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sureshnsnet

legendary

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Quote from: jatin729 on October 13, 2019, 04:34:53 AM

Quote from: SwayStar123 on October 02, 2019, 06:42:12 AM

So recently you can start buying bitcoin from binance using debit card, but since banks are closing accounts which use bitcoin, is it safe? If i use my debit card to buy bitcoin on binance will my bank account close?

There is no issue with buying crypto using Indian cards but keep in mind that you don't have to mentioned any remark related to crypto while doing payment. I better advice you to use CoinDCX or wazirX, one of safest and fastest way for purchasing crypto.

Yes mate you are right the coindcx and wazirx are bets for Indian crypto users, there we can do p2p exchange with any issue and the transaction can not be identified as crypto-related so it is safe to do the crypto deal there.

chronicsky

legendary

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Just looking for peace

Quote from: Stedsm on October 16, 2019, 09:27:44 AM

Quote from: jatin729 on October 13, 2019, 04:34:53 AM

Quote from: SwayStar123 on October 02, 2019, 06:42:12 AM

So recently you can start buying bitcoin from binance using debit card, but since banks are closing accounts which use bitcoin, is it safe? If i use my debit card to buy bitcoin on binance will my bank account close?

There is no issue with buying crypto using Indian cards but keep in mind that you don't have to mentioned any remark related to crypto while doing payment. I better advice you to use CoinDCX or wazirX, one of safest and fastest way for purchasing crypto.

Why won't there be any issue? Even if OP doesn't add any remark related to crypto, won't the Bank be able to see where did they send the money? It will be shown clearly in the statement and they may easily trace you because if you're able to do it once, no wonder you'll try and make your move the second time and go on and on until traced. Make sure that if the Gov's Psychotic crypto ban bill comes into action, OP will get the worst surprise of his entire life by being thrown behind the bars. Using P2P is really good when you know whom you're dealing with and the end party needs to be trustworthy as well, so not to reveal anything crypto related if they file their returns because some are too honest and they don't know that they don't just get stuck alone, but also take the other party scrutinized. Wink

Despite what people might think, there are quite few crypto users in India and the govt doesn't have enough resource to go behind everyone, they just gonna be looking for HNI. So yeah, if you are a HNI, you should be careful about trading with any exchange as well and even at P2P- you could be cross connected if your P2P partner does exchange trading or so.

You can indeed file crypto related returns though, the law SHOULDN'T be to jail individuals that were dealing in crypto but more from the date it should be active IMHO. But as they say, better safe than sorry.

Stedsm

legendary

Activity: 3052

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Quote from: jatin729 on October 13, 2019, 04:34:53 AM

Quote from: SwayStar123 on October 02, 2019, 06:42:12 AM

So recently you can start buying bitcoin from binance using debit card, but since banks are closing accounts which use bitcoin, is it safe? If i use my debit card to buy bitcoin on binance will my bank account close?

There is no issue with buying crypto using Indian cards but keep in mind that you don't have to mentioned any remark related to crypto while doing payment. I better advice you to use CoinDCX or wazirX, one of safest and fastest way for purchasing crypto.

Why won't there be any issue? Even if OP doesn't add any remark related to crypto, won't the Bank be able to see where did they send the money? It will be shown clearly in the statement and they may easily trace you because if you're able to do it once, no wonder you'll try and make your move the second time and go on and on until traced. Make sure that if the Gov's Psychotic crypto ban bill comes into action, OP will get the worst surprise of his entire life by being thrown behind the bars. Using P2P is really good when you know whom you're dealing with and the end party needs to be trustworthy as well, so not to reveal anything crypto related if they file their returns because some are too honest and they don't know that they don't just get stuck alone, but also take the other party scrutinized. Wink

jatin729

full member

Activity: 812

Merit: 108

Quote from: SwayStar123 on October 02, 2019, 06:42:12 AM

So recently you can start buying bitcoin from binance using debit card, but since banks are closing accounts which use bitcoin, is it safe? If i use my debit card to buy bitcoin on binance will my bank account close?

