Bitcoin Forum

We are LIVE

A month ago, we started the Trade Engine Game to introduce our new service. Loaded with Prizes, we had some fantastic responses.
 
We are now proud to launch our Withdrawal and Deposit Server. We are currently working with manual withdrawals and deposits and will be able to service any between 9AM and 9PM IST.
 
We would be automating that shortly and allowing for 24/7 functions!


Update: Have stopped this service temporarily.
Non KYC Accounts
As a first of its kind for India, we will also be rolling out KYC free accounts, with a monthly purchase limit of up to 10K INR worth of BItcoins! This is to enable as many users to in India to gain access to Bitcoin.
We start this service for all Axis Bank and ICICI Bank Customers. On completion of KYC, You would be able to sell BTC and Purchase without limits.

We are working with our Rock solid legal team to understand limits and to further reduce barriers of entry into Bitcoin.

Exchange Security
Security is our primary concern. As outlined recently by the RBI governor, Raghuram Rajan in a recent video with NDTV, he stated that one of Bitcoins challenges would be to work towards security.
At Coinsecure, we do not store any funds online. We have a robust mechanism to ensure that flaws are minimized. In order to ensure security, we have made it mandatory for users to enable 2 Factor Authentication on their phone.

We start with Authy as a 2 Factor Method and plan to implement several others in the coming months. Of course, the secure passwords that are set by our users helps even more!
We also do not store any KYC data of our customers on live servers and we only store the Bank Name and last 4 digits of the Bank Account number for your reference.
Our physical security is unmatched and we are constantly looking for ways to make things more robust!
Due to certain issues, we have temporarily disable social media logins. We will be bringing back that feature soon as well.

Hoping to make Bitcoin less of an event and more of a daily beginning!

Get onto India’s best Bitcoin Exchange and start trading!

May I know on what ground you are calling it the best ? I mean, how is it better than the competition ?

Well, we have just started approving KYC & Bank Link-ups, so no volume as yet.

Here is why we stand out from the crowd.

We have the fastest order matching system around, also the least restrictive in terms of Trade amounts.
We are also the only ones who allow you to just link a bank account and buy Bitcoin, I do believe that our upcoming API for this will enable Bitcoin to play a larger role across India in the long run!.

We have some amazing security researchers on board as well, not yet publicly announced though, but will be in time.

We also do have a very strong PR and Legal backing, which keeps us confident of where we will stand in the Indian Ecosystem.

Interestingly, we already have quite a nice pipeline growing for merchants who want to integrate with Bitcoin, so that is coming up soon as well. Watch out for announcements through 2015! :)

Most importantly, we have no plans to slow down! I know that there are loads of bits and pieces to be fixed, and we will fix and build more along the way.

We restart our Meetups in Bangalore and would be starting more around the country as well!

We have 2 fixed offices, 1 in Bangalore, which is purely for Dev and the Delhi Head office takes care of compliance, banking, legal, etc. We are structurally and financially quite sound!

Being a massive supporter of Bitcoin, I would love to see all Exchanges do well in India. Most customers who are regular traders on one exchange are normally registered on all the exchanges that they have access to. So, I do believe that Arbitrage will be a huge factor and we will be a strong partner supporting this.

Hope some of that answered :)

How fast?


Upperlimit?

.

Can you please explain us more?


How long is it going to take for API integration?

As a customer, remaining rhetoric doesn't matter to me much.  ;D

trying to log in.

getting an error message.

"oops, an error occured"
This exception has been logged in with id xxxxxxxx

Have just put up a new version.
If there is a page not found error, best is to try /logout as many users may have some files in their cache from the older version.

PM me your mail ID and I will check if there is any error attached to your ID.

Edit: Issue Sorted

KYC's Verified/ Rejected, Banks Linked.
We should be active all day tomorrow from 9am IST to 9PM IST

Do mail support@coinsecure.in if there are any doubts of if something needs clarification or can always ask here.

Nice to hear about this. Good luck with the exchange. Will try it out in a couple of days.

Wish you good luck.
India is a big place and and your exchange will have big chances to succeed.

Thanks arvindr and KeyserSozeMC... :)

Just got a note that winners accounts who have sent in their KYC and bank linkups have been creditted with the winning amounts and fee structure for the month.

Trades have begun. Some small UI bugs that I just noticed, should be fixed by tonight.
All data should appear on your timeline, once the event happens.

Some more fixes in place. Deposits have started trickling in and some trades have started.

Congratulations Benson! Its another positive step towards Bitcoin ecosystem in India.
Will you support major alt-coins in future ?

Yeah i am also looking forward to some alts as people warm up to bitcoin in few months. I will be looking more towards protocol based alts like Ripple, NXT, XCP etc and newer alts with strong teams & communities like Darkcoin, Blackcoin (it is growing rapidly in China), ShadowCash(SDC), Viacoin etc rather than antiquated first comers like Litecoin, Peercoin, Quark etc.

Doubts on alt-coins, though I am very keen on exploring possibilities outside the country in terms of Fiat.
We build trade engine to be currency agnostic, so not a great big deal to add alt coins.

My first issue here would be to try to address issues regarding the volatility of Bitcoin. Alt coins would complicate this directive too much.

And thanks! Nothing would have been possible without everyone's support. Am hoping that the support will continue and business targets will be met, so that we can work on open sourcing our code and allowing for a whole lot more.

I may not get into something unless it is well settled. This is mainly due to the issues regarding failure :)
I would not be comfortable at the moment to promote anything other than BTC.
mid 2015 - early 2016 would be a good time to explore more.

I have a million ideas to build into coinsecure, so that will take a wee bit more time as well.

Absolutely. That's why i said in a few months. You can connect to any of the communities on reddit or their own forums. Also you can check their github activity as it indicates whether coins is going anywhere or not. I am sure you will like Blackcoin. It has a very strong dev & community. Most of these coins are present at major BTC conferences. Peter Todd is working with Viacoin dev also and have some very cool technical features you will like as a dev and a very specific use case as a notory service. Please check them out whenever you have time.

Interesting stuff!
Past few months, had me disconnect from most of the other things apart from Bitcoin and Algorithmic Trading.
Should be able to find some time quite soon to catch up!

i wish we had a fav/like/+1 button on these forums. I like cryptotrust.io forums  as they are connected to social media sharing and some new features.

Actually i know about this website when it is in beta stage ....A guy i use to buy bitcoins from him told about this website as he is part of this org

The market in India may not be mature enough to support altcoins. I agree with Benson on this.

http://prntscr.com/5pnura

when trying to upload documents for KYC

how do i deposit the BTC..there is no deposit address.

Will release a fix today and PM you. Am increasing the file limit for uploads, etc. Do mail support@coinsecure.in from your registered email id with the attachments for now or try a different format.

Currently supports upto 2MB, am raising it to 5 MB

A BTC deposit address is generated after your KYC is verified. If you have verified it, do PM me and I will check on this.
I will add more text all over the site over the coming days to help users a bit better.

Congracts Benson. Good to hear that your work in pipeine is finally coming off. Great start to 2015.

Thank you Kanishk!

i know you are really quite fast in releasing the stuff but the site have lots of bugs...no offense but i think testing is not done properly...few of this i am writing below:

1. When you withdraw BTC ,it say 'You made an INR Withdrawal request for 0.XXX ' and heading is "BTC Withdrawal" in timeline section.
2. "The price to buy 1 BTC is around 1000." when you hover over buy section in header.same goes for sell
3. In my bank tab there are 2 rows.one shows pending other one shows verified.
4. When i try to withdraw BTC..the button says 'send BTC' little confusing . in case of INR it says 'withdraw inr' which seems correct.

Lemme answer some of that.

We are releasing as fast as possible as our server code completes testing. UI is another big pain hovering around once the sevrer testing is done. Apologies for the bits and pieces solution, should be a lot stabler over the coming week or so. Its the only way I can think of, to get some feedback as we are deepdiving into the UI bits. Keeps the pressure up as well, since it is a live app. :)

1. The Timeline is fixed now though. Should be releasing this update sometime today. The one online is the same one as Trade Engine, so does not have many banking features built in as yet. It should be a much better experience after this release, revamped colors and event text. Trying to add more data to the timeline, such as address generation, kyc data, etc. It is quite a complicated piece and should be complete with all exchange events quite soon.
2. This is not a bug. The Exchange does not yet have volume, as we are not yet fully marketing this until we get few more fixes into the UI. The 1 BTC hover text is to depict the rate to purchase 1 BTC, if the first order in the book does not equal the same, in the event that 1 BTC is not in the order book volume, it will take the total order book volume and output the price to clear it. This problem should not persist as volume grows over the coming days. We are already seeing some Deposits trickling in.
3. Am still not at the Bank Page in terms of UI polish :(, eventually, it will be more like the timeline, but in a table form. It will carry all bank related information. The reason, the verifying and pending tabs are there is to show the time between each transaction. This is one way, we can internally work on out turn around time, etc. I will club them into 1 when working on that page. I do believe it is the last major piece left to complete for the UI of the exchange apart from Loads and Loads of Helper Text.
4. The Send BTC button is there because, we will be linking it to our Wallet feature quite soon for offchain transactions. Currently, you can send BTC through a manual verification system to any address from the withdraw page, making it an onchain wallet. On the INR side, one can only Withdraw to their Linked accounts. If I had the privilege of INR to INR transfers, I would have set the Withdraw INR button to Send INR as well.  ::)

Look out for the helper pack in a week or so, that should change the ease of using the exchange. It is currently being tested and should be rolled out soon. Most importantly, we have not lost a single piece of data since we started tests on Trade Engine over 2 months ago and that makes for a solid back-end. Hoping to fix some of these issues you have outlined and make things kewler :)

Thanks so much for the feedback :)

This is a problem that most new exchanges face for the first few weeks or so.
We have seen quite a few deposits coming in so far, but not too many have gone onto the order book.
I assume the current prices have something to do with it as well.

