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Title: BTC Purchase Directly now possible :D Post by: Blackshadow007 on February 02, 2017, 05:52:02 PM May be good news for Indians .. I just got email of this update from Bitstamp :)
Quote Dear customers, There's a lot happening at Bitstamp right now! As you know, XRP trading is now in full swing and debit/credit card purchases were extended last week to USD 5,000/EUR 5,000 daily and USD 20,000/EUR 20,000 monthly. But that's not all! With Visa and MasterCard debit and credit card purchases for bitcoin already possible throughout the EU-28, we have now expanded Bitstamp's debit/credit card purchasing functionality to include the following countries: Switzerland, Norway, Monaco, Montenegro, Serbia, Turkey, Andorra, Moldova, Gibraltar, Iceland, Greenland, Liechtenstein, Isle of Man, Faroe Islands, Aland Islands, San Marino, Hong Kong, China, Singapore, Taiwan, South Korea, Australia, New Zealand, Japan, Argentina, Brazil, Israel, Sou th Africa, Chile, Kuwait, Cayman Islands, Qatar, Saudi Arabia, India, Lebanon, Puerto Rico, Peru, Madagascar, Mozambique, Dominican Republic, Curacao, Dominica, Jordan, the Bahamas, Bahrain, French Polynesia, Ecuador, Trinidad and Tobago, Barbados, Reunion, Jamaica, Paraguay, Brunei, New Caledonia, Guadeloupe, Martinique and Sint Maarten. This means that if you are in the EU 28 or any of the countries listed above, you can now purchase bitcoin instantly using your Visa or MasterCard credit/debit card! Only a one-time verification of your card details is required before instant bitcoin purchases on Bitstamp are yours. This service has been brought to you in cooperation with our partner, Simplex. For further information, please contact our support team at support@bitstamp.net . As ever, thank you for your continued support - it means a great deal to us - and please stay tuned for further announcements! Best, Nejc Kodric CEO, Bitstamp Title: Re: BTC Purchase Directly now possible :D Post by: nizamcc on February 02, 2017, 07:19:05 PM After card purchases are done, won't they ask for id verification in case of withdrawals?
I think that if this is going to happen, Indians are surely going to make something big on this including me. I had been waiting for such a chance and seems like my wish has become true, we can finally purchase it at International rates. :) Title: Re: BTC Purchase Directly now possible :D Post by: erikalui on February 02, 2017, 09:03:35 PM Finally an international exchange accepts INR (if that what the mail implies) and bitstamp is the best possible site we can buy bitcoins from. I was thinking to trade on international exchanges and sell on Indian exchanges as it's profitable with the fluctuating rates (international exchanges offer market rates while Indian ones offer 5% more than the market rates).
Title: Re: BTC Purchase Directly now possible :D Post by: deadley on February 02, 2017, 11:48:51 PM Finally an international exchange accepts INR (if that what the mail implies) and bitstamp is the best possible site we can buy bitcoins from. I was thinking to trade on international exchanges and sell on Indian exchanges as it's profitable with the fluctuating rates (international exchanges offer market rates while Indian ones offer 5% more than the market rates). They are not accepting INR, Bitstamp or Card company will charge mark up fee for $. Not sure about debit card but I checked through credit card bitstamp charging 8% fee so I don't think it's viable option. Title: Re: BTC Purchase Directly now possible :D Post by: Blackshadow007 on February 03, 2017, 03:46:58 AM After card purchases are done, won't they ask for id verification in case of withdrawals? I think that if this is going to happen, Indians are surely going to make something big on this including me. I had been waiting for such a chance and seems like my wish has become true, we can finally purchase it at International rates. :) I am too .. but remember Bitstamp verification is pretty tough , They do not take CC Statements as address proof . Only Bank statement physical / Utility bills / Local Municipality residential certificate :D Title: Re: BTC Purchase Directly now possible :D Post by: Blackshadow007 on February 03, 2017, 03:48:13 AM Finally an international exchange accepts INR (if that what the mail implies) and bitstamp is the best possible site we can buy bitcoins from. I was thinking to trade on international exchanges and sell on Indian exchanges as it's profitable with the fluctuating rates (international exchanges offer market rates while Indian ones offer 5% more than the market rates). They are not accepting INR, Bitstamp or Card company will charge mark up fee for $. Not sure about debit card but I checked through credit card bitstamp charging 8% fee so I don't think it's viable option. Yes they will not accept INR but USD , there will be 2.5% exchange rate for USD TO INR for sure but not sure about Deposit rate but 8% fee ? thats big lol . Moneypolo is far better then :) Title: Re: BTC Purchase Directly now possible :D Post by: bitcoinisbest on February 03, 2017, 06:23:20 AM Finally an international exchange accepts INR (if that what