:53:57 AM

Bitcoin price has fallen down drastically today. Right now 1BTC = $6750. But on indian exchange zebpay it 5 lk($7700).
Observing it since last 3 hrs but price of bitcoin havent moved lower than 490000($7550).

Can’t you transfer your Bitcoins to a different exchange like Bittrex to do your trading? And if you can’t send them to a good reputable exchange with good trade volume, then you are probably better off putting your Bitcoins in a paper wallet and holding. In a few years you may have for exchanges available to you and your Bitcoins will most likely have gained a lot of value just sitting there anyway.

player514

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Quote from: gnjn on November 10, 2017, 09:53:57 AM

Bitcoin price has fallen down drastically today. Right now 1BTC = $6750. But on indian exchange zebpay it 5 lk($7700).
Observing it since last 3 hrs but price of bitcoin havent moved lower than 490000($7550).

I've heard some crazy things about bitcoin exchanges based on locations. It's ridiculous that people are trying to regulate the price so hard that it defeats the initial purpose of bitcoin anyway; those people who are running the exchanges are extremely greedy and refuse to think about anything but themselves.

http://money.cnn.com/2017/11/16/investing/bitcoin-zimbabwe-price/index.html

Take a look at this article. It seems something similar but much worse is happening in zimbabwe as well. It's just ridiculous.

BartS

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Quote from: Jack353 on November 11, 2017, 08:19:40 PM

Wow... I have never traded on an Indian exchange, but if this is true, then it is virtually impossible to trade on an Indian exchange without just guessing. This incorrect movement renders the charts useless as the price is being completely manipulated.

Is there any way for you to trade on an American exchange in India?

Good luck and do beware of price manipulation- especially to this extent! Tongue

Different exchanges have different prices there must be a reasons for the great disparity in the prices in Zimbabwe the prices are even more ridiculous and that is because there is great instability in the country, so the demand goes up and we know what happens when the demand of a product goes and the supply cannot meet the demand, the price goes up abruptly maybe something is happening in India that is making the price that high.

Jack353

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Wow... I have never traded on an Indian exchange, but if this is true, then it is virtually impossible to trade on an Indian exchange without just guessing. This incorrect movement renders the charts useless as the price is being completely manipulated.

Is there any way for you to trade on an American exchange in India?

Good luck and do beware of price manipulation- especially to this extent! Tongue

BartS

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Quote from: gnjn on November 10, 2017, 09:53:57 AM

Bitcoin price has fallen down drastically today. Right now 1BTC = $6750. But on indian exchange zebpay it 5 lk($7700).
Observing it since last 3 hrs but price of bitcoin havent moved lower than 490000($7550).

Instead of complaining take advantage of the arbitrage opportunity that you have, buy in the cheap exchange and then sell in the Indian exchange you will earn almost one thousand dollars for each bitcoin that you can buy and then sell, those are profits that are incredible even if you could only do a cycle once every three days that will still be 10k per month.

ene1980

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If the price of bitcoin in Indian exchanges are high,then you can take advantage of arbitrary trading and make a good amount of money than crying out loud,every exchange has their own price and since these exchanges only accepts people from India it is difficult for others to take advantage of this opportunity which really sucks. Grin

jekjekman

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Quote from: gnjn on November 10, 2017, 09:53:57 AM

Bitcoin price has fallen down drastically today. Right now 1BTC = $6750. But on indian exchange zebpay it 5 lk($7700).
Observing it since last 3 hrs but price of bitcoin havent moved lower than 490000($7550).

It is because of the Bid/Ask of the traders in that exchange that resulted of that price, not all of the price of Bitcoin in different countries and exchanges are the same though. I know that it is so far from what other major Bitcoin exchange price but it will stabilize to what is the mainstream price gradually just don't stress out yourself too much about this cause it happens for a reason maybe the volume in that exchange is not that high to be able to meet the mainstream price. It is not a joke though it can happen sometimes and it will happen again and again.

Willitivity

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Quote from: audaciousbeing on November 11, 2017, 09:37:56 AM

Quote from: gnjn on November 10, 2017, 09:53:57 AM

Bitcoin price has fallen down drastically today. Right now 1BTC = $6750. But on indian exchange zebpay it 5 lk($7700).
Observing it since last 3 hrs but price of bitcoin havent moved lower than 490000($7550).

