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Title: Arbitrage possibilities with the indian exchanges Post by: stoner on November 30, 2016, 06:44:44 PM The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges.
Currently the difference between Bitfinex (https://www.bitfinex.com) and Btc Trade India (https://btcindia.org/btcinr.php) is more than 140$ per bitcoin, and I intend to take some advantage of that. If my math is right, on a trade of 16btc I will make more than 2K. God bless India. Title: Re: Arbitrage possibilities with the indian exchanges Post by: lite on November 30, 2016, 07:48:02 PM The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges. It's a good opportunity, but on which exchanger will you be selling? btcindia.org looks like a scam min .5 btc to make a trade. i think you'll be asked for government id proofs and you also must have a bank account in any Indian bank on a real exchanger like zebpay, btcxindia.Currently the difference between Bitfinex (https://www.bitfinex.com) and Btc Trade India (https://btcindia.org/btcinr.php) is more than 140$ per bitcoin, and I intend to take some advantage of that. If my math is right, on a trade of 16btc I will make more than 2K. God bless India. Title: Re: Arbitrage possibilities with the indian exchanges Post by: stoner on November 30, 2016, 08:15:46 PM The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges. It's a good opportunity, but on which exchanger will you be selling? btcindia.org looks like a scam min .5 btc to make a trade. i think you'll be asked for government id proofs and you also must have a bank account in any Indian bank on a real exchanger like zebpay, btcxindia.Currently the difference between Bitfinex (https://www.bitfinex.com) and Btc Trade India (https://btcindia.org/btcinr.php) is more than 140$ per bitcoin, and I intend to take some advantage of that. If my math is right, on a trade of 16btc I will make more than 2K. God bless India. They didn't ask for a government ID, i've just traded 10.29 btc there: https://i.imgsafe.org/f32445ff7f.jpg https://blockchain.info/tx/2a9b2731e7f4a64a8942d74400ff700ca253162725dcddd74596147a17c98b59 I received the payout in 4-5 minutes so it is pretty fast. Title: Re: Arbitrage possibilities with the indian exchanges Post by: thehun on November 30, 2016, 11:35:01 PM Paypal??? No f...ink way!
Title: Re: Arbitrage possibilities with the indian exchanges Post by: stoner on November 30, 2016, 11:44:32 PM Paypal??? No f...ink way! You can request a bank payment instead (fo up to 20 btc), just send them an e-mail. I was considering the same, but i decided to stay with paypal since it's faster. Title: Re: Arbitrage possibilities with the indian exchanges Post by: Omura on November 30, 2016, 11:51:48 PM Paypal??? No f...ink way! You can request a bank payment instead (fo up to 20 btc), just send them an e-mail. I was considering the same, but i decided to stay with paypal since it's faster. Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved Title: Re: Arbitrage possibilities with the indian exchanges Post by: stoner on December 01, 2016, 12:03:41 AM Paypal??? No f...ink way! You can request a bank payment instead (fo up to 20 btc), just send them an e-mail. I was considering the same, but i decided to stay with paypal since it's faster. Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved Well I can't be afraid, they offered me to process my trades via bank {including this trade} so that makes them trustable for me... Title: Re: Arbitrage possibilities with the indian exchanges Post by: Omura on December 01, 2016, 12:20:01 AM Paypal??? No f...ink way! You can request a bank payment instead (fo up to 20 btc), just send them an e-mail. I was considering the same, but i decided to stay with paypal since it's faster. Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved Well I can't be afraid, they offered me to process my trades via bank {including this trade} so that makes them trustable for me... I hope you've not been scammed but the whole scenario just seems so suspicious... like in their FAQ they say the only payout method is paypal... throwing in bank details just seems like a ploy to appear legitimate and to get you to use paypal after they convince you how much quicker & more convenient it would be. Just my opinion, hope I'm wrong, sometimes I'm too suspicious of things. Title: Re: Arbitrage possibilities with the indian exchanges Post by: bolenath on December 01, 2016, 12:25:22 AM Hmmm, gonna be careful with this one for a while..