the mail implies) and bitstamp is the best possible site we can buy bitcoins from. I was thinking to trade on international exchanges and sell on Indian exchanges as it's profitable with the fluctuating rates (international exchanges offer market rates while Indian ones offer 5% more than the market rates). They are not accepting INR, Bitstamp or Card company will charge mark up fee for $. Not sure about debit card but I checked through credit card bitstamp charging 8% fee so I don't think it's viable option. Yes they will not accept INR but USD , there will be 2.5% exchange rate for USD TO INR for sure but not sure about Deposit rate but 8% fee ? thats big lol . Moneypolo is far better then :) Well certainly if 8% and 2.5% is found out to be true then certainly no point in buying from any International exchanges. Its better to buy from very own Indian exchanges. Because you may end up paying more if purchased from International markets. Title: Re: BTC Purchase Directly now possible :D Post by: Blackshadow007 on February 03, 2017, 08:19:37 AM Finally an international exchange accepts INR (if that what the mail implies) and bitstamp is the best possible site we can buy bitcoins from. I was thinking to trade on international exchanges and sell on Indian exchanges as it's profitable with the fluctuating rates (international exchanges offer market rates while Indian ones offer 5% more than the market rates). They are not accepting INR, Bitstamp or Card company will charge mark up fee for $. Not sure about debit card but I checked through credit card bitstamp charging 8% fee so I don't think it's viable option. Yes they will not accept INR but USD , there will be 2.5% exchange rate for USD TO INR for sure but not sure about Deposit rate but 8% fee ? thats big lol . Moneypolo is far better then :) Well certainly if 8% and 2.5% is found out to be true then certainly no point in buying from any International exchanges. Its better to buy from very own Indian exchanges. Because you may end up paying more if purchased from International markets. Well its profitable from Moneypolo at least .. 4% + 1% + 2.5% total charge to get from BTC-E . Title: Re: BTC Purchase Directly now possible :D Post by: bitwatcher on February 03, 2017, 09:45:59 AM Any reviews so far on using bitstamp from india.
Title: Re: BTC Purchase Directly now possible :D Post by: erikalui on February 03, 2017, 10:08:59 AM Finally an international exchange accepts INR (if that what the mail implies) and bitstamp is the best possible site we can buy bitcoins from. I was thinking to trade on international exchanges and sell on Indian exchanges as it's profitable with the fluctuating rates (international exchanges offer market rates while Indian ones offer 5% more than the market rates). They are not accepting INR, Bitstamp or Card company will charge mark up fee for $. Not sure about debit card but I checked through credit card bitstamp charging 8% fee so I don't think it's viable option. I was aware that there would be some conversion fee but 8% is just too high which makes trading a loss rather than a profit. I just checked the FAQ and on top of all that, they have a huge withdrawal fee too. Quote International withdrawals are charged with 0.09% fee, minimum fee is $15.00. Minimum amount for international withdrawal is $50.00. Indian exchanges are most preferred compared to international exchanges. Title: Re: BTC Purchase Directly now possible :D Post by: Blackshadow007 on February 03, 2017, 10:22:38 AM Any reviews so far on using bitstamp from india. I just got that mail yesterday evening , i am not yet address verified . They ask way too much info to complete that so when i do then i can provide info about it usage .. :/ Title: Re: BTC Purchase Directly now possible :D Post by: polynesia on February 04, 2017, 05:09:22 AM Finally an international exchange accepts INR (if that what the mail implies) and bitstamp is the best possible site we can buy bitcoins from. I was thinking to trade on international exchanges and sell on Indian exchanges as it's profitable with the fluctuating rates (international exchanges offer market rates while Indian ones offer 5% more than the market rates). They are not accepting INR, Bitstamp or Card company will charge mark up fee for $. Not sure about debit card but I checked through credit card bitstamp charging 8% fee so I don't think it's viable option. I was aware that there would be some conversion fee but 8% is just too high which makes trading a loss rather than a profit. I just checked the FAQ and on top of all that, they have a huge withdrawal fee too. Quote International withdrawals are charged with 0.09% fee, minimum fee is $15.00. Minimum amount for international withdrawal is $50.00. Indian exchanges are most preferred compared to international exchanges. That just kills any advantage that an overseas exchange has. If there was any way to arbitrage the differences, professional traders would have done it by now. Title: Re: BTC Purchase Directly now possible :D Post by: S_D on February 04, 2017, 07:36:32 AM Wouldn't the authorities be concerned by we all just start buying bitcoins over internet through cards?