There are a decent number of sell orders.

Lots of this will change by next week. We should be starting adverts, etc quite soon as well.

Added Google Authenticator. Users can enable Authy and G-Auth and use either during login..
Loads of tiny fixes up in this version, should have more soon.

http://blog.coinsecure.in/post/108130778950/coinsecurity-for-bitcoin-users-in-india

Can we know what the timeline is for deposits and withdrawls which you are going to promise to work with. I understand that your working hours are from 9 Am to 9 Pm. Is this for sunday as well? And do we need to notify you everytime we make a deposit? Thanks.

Yeah, from what I understand the 9AM to 9PM is not set in stone. We have been clearing deps, withdraws and links out of those hours as well.
Yeah, Sunday is on as well for now. Cannot see any reason not to process on Sundays.

No user initiated INR deposit as yet, do you think it will help? I have been requested to add unverified deposits as well to the application. I think its not a bad idea where a customer can update their payments as well and back-end simply confirms once received.
BTC Deposits and withdrawals will be automated quite soon, so that should not be a problem.

fair enough, and thanks for the clarification. but my point was, i made a deposit for 1000 INR last night, and it still has not been credited to my account as yet. i also raised a support last nighj about it, but no reply on that either.

basically, when i do send money, can you guarantee a time frame, within which it shows up in my account. for eg, an hour, 2 hours etc. before which i get concerned.

Thanks.

Let me get back to you on a solid timeframe. Apologies for the lag as well, we have received your payment and it should be processed nowish.
Feel free to mail me if there is a bad lag in processing. I am online all the time and would be able to contact the correct people who work on this piece.

As long as we receive the payment and the person who is processing the banking gets a notification, I think we should be able to process at anytime.
Am adding some functions into Fiat deposit, where you can add the deposit account and amount along with a short comment. This way, you would be able to track deposits on your timeline as well rather than wait for us to update it.

yes that functionality should work quite well. its better than the current system which is non-existing

Hi all
Nice to see that we are progressing continuously.

@Benson thanks for adding Google 2FA :)

Any news on when SBI will be added. Thanks for quick online support.

Not sure about the SBI thing yet. They do not offer too many feature, so tough to do quick bank links with them.
We are good with withdrawals and deposits from SBI as long as kyc is complete, so, you should be good to go with that :)

Thanks for replying. Just one more noob question. Do I need to enable Internet Banking to do deposit & withdrawals? This is first time i am linking a bank account to a site so I am not sure. :)

Nope, nothing needs to be done on your end. Just need to link bank account of Axis or ICICI or provide KYC and then link any other bank account.

My only problem when I was linking the bank account is with this :
https://i.imgur.com/Dp095y1.jpg

I would like to be a verified member of your exchange, but why shall I disclose my bank account's financial transactions to you, more so why is it necessary* ?

*Also sent you a PM about the KYC submission page issue where it leads to a Page not found page.

Got ya an answer here mate. Honestly think it is a rare scenario where we may have to exercise that *

Once again, these are my personal thoughts.

Benuda, I could have sensitive information in there ! As in bank details from all the people that have transacted with me, so in a sense you are not only unmasking your customer's financial privacy but also all the other people who are dealing with your customer.

I have been using Unocoin for some time and would like to try our Coinsecure as well.

Just curious, there is a vast difference between your buy price and Unocoin. Is there any operational differences between the two exchanges that affects the price in a different way?

In Coinsecures case, you as the user determines the price for Buying or Selling Bitcoin. We also have fee based priorities, etc which makes us a real-time Algorithmic trading platform, where price discovery is by the Users. unocoin is a website where people buy and sell to unocoin, rather than other users directly.

As a new exchange, volumes are a bit slow compared to the other ones that have been running for over a year now, but that should change very soon and that is when you will be able to see closer batched pricing, etc.

Feel free to try us out, set up some trades and see how the system works. We have some more stuff to add and  we start to market over the coming weeks.Am sure you will be quite impressed :)

I was assuming this would be the case. In Unocoin when you transfer money and place order, they buy BTC for you and deposit it into your account. Unocoin is the trader you're dealing with, not the other user.

So in Coinsecure's case, when I place an order, it should execute immediately, right? Because I'm dealing directly with the buyer?

Yup, sounds correct, as long as there is an order to match.

I guess people here haven't traded altcoins on alt to btc exchange. it is an order matching system with small fee for providing the services. Coinsecure is same for fiat/INR to BTC.

hey guys can anyone tell me what code should i put in while depositing INR into exchange? I have no clue. How do I get confirmation message from my bank?

When you send the payment, you will be given some token confirming the payment by your bank.
You can enter that there or even just enter a message saying that payment has been deposited.
This is to make things faster once we get a request as such.

I have just joined the exchange. Verification process was very quick, completed within minutes! Linking the bank aacount was also a breeze, completed within matter of minutes, too.

I have deposited a small amount to test how the trading and depost/withdrawal goes. Will update here soon.

P.S.:
I wanted to send money t your ICICI account, but the site shows no account number for ICICI, just an IFSC code (it just says 'SECURE'). So I sent to your AXIS account instead.
It is impossible to wire money without knowing the A/C number.

Yeah, ICICI had informed us that we just need to enter 'SECURE' to send funds to us. This is in order to be able to do quick bank links.
I have had another report that it didnt work. Will check on this and revert.

Hi sgk,

There are two issues with our ICICI Bank right now.
1. Due to some weird reasons ICICI is not allowing ICICI customers to send funds via their Company Code System which is "SECURE" in our case.
2. You won't be able to do IMPS payments in our ICICI Account as our Branch is not linked with IMPS system.

If you have any other bank account, you can easily add our ICICI account and do NEFT/RTGS. You just need to use "SECURE" word in place of account number.

Ps: We are going to add few more banks next month.

Happy Republic day.

From coinsecure's post above, I can understand that entering 'SECURE' won't work with IMPS, but it should work with NEFT/RTGS.
I was trying to do IMPS, which is why it didn't work - or at least that's what I assume to be the case.

Neverthless I did IMPS to your AXIS which worked great, I received the deposit in my coinsecure account within a few minutes.

So far so good.

OK, I executed my first trade. I wanted to evaluate the whole process for future trades.

Everything works great; a couple of suggestions:

- While placing the order, after specifying bid price I have to manually calculate the amount of BTC I can purchase with reference to INR balance. It would be nice to have an option where you specify the bid price and then click on INR balance to go "All In" and the exchange would automatically calculate the BTC you can buy.

- On orders page, I can see all recent trades. It would be nice to have isolated history of my trades so that I can keep track of my buy/sell trades and calculate profits acordingly.

- Will add some form of calculator widget out there. For now, I will add INR Volume under Exchange Data. Should be up today or tomorrow.
- Reports have a long way to go :(. Do look forward to some major additions on how we show the numbers, etc. For now, the Timeline tracks everything.

OK, thanks. And how do I withdraw my Bitcoins?
Under bank details, there's an option for withdrawal, but I assume that's for fiat? (And BTW, that withdrawal option asks me to enable 2FA even after I've already enabled it)

You should have a tab for Withdraw/ Send, that should reflect your Bitcoin Withdrawal form.
2FA has to be used before withdrawing. That should show as well. If it is not showing after enabling, can ya please send me a screenshot as a PM? I will look into it asap. It should not behave otherwise.

Sent you a PM

Still no volume in exchange and you are saying it's best exchange.

It's not UI who make exchange best. It's depends of so many factors. I agree Coinsecure has best UI in Indian exchange and worst UI has BTCXIndia exchange. It's not owner, Partner or employee who decide it's best or not. It's user who decide after using coinsecure services it's best or not. So I think first edit your topic atleast till coinsecure has some volume. If I want to sell or buy 1 Bitcoin I can't do that.

Then what is the benefit of best UI. I know it's new, but what I know mostly exchange in begining use market maker who fulfill order for buy and sell for other user. So exchange will get volume.

So try to find some market maker. BTW you have Pankaj in your team he can easily play that role. Without Market maker I am guarantee you. Coinsecure never will have volume even you promote till any extend. Because market maker play big role specially first 6 months to 1 year. without them serviving in competitive market never easy.

So better till that Coinsecure will have volume and good customer service. Edit you title.

It's like apne muh miya mitthu.

Hmm, got your PM. Will do a fix. Authy seems to be fine. Looks like a small bug. Will have that fixed asap.

Fixed Google Auth Withdraws.
Added INR Volume under Exchange Data as well

Nope; still getting same error. It tells me to enable 2FA when I already have it.

Fixed and confirmed via PM!

Confirmed. This issue is fixed and I was able to withdraw my Bitcoins. Withdrawal verification took a couple of hours; I guess the withdrawal requests are confirmed manually?

One more question: For verified customers, is there any limit on buy/sell amount or withdrawals?

Yeah, deposits and withdrawals are manual at the moment. We have the automated bits in place. Should be live quite soon in fact. Withdrawals may be automated this week itself.
Nope, no limits for verified customers.

Thanks for replying :)

I will try this today or maybe tomorrow. I also had a problem where even after enabling 2FA on withdrawals page it says "you need to enable 2FA for withdrawing".