Rather than complaining about not the right thing there you can as well tap into it if you from around there because what I see there is a perfect opportunity for arbitrage trading where you can buy cheap on one platform and sell high on the other but be sure you are doing it right because the large margin you see there might be as a result of their site hanging or not updating, also check if there is active market for buying and selling on the platform because for you to observe those differences, several others are also observing in which they might act on it.

Basically, this seems the best thing to do. Provided it's not a technical issue, one can leverage on this and make some good fortune out of it.
And make sure to be fast on it.

buyinbtc

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Quote from: gnjn on November 10, 2017, 09:53:57 AM

Bitcoin price has fallen down drastically today. Right now 1BTC = $6750. But on indian exchange zebpay it 5 lk($7700).
Observing it since last 3 hrs but price of bitcoin havent moved lower than 490000($7550).

Prices are different in every exchange more or less, i'm surprised to see 750$ price difference though. Is therr any reason why you can't trade in other exchanges besides this indian one? If there's no reason then you should do it.

soham

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I see an arbitraging opportunity here. Instead of complaining, I would have just check if there are buyers available at that price and just sol them some of my bitcoins at $7700 when the actual market price was at $6750. That's a $1000 profit for me. Also please be advised, that bitcoin is not yet legal in India. The deliberation is ongoing but we haven't yet received any great news to cheer on. So if the buyers were available at that price, I would have made a lot of profits within few minutes.

mobnepal

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Indian exchanges doesn't allow international traders to trade there because they only verify indian documents so there is no chance for any non-indians to sell their bitcoin there and cashed it out to their bank account. All bitcoin sold there are either earned by indians or sent to india by NRI from aboard. So supply is limited but recently demand for bitcoin has skyrocketed in india, so people are willing to pay more than market rate there.

TwSeventh

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what does that mean by 'joke' ?
they're not trolling you and others,why would you called them 'joke' ?
just like other people said about it,
everything is all depend on the trader themself,which mean they have a huge demand but less supply.
it's just because of the supply that they can deliver or seller not good enough to dump the market.
take it as an opportunity and get some of it as an instant profit.

ajqjjj

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Quote from: gnjn on November 10, 2017, 09:53:57 AM

Bitcoin price has fallen down drastically today. Right now 1BTC = $6750. But on indian exchange zebpay it 5 lk($7700).
Observing it since last 3 hrs but price of bitcoin havent moved lower than 490000($7550).

Toady has fall in bitcoin so many of the users are exchange tha coin.zebpay also smooth transaction. But network problem is create these type of issues. You should wait and exchange the cryptocurrency. Most exchanger also suffer in network issue. We only adjust these types errors. Don't spread rumour in the market.

miyaka26

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Well it is not a joke as the others said different exchanges have their own prices specially for local based exchange it may be vary from the local demand and users who still holding. If you check and compare other local exchanges they have different prices for buy and sell but the fact that it is a high price inspite what's happening to the bitcoin is a bit curious. Did you try to clear your browsers cookies and caches? sometimes your browsers save it that's why it shows the same but if that still the case it may be their exchange synching problem.

khufuking

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If I have someone paying 10 for something worth 5 , Why wouldn't I sell it . It is all depends on demand and supply , And as long as supply find the demand at that current level , There is no reason for them to decrease it . Once there is no demand at that price level , The price will fall down .

dothebeats

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You must know that all exchanges have their own price since those are completely different markets you're referring to. It is completely possible for an exchange to lag behind other areas prices due to how the market moves in that particular exchange and that's not being crazy. Bitcoin doesn't have any central exchange like stocks and global currencies do that's why prices are different.

DaMut

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it is not about joke or something like that but instead it's the demand itself,
local exchanger volume based on their local users,which mean the price totally created based on local users.
so it's not about crazy or something like that but instead it's all about the demand from their local users(buying or selling).
it might be due to the demand from Bitcoin users in indian,they want to buy Bitcoin but none of them selling it cheaper or atleast selling it at the same price with others because of that the price is increasing,
that is why the price is skyrocketting in there due to the supply that they can produce from their seller.
other than that it might be due to scam attempt,
but i did not hear about scam or problem with them(i might be wrong,but it would be better for you to do your own research before doing something in there).

but if everything is ok,
it's an opportunity for us trader,should be right ?

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