Title: Re: BTC Purchase Directly now possible :D Post by: polynesia on February 04, 2017, 06:12:20 PM Wouldn't the authorities be concerned by we all just start buying bitcoins over internet through cards? When you use credit cards for FX transactions, it is your responsibility to ensure that you comply with all applicable rules and regulations. The authorities can scrutinize transactions at any time. Title: Re: BTC Purchase Directly now possible :D Post by: Pattberry on February 04, 2017, 08:50:36 PM Any reviews so far on using bitstamp from india. I just got that mail yesterday evening , i am not yet address verified . They ask way too much info to complete that so when i do then i can provide info about it usage .. :/ Title: Re: BTC Purchase Directly now possible :D Post by: S_D on February 05, 2017, 04:25:31 AM Wouldn't the authorities be concerned by we all just start buying bitcoins over internet through cards? When you use credit cards for FX transactions, it is your responsibility to ensure that you comply with all applicable rules and regulations. The authorities can scrutinize transactions at any time. Indeed may be we should wait for someone to shed some light on legal precautions or aspects of it. Title: Re: BTC Purchase Directly now possible :D Post by: DDS1 on February 07, 2017, 05:39:43 PM Yes, it possible. But you can purchase bitcoin from only trading platform. You buy or sell that platform directly in your choice. Your advantage is you invest in other currency.
Title: Re: BTC Purchase Directly now possible :D Post by: Blackshadow007 on February 07, 2017, 07:28:07 PM Any reviews so far on using bitstamp from india. I just got that mail yesterday evening , i am not yet address verified . They ask way too much info to complete that so when i do then i can provide info about it usage .. :/ Well its difficult to address verify in Bitstamp cause as per UK law they do not allow credit card statement as address proof . Instead they ask Physical bank seal marked Bank statement lol .. most of Indian bank just provide e-statements now and most other banks has passbook facility . Title: Re: BTC Purchase Directly now possible :D Post by: susila_bai on February 10, 2017, 03:40:16 PM Any reviews so far on using bitstamp from india. I just got that mail yesterday evening , i am not yet address verified . They ask way too much info to complete that so when i do then i can provide info about it usage .. :/ Well its difficult to address verify in Bitstamp cause as per UK law they do not allow credit card statement as address proof . Instead they ask Physical bank seal marked Bank statement lol .. most of Indian bank just provide e-statements now and most other banks has passbook facility . But if you want the bank statement with the bank seal mark then you have to go to bank personally and give a letter for physical bank statement with bank seal , it is not a big deal as you can get it immediately from your bank. Title: Re: BTC Purchase Directly now possible :D Post by: tech_solutions on February 10, 2017, 04:37:17 PM It is really good news that Bitstamp are allowing other country in that India is included to trade bitcoin using credit / debit card but the problem is they only allow usd or euro currency to be used so the transaction in card will be shown as usd or euro conversion and that will affect forex exchange. So be careful when you are going to use their service as tax problem will come
Title: Re: BTC Purchase Directly now possible :D Post by: Blackshadow007 on February 10, 2017, 06:55:11 PM It is really good news that Bitstamp are allowing other country in that India is included to trade bitcoin using credit / debit card but the problem is they only allow usd or euro currency to be used so the transaction in card will be shown as usd or euro conversion and that will affect forex exchange. So be careful when you are going to use their service as tax problem will come What tax problem will come ? yes there will be 2.5% currency conversion for this . Title: Re: BTC Purchase Directly now possible :D Post by: Nam3 on February 11, 2017, 06:33:17 PM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here
This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? Title: Re: BTC Purchase Directly now possible :D Post by: bitcoinisbest on February 12, 2017, 06:04:24 AM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. Title: Re: BTC Purchase Directly now possible :D Post by: Nam3 on February 12, 2017, 07:40:44 AM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. Credit card. What Indian exchange are you referring to? Title: Re: BTC Purchase Directly now possible :D Post by: Blackshadow007 on February 12, 2017, 10:43:43 AM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. You can buy via Moneypolo with debit / credit card Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR :D Title: Re: BTC Purchase Directly now possible :D Post by: Nam3 on February 12, 2017, 09:36:41 PM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. You can buy via Moneypolo with debit / credit card Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR :D DC/CC means paying 4% (Money Polo fee for adding funds via other cards) and 2.5-3% currency conversion fee (INR to USD). This makes it 6.5-7% Let's say I'm thinking of buying one BTC and current price is 1000USD, so I would be paying approximately 1070? Well, not a good deal though. That's almost the same amount one will find on Local Bit Coins, what's the advantage then? Title: Re: BTC Purchase Directly now possible :D Post by: bitcoinisbest on February 13, 2017, 06:30:49 AM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. You can buy via Moneypolo with debit / credit card Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR :D Can any question from any government authorities may attract in coming time if purchased BTC from CC/DC? Or is there a limit that you can buy upto a limit from CC/DC outside India during a year? Title: Re: BTC Purchase