One more thing, i haven't received my BTC from the exchange game. I have everything verified & 2FA enabled, bank linked. Please check that.

Thanks for all the help.

While I surely agree with liquidity part, I think CoinSecure can go a long way. There is nothing wrong in positioning your product on some baseline. Coinsecure chose to be Best exchange in India ( When I used to run buysellbitco.in I chose to India's first and most trusted ), its up to them to live the mission statement and up to users to decide if they fulfilled or not.

Any exchange in India will be able to see any reasonable volume only after 3 months. In fact this is good for CoinSecure as they are making their product solid with few user's feedback.

A liquid exchange ( not OTC like buysellbitco.in, unocoin ) is must for thriving bitcoin economy in any country. I see coinsecure as promising step there.

On a side note CoinSecure must start a promotion now for market makers :)

Regards

You can, you need to submit your KYC first and link your bank account.

That's not an issue; he is saying there isn't enough volume to carry out big transactions.

There is some truth to it, but I guess the exchange is new and it will gain more volume as time passes.

Lol check I can't do on market(Bitstamp price or 2-3%) on coinsecure. I checked first and then posted.

I know I must KYC first to use. I did tried and it's failed and then I did not tried yet again.

Here Buying Side screen shot. If I need to sell even 1 BTC I can't total buy order is 0.4 BTC.

http://prntscr.com/5yadnu

Can you PM me some info on why it failed?
Was there any message?

There were some error, even my file size was less then 2 MB still it was got error.

After that I did not tried. Because I was not fully fit last some days and that's why very less active on forum too.

Would be awesome if you could try it out and let me know if it works for you.
If it is an error with the attachment, do try a different format.

And thanks a bunch for your feedback. Working on a lot of it. :)

Yup I will surely try again for uploading documents.

And I really want live exchange with volume in India succeed. So we can easily hedge/trade in exchange and don't need to hedge on BTC-e. Now I only use BTC-e but only do hedge becaues I don't want to withdraw big amount from other country through wire transfer in India. RBI will then start eye on my personal account and it will be very bad for my trading business. Because keeping every details is not easy for personal level.

I agree some brands use tagline/baseline. But mostly do after time passes and show some credibility not from first day. Because they know people dont trust them if they use tagline like this since first day. In corporate word every action has reaction. And these kind of action always have bad reaction. I worked like 7-8 Years in Financial Company, when I joined it was not big but now It is one of the top Financial Company{India Infoline(IIFL)} in India I know how People react when it was new/small company people even don't want to talk us because no one know about company. But slowly slowly people start gaining trust and from feedback of customer other also start joining as a customer and now it's top company.

Mostly trying to avoid these kind of words in tagline like trusted, Best etc.

Because who have big plan in there vision they don't need baseline/tagline since first day because when they prove themselves people start trusting blindly with ton of money. You can see Bitstamp/Btc-e. Do they have any tagline like this that they are best or trusted exchange. People start trusting any financial institution when time goes well and they have good service.

P.S. I again tried to upload document My file was 1.96 MB and it was showing request Entity too large.

Hi Benson

I finally made a deposit and tried out a trade & withdrawal. I have few suggestions for you.

INR Deposits are absolutely fine and i got my money very easily in the exchange account.

When I was trading i wanted to buy 500 INR worth of bitcoins but there is no field to enter amount in INR. I had to calculate BTC to buy for it to be 500 but it wasnt exact and now i have 2 INR sitting in my account that i can't do anything with.
I would suggest 3 fields INR amount, Exchange rate, & BTC amount. This will allow me to enter if i want 0.1 BTC or 100 INR worth of BTC at a given rate and other value will be calculated.

Second suggestion is about rounding off of BTC values. I think rounding off to 3 digit, while whole bitcoin system allows upto 8 and atlead 6 decimal places , is a bit too aggressive. That is what caused my order to change from value of 500 INR to 498.05 INR. I hope we can get something more than 3 decimal places.

I also withdrew my BTC from the exchange and while I bought 0.035 BTC and had 0.01 BTC from exchange game, i only received 0.04 BTC when i withdrew. Do you have a 0.005 withdrawal fee? if yes then that is very high fee or  were they once again rounded off. I bought 500 INR worth of bitcoin but due to all the above problems, i received BTC worth 425 INR only.

I am very disappointed with this. I know it is not a big deal for big traders but for small time accumulators like me this is very taxing on my investment. I am not willing to keep big amounts of funds on the exchange but with current situation I think it is not possible to make small trades and withdraw the funds immediately.

I was really shocked to receive only 0.04 BTC. I know 0.005 isn't a very big amount but i lost a lot in percentage terms.

Overall the performance of exchange engine is very good but other things left me disappointed & unsatisfied :(

EDIT: hey guys I just got another 0.005 BTC. I guess as process is manual someone made a mistake. Although other suggestions still stand. Will be buying more soon. :)

Thanks for the suggestions :)

1 - Will add the INR field. I did have it around some earlier versions, but it dropped off along the way. Will have it back up soon.
2 - Will consider the decimals. This is a current restriction only on trades. Withdrawals and Deposits will continue to have 8 decimals.
3 - Can't say more, was an error during the manual processing, quickly rectified though. Should not happen once we automate Withdrawals. We do not enforce any fees as the moment, but this will be added on automated withdrawals. If the withdrawal is to an offchain or account wallet, no fees will be incurred on those as well.

Fixed and confirmed via PM.

Some additions:

Added My completed orders at the bottom of the Trade Engine Page.
Deposits are now automatic. They will verify after 3 confirms.
KYC fixes in place thanks to deadley!

Nice to see you working on bugs so quickly and more importantly proactively communicating all the progress here. I would suggest that you put a list of bugs solved in the first post. It will make things easy to track and will show how we are progressing with time. I think i made the right choice by using CoinSecure.

and now the complaining :P
Please increase the decimal places to at least 6 digits. One of my orders went off by 13 INR due to rounding off to 3 decimal place. It is just annoying and these dust amounts just build up.

Remain awesome. :)

Regards
Sam :)

How much Fees in Coinsecure for buying/Selling.

1% as default.

Why Indian exchange charge high fee like 1%.

The default fee is 1% with us. Can be lowered based on number of trades, exchange volume, etc.
Look forward to seeing more of this being automated over the coming month as we will add a fee selector, etc. This will allow a user to set a lower fee by lowering their order priority or paying a fixed fee.

Loads of testing needed tbh, to move from 3 to 6-8 decimals. Should be a while before we can look at that. Can get tricky with rounding off, etc.. :(

Added a Depth Chart for the order Book and INR Sums on the Trade Page.
Small Fixes to the Bank and the Frequency Graph.

We can wait. Just keep improving. Thanks for the INR Field :)

New Charts up!
Order book now shows which orders have a partial or complete bid of a user.
some more fixes all around.

i've linked my bank account. But i don't have PAN number. So i can't deposit bitcoins uh?
For PAN, i need voter ID. But i've already applied for voter ID and now waiting for voter ID only. Not applied for PAN yet.
So what to do?

ID/Address proof is mandatory (Please check KYC page of coinsecure,We have given multiple options) and as for PAN number if you don't have one you can take a print out of form 60 (http://www.incometaxindiapr.gov.in/incometaxindiacr/contents/Forms/60.pdf), fill it, sign it and send us the scanned copy on support@coinsecure.in.

Ps: I would like to know, what documents you have provided in Bank while opening your bank account?

They asked me only the ration card for address proof.

I heard legality of bitcoin in India is in the grey zone? Something like fema or some act they have...google if you wish Is it a compliant?

fees are up for me it seems, a month of free trading is done. just one thing, i noticed, if i want to buy 1 BTC, it says approx to get .99. well i would prefer if you rather charge me for 1.01 BTc and add it to the inr cost. or you can collect fees in only INR both ways. why are you collecting fees in BTC. just a thought. 

We did want to go down this path, but it seems to be a complicated route to take to funnel all fees into INR itself.
Example: You have a bid for 1 BTC, how do we know how much fees to deduct before the trade executes? In the event that it is a partial trade, we would need to do fee reversals, after the transaction is completed.

Not sure if any other algorithmic trading exchange does this, but if they do, do let me know and I can study/ implement what they have done.

Bitstamp charges fees in dollars only, as far as i can tell. You can look up bitstamp, you can look up Btcxindia. They all seem less complicated than coinsecure.

Fees are always going to be in the percentage of trade amount. So first you check if trade is possible, now check if user has enough balance with trade amount + fees. If he has that balance, you can go ahead and execute trade. If balance is not enough you can create a trade with existing balance - your fees and execute it.

To be on safer side, you can ask user's to select in preference that they want to pay fees in INR/FIAT.


Regards

Yes les complicated because of the lack of documentation and verification processes there, but with sites like Coinsecure and (other similar exchanges) it is far easier for people do daily deals. That is once its setup. Off course I understand your frustration as you are a reputed LBC seller its hard for you to see other exchanges spring up and eat away at your trades ;)  ::)

I dont understand what lack of documentation and verification process has to do with maths. I am no programmer and i do not understand what all goes into creating whatever any of the exchanges have running in their back end, but as an end user, and someone paying for their services i need to be comfortable and like their user interface, and as far as coinsecure is concerned they have been very receptive to suggestions, hence i brought it to their notice, that i don't particularly like what they are offering at this moment. It is completely upto them to change it, if they like.

One of the reasons, millibits was not successful i feel was it was too complicated, with regards to fees and placing orders, although the interface was very basic and i loved the simplicity of it.

