Bitcoin Forum

Dear Everyone,

i had few doubts about exchange & their prices.

so far, i'm using Igot exchange because they accept Indian Bank Deposit & Withdrawal.

Normally their Bitcoin price is : $10 higher than Preev.com (All exchange have their own price)

Recently their Buy & sell price differences has been increased 110%.

It was Rs 300 but now it is around Rs 700.

For an example:

Before >> If i bought 1 BTC @ Rs 14500, Sell price is Rs 14200 at the time.

Now >> If i bought 1 BTC @ Rs 14500, sell price is Rs 13800 at the time.

also they take 0.5% commission too.

I submitted ticket about it, and they replied,

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Dear XXXXXX,

Thank you for contacting igot.com.
Price spread is more to do with stopping certain people who do not live in India and still use INR and conduct currency trading instead.

People talk all sorts of stuff because their withdrawals are delayed or they are not happy or they are simply our competitors.

The spread is put in place to maintain our competitive advantage.
We expect it to be between INR 300 to INR 700.
If you wanted to sell fresh Bitcoin and needed a better pricing, simply contact us and we will try and help you.

I hope I’ve resolved your issue today.

Please do not hesitate to contact us for any further questions.

Regards,

Julie


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I can't understand their reason for the price difference.

If i switched INR to USD then price difference around just $5 (Rs 300 only)

anyone here help me to understand it better way?!

Except this issue, It's a great exchange to Deposit & withdraw using INR.

Currently i'm planning to move my bitcoins to blockchain.

I will invest more once this issue got solved.

Thank you for your support & time spent to help me.

I was trading with IGOT and now I stopped due to personal reasons

ASK and BID price is always different and is inevitable in trading.
I believe they are charging extra INR to facilitate India users because trade volume is less in INR compared to any other currencies

Avoidance of arbitrage may also could be the reason

Thanks for your reply.

If i change currency to USD, just $5 difference between Buy & Sell .

If they got lowered volume then they should offer 0% on Buy & Sell like many china exchanges offering right now.

so far i'm happy but now i want to quit and move to next exchange which will care about Indian customers.

Away from this exchange.

All their information is wrong.

Surely they will got hacked and run with our bitcoin.

In 15 days they got only 8 orders in india.

How do you know from past 15 days, only 8 transactions were traded?

Look, this looks like a lot of conjecture to me
Is there concrete data that shows that their India volume is as low as you say>

I have stopped using the igot since 72hours.

Buying price - 16000 approx. (24 hours passed)
Selling price- 15000 approx. ( 24hrs passed)

I have opened the support ticket and i am not satisfy with there response.  I don't want to loose my money. Now there is more than 700INR difference which irritates me.

Warning:

DON'T USE IGOT.

THEY WILL INCREASE PRICE AT ANYTIME & POOR SUPPORT.