Are there any international exchanges from where Indians can buy Bitcoins and Al

[shariqkhan]

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.

[onrise]

Verification in any exchange is taking a whole lot of time as they are surge with the new account opening of people as per the Exchanges.

NRI people have the benefit of buying/selling at international exchanges viz a viz that with Indian exchanges.  If you are an Indian then there is nothing much you can do on this part of buying form International exchanges. Also buying here and selling at International does not make any sense you will make a loss itself. Instead buy and hold btc for sometime in this case you will make money.

[shariqkhan]

@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?

[Forbiddenone]

Zebpay is fast but their buying and selling difference is huge.better you should Go for coinsecure ,their rate difference is low.and if you are looking for international than coinbase will avail its service in india after few years.

[Somz1]

Don't use Zebpay,Coinsecure or any other scammy websites for that matter,they are only ripping you off by making you pay 20k to 30k more than the actual value in India(the price is around 20k premium to international market) and also ripping you off by offering 10-20k lower price when you sell
Best way to trade bitcoins is on Localbitcoins(dot)com,genuine sellers and they have escrow function so until you follow everything within the site no scam or cheating can take place
Also it's all about reputation,check the feedback on any trader to make sure he is genuine and reputable before trading
Cheers

[shariqkhan]

Don't use Zebpay,Coinsecure or any other scam my websites for that matter,they are only ripping you off by making you pay 20k to 30k more than the actual value in India(the price is around 20k premium to international market) and also ripping you off by offering 10-20k lower price when you sell
Best way to trade bitcoins is on Localbitcoins(dot)com,genuine sellers and they have escrow function so until you follow everything within the site no scam or cheating can take place
Also it's all about reputation,check the feedback on any trader to make sure he is genuine and reputable before trading
Cheers

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.

[Somz1]

You can compare the margings
Localbitcoins will always be better  most times than a start ups, also the selling rates are much better,plus there is instant contact and trades using IMPS payments unlike these start ups with delays where you can lose precious trades and times until your order is fulfilled

To answer your question more specifically:-
Lcalbitcoins has been operational from a long time than others start ups so you can assume most purchased bitcoins at cheaper rate years ago  so even if the sell at marginally lower rates now,they still make a fortune considering the rise in value of bitcoins today
Plus P2P trades generally costs lower since you are not dealing with a company which pays various fees,taxes etc that contribute to increased costs

[shariqkhan]

Localbitcoins has been operational from a long time than others start ups so you can assume most purchased bitcoins at cheaper rate years ago  so even if the sell at marginally lower rates now,they still make a fortune considering the rise in value of bitcoins today
Plus P2P trades generally costs lower since you are not dealing with a company which pays various fees,taxes etc that contribute to increased costs

That makes sense.
But this link gives other impression.
http://www.bitcoinrates.in/

[Somz1]

Ok fair enough,i did check Coinsecure rates
Right now is around 280k buy sell.
But don't only look at the attractive rates.
One look at their Google play reviews can be useful to understand why it's not trustable
(Ignore the 5 star reviews at the top and go deeper to see all the 1 star review and read their reviews)

[shariqkhan]

One look at their Google play reviews can be useful to understand why it's not trustable
(Ignore the 5 star reviews at the top and go deeper to see all the 1 star review and read their reviews)

Okay, will look at it

[mohucool]

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 foreign 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. 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 day to complete the actual verification process.
I guess they are seeing a surge in their user base given their reviews are better than those of Zebpay and Unocoin.

Try Bitcoin India Join here it's best among all I have used till now with best customer service, buying fees is only 0.1%, the spread is very low,other altcoins also available,mining services also available or else use localbitcoins(trade with only trusted sellers).

bitcoin buying services in India watch here.

As Bitcoin transfer fees are very high it's better not to deal with international exchange until  they integrate INR or open branch in India.

Thanks!

[rsarkar]

Yes there are many where u can buy Btc notably - bitstamp,cex.io,btcc etc.
But I'm not sure about AI,u can contact Elon Musk here - https://twitter.com/elonmusk

Thanks

[shariqkhan]

Yes there are many where u can buy Btc notably - bitstamp,cex.io,btcc etc.
But I'm not sure about AI,u can contact Elon Musk here - https://twitter.com/elonmusk

Thanks

I am sorry, but I did not get the context of mentioning Elon Musk here.