And i love the fact that more and more exchanges are coming up. It is better for the bitcoin economy in India, and i dont know if you have noticed but the prices have very steadily been trending closer to the more recognised exchange prices abroad, which is very good for an Indian trying to buy bitcoins.

On a side note, all the exchanges in india should get together and promote bitcoins, and their uses, much more than what is happening right now. There doesnt seem to be much excitement these days.

Oh, and i am pretty happy with my trading volume ;) thank you for your concern.

This image is of the buy side. if you can make the line read as what i write below it will be appreciated. of course you may take opinion of other members on this board as well.

The 1.0% fee should read 142 INR
Approx to receive should be 1
Approx INR spend should be 14342.


http://s2.postimg.org/5jnlrpbxl/Capture.jpg

This image is of the sell side and i think it is exactly how it should be and no changes are necessary here.

http://s9.postimg.org/5gcri1wzj/Capture1.jpg

haha dont take it personally bro just making a comment thats all, but I do think having multiple exchanges in India or exchanges that support INR wont actually solve ANY problem in India. The acquisition of Bitcoins for Indians have never been too big of a problem but its the actual use of those Bitcoins which is the problem.

As far as complexity goes CS is far less complicated than some of the other exchanges I have used in the past, offcourse its a personal opinion and may have to do with the fact that I am kind of already used to all the shitty process of verifications etc.

Looking into this. Not going to be a quick fix, but will figure something out.

I think Bittrex do it like shahadil is saying, although they are Altcoins/BTC exchange.

Also once more i will request that if you will add INR field for trades it will be great. Like this.

Units                       ___________ BTC
Ask/Bid                   ___________ INR
Total (w 1% Fee)     ___________ INR

Now if i want to buy I fill my bid price and when i fill say 1000 INR in Total cost field it will calculate BTC by assuming that 1000 INR is with fee.

Units                       _0.99009900 BTC
Bid                         _______1000 INR
Total (w 1% Fee)     _______1000 INR

Now if i fill bid of 1 BTC in Units field it will calculate INR in Total cost field with 1% fee included.

Units                       __________1 BTC
Bid                         _______1000 INR
Total (w 1% Fee)     _______1010 INR

It is similar on sell side, I fill 1 BTC as what i want to sell and it will calculate INR i get by deducting 1% fee

Units                       __________1 BTC
Bid                         _______1000 INR
Total (w 1% Fee)     ________990 INR

If i say i want 1000 INR after selling it will tell me how many BTC i will have to sell assuming that i want 1000 INR after fee

Units                       _______1.01 BTC
Bid                         _______1000 INR
Total (w 1% Fee)     _______1000 INR

Right now I have to do math which is easy but if it is easy it should be automated. Also, rounding off to 3 decimal places renders all my calculation incorrect and i can never buy 1000 INR worth of bitcoin for example. Its driving me crazy. You can say i am obssesed with base 10  ;D

I dont think what i am asking for is very difficult to implement as everyone including scamming and already closed exchange are/were doing it.

Regards

Sam :)

Note: If my math is wrong anywhere please correct me & take it easy. :p  ;D

Are all INR deposits verified manually between 9AM - 9PM?

If so, does that mean I have to wait for my funds until next day if I make a transfer after 9 PM?

While we have mentioned 9AM - 9PM, it is not strictly enforced.
We do process INR deposits after it as well as long as we get notified by the Bank. But this is not guaranteed during the night.

Thanks! I just noticed my deposit went through which I sent just a few minutes ago. Appreciate the quick service!

Although, wouldn't it be possible to automatically verify the transfer if it is coming from the registered bank account of the user?

On a lighter side..  I was reading through the sell orders on the exchange when I noticed this order:

https://i.imgur.com/DEuv3Bt.png

Looks like someone wants to be a Billionaire very quickly and easily !  ;D

I did not influence that confirmation of fiat btw, escrow has been vital in our banking piece.
Yep, we can automate INR deposits, and I am doing some tests in the backend, but it looks very unreliable.
For some reason, I cannot figure out any way to influence the regular bank notifications to come in from a reliable source, without their approval.

Hopefully, one of the banks that we are talking to, may give us the privilege of an API :).. Who knows.. mebbe soon  ::)

Just a thought - Is there any regulation which prevents the exchange from playing the role of a market maker?

If the exchanges are allowed to place a large buy order and large sell order (say at a 20% discount/premium to current prices), this would at least ensure that people who are desperate to trade can execute the order. Right now, the liquidity in the order book seems pretty thin.

Correct me if I am wrong, if you mean that Coinsecure should allow 'other exchanges' to open up trading accounts and get some kind of discount for trading, then this is what I have to say :

The thing is since this is a c2c exchange the 'discount' can not exactly be given to anyone using the platform as the price would be determined by the free market orders. However if there was a separate way through which Coinsecure itself refunded or gave a discount from their own pocket, on the purchases or sales made by other exchanges through coinsecure then that would be possible.

Also remember due to weird FDI policies it isnt quite easy for people from outside this country to come and invest money here.

The sad but true fact is, that there arent many people in India who are aware of Bitcoins, even today hence the market is not big enough to have multiple decent sized exchanges like Coinsecure or Unocoin, whichever of these exchanges came first, capitalized on the limited non mining user base our country has, it will take some time for the market share to get evenly distributed among all the exchanges.

lol actually no. That is an age old trick of tying up coins in a market order and keeping it safe by NOT touching it and listing it for an impossible price.

Nope. What I meant is if the market price is INR 15,000, Coinsecure should have a buy order (maybe 5 BTC at INR 12,000/BTC) and a sell order (maybe 5 BTC at INR 18,000/BTC). Is there any regulation which prevents Coinsecure from doing this?

We are absolutely fine with any exchanges opening trading accounts with Coinsecure as a corporate account. Traders accounts are coming up as well, This would have some solid reporting and trading tools, so its a slighty large piece coming up around it. This is on the priority list, right after the hot wallet is in place.
Am gonna roll out something this week as soon as I get a fix on the adding some decimals and a tweaked price input box. Have already added some fancy fees to my local codebase based on INR deposits. Should go all the way down to 0.2% fees based on deposits and withdrawals.
We can have individual rules built in based on conditions for each user. Probably some voucher system for other exchanges/ traders that gives them a better fee/ application advantage?

Yeah, there are couple of licences that need to be in place before we can touch anything outside the country, but it is something that we have been looking into as well.

Arbitrage is still not a common practice in India, from what I can see. Not too many people have seen or learnt the opportunities involved in arbitrage as yet. We started off, with the understanding that it was going to be a good stretch before we can start seeing volume in India. But it is catching up.

@polynesia we have discussed this and are talking to some people to ensure that we get it right. The last thing we want to get into is any form of price manipulation or insider trading problems. For now, as and when we get large order requests over the phone or mail we direct customers to coinsecure and use the platform for fixed price sales. We have already added that to our documents, etc. But am not sure if we can place future trades on the exchange without prior approval.

Think am gonna set some extremes on the order book colors. That order is ridiculous :p

Can this be done by a large 'anchor investor equivalent'?

Actually, this can be done through Secure Bitcoin Traders as a trader on the exchange. Talking to the team here to see this through. :)

Cannot they achieve the same by just keeping btc in exchange but not place the order ?

In this case, he would have multiple possibilities. 1, its safe and won be touched, and 2nd, if it gets touched, the order wins.
I would expect far more of these as time goes by..  :)

I am going to own up to this weird order of all 9's. I had put it in place to see whats the max limit. However, i found out that the max order is 1 followed by 10 zeros. equivalent to 10,000,000,000.

But putting 10,000,000,001 as the sale limit brings up this image

http://s2.postimg.org/b6ulk6vy1/Capture.jpg

which claims that the max rate is 1 followed by 12 zeros.

Can you have it checked please. I think it is putting a decimal there for some reason.

lol, nice order :p

Yep, there is a reason for the extra 0's. The amount you entered was in Rupees, but the response was in paisa, hence * 100. I will humanize those response numbers by the next release.

Haha.. nice. The reason for putting up that order is better than I had assumed. :D

So I can rest assured that Indian Bitcoiner community is not full of people who want to become Billionairs by selling 1 Bitcoin, LOL!

Frankly would love to see the day, when 1 Bitcoin can be sold for a billion rupees.

Auto BTC Withdrawals and Deposits are now live.
Removed 2Fac as mandatory.
Added some better mails, mail verification links on withdraw, etc

Several fixes, INR calculation box added as well.

Links added to home page.

I dont know why i read it as auto fiat withdrawl. i was getting a little too excited.

Ha.. Hopefully sometime in the near future..

I requested withdrawal yesterday night and clicked the link from email too. But it's still showed unverified.

I don't understand hwo to verify if it's from my side lol.

And if it's from Coinsecure side then already more then 24 hours and still not paid.

P.S. when clicking to link it's opening new tab and there is written 'Nothing here but a message!'

Checking on this.
The withdrawal process is to place a withdraw request on the site, click the verification link in the e-mail and thats it.
The withdraw should happen in under 2 mins, unless the hot wallet is empty, in which case also, should be a lot lesser than 24 hours.

Checking with escrow. Should be sorted asap.

I withdrawal INR not BTC. so Hot wallet issue I don't think problem.

Oh, kk, will get that sorted.
Thought it was BTC.

http://blog.coinsecure.in/post/113446239560/bitcoin-the-future-of-money-in-india

Hey Benson,

Waiting for your action on the PM I sent you a few days ago. I hope you can expedite it?