Title: Re: Arbitrage possibilities with the indian exchanges Post by: stoner on December 01, 2016, 12:30:03 AM Paypal??? No f...ink way! You can request a bank payment instead (fo up to 20 btc), just send them an e-mail. I was considering the same, but i decided to stay with paypal since it's faster. Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved Well I can't be afraid, they offered me to process my trades via bank {including this trade} so that makes them trustable for me... I hope you've not been scammed but the whole scenario just seems so suspicious... like in their FAQ they say the only payout method is paypal... throwing in bank details just seems like a ploy to appear legitimate and to get you to use paypal after they convince you how much quicker & more convenient it would be. Just my opinion, hope I'm wrong, sometimes I'm too suspicious of things. Yeah i see your point but there is no need to get suspicious about everything, it is not like they forced me to use paypal. I asked if i can get the payment via bank instead of paypal and they said yes {for max 20 btc trade}. And then i told them "thanks, i will stay with paypal"... Title: Re: Arbitrage possibilities with the indian exchanges Post by: Omura on December 01, 2016, 12:39:09 AM Paypal??? No f...ink way! You can request a bank payment instead (fo up to 20 btc), just send them an e-mail. I was considering the same, but i decided to stay with paypal since it's faster. Are you not afraid of the buyer reversing the transaction on paypal? I believe it's a real possibility, especially with $9k involved Well I can't be afraid, they offered me to process my trades via bank {including this trade} so that makes them trustable for me... I hope you've not been scammed but the whole scenario just seems so suspicious... like in their FAQ they say the only payout method is paypal... throwing in bank details just seems like a ploy to appear legitimate and to get you to use paypal after they convince you how much quicker & more convenient it would be. Just my opinion, hope I'm wrong, sometimes I'm too suspicious of things. Yeah i see your point but there is no need to get suspicious about everything, it is not like they forced me to use paypal. I asked if i can get the payment via bank instead of paypal and they said yes {for max 20 btc trade}. And then i told them "thanks, i will stay with paypal"... Being suspicious again, after you send BTC, one could argue that they might not even make the payment via bank transfer. Although same could be said for paypal payment... who knows.... you've got the money, hopefully everything works out, and you can make more from this arbitrage opportunity Title: Re: Arbitrage possibilities with the indian exchanges Post by: ~Bitcoin~ on December 01, 2016, 03:18:59 AM The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges. But how you gonna deposit to all those american exchange platforms? I think government of India have strong regulation against foreign currency and money laundering. Currently the difference between Bitfinex (https://www.bitfinex.com) and Btc Trade India (https://btcindia.org/btcinr.php) is more than 140$ per bitcoin, and I intend to take some advantage of that. If my math is right, on a trade of 16btc I will make more than 2K. God bless India. Either you need to be based outside india and send bitcoin to India or you need some friend who can deposit on behalf of you and you pay their family in cash in India. Title: Re: Arbitrage possibilities with the indian exchanges Post by: lite on December 01, 2016, 05:41:53 AM The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges. It's a good opportunity, but on which exchanger will you be selling? btcindia.org looks like a scam min .5 btc to make a trade. i think you'll be asked for government id proofs and you also must have a bank account in any Indian bank on a real exchanger like zebpay, btcxindia.Currently the difference between Bitfinex (https://www.bitfinex.com) and Btc Trade India (https://btcindia.org/btcinr.php) is more than 140$ per bitcoin, and I intend to take some advantage of that. If my math is right, on a trade of 16btc I will make more than 2K. God bless India. They didn't ask for a government ID, i've just traded 10.29 btc there: https://i.imgsafe.org/f32445ff7f.jpg https://blockchain.info/tx/2a9b2731e7f4a64a8942d74400ff700ca253162725dcddd74596147a17c98b59 I received the payout in 4-5 minutes so it is pretty fast. Title: Re: Arbitrage possibilities with the indian exchanges Post by: CraigWrightBTC on December 01, 2016, 07:18:04 AM The exchange rate on the Indian exchanges is 130-140$ higher compared to the American exchanges. Of course You can do arbitase, but there are some problem if you want do it, at least 3 problem in my opinionCurrently the difference between Bitfinex (https://www.bitfinex.com) and Btc Trade India (https://btcindia.org/btcinr.php) is more than 140$ per bitcoin, and I intend to take some advantage of that. If my math is right, on a trade of 16btc I will make more than 2K. God bless India. 1. You must use payment method for withdrawal the fiat money are like paypal or other 2. You must have partner Indian people and he must be trusted or your money will be lost 3. You must use large of capital and 2K is not enough because you just get $140/ bitcoin and be shared with your partner. And you must pay fees too. Title: Re: Arbitrage possibilities with the indian exchanges Post by: Herbert2020 on December 01, 2016, 07:37:42 AM this topic is shouting shady!