There is no issue with buying crypto using Indian cards but keep in mind that you don't have to mentioned any remark related to crypto while doing payment. I better advice you to use CoinDCX or wazirX, one of safest and fastest way for purchasing crypto.

dhavalnc

jr. member

Activity: 51

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I tried coinmama long time ago but my credit card transaction was declined by bank.

libert19

hero member

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Quote from: legendster on October 03, 2019, 10:33:50 AM

Quote from: SwayStar123 on October 02, 2019, 06:42:12 AM

So recently you can start buying bitcoin from binance using debit card, but since banks are closing accounts which use bitcoin, is it safe? If i use my debit card to buy bitcoin on binance will my bank account close?

You are safe to buy Bitcoins as of now with your credit / debit card because you are not a commercial institution. There is no ban on personal ownership or transaction on Bitcoins. And probably there never will be, despite the rumors you hear.

So you can easily buy the coins with your card through Binance. But just be careful that you are not landing on a phishing / fake binance page. And definitely, do not save your card info in your browser.

You might also need to consider the enormous fees that you may incur when buying with cards.

What?

Doesn't these transactions come under rbi? Also, since this would be overseas transaction — it will come under FEMA.

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: chronicsky on October 06, 2019, 09:11:47 AM

Understood KYC but really crazy on KYC again for different IP. You sure, you don't mean 2FA instead of KYC with different IP?
Can you also share the conversion price rate fee for USD ??

The conversion charges was around 74 rupees per dollar when i conducted the transaction, i am not talking about 2FA, i usually travel most of the time and they asked to submit twice when i transacted and not every time they asked for the complete KYC details.

Quote from: chronicsky on October 06, 2019, 09:11:47 AM

Understood, it's forex - not Crypto
Smart way to buy when there are no cheaper options.

There are many loopholes with every restrictions and people will explore those to have an option if there is an extreme step taken by the government.
Just carried out these transactions to help my friends too and to explore the possibilities and nothing else.

chronicsky

legendary

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Just looking for peace

Quote from: SaShiRaJaVu on October 06, 2019, 06:14:39 AM

Quote from: chronicsky on October 06, 2019, 03:45:18 AM

But since we are on this topic, the payment was done in INR or converted to USD/EUR and then done? In which case there should be conversion charges as well? Boooo for KYC Tongue

Yes i purchased USD and there will be conversion charges also and that is deducted from the bank directly, Yes every purchase you make you need to perform the KYC if you are logging in from different IP, which means if you are travelling. When we have P2P methods it is the best option, i made this purchase for a friend.

Quote from: eaLiTy on October 06, 2019, 07:41:54 AM

Quote from: chronicsky on October 06, 2019, 03:45:18 AM

Boooo for KYC Tongue

To clarify the KYC details you need to furnish to carry on the transaction.

Verify you mobile number and Email address
I submitted my passport, you can submit any government ID
They ask for a selfie with the card you are using

The hurdles are these to carry out a transaction and that too the transaction charges and the conversion charges are really high.

Understood KYC but really crazy on KYC again for different IP. You sure, you don't mean 2FA instead of KYC with different IP?
Can you also share the conversion price rate fee for USD ??

Quote from: SaShiRaJaVu on October 06, 2019, 06:14:39 AM

Quote from: chronicsky on October 06, 2019, 03:45:18 AM

that was my main question. So it will say Binance, i wonder if our govt can pick what it means from that word alone.

Even if they pick that name there is nothing the government can do as the purchase made through that transaction is US dollars and there is no law restricting any user to purchase dollar in India Cheesy

.

Quote from: eaLiTy on October 06, 2019, 07:41:54 AM

Quote from: chronicsky on October 06, 2019, 03:45:18 AM

So it will say Binance, i wonder if our govt can pick what it means from that word alone.

We are not using the card to purchase bitcoin or any virtual currency and hence they cannot legally do anything and more over i have confirmed with the lawyers and i have the transaction receipt of the Dollar or Euro purchased. Forex trading is not illegal as per the law .

Understood, it's forex - not Crypto

Smart way to buy when there are no cheaper options.

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: chronicsky on October 06, 2019, 03:45:18 AM

Boooo for KYC Tongue

To clarify the KYC details you need to furnish to carry on the transaction.

Verify you mobile number and Email address
I submitted my passport, you can submit any government ID
They ask for a selfie with the card you are using

The hurdles are these to carry out a transaction and that too the transaction charges and the conversion charges are really high.