I have been waiting for a good indian exchange for sometime now...Hope it lasts long

You're at the right place then.
Coinsecure is amongst one of the best exchanges for Indian users. Though low volume can be a pain if you want to buy/sell large quantities. For that, Unocoin is also an option.

Never use iGot, you will regret it. There are plenty of users on this forum that have regretted it.

iGot is pain especially when it comes to withdrawals...it takes days to complete a small transaction...Haven't tried Unocoin...will check it up...thanks

Also, iGot will ask for all kinds of IDs and KYC docs in the world if you try to withdraw a few BTC. And will REPEATEDLY deny your previous verifications.

https://bitcointalk.org/index.php?topic=395675.msg9616536#msg9616536

@Benson

Hi there

I tried to withdraw BTC from the exchange today, but on clicking verification link in the email, it says

"Request was already verified, canceled or Token was invalid"

My withdrawal request remain unverified after this. I can't withdraw.

Please check this.

Regards

Sam :)

 Can you try cancelling it and retrying on your Timeline?
Else, do let me know and I will double check from the back-end as well.

I already canceled it successfully and tried withdrawing again with a new request. I got a new email but the error remained.

Do raise the request and ping me and I'll get it pushed out. Will fix asap if there is any error

yup same issue. withdrawl not happening

Fix coming up in an hour.

Fixed and Updated.

Thanks for this quick update. I will now try to withdraw and report back. :)

EDIT: I successfully withdrew from the exchange in the morning. Thanks once again :)

Perfect! Some small conflict with the API piece. Fixed now.

Guys put some buy orders.. Need to dump a few coins.  8)

ok, good point.

What is the actual issue, why there is no trade at Coinsecure inspite of 0.3% as trading fee?

Our API is up as well. Lil bit of throttling to be added and it should be final.
0.3% fees has not yet been announced, maybe why people do not know as yet. Will do that asap.
A solid referral system is also coming up.
So hopefully, these are the tools that will help add on the volume and users.

Benson more then 4 months past since Coinsecure launched. Still I can't buy/sell  BTC @ good price like Bitstamp +_ 2%.


P.S. Find market maker without that exchange never succeed. Every exchange has market maker, that is very important because market maker provide liquidity and when exchange got liquidity then new user come and trade there.

Just tell me if anyone want to buy or sell in coinsecure and there is no active orderbook how they will encourage to put dead order to wait long time.

We are working on some nifty partnerships to make this happen, in the meantime, if you have any suggestions, do let me know.
We have dropped our fees to 0.3% for starters and you should be able to setup a bot quite easily as well on the system now.
I will put out a scala based bot as open source once I complete testing it.

We are looking to hire more market makers onto the team as well, should be announcing that soon too.
Any other suggestions, do feel free to ping me.

In India we don't have very active or huge bitcoiner who want to trade in exchange.

That is why I suggested you even when you guys launched exchange. Try to find market maker or play yourself as a market maker because when new
member join coinsecure and they don't see liquidity they just don't like and will move to other exchange like BTCX or localbitcoin.

Same thing happening with coinsecure. There is no volume so you guys not getting even passive order because people don't like to trade passively so much very volatile commodity like Bitcoin.

AFAIK, esccrow.ms aka Pankaj Agarwal is part of the CoinSecure team. He was/is probably the biggest trader in India. So, how come volume is a problem for CoinSecure ?

That is the only problem isn't it? Because the software for an exchange is dirt cheap.

Anyone can and did open an exchange, following the success of MtGox and BTC-e, but getting people there .. that's a whole different ballgame.

I will say this again. make or break of an exchange in my opinion is speed of deposit and withdrawal. my last inr deposit of 1000 rupees took 3 days. or maybe it was more. dont remember. i do not like sending a mail or raising a support ticket every time i take an action on the website.

At 2330 at night i can do an imps transfer into btcx, buy the coins and be transferring the coins out by 2345. if you just want to hold my funds then i will go elsewhere. there seems to not be many options now, but speed is still available elsewhere.

This is the issue with igot, unocoin, coinsecure.

Btcxindia had a zero fee month last year. there volumes were the lowest for that month.

I will try deposit again. Lets see how it goes now. I am not saying credit the money immediately. But if you cant even credit the money on a working day at 10 am, then i seriously doubt where your priorities are.

The software is definitely not dirt cheap, especially when custom built from ground up.
But that aside, until last week, KYC seemed to be the biggest problem.
We have received more than usual numbers of KYC and Bank links over the past few days, but I have heard a lot of people not wanting to do any KYC.
While, I do not mind that, we understand that as a Bitcoin Business, we will be scrutinized and would rather not go down the path of generating fake volumes or unverified accounts, just to fuel a fake volume.

We are safe, with strong banking partnerships, a rock solid order matching system and a bevy of features, that are not usually found on an Indian service provider.
But we are definitely not going to slow down, just because volumes have not picked up as yet. Trying a lot and then some more.

That's the my concern too Coinsecure have Pankaj still they were not able to convince him as a market maker. But other thing also involve as a market maker. Because there is so much risk involve working as a market maker. Mostly team work as a market maker and they put big amount of money for cover loss or gain profit.


Opening exchange is not a big issue anywhere. You can see many exchange but putting ton of money behind that is main problem.
Exchange need big amount of money to provide liquidity and reduce risk. I don't think any big trader will come and just hold 10-20-50 Bitcoin in coinsecure.

We all know trader hold big amount of BTC  or money in big exchange for opportunity trade. When big moment come they just come to trade.

Really? Want to buy exchange software for 0.1 bitcoin right now?

I am not criticizing you or anything. But building an exchange is as trivial as free and KYC problems are formality, but I wouldn't even trust my brother to hold my private keys, let alone an exchange.
I wanna get in quick, make profitable trade (which needs volume) and get out as soon as possible, when the moment comes. I care about being honest but I do not care about KYC formalities since they slow me down. Sure take my tax goverment, but atleast let me trade!

Your current approach is 'if you build it they will come', but that won't work because competition.

I cannot see how you labelled that 'if you build it they will come'.. :p

Well I know what you are trying to say but as you said only a team can become market maker, there's no such thing like a Individual Market Maker because one person can not provide liquidity to a real time exchange. I can sell my own coins and probably put a buy order too but again I do have to wait for someone like you or anyone else to buy them.

There are few more issues as well

1. Timing: I do not stay online 24x7, so I can't keep changing my orders as per market rates,(Probably other traders are getting same issue , who prefer to sell their coins with some % profit margin.

2. Indian market is too small,competitive and irregular: I can try to sell coins at low rates on exchange but what I'm gonna do if someone is selling coins for cash in cheap rates. There are many more issues which people do not understand. Like people prefer to sell coins on localbitcoins to a unknown guy but they don't want to sell it on a exchange, same goes with buyers as well.

Anyways thing will change slowly, coinsecure is a new exchange which needs some time.

There is a 4 BTC sell order at 15700 (Approx: Bitstamp+100 Rupees) Feel free to complete it.

You'll find the exact problem against this order as you stated in the last post...


At this moment, you are selling at a lower rate than both UnoCoin (INR 16064) & LocalBitcoins (INR 15734.57). But, someone has placed even a lower sell order @ INR 15000 at 100bit.co.in.


This disparity is making every exchange struggle in the very little Indian bitcoin landscape.

Someone sold 4BTC today at 14.4K.

That is probably because the price jumped almost 10 USD today. He might have placed the order before the jump. But, in general, we are not deciding the price like BTC China did in 2013. We are simply following the price as we do not have our internal economy of bitcoin.

Looks nice today :)
https://coinsecure.in/exchange_data

Way to go !!!
Keep it up !!!

Regards

By any chance will buysellbitcoin be back again?

Good to see some action and depth !

You should script us a bot with your nifty coding skills :D
@mahin, now you owe me a bot and a laptop :)

A bot is not a very bad idea :) you have some apis ? i actually have some experience of writing a bot a decade ago which trades shares on sharekhan.com tht did not fully succeed though

Mahin is offering laptops for using zebpay ? ;)

Lol, I use zebpay, cos I like it. Mahin, just keeps sending me laptops. :).. Just Kidding, for those who take stuff literally.

Ill put up some scala code in a day or so for a fixed price bot that matches bitstamp, any additions, will be awesome.
Looking for staggered orders and profit makers :)

I would say the bot should materialise arbitrage opportunities between coinsecure, Igot and Unocoin. And then teach it to buy low, wait, and sell high. I would consider bitstamp to be out of milkyway - not much you can do by looking at their prices or order depths.

buysellbitcoin is already back, it is verified seller on zebpay. We do have changed our business model and focus on small amount of buys for entry level users, for regular users and traders coinsecure will be much better place once its start getting liquidity which I am sure is not too far.

 Also this is coinsecure thread and I should not hijack it. If you need any specific information, please IM or open new thread and I will respond.

Thanks and Regards

bot on the way, will opensource basic API framework :)

Regards

For coin secure,
 
 I am an end user of your trading platform. I don't understand programming. Saw you have an Api. So how is it going to benefit me?

Lot of Bots should be open source with instructions on how to use them. I am putting a simple one together myself.
As an example,

The bot, i am scripting, checks Bitstamp prices, and if the user has a bid/ ask that does not match Bitstamp (+- percentage set by user), it cancels your lowest ask/ highest bid and sets a new order based on the set price.

I am also aware of someone writing a programmable bot, to allow deeper trade control.

The Coinsecure platform is one way to use the API, bots and other builds will be different ways to use it.