Directly now possible :D Post by: Blackshadow007 on February 13, 2017, 06:57:10 AM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. You can buy via Moneypolo with debit / credit card Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR :D Can any question from any government authorities may attract in coming time if purchased BTC from CC/DC? Or is there a limit that you can buy upto a limit from CC/DC outside India during a year? There is no limit from MP end when you are Level 2 Verified with them but not sure about Indian Govt. end .. , Withdraw limit is 2000$ per day for your VISA Card via ATM . Title: Re: BTC Purchase Directly now possible :D Post by: ololajulo on February 13, 2017, 07:22:25 AM Convenience in the adoption will vary with countries, however, little care will be needed before ones adoption. I will suggest a period of acceptability for some countries, inquire and consider the transaction fee
Title: Re: BTC Purchase Directly now possible :D Post by: deadley on February 13, 2017, 09:14:49 AM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. You can buy via Moneypolo with debit / credit card Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR :D Can any question from any government authorities may attract in coming time if purchased BTC from CC/DC? Or is there a limit that you can buy upto a limit from CC/DC outside India during a year? Income tax Authority can ask question from according to bill pay of credit card. Like you file ITR for 500k and paid bill of CC for more then 500k for buying bitcoin from outside India. Then it will be really hard for you explain. Title: Re: BTC Purchase Directly now possible :D Post by: Forbiddenone on February 13, 2017, 01:12:40 PM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. You can buy via Moneypolo with debit / credit card Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR :D Can any question from any government authorities may attract in coming time if purchased BTC from CC/DC? Or is there a limit that you can buy upto a limit from CC/DC outside India during a year? Income tax Authority can ask question from according to bill pay of credit card. Like you file ITR for 500k and paid bill of CC for more then 500k for buying bitcoin from outside India. Then it will be really hard for you explain. Title: Re: BTC Purchase Directly now possible :D Post by: bitcoinisbest on February 13, 2017, 01:40:41 PM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. You can buy via Moneypolo with debit / credit card Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR :D Can any question from any government authorities may attract in coming time if purchased BTC from CC/DC? Or is there a limit that you can buy upto a limit from CC/DC outside India during a year? Income tax Authority can ask question from according to bill pay of credit card. Like you file ITR for 500k and paid bill of CC for more then 500k for buying bitcoin from outside India. Then it will be really hard for you explain. 500k is only 5Lacs in INR. So in todays time you will get if 70k per btc around 7 BTC only. So during whole year you wont buy 7 btc from International market? Then whats the point of using the International market? Title: Re: BTC Purchase Directly now possible :D Post by: deadley on February 13, 2017, 08:08:23 PM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. You can buy via Moneypolo with debit / credit card Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR :D Can any question from any government authorities may attract in coming time if purchased BTC from CC/DC? Or is there a limit that you can buy upto a limit from CC/DC outside India during a year? Income tax Authority can ask question from according to bill pay of credit card. Like you file ITR for 500k and paid bill of CC for more then 500k for buying bitcoin from outside India. Then it will be really hard for you explain. I just gave example, even if you buy 200-300k and don't file ITR, just wait for notice from Income tax authority. Credit card transaction is too much trackable, and IT Authority always keep eye on that. Title: Re: BTC Purchase Directly now possible :D Post by: Viviyang on February 13, 2017, 09:53:31 PM It's worthless. I've bought $100 worth of BTC and they've given $92 worth of it (Remember; there cut is 8%)... Not only this, one has to pay currency conversion fee (INR > USD/EUR) which adds up to 2.5%, so in total one has to pay roughly 10.5 to 11%. To hell with profits, I'm feeling at a loss here This makes me ask; where do you guys buys BTC from? I've had a look at LocalBitcoins but is there any other option? How is your experience with moneypolo Is there any better option that I'm missing out for Indian buyers? How do you buy from Moneypolo, do You make bank transfer or payment is done through debit/credit card? Localbitcoin is good if you know that seller/buyer is genuine or else can try Indian exchange. You can buy via Moneypolo with debit / credit card Your DC/CC > MP FUNDS > WITHDRAW AS BTC-E COUPON > LOAD BTC-E > GET BTC > WITHDRAW BTC TO MP > WITHDRAW TO YOUR MP VISA CARD > WITHDRAW TO LOCAL ATM IN INR :D Can any question from any government authorities may attract in coming time if purchased BTC from CC/DC? Or is there a limit that you can buy upto a limit from CC/DC outside India during a year? Income tax Authority can ask question from according to bill pay of credit card. Like you file ITR for 500k and paid bill of CC for more then 500k for buying bitcoin from outside India. Then it will be really hard for you explain. I just gave example, even if you buy 200-300k and don't file ITR, just wait for notice from Income tax authority. Credit card transaction is too much trackable, and IT Authority always keep eye on that. Even if you buy directly from your bank then also you have to give detail to the income tax authority so it is better to show in your income tax about the trading details and its profit also and pay tax to be in safer side. |