1. why is OP even announcing what he is doing? there is no reason for making competition unless you are advertising the btcindia[dot]org website. 2. the site is "receiving" bitcoin and giving "paypal" this shouts charge-back scam. 3. bitcoin price is currently 58,418 INR in India (Zebpay) which means that site is paying 2000 INR over price for no reason (or for reason of scamming) 4. even localbitcoins bitcoin price is 5700 INR buy and 5500 INR sell another red flag. in short every other place in India is buying bitcoin for 2000-3000 lower the price of btcindia[dot]org so why would this site want to buy bitcoin over priced and insist on using PayPal? Title: Re: Arbitrage possibilities with the indian exchanges Post by: stoner on December 01, 2016, 11:35:12 AM this topic is shouting shady! 1. why is OP even announcing what he is doing? there is no reason for making competition unless you are advertising the btcindia[dot]org website. 2. the site is "receiving" bitcoin and giving "paypal" this shouts charge-back scam. 3. bitcoin price is currently 58,418 INR in India (Zebpay) which means that site is paying 2000 INR over price for no reason (or for reason of scamming) 4. even localbitcoins bitcoin price is 5700 INR buy and 5500 INR sell another red flag. in short every other place in India is buying bitcoin for 2000-3000 lower the price of btcindia[dot]org so why would this site want to buy bitcoin over priced and insist on using PayPal? I am not really in a mood for conspiracy theories. 1. Because i only use the btc-to-usd option, which limits me to trading 20 btc max. I already traded 20 so why should i keep it for myself? 2. Once again, read the comments before saying something. They can send a bank payment if you prefer, for the same fee. 3. It is clear for couple weeks alread that the exchange rates on the indian exchanges are not so normal. 4. On localbitcoins you can find price of $500 and price of $1000, there are too many factors there. 5. Do you have any pending trade with btcindia? I guees not, because I sent them an e-mail to ask and here is the reply: "Hello Chris, Thank you for contacting us. Currently there are 0 pending trades. May I ask why? I can see that your trades are already processed and the payments are delivered to you. Regards, BTC Trade India" Title: Re: Arbitrage possibilities with the indian exchanges Post by: cryptoheadd on December 01, 2016, 03:58:17 PM I've never heard of BTC trade India.