The API can also be used to integrate with other services, for example to accept payments and sell the BTC at the current rate, etc.. But we will be coming out with something a lot more comprehensive for merchants.

Latest Updates in a nutshell

Coinsecure's default fee is now 0.3%.
REST API. Allows for all trade functions. Adding more for Banking, KYC, etc.
Referral ID's have been added. This can be found under the profile tab for all users. The referral ID, if successfully used, will entitle the person providing the refferal ID for 10% of all the fees that we collect for the referred user on every trade. The stats can be seen on the timeline as each deposit comes in or on the profile page under the referral ID itself.
Chat Support added. We start with a 10 am - 6 pm IST service and look forward to extending that further over the coming weeks.
Coinsecure has also joined Nasscom as a Member.

1 Bitcoin is available for sale at 15150 Rupees and 4 bitcoins are available at 15200 Rupees per Bitcoin.
Buy now before it's too late.

Is Coinsecure process withdrawal on sunday. If yes then why my withdrawal did not processed since last 9 hours.

Yes we do unless there's some issue from bank's side.
Next time if your withdrawal has not been processed you can send a mail at support@coinsecure.in
Ps: It has been processed.

Thanks received, I thought Coinsecure don't process withdrawal on Sunday. That is why I waited till now.

Next time will try to mail on support@coinsecure.in

I posted here because this thread also serve as a CS of Coinsecure.

My deposit hasn't been processed for 5 hours. It was cleared from my bank & i got the SMS regarding that. I guess you need to talk to your banking partner.

Just got the deposit, but please look into this. Recently price has been in small range but for more volatile times hours of delay might ruin the fun. Thanks :)

Hi, Your deposit has been credited. We received it at 8 PM.
Normal NEFT time is 1-2 hours but it can take longer in some cases.

I really appreciate such good Customer Support. :)
In India after sales service is the worst thing ever. Before buying anything i look how good the service center is in my area & which things/services need least maintenance.

I have a small sell order at 16k (part of the 2+ btc). Could someone please fill it up? :P

Last I checked, there are lower offers on both www.LocalBitcoins.com and www.100bit.co.in :)

I would not touch LBC with a 100 foot pole. Have you not read the horror scam stories?
I'd rather spend 20 bucks more and do it on a trustworthy site where I have zero chance of getting scammed.

I'm not that big of a risk-taker to bother with LBC to sell the satoshis earned from the forums. :D
I'd advise everyone to avoid LBC unless there is no other option.

And 100bit.co.in is also something I'm not aware of. Seems a bit like LBC.

had called your bangalore office, but nobody picked up. have sent a query via the pop up box on site, as no online agents were available.

Checked..

Not sure which query is yours, but the Support mailbox is almost cleared, so you also should be gettin a response anytime.

I just replied. Thanks for getting back to me. Also added you on Skype.

Benson, what exactly you mean by Non KYC Accounts? I'm sure, you've substituted its with social verification that approximates KYC. In Europe few mobile banks are already using this and they have been looking at the same for extension into upper tiers. I guess, with your currency policy you're looking for at social as a risk based solution augmenting KYC. Is it so? Of course, you'll be able to kick lot of early stage fraud and get great user insight on new customers by creating custom score cards on foundation data points.... e.g. How influential they are, how often they travel, where there family networks are etc.

So, basically its sort of nexgen-KYC and good enough. But, how can you deviate from pre-defined guidelines of KYC when its comes to deal with money? Make sure this Non-KYC policy doesn't put dent in your business model.

Sincerely,

We had pulled this back few weeks back.

But it is completely OK as advised by our legal. Pulled it back mainly cos banks are unable to give us consistent data to keep this automated enough.
We have not used social verification though. We had to run a manual bank link before we allowed upto 10K. In order to trade more, identity is needed , which matches the bank account.

So no deviation here :)
I will update OP that this is no longer running.

Just made a couple of transactions, but had a few questions about it. have sent a mail to support. thanking you in advance for helping me out.

Due to the fork in the Blockchain, we have increased the minimum confirmations for deposits to 40 as a safety precaution.
We will be reverting back to 3 confirmations shortly, once we gain more clarity on the fix of the fork.

https://bitcointalk.org/index.php?topic=1108304.0

Back to 3 confirmations.

Hey, how long do your btc withdrawls take. I thought they were instant, but nothing seems to have moved for 2 hours now.

Hey shahadil,

We had sent funds to the hot wallet just a while ago and it seems to have just been confirmed now.
Do check if the withdrawal has happened for you as yet.

Yup, it came through about 5 min after i posted here. Thanks.

Sorry for the delays mate, lots of trx taking some time to confirm.

True. Some Tx are pending for almost 24 hour in unconfirmed state. Previous blockchain spam experiments did not do such a mess.

i use igot.com...igot exchange is safe?

Try google or the forums to check feedback on them. Tough for us to advice.

I haven't tried much bitcoin exchanges in India but btcxindia was very quick to me..
A few more feedback from you guys will make me to trust it again as it has make a comeback after a sudden closing.

Try Coinsecure. The volumes keep growing and is very secure, easy and transparent.

What is the minimum Trade volume for bitcoin?
is IMPS transfer available ?

Thanks.

Benson, I suggest that for all such posts where you plug Coinsecure, you add a Disclaimer that you are one of its founders. As a Moderator of this forum you hold a privileged position, and it will set a good precedent for the community to be open about commercial interests when they talk about services and products.

P.S. I recently joined this forum, and made a few posts earlier under the username 'valrama'

I think it is a well known fact already that I handle both.
But yeah, can add a disclaimer on my signature or something..

Great; thank you Benson.

Why is it so difficult to get INR out of you guys. i sent the withdrawl request yesterday morning, sent an email as well right after that. I thought maybe it will come yesterday, or maybe it won't. you say you process the withdrawal, between 9 am to 9 pm. no where does it say sunday is a holiday. But i will still give it to you, take a break on a sunday. But today is a monday, its 1 in the afternoon, and if you are processing withdrawls, from 9 am, even if you had done NEFT, i should have had the money by now. But i dont have it.

I stopped using IGot and unocoin for the same reasons. i dont want to be running after my own money. Please do the needful, and i would really like to know measures taken to ensure this doenst happen again.

We have added some staff work on Bank Transfers. That SHOULD help.
They start with us today, so should be in training, etc this week and start with work as they get comfortable and accurate with Bank Transfers, etc.
Also will be adding some time slots for INR withdrawals and a safety net of atleast 2-3 days. Not that we need it, but longer delays seem to be the norm with fiat across all exchanges and some of these transfers do get queued up under a pile of other requests as well. Would rather state 2-3 days and complete it sooner if we can.

2-3 days is way too much. I hope you realise you have competition which is way better and faster than you guys. the norm maybe for those which are not purely an exchange but buy and sell directly from end user, and in case they have more volume on one side, it gets difficult to fulfil the orders. For a live exchange like you guys, there is no justification for withdrawls taking so long.

On the software side, i sincerely believe you guys are fantastic. The options available for trading on coinsecure are by far the best. However, your day to day operations, i have felt from the beginning have been seriously lacking, almost feeling like you guys are doing it half heartedly.

I will stay away till you all get down to same day withdrawls. The dream would be withdrawls within the hour.

Mostly big exchanges take 2-3 days because they have very large number of user that is why they take that much times and mostly they release asap.

For Coinsecure I don't think even 5-10 withdrawal request of bank process daily because there is not much volume still in Coinsecure . So I don't think it will be good idea to process withdrawal in 2-3 days. You already said that you guys hired someone for bank withdrawal process that is good so I don't think it will take much time in future. In India IMPS take only 1-2 minutes to process funds.

I don't think Benson meant that fiat withdrawals will definitely take 2-3 days. What he means is that its the upper limit though they will attempt to do it the same day.

If I understood correctly Benson meant Coinsecure will complete withdrawal process within 2-3 days.

Anywhere from 10mins to 3 days, does that seem a bit better.
Once again, I do want these fiat based events to happen a lot faster and we are working on it and should get there.

Volume still a very big concern.

Try now.

Changes in place. Do give us a max of 24 hours.
Overall experience of deposits and withdrawals, will be a whole lot better after this.

Ahan. If you say so. Will give it a try today evening or else tomorrow.

just sent you an email from the contact us options. was having some queries about the site.

Hats off to you Bensen for starting own btc x change I was planning the same thing too,

How to know what is my account API?

Can login, go into api page, select the type of key and generate key.

Key should show up and will be in the hidden tab below.

okay, i have to give it to you. Fantastic job. had deposited INR that same evening, and it took an hour to credit. Not that awesome, but then still it was a step in the right direction. But today you have blown me away.

Sent a withdrawl request to BTCXIndia, and then the next min to you for INR withdrawl. Btcx processed the withdrawl in an amazing time of 10 mins. I got the deposit message from you guys 4 mins before the btcx message, so i would estimate around 6 mins was taken by you all, even though your email arrived 3 mins later.

All in all a great job. Impressed. I still prefer BtcxIndia over you guys, because of the volume, but you are no longer on the black list. That belongs to Igot and Unocoin for now. And the fact that i am looking at moving away from LBC for selling, you guys should expect more volume from me soon.

Though, on an end note, i really hope Unocoin also reacts positively like you guys did.

Thanks mate!


We have 4 stages with fiat withdrawals. That could answer for the 3 min mail delay.

Some more stuff coming up soon. We are thick in the act of a total Ui/UX overhaul.
Wallet, Merchant and Android App underway.

