Hey Somz1 . Many thanks for replying.
I have heard about LocalBitCoins, but I have a question regarding the margins.
The sellers on LBC would be able to sell for lower price than Indian exchanges only if in the first place they would have got them at cheaper price than these exchanges.
How would the sellers be able to sell Bitcoins at lower rates than ZebPay or any other Indian exchange, if they themselves would have brought the coins from these exchanges?


Please dont take my question otherwise. I am not trying to raise a doubt on your answer; I am just trying to understand the process by which the sellers on LBC might have got the coins for cheaper than on Indian Exchanges.

@mazyrana   I will look into LBC once i have had some experience. At the moment, I am very new to all this, so just playing safe.


@onrise.  I was planning to divide my investment into 2 parts. One is long term storing of the BTC/BCC/ETH, and other was for short term trading.
But these huge spreads of Zebpay dont allow for short term trading, so I was hoping if we'd have access to a foreign exchange to buy directly from them, then it would be great. Are you aware of any such foreign exchanges? What are their fees?

Hi All,

A newbie Bitcoin enthusiast from Bareilly (U.P.). Professionally a freelance web developer

I had heard about Bitcoin around a year back, but what I read (on Quora) was written in not so encouraging words. Basically, it went along the lines of 'Bitcoin mining was once very profitable, not it is no longer even slightly profitable unless you invest huge capital in it'. There was no mention of bitcoin trading; only a list of outdated hardware that once made people millionaires but were no longer any useful...and then another list of some other miners of which you would have to apparently get a couple (10-15), to make some decent profit.
If only that article had something on Bitcoin trading, things would have been different for me at least

Anyways that is about me.

Anyone from Bareilly/U.P. here?

Hello everyone,

I am a new user here. I am new to the world of cryptocurrency.
It looks like if I have to do some trading on bitcoins, then I have to follow these steps:

1. Buy from Zebpay/Unocoin at a price 20-25k higher than international exchanges
2. Transfer to the wallet on international exchanges like Kraken/Bittrex/Bitfinex/Poloniex etc. This again involves a transaction fees (in terms of bitcoin).
3. Do some trading. Make some profit.
4. Again transfer back to the Zebpay/Unocoin wallet. Again involves a transaction fees
5. Sell at Zebpay/Unocoin i.e convert to INR at a price 20-25k lower than international exchanges
6. Withdraw.

It appears in this entire process one is bound to loose 40-55k INR and hence any profit you might have made in trading will be cancelled out.

Kindly correct me , if I am wrong.

But despite this I have heard people raving about how a living can be made by trading in cryptocurrencies.
So, I want to ask you guys, is it really possible to make a decent profit trading?

Is anyone actually doing it and making some profit?

If yes, then I believe it would be possible only if we are able to directly buy from foreign exchanges.
I browsed through some existing threads and they mentioned some exchanges allow this by Wire transfer and other methods.

 
Problem is I did not understand a single word of those thread except there are huge taxes involved and something to do with coming under the radar of IncomeTax authorities, because of some remittance thing.

I have never ever done an international transfer (except for PayPal a couple of times) in my life. In fact, I am not very well versed with different methods of funds transfer either. I mean I know how to do a NEFT/RTGS/IMPS. But thats it. I do not know what is SWIFT/WireTransfer and what are the charges. I dont know what could be the cheapest method of transfering funds to these exchanges.

So, if you guys could guide me, it would be extremely helpful for me.

I will summarize my questions again:
1. Given the huge differences between buy/sell prices of foreign exchanges and Indian exchanges, is it possible for some one to make a good profit trading?
Is there anyone on this forum who is actually doing it.
2. Is there a way that we can buy bitcoins directly from foriegn exchanges by depositing funds in their accounts. And what be the cheapest and simplest method to do that.

Thanks in advance for your help.

P.S.  What's up with Coinsecure? They are taking ages for KYC verification. I have heard they are better than Zebpay & Unocoin. But I have not got a chance to try CS, as my KYC is pending from a couple of days days. I uploaded my documents for verification 6 days back, and it took them so long just to acknowledge the receipt of the documents. I guess it will take another 5-6 days to complete the actual verification process.
I guess, they are seeing a surge in their userbase given their reviews are better than those of Zebpay and Unocoin.