Quote from: chronicsky on October 06, 2019, 03:45:18 AM

So it will say Binance, i wonder if our govt can pick what it means from that word alone.

We are not using the card to purchase bitcoin or any virtual currency and hence they cannot legally do anything and more over i have confirmed with the lawyers and i have the transaction receipt of the Dollar or Euro purchased. Forex trading is not illegal as per the law .

SaShiRaJaVu

hero member

Activity: 1694

Merit: 541

Quote from: chronicsky on October 06, 2019, 03:45:18 AM

But since we are on this topic, the payment was done in INR or converted to USD/EUR and then done? In which case there should be conversion charges as well? Boooo for KYC Tongue

Yes i purchased USD and there will be conversion charges also and that is deducted from the bank directly, Yes every purchase you make you need to perform the KYC if you are logging in from different IP, which means if you are travelling. When we have P2P methods it is the best option, i made this purchase for a friend.

Quote from: chronicsky on October 06, 2019, 03:45:18 AM

that was my main question. So it will say Binance, i wonder if our govt can pick what it means from that word alone.

Even if they pick that name there is nothing the government can do as the purchase made through that transaction is US dollars and there is no law restricting any user to purchase dollar in India Cheesy

.

chronicsky

legendary

Activity: 2828

Merit: 1222

Just looking for peace

Quote from: erikalui on October 06, 2019, 03:07:24 AM

The member is referring to this website: https://www.simplex.com/

~snip~

Yes i understand that Binance is working in collab with Simplex for international Buyers Ease.

Quote from: SaShiRaJaVu on October 06, 2019, 03:32:23 AM

Quote from: chronicsky on October 06, 2019, 01:25:44 AM

Can you explain a little more on transaction?

Simplex have a transaction charge of 3.5% and their partner site will have their percentage, i made around INR 4,00,000 transaction and the fees was around INR 15,000. I will not advice this method to anyone as the transaction and other charges levied are bigger and P2P is the best form.
There is a full on KYC where you add your entire details including your phone number, it is a big process to make these transaction and you need patience. But the amount is credited as soon as they are verified.

Yes, wouldn't recommend to go on international sites/exchange to buy unless you know what you're doing.
But since we are on this topic, the payment was done in INR or converted to USD/EUR and then done? In which case there should be conversion charges as well?

Boooo for KYC Tongue

Quote from: SaShiRaJaVu on October 06, 2019, 03:32:23 AM

Quote from: chronicsky on October 06, 2019, 01:25:44 AM

Does it just say Simplex or something more?

Done a transaction with binance and it says simplex binance in the statement. Done a few other transaction as well with the simplex method.
Basically they will add the partner name alongside simplex, with Coinmama in the statement it appears as simplex Coinmama.

Hope this is clear to everyone.

Thank you!
that was my main question. So it will say Binance, i wonder if our govt can pick what it means from that word alone.

SaShiRaJaVu

hero member

Activity: 1694

Merit: 541

Quote from: chronicsky on October 06, 2019, 01:25:44 AM

Can you explain a little more on transaction?

Simplex have a transaction charge of 3.5% and their partner site will have their percentage, i made around INR 4,00,000 transaction and the fees was around INR 15,000. I will not advice this method to anyone as the transaction and other charges levied are bigger and P2P is the best form.
There is a full on KYC where you add your entire details including your phone number, it is a big process to make these transaction and you need patience. But the amount is credited as soon as they are verified.

Quote from: chronicsky on October 06, 2019, 01:25:44 AM

Does it just say Simplex or something more?

Done a transaction with binance and it says simplex binance in the statement. Done a few other transaction as well with the simplex method.
Basically they will add the partner name alongside simplex, with Coinmama in the statement it appears as simplex Coinmama.

Hope this is clear to everyone.

erikalui

legendary

Activity: 2632

Merit: 1094

Quote from: chronicsky on October 06, 2019, 01:25:44 AM

Can you explain a little more on transaction?

Does it just say Simplex or something more?

