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Well since the whole point of those local exchanges is to provide a method of purchase for local people to buy bitcoins, they do whatever they want.
I mean literally they can buy coins off other exchanges (1 btc = about $2400 on coinbase) using any international bank wiring or whatever (as they sell it for more than $3000).
I don't know how banks work in India but maybe these exchanges don't accept money from local people so exchange owners use this to put their own rules/prices.
They have stated that they don't buy bitcoins from international exchanges.........I read this somewhere. |
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As we all know that Indians have very limited sources like Zebpay, Unocoin etc. to buy bitcoins in India. Due to reasons like Demand > Supply or complicated & time consuming procedures to buy bitcoins from international exchanges, Indian exchanges / wallets always keep their prices way higher than those of international exchanges. Even peer to peer platforms like localbitcoins & coinsecure have high prices.
So, I am planning to buy bitcoins from international exchanges. I have been through many posts on the forum & found that there are many ways to buy bitcoins from international exchanges like by using Paypal, Bank transfers, Neteller, Perfect money, Okpay, Moneypolo, Ranexchanger, Entropay etc etc.
But the catch is that most of these platforms are either too slow, too complicated & inconvenient to use or the price comes approximately equal to Indian exchange price at the end due to high fees.
If anyone knows a way which is easy, convenient, fast & cheap then kindly throw some light.
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Indian exchanges / wallets always have way higher prices of bitcoins than those of international exchanges. Just a bit curious to know from where do they buy bitcoins as they have ridiculously high prices.
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As we all know that Indians have very limited sources like Zebpay, Unocoin etc. to buy bitcoins in India. Due to reasons like Demand > Supply or complicated & time consuming procedures to buy bitcoins from international exchanges, Indian exchanges / wallets always keep their prices way higher than those of international exchanges. Even peer to peer platforms like localbitcoins & coinsecure have high prices. So, I am planning to buy bitcoins from international exchanges. But if I buy from a foreign country & sell it here in India (for arbitrage purpose), it will be like importing foreign goods & selling it in your country. So, what legal formalities like obtaining a specific license, filling forms etc will I have to do in order to do avoid any legal issues?  Also kindly throw some light on taxation. |
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True. Everyone in India is selling at a premium. Too much greed?
If it was only user-to-user exchange rate (coinsecure) which was at premium rates, i would call it greed. But the direct buy (unocoin) prices are also at same level. This much difference cannot be attributed only to currrency conversion charges, right? Coinsecure price always been way much lower then compared of unocoin and zebpay. Can anyone suggest me any foreign exchange from where I can buy BTC You can buy if you have Moneypolo Verified account . Add funds via Credit / Debit card and then withdraw as BTC-E Code or withdraw to OKPAY then get bitcoin [ Total process can get you 6 - 8% fees ] You can buy from bitlish.com(KYC to be submitted) through credit card. Current price - 2345$ Fee-4%+0.25$=~95$ Now Convert it to INR=2440x65=158600 Plus Foreign conversion markup fee+tax on CC=4.1% =165103 Current price on coinsecure 189000 Profit-->189000-165103=23897(in one day) I have not included exchange fee and bitcoin transfer fee If you do this method often you will come under FEMA act of Indian Govt. There is a limit of 10L or 50L per year for credit cards under FEMA act,not much sure about this.. If there is limitation then only couple of transaction can be done else it would be a huge problem if you break FEMA rules. So then how are other doing it? Is it only couple of transaction people are doing in a year through this way or is there any other way where you do not fall under FEMA? There is no such option to buy BTC outside India, the only thing we can do is get BTC through friends or relatives living outside India and convert the BTC received to INR.So it won't fall under FEMA but will come under Income Tax laws. If we buy it from friends / relatives living in US/UK & sell it here in India, then won't it come under FEMA? |
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As we all know that Indians have very limited sources like Zebpay, Unocoin etc. to buy bitcoins in India. Due to reasons like Demand > Supply or complicated & time consuming procedures to buy bitcoins from international exchanges, Indian exchanges / wallets always keep their prices way higher than those of international exchanges. Even peer to peer platforms like localbitcoins & coinsecure have high prices. So, I was looking for some trustworthy individual seller from whom I can buy bitcoins for cheap. I reside at Mumbai (in case if the seller is interested in face to face deal).Any leads would be highly appreciated.  |
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There are some members in this forum selling bitcoins please contact them.
Can you please share their user IDs? |
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i am from india and involved in bitcoin from last 4-5 years.
I have moved to another country ...if anyone wants to buy bitcoin at cheap price can contact me ...
As the country in which i live have low price for bitcoin in terms of INR. Thus i make profit.
You can pay by cash or bank transfer.
Cash payment available in Bangalore, Delhi ,Jaipur
I posted it today as i the amount difference is high. Please pm me if you interested.
price can be decided based on the mode of payment.Generally i can give 5-10% discount on the price
Kindly PM me your contact details |
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