Iphone app, for trading would be really cool.  i am always on the move, and i am sick and tired of logging in everytime, my ip address changes.

Yup, thats on the plans as well, but a slightly longer time to delivery.

A little suggestion to you benson even tho ur site is new your fees are kidnof high,

For example in igot I can currently purchase at 18k-18150, price per btc,  in your site its 18.3k for .99 btc not much of a difference bt thers still room for change

New Updates in place.
Lots of small bugs fixed in modals, balance updated and display tables.

New KYC and Account Initiation Process.
Bank Links now need phone number as well. If you already have a verified account, please do cancel your existing bank link and resubmit, else withdraws and deposits may be rejected.

Will update apiProxy by tomorrow or so with some new methods as well.

UI update and wallet, coming up next!

api.coinsecure.in has been updated. You can now send bitcoin, etc.

Will update the same on testnet in a day or two.

Trying to withdraw INR. The withdrawal button is not working at entering all details. Nothing seems to happen.

Have you canceled the bank link and relinked with mobile number as benson said above?

Just tried it, seems fine. Can u PM me any more details, screenshot, amount, etc?

@sambiohazard, should be unrelated to that.

Did notice a small bug. 1Rs withdrawal fee getting added to each request.
Will fix by tonight.

I am busy through the day, will do it later tonight. But amount was all of what I have to the Paisa. Could that be the reason?

Could be. The 1Rs bug may act funny in a full withdrawal case.
Should have the update in place by tonight.

PM me the amount and I will ask for it to be manually processed.

Withdrew full amount minus 1 rupee. It went through.

Yeah, was testing withdrawal fees :) and missed that before pushing out the code.
Should have a much upgraded version without that bug by today or morrow latest.

Just to let you know, was withdrawing btc from coinsecure to unocoin. It gave me an error that the unocoin address is invalid. moved coins from another wallet to the same unocoin address effortlessly.

Can u PM me the address? Lemme look at it

PM Sent

The Coinsecure wallet is now Live. :)
Loads of features, can create accounts and assign addresses to them.
Can generate upto 10 accounts per hour and 10 addresses per hour, per account.
Multisig for users is in testing, should be rolled out once it gets some testing mileage.
Currently, sending to Trade Engine is free, other withdrawals need Bitcoin Network fees of 0.0001 BTC.
Sending from Trade Engine to Wallet is not yet onchain, so that will be an offchain transaction that may need 1 conf to show up as a deposit.

API has been considerably modified as well. New Key types and permissions for Wallet and Trade Engine.
No KYC or Bank link needed for ApiKey generation. But restricted methods will reply back with messages.
26 new methods added to the API :).
Old keys have been deprecated. But should continue to exist. Methods may not work with old keys though.

This is a Hot Wallet, so do be cautious with how much money is stored in the Wallet. We employ some of the best security practices, but do be careful until Multisig and Vaults are launched.

Will announce the wallet in a different thread soon!

https://i.imgur.com/Bptf2Zq.png

I am a little confused. What is the difference in accounts and addresses. I can understand having multiple addresses, but why different accounts? What purpose will that serve?

An account is a sub wallet basically to help organize funds. Eg. I will also be adding Trade Engine Wallet to the list of accounts.
Gets a bit tough to manage after few 100 addresses are generated in a single account.

So best is to set up different account based on what purpose they need to serve. Eg, Clients can get different accounts and new addresses for each deposit, so the Client can be an account name.
To combine amounts from different accounts and withdraw, you can send from different accounts to trade engine and withdraw from there like normal.

Based some of this architecture on the Trezor web wallet front end.
Should have some explainer video/ tutorials out soon as well.

Takes about a min to get used to, then its pretty smooth to understand and use.

Hi I have registered and submitted account initiation kyc, I must say it takes more than a day plus to verify...  still awaitin response

Sorry, about that. Can u PM me your e-mail ID?
I can get someone to ping you back asap.

pm sent also id like to state that after It asked for proof and said bank statements are ok . After I provide for proof now it ask me for more proof a valid photo id....

Why keep the option of providing when u are not gnna accept.

I am new in this forum, trying to understand how BTC works. how coinsecure.in works? is it instant? does coinsecure buy/sell BTC or other people place BUY/SELL and according to market demand their order will be complete.

Coinsecure is a Realtime Peer to Peer Algorithmic Trading Platform.
This basically means that the trades are created between people according to market demand, etc. We do not buy and sell our selves.

Yep, it is instant as long as the order can be covered.

You can try coinsecureis.cool, it is our testnet exchange. Very fast and you can actually try trades on it with testnet bitcoins. Its a bit of an older version than the live exchange though.

And our new UI is up, to support our growing volumes and order books.
Loads of updates and changes.

This would be the final look as we start to work towards cleaning any remaining UI issues and to move Coinsecure out of beta.
Bots are being built, our api is being used well, and that will be fine-tuned as well over the coming weeks.

Our Mobile app has been a bit delayed, but is in its final stages and should be out shortly as well.

The coolest feature in this release is the Beta currency converter, that allows users to trade, etc in USD, Euro, Pounds or Yuan.
Its a bit buggy and not rounding decimals as yet. But is a very cool feature and am very excited to see how it will evolve.

Wallets have been separated, so your Accounts wallet will not use trade engine's hot wallet to process funds.
Granular settings have been added on the profile page to allow users to disable some notification mails.
The withdraw verification mails can be disabled as well if chosen.

Feel free to PM me any further suggestions or feel free post in this thread as well.
 -> Offchain Wallet -> Apps -> ........ -> Merchant Platform -> ...........

Can you give more details/link about this, not able to find it on the website/API documentation.

Check under Profile.
Not yet in the API. Will add by next week.

Got it, but it says "These prices are for display only. The backend will calculate back to INR." I was expecting if a user sells in USD then the balance will remain constant in USD and not depend upon the INR-USD exchange rates. Currently if a user sells in USD and later if the USD-INR rate changes his balance will increase/decrease. 

That rate is displayed as well. Very low volatility too in Fiat rates.
Hopefully in the future, we shud be able to do actual USD.

Where is my old coinsecure address. I can't use those address now .

Have not changed anything under addresses.
Can you check under the /bank DEPOSIT BTC tab.

Let me know if they are not here as well and I will check on it.

just showing this page under wallet

http://prntscr.com/8ro6qv

only this address no other address.

P.S. Ok showing on bank.

Yeah, Wallet is separate. Its a different set from Trade Engine.
Do check /bank. Your Trade Engine Addresses should be there.

Can also click on your Trade Engine Balance on the Price Guide and it should take you there as well.

The awesome surge in Liquidity has been great for Bitcoin in India, and as we focus more on increasing liquidity and decreasing volatility, we have had to make an important alignment to our INR withdrawal processes.

Please see below:
We process INR Withdrawals between 9AM and 6PM IST only on Business Days. Bank Holidays and Weekend requests will only be processed on the following day. We reserve 24Hrs to complete any Fiat withdrawals.

While our Bitcoin infra has held up superbly with some amazing volume increases, we do need to align ourselves to growing Fiat withdrawal requests and a bad inability to perform some functions with Banks during weekends and Bank holidays.

As we see a surge in cash deposits, Added an upload deposit slip feature to help us process cash deposits faster.
Also, some new options under profile to disable notifications and verify mails.

Hope 2015 had being the base year for CS to fly off in 2016.

Thanks for your 0% fee for the year end. What happened to others like Unocoin, BTCXINDIA, Zebpay   ???

Happy New Year to all of you & I hope you will evolve to be a better human being in this new year.

Regards

Sam :)

Has been hectic, but things seem much stabler at the moment.
The company is looking to grow and engaging with some really good talent across India.

2016 will be pretty good for India if most of what we have seen building through 2015 comes into full force.
Wishing everyone a Very Happy New Year 2016!!!

How do I cancel my bank link. I created one in jan-Feb 2015. I can still see my bank account listed. Should i do something or i can deposit INR?

EDIT: I did my last deposit in June so i am not sure if it will still work.

If the bank is correct, can use the same.
Am putting up a new feature this week that allows bank links to be managed by users itself.
Will PM you once that is out and u should be able to cancel and add a new one if needed.

Thanks for the quick reply. I will try with a small deposit. It will probably be pushed to monday now. What do you mean by "bank is correct"?

Well basically, if the bank link that you had done back in jan is the same, then should be alright.
If not, the problem will happen only when withdrawing fiat, cos we will send fiat back to the account on file only.

hmm since i haven't changed anything so its the same, but it has no phone number connected. thanks for clarifying, anyways this is one way street for me from INR to BTC until it moons, so no INR withdrawals. :)

Its not profit enough for me to get into unclear zone of tax on profit, currency/commodity craziness.

Added a Bank Link Manager in the Bank Page.
Should help!

Also, Our ICICI Bank account details have been changed.
Please do check the INR Deposit Page for the new Bank Details.

Thinking of opening a bank account with icici soon. The recent change of your bank account, was it in anyway because of btc trading?

Changed the account due to convenience and better communication with the new Branch.