Would appreciate a simple copy paste of the transaction detail if not too much to ask

Thank you

The member is referring to this website: https://www.simplex.com/

It lets you buy crypto from binance and other exchanges with credit cards so that even international members can buy crypto without any restrictionsbut I can see mainly credit card payments, not debit cards I guess.

chronicsky

legendary

Activity: 2828

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Just looking for peace

Quote from: SaShiRaJaVu on October 06, 2019, 12:40:36 AM

For everyone who is planning to purchase using binance there is nothing illegal about what you are doing as you will be purchasing US dollar or Euro according to your choice and not any crypto with the card, so there is nothing illegal about it. The processing platform is simplex and you need to carry on some verification process and the transaction in my statement was given as simplex and remember there is conversion charges too, it is better to use LBC or Wazirx.

NP: credit goes to my friend here for helping with simplex process Wink

.

Can you explain a little more on transaction?

Does it just say Simplex or something more?

Would appreciate a simple copy paste of the transaction detail if not too much to ask

Thank you

SaShiRaJaVu

hero member

Activity: 1694

Merit: 541

For everyone who is planning to purchase using binance there is nothing illegal about what you are doing as you will be purchasing US dollar or Euro according to your choice and not any crypto with the card, so there is nothing illegal about it. The processing platform is simplex and you need to carry on some verification process and the transaction in my statement was given as simplex and remember there is conversion charges too, it is better to use LBC or Wazirx.

NP: credit goes to my friend here for helping with simplex process Wink

.

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: chronicsky on October 05, 2019, 04:47:03 AM

You can buy bitcoin using your debit/credit card through Binance and other international exchange.

The RBI notice is for banks to not allow Indian Exchange for trading, you are free to do it as an individual. Also, they have no way to know/understand that it's being done for purchase of bitcoin, unless it shows up as such in transaction.

Though keep in mind the scams going around, and ofcourse the international INR to Eur/Usd Conversion fee, you will end up paying more. You can do better buying on LBC or other Indian exchanges.

I wonder what is the statement that shows up on the bill when buying from Binance. Probably it would be their credit / debit card processing company.

Does anyone here know which company that is? Or the name that it shows up on the statement?

chronicsky

legendary

Activity: 2828

Merit: 1222

Just looking for peace

You can buy bitcoin using your debit/credit card through Binance and other international exchange.

The RBI notice is for banks to not allow Indian Exchange for trading, you are free to do it as an individual. Also, they have no way to know/understand that it's being done for purchase of bitcoin, unless it shows up as such in transaction.

Though keep in mind the scams going around, and ofcourse the international INR to Eur/Usd Conversion fee, you will end up paying more. You can do better buying on LBC or other Indian exchanges.

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: SwayStar123 on October 02, 2019, 06:42:12 AM

So recently you can start buying bitcoin from binance using debit card, but since banks are closing accounts which use bitcoin, is it safe? If i use my debit card to buy bitcoin on binance will my bank account close?

You are safe to buy Bitcoins as of now with your credit / debit card because you are not a commercial institution. There is no ban on personal ownership or transaction on Bitcoins. And probably there never will be, despite the rumors you hear.

So you can easily buy the coins with your card through Binance. But just be careful that you are not landing on a phishing / fake binance page. And definitely, do not save your card info in your browser.

You might also need to consider the enormous fees that you may incur when buying with cards.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: SwayStar123 on October 02, 2019, 06:42:12 AM

So recently you can start buying bitcoin from binance using debit card, but since banks are closing accounts which use bitcoin, is it safe? If i use my debit card to buy bitcoin on binance will my bank account close?

I am not sure if you can buy bitcoin or any other crypto from Binance using an Indian debit card, but if you do, it is highly possible to get banned from banking channel! because the banking ban of RBI is still in force even though a court case is ongoing! Supreme court didn't issue any stay order on that banking ban. So to be on a safer side, it is better not to use Indian banking channel for crypto related transactions!

As already mentioned above, use p2p channels like paxful or localbitcoins instead!

akram143

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★777Coin.com★ Fun BTC Casino!

Quote from: SwayStar123 on October 02, 2019, 06:42:12 AM

So recently you can start buying bitcoin from binance using debit card, but since banks are closing accounts which use bitcoin, is it safe? If i use my debit card to buy bitcoin on binance will my bank account close?

I'm not sure is this possible to do,because RBI banned crypto related transactions with any exchanges so how binance can managed to make it possible?

Yes,you are in danger of account got frozen if you do.

You will be safe when go with p2p sites.

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