It's a scam for sure. If you want to buy or sell Bitcoins, I'd recommend using a trusted exchange like Coinsecure or Zebpay. Title: Re: Arbitrage possibilities with the indian exchanges Post by: stoner on December 01, 2016, 04:21:59 PM I've never heard of BTC trade India. It's a scam for sure. If you want to buy or sell Bitcoins, I'd recommend using a trusted exchange like Coinsecure or Zebpay. That is same like saying "Coinbase is scam becasuse I've never heard about it." Such comment can only come from an uneducated person. You can claim something only if you are able to support it with facts (such as delayed payment, etc). Title: Re: Arbitrage possibilities with the indian exchanges Post by: cryptoheadd on December 01, 2016, 04:41:32 PM I've never heard of BTC trade India. It's a scam for sure. If you want to buy or sell Bitcoins, I'd recommend using a trusted exchange like Coinsecure or Zebpay. That is same like saying "Coinbase is scam because I've never heard about it." Such comment can only come from an uneducated person. You can claim something only if you are able to support it with facts (such as delayed payment, etc). I understand what you mean. I've tried almost every Indian exchange and I've never heard of Btcindia.org and I'm sure nobody here has. It's a scam because Paypal is the only method of payment. (I'm not going to get into the details as most people here have already discussed this.) The address mentioned on that site is 10 mins away from where I live. So, I know that there is no Bitcoin exchange over there. If you did trade BTC with them, it's probably going to get charged back. Title: Re: Arbitrage possibilities with the indian exchanges Post by: stoner on December 01, 2016, 05:01:39 PM I've never heard of BTC trade India. It's a scam for sure. If you want to buy or sell Bitcoins, I'd recommend using a trusted exchange like Coinsecure or Zebpay. That is same like saying "Coinbase is scam because I've never heard about it." Such comment can only come from an uneducated person. You can claim something only if you are able to support it with facts (such as delayed payment, etc). I understand what you mean. I've tried almost every Indian exchange and I've never heard of Btcindia.org and I'm sure nobody here has. It's a scam because Paypal is the only method of payment. (I'm not going to get into the details as most people here have already discussed this.) The address mentioned on that site is 10 mins away from where I live. So, I know that there is no Bitcoin exchange over there. If you did trade BTC with them, it's probably going to get charged back. I see. I traded with them and the payment went through (they also offered me a bank payment but i decided to stay with paypal). They process the USD payments via 3rd party processor so I believe I am safe, not sure about the rupees payments though. Title: Re: Arbitrage possibilities with the indian exchanges Post by: cryptoheadd on December 01, 2016, 05:08:51 PM I see. I traded with them and the payment went through (they also offered me a bank payment but i decided to stay with paypal). They process the USD payments via 3rd party processor so I believe I am safe, not sure about the rupees payments though. Well, best of luck to you mate. I wouldn't recommend using them for any more of your transactions. Title: Re: Arbitrage possibilities with the indian exchanges Post by: shintosai on December 01, 2016, 05:19:03 PM "The address mentioned on that site is 10 mins away from where I live. So, I know that there is no Bitcoin exchange over there. " very strong statement that will build doubt for sure if this address that has been provided is not existing a possibility of a scam site hope no one got into the net of scammers, arbitrage is good but that big difference from current price is too suspicious better to review and and assess properly before doing any trade. Title: Re: Arbitrage possibilities with the indian exchanges Post by: stoner on December 01, 2016, 05:33:37 PM "The address mentioned on that site is 10 mins away from where I live. So, I know that there is no Bitcoin exchange over there. " very strong statement that will build doubt for sure if this address that has been provided is not existing a possibility of a scam site hope no one got into the net of scammers, arbitrage is good but that big difference from current price is too suspicious better to review and and assess properly before doing any trade. The simple statement about reviews is: "you cannot review something if you do not have any experience it." In this case it goes: 1. trade 2. review (it cannot be: 1. review 2. trade, as you mentioned). My experience was a pleasant one, so my review still remains positive. Title: Re: Arbitrage possibilities with the indian exchanges Post by: thehun on December 01, 2016, 05:34:18 PM This is such an obvious scam it's not even worth to go deeper into the analysis
Title: Re: Arbitrage possibilities with the indian exchanges Post by: avatar_kiyoshi on December 01, 2016, 05:43:01 PM "The address mentioned on that site is 10 mins away from where I live. So, I know that there is no Bitcoin exchange over there. " very strong statement that will build doubt for sure if this address that has been provided is not existing a possibility of a scam site hope no one got into the net of scammers, arbitrage is good but that big difference from current price is too suspicious better to review and and assess properly before doing any trade. The simple statement about reviews is: "you cannot review something if you do not have any experience it." In this case it goes: 1. trade 2. review (it cannot be: 1. review 2. trade, as you mentioned). My experience was a pleasant one, so my review still remains positive. Can you provide with proof of payment? Transaction id and transaction picture? I doubt to your India exchange site you mentioned, because the site looks like copy-cat, I ever see the interface, system even min.deposit is have a same amount. Title: Re: Arbitrage possibilities with the indian exchanges Post by: el kaka22 on December 01, 2016, 06:36:21 PM I have seen these kinds of opportunities since I have been interested in bitcoin. To me it is actually easier to have altcoin exchanges where you can change from X coin to Y coin to Z coin and back to X coin where you make arbitrage income thanks to it. No big deal as I usually do not prefer to trade with fiats, it is always riskier.
