Bitcoin Forum

Is it legit for zebpay to take that much commission?
Zebpay is a app used in India widely...they decide the amount through exchanges and their buying and selling rate does have a very high difference, that puts the normal public at a loss.

I never use this service, maybe they do that for people to have a high quality service or maybe they simply want to become rich fast, either way if you are not satisfied you can look for other services if they exist, never stick to just one service, have several options is the best choice

But the thing is you never know which service is legit or which one is a scam thus.. I get scared in trying out new...apps also... You know not all services are there to convert bitcoin into Indian currency thus we have a limited options. 😅😅😅😅

You're free to use whatever service you want and they're free to set whatever rates they reckon the market will take. If there's a cheaper and better one then use that. Some are captive markets with no alternative so they can pretty much ask what they want in terms of fees. It's unfortunate, but that's business.

The Indian Bitcoin market is still very small by the sounds of it. When it starts to heat up then there should be more choices for users at more competitive rates. The pioneer usually tries to scalp everyone.

It`s not about "legit" or unfair.This is business like every other business inside a market economy.
They charge high fees because they have high costs to maintain their service in India.
The risks are also very high and they are trying to cover it.There is a posibility for India to follow China and ban all the cryptocurrency services and exchanges.Heavier government regulations increase the costs of maintaining such business.

I assue you that will never happen... Indian government is i don't know how people percive it .. but its.. the government which give people every liberty to do what they want to...here people decides as a whole not just a small... Section of goverment...and laws are always made in favour of people.. above everything..
Also.. Around  1 million people use bitcoins in India ...thus they have a preety good business ...
Thats just compaines putting up any price that they want .... Also there are very few government regulations and they have recently made everything simpler for the welfare of these kind of companies only and for many other things with the introduction of GST.
Everything else is just fair🙋 feel free to come here any time and see how it works😊

I think you better find another word. there are many other valine places that are more friendly and do not make you confused.

Services like this are fond of reaping their clients with the exorbitant fees especially when they know they don't have a worthy competition. And for that reason, I would suggest you can start something in that regard because as you are complaining, a lot of people would be doing same. Another option is to look for a viable alternative in this as there would be other site which might not be as popular and  big as this current one you are using.

Its perfectly legit for them to do that.

I m guessing that the prices in India are much higher than rest of the world because the demand isn't covered by the supply at the moment.

Zebpay is a bitcoin exchange and a regulated company. If it is a regulated it means that company is paying the government a good amount of tax. The payment of that tax will be shouldered by their clients thru high fees. So it is not the Zebpay it is the government tax that causes the big difference in high rate.

No they are not manipulating the market just for paying taxes to the government and its not the government due to which there is quiet a huge spread between buy and sell prices on the exchange. If it were only for the taxes then the turnover of zebpay would not have been 15 million in dollars in the year 2016, it would have been pretty less. I think that the owners are greedy and are just ripping off their customers, but also the customers don't have much choices as the other Indian exchanges don't offer such high rates of conversion in selling or are somewhat shady that's why they stick to zebpay only.

It is indeed legit. They can charge whatever price for their service until the users are ready. I read about the Zebpay exchange on Google and I got to know that their user base is increasing at fast rate. I think people are least bothered about the fees they are charging. There must be some better exchange at better price be available in India. Why don't you try that if you have issues? But I think if people are paying high fees as told by you then there must be some added advantage or ease.