From a personal perspective, Axis has been very good to me over the years.
ICICI, did have problems years ago, not due to Bitcoin, but have not used them aggressively since then.
Yes bank has been awesome with their features and offerings for our Business.

http://blog.coinsecure.in/post/137531395380/elizabeth-ploshay-mccauley-joins-coinsecure

Content

Elizabeth (Ploshay) McCauley joins Coinsecure
A global enabler, Bitcoin has displayed tremendous performances over the past few years and despite few hiccups, continues to show no signs of slowing down.
image
Elizabeth joins the Coinsecure team to help grow our vision in Connecting India to Bitcoin. She joins us as the Head of Global Business Development, as we work on enabling stronger global connections to grow Bitcoin in a larger way through 2016.
Elizabeth has always been a powerful evangelist for the Bitcoin cause and has worked with several top companies such as Bitpay amongst others. She also serves on the Board of the Bitcoin Foundation and is an Advisor to the BitGive Foundation, where Coinsecure is a Founding Donor. She has held several other key roles in the past and is a well respected member of the Bitcoin community.
While the network and community learn to adapt and evolve into consensus, Elizabeth will be a key player on the team, to help us understand how we can maintain and quicken the pace. We welcome Elizabeth and look forward to a powerful step towards growing Bitcoin across India.
The recent price volatility has seen a tremendous surge in daily volumes as well as liquidity at Coinsecure. We continue to evolve and add new features and services to our platform.
We add YES Bank and HDFC Bank to our list of Banking partners and we have changed our ICICI Bank account details under the Deposit page. This enables better access to our customers who prefer to use any of our partner banks.
image
Look forward to several large enablers throughout 2016 as we work on bringing Bitcoin to wider audiences and building up India’s best Bitcoin company!

Great going guys. Keep it up :)

Regards
Mahin

Ok just to let everyone know, i was able to deposit INR in to my coinsecure account. Here is some feedback:

Functionality of deposit & withdrawal is much better & easier to understand.
Obviously liquidity is better.

The theme & UI look a bit amateurish & theme is very hard on eyes.
Some buttons like choose currency display were not working.
Exchange data page says "Last Buy Order" instead of "Total buy orders" & same for sell orders.

tl;dr UX is cool for most part but UI is not.

Also, i would like to ask how much time will it take to verify bank link if i cancel current one and resubmit with phone number included?

I now have my coinsecure referral in the sig! BTW do i get anything for referring, not that it matters i will refer you anyways, but i didn't see anything mentioned where i found the referral link.

P.S. Congrats on roping in Elizabeth Ploshay!!

Damn, i still have no way of creating an order of exactly INR1000, i have to fiddle with my buy/sell price. Also still 3 decimals only :( my fee should be 0 that way :P

https://i.imgur.com/o5CSD36.png

PM'ing you a route that is in testing :). You gonna love the UI thats coming up for the Trade Engine. But am not making that public until our chart rework is completed.

Could you elaborate? Just tested and clicking on any of those currencies are changing views for me. Hope you not clicking on the right side of the options.
Else, as always, will find the problem and fix.

Nice find! Will change the text by the next update. Should be around Saturday.

Almost always done in under 24 hrs.

Doubts on an increase on decimals anytime soon.
Exact amount is also tough, but should be adding instant buy sometime soon. That should make it easy for the price fiddles.

ah, i now got currency options working, as you said clicked on the wrong side. Good to know that UI is getting an upgrade! Also what about referrals? Do i get anything? :P

Okay, no worries, it still works, it just my OCD i guess with getting exact numbers. Exact amounts will not be tough with 8 decimal places on BTC. Altcoin exchanges do it all the time but as i said it works so not going anywhere because of that.

yup, refferals pay 10% of the fees that we collect set for the person reffered on all trades for life

Very cool. thanks for quick replies & great support. This is what will keep me here forever, no matter everything else.

Nice Bitcoin startup exchange! :). I've signed up and was expecting to clear up with the verification similar to Zebpay. I believe Zebpay only asks for a photo of PAN that can be snapped from the phones Camera and probably linking of Bank accounts. Could you clarify why Aadhar card is also required as a part of KYC? Is it mandatory for an Indian Bitcoin exchange to even collect that? Is Zebpay not collecting Aadhar cause it's headquartered out of India?

Do let me know. Thanks!

Since there are no formal guidelines on KYC for Bitcoin companies in India, each one follows the requirements based on their individual legal counsel.
For Coinsecure, we need an ID with the Address proof and a PAN Card Number.

Thanks for letting me know about the requirements process based on your legal counsel. I'm presuming that your legal counsel wants Coinsecure to be on a safer side and accept additional KYC documents incase need for verification arises? Since no formal guidelines on KYC are applicable to Bitcoin Companies would the need for a KYC like Aadhar be mandatory, as in maybe it could not be really required? I'm just a bit curious.

Can pass this on to legal.
But I do beleive that Aadhar is one of the options.

Just a little feedback :)

https://i.imgur.com/gw9halh.png


https://i.imgur.com/DjiG3Nx.png

Last Price refers to the Last Sell Price on the Order Books.
It was the Last traded price, until user requests got us to change that.

Will change the total's currency value as well.
Should reflect by Sunday or so.

Ok, last trade price is the norm generally. Thanks.

New Updates on Live.
A new Timeline, that should help with managing data.
All books and tables have been paginated and a lot of the data used has been streamlined.
Order Books will now highlight users orders when logged in.
All trade data also highlights user data when logged in.

I am a webmaster even have account with Coinsecure. I have gave review about coinsecure

Visit : http://digitalbit.co.in/bitcoin-trading-platform-in-india-coinsecure/

Very nice one!
Do PM me your coinsecure mail ID, will recommend it to the Marketing team.

The Coinsecure Wallet & Trade Engine Wallet have been integrated with Netki.
Grab your .coinsecure.me address as soon as you can.
Each user can create upto 2 easy to remember domain names that cannot be changed.

https://i.imgur.com/pxmrcZd.png

I just tried with name cryptocoin.coinsecure.me but link showing error 404 on page.

Quite confusing it asking for purchase domain nae as wallet after trying to create account wallet on Netki.

Where are you trying this? I have not added any purchase options, etc...
The account creation must happen on the coinsecure website or api.
Should be as simple as going into your wallet and clicking the create netki name link.

Lemme know if that works.

Ok I have created one with name cryptocoin.coinsecure.me how can I use this link for receiving or sending payments.

When I tried independent url http://cryptocoin.coinsecure.me it takes me to 404 error page.

Well, 2 ways!
1 is through the coinsecure wallet or any other Netki Enabled Wallet. Quite a few mentioned on their website.
2 is through the lookup on Netki website or the https://coinsecure.in/exchange_data page. This would give the wallet name details from the DNS registry, from which you can use the address itself. .coinsecure.me users can omit the .coinsecure.me, even when sending Bitcoin on the wallet or trade engine.

Very cool service, reminds me of IP addresses turning into cute domain names :). We should be doing more on this integration quite soon!

Adding something cool here in a few days. As of now, the wallet address is mapped to DNS and can be accessed from any netki enabled wallet.

Woow its working now when trying to find user wallet by searching on netki wallet . Its showing my Bitcoin address along with all transaction details.

When I tried with https://coinsecure.in/exchange_data this link by searching my username its showing and its working.

Added Profile pages to fix this. Can setup a public or private image after logging in and visiting your Netki wallet name url.
https://i.imgur.com/MGIRwk8.jpg
Users can also login to Coinsecure using their Netki wallet name and password.
Export Timeline Data as CSV if data exists on that table.
EV SSL Added

Woow great tool by support of netki to access coinsecure.in. Now my link http://cryptocoin.coinsecure.me is working fine.

check
https://s14.postimg.org/ly96lr3j5/image.png

New Login Routine in place for better account security.
Initiate login will now ask for login id(email, mobile or netkiname) only.
If it is a valid user, a mail is sent with a link that will be active for 15 minutes.

Password can be entered on this link page along with 2FA if it has been set.

This adds a rock solid security layer to protect your money.

Never expected to end it like this...

https://coinsecure.in/FIR.jpg

We wont be ending.. We will come back, stronger, more experienced and smarter.

You are right .We should still wait and look forward towards the success of this project because in India cryptocurrency is yet to be developed properly.So if you are afraid of failure and is still doubtful ,hold yourself right now and wait.

Can we have an update on what the situation is and when are you planning to open the exchange again.

What do you mean by afraid of failure, the coins were moved by the owner like an amateur by the accounts in which he explained on how he lost the coins while extracting bitcoin gold and you view this as a simple failure when he was holding the funds of the customers.
Why was he trying to move the coins when there was none from the company monitoring the event and since you are dealing with customer funds you cannot just move the coins when ever you can, it is not a good business practice.

Coinsecure has posted an update (Update 4, dated 18-Apr-18) on its website.
There are references to global exchanges which are helping the Company out. This is intriguing.

https://coinsecure.in/update4.png

Shitposters .. really who gave birth to you people? lol

@Benson Bro, consider locking the thread untill whole thing cools down and everyone is repaid. Shitposters and speculations are making things bad.

Does it have any automated bots for btcs acceptance or during authentication? If yes immediately replace it with humans

In one of the prestigious channel the Mr raghuram rajan took the bitcoin aschallenge to be accepted as mode of payment. He also bring it as mode of deposit or withdrawl.

I mean really? Do you allow us to link our bank for buying bitcoins? please exlain it with some evidences

U literally vanished from the forum. Escapist. >:(

The new 9/11 awaits us Ben da. Its either gonna make or break the back of crypto businesses in India.

I guess it's time to move Coinsecure to P2P model?

Don't speak like a naive idiot.

If Coinsecure starts P2P, no one in their right mind is going to use it.

There is no link to the exchange website. It become best on the launch itself :D. I want to see.

https://coinsecure.in/

Don't bother, the exchange was hacked and is now non-operational.

One and best bitcoin exchange in my experience is coinsecure