Title: Re: Arbitrage possibilities with the indian exchanges Post by: Kevin77 on December 01, 2016, 06:41:40 PM you can change from X coin to Y coin to Z coin and back to X coin where you make arbitrage income thanks to it. It is completely new thing to me. So far I have tried arbitrage trading across exchanges but with your way of suggestion, I guess if I study in depth the price fluctuations I may get chances to trade within exchanges. In first read I could not understand your idea but now I am realizing it's potential and how often it will be possible. Title: Re: Arbitrage possibilities with the indian exchanges Post by: Victorycoin on December 01, 2016, 08:32:55 PM "The address mentioned on that site is 10 mins away from where I live. So, I know that there is no Bitcoin exchange over there. " very strong statement that will build doubt for sure if this address that has been provided is not existing a possibility of a scam site hope no one got into the net of scammers, arbitrage is good but that big difference from current price is too suspicious better to review and and assess properly before doing any trade. The simple statement about reviews is: "you cannot review something if you do not have any experience it." In this case it goes: 1. trade 2. review (it cannot be: 1. review 2. trade, as you mentioned). My experience was a pleasant one, so my review still remains positive. The fact, you have gotten away with your first transaction is no guarantee, the next would be all said and done. from experience, they won't strike yet, until a good number of gullible people are off their guard. Title: Re: Arbitrage possibilities with the indian exchanges Post by: stoner on December 01, 2016, 09:01:13 PM I already showed the screenshots fro the trade, but here it is again: https://i.imgsafe.org/f32445ff7f.jpg And the PayPal payout: http://i.imgsafe.org/08eef3d149.jpg And the transaction ID: https://blockchain.info/tx/2a9b2731e7f4a64a8942d74400ff700ca253162725dcddd74596147a17c98b59 Once again people, read the thread before commenting, they offered me a bank transfer instead of a paypal transfer, i simply chose paypal myself. Title: Re: Arbitrage possibilities with the indian exchanges Post by: xinzark on December 02, 2016, 02:32:27 PM I already showed the screenshots fro the trade, but here it is again: Why do you even mind if they call this website Scam ? I suspect you are the guy behind this They are paying a fuc**ng 10k INR more than the normal rate. That's around 20% No body is so generous dude Edit : Also site looks very basic and Cheap which makes it look even more scammy Title: Re: Arbitrage possibilities with the indian exchanges Post by: raven7886 on December 02, 2016, 06:12:51 PM They are paying a fuc**ng 10k INR more than the normal rate. That's around 20% Due to the recent crisis with their currency notes, Indian bitcoin markets are trading around $950 price levels, so bitcoin prices are 20% higher in India than the rest of the world markets. That is the reason OP is discussing about arbitrage trading based on Indian markets and other markets. I guess it is not that easy as it involves fiats and dealing in fiat in India might attract more regulations from their government. Title: Re: Arbitrage possibilities with the indian exchanges Post by: Jonny Heggheim on December 08, 2016, 04:54:28 PM Sceptical, domain just registered and only for one year...
Code: $ whois btcindia.org Title: Re: Arbitrage possibilities with the indian exchanges Post by: StarofBTC on December 08, 2016, 07:20:03 PM Sceptical, domain just registered and only for one year... Thank you for the useful information.I just checked Indian market bitcoin prices, I believe the prices are converging right now. Yes Indian market prices are getting slashed out maybe with the reason of heavy dump from local/international bitcoiners. Usuaally arbitrage trading opportunities are for short-term and this India based opportunity is almost getting finished off. Title: Re: Arbitrage possibilities with the indian exchanges Post by: bitjoin on December 08, 2016, 07:33:49 PM The exchange opperators themselves would be doing the arbing if there is huge profit in it vs actually running the exchange. I did often wonder in the past if BTC-e did this.
Title: Re: Arbitrage possibilities with the indian exchanges Post by: FFrankie on December 08, 2016, 07:37:24 PM I cannot wait for that 10k paypal payment to be reversed
Title: Re: Arbitrage possibilities with the indian exchanges Post by: cryptoheadd on December 08, 2016, 08:03:23 PM I cannot wait for that 10k paypal payment to be reversed IF the payment was actually made, that is. Screenshots can be faked and the OP seemed really interested in getting people to use that service. Example of a faked screenshot: https://i.imgur.com/71KGrFch.png https://i.imgur.com/AHZCtsn.png Title: Re: Arbitrage possibilities with the indian exchanges Post by: GregH37 on December 08, 2016, 09:13:37 PM I just checked Indian market bitcoin prices, I believe the prices are converging right now. Yes Indian market prices are getting slashed out maybe with the reason of heavy dump from local/international bitcoiners. Usuaally arbitrage trading opportunities are for short-term and this India based opportunity is almost getting finished off. Yes, converging prices are symptoms of end of possibility of arbitrage trading. But right now Indian market are still trading with enough gaps to make use of. Preev shows $766.7 and Indian exchange unocoin shows prices equivalent of $828.29, more than $50 a good profits to book per one full bitcoin trading instantly.Title: Re: Arbitrage possibilities with the indian exchanges Post by: ArdiPrabowo on December 08, 2016, 11:04:02 PM iam first about bitcoinindia org
new exchanger or old exchanger, because in coinmarketcap can't find about volume transaction in there fiat money deposit and withdraw, all support payment procesor, transfer in bank(wire transfer), paypal, skrill and more or not or only support paypal i can see in there only exchange without trading only exchange you must incraese your trust Title: Re: Arbitrage possibilities with the indian exchanges Post by: ZonedOutDad on December 26, 2016, 08:16:28 AM Stoner is one lucky bastard
Just wanted to shout out that I personally got hit by this and was convinced by stoners version of events. Reporting my experience, I initiated a 0.5 BTC trade but got a odd request to send an additional 1.5 BTC to top-up the trade to 2 BTC as "due to high volume trades we have increased the minimum". After soul searching and reading stoner posts, Topped-up the 1.5 BTC as requested and BTC India reverted "it was strange it didn't go though... actually our systems needs you to transfer EXACTLY 2.0 BTC". After a bit of back and forth, they said "we can request a refund if you'd like", after which they went dark. I'm not one to defame others but if you're reading this, condsider yourself warned. The BTC India website is still up, and I intend to update this if things turn for the better. To anyone who's read this thread and intends to test the waters: No update = this was a total loss. Title: Re: Arbitrage possibilities with the indian exchanges Post by: pedrog on December 26, 2016, 09:30:51 AM Don't get fooled, this is a scam and OP is the scammer or is speaking on his behalf.
https://www.reddit.com/r/Bitcoin/comments/5hj7i3/scamed_at_btcindiaorg/ Title: Re: Arbitrage possibilities with the indian exchanges Post by: veleten on December 26, 2016, 03:08:44 PM obvious scam is obvious
while it is possible to arbitrage with indian exchanges(if you live in India) this particular site is 100% pure scam please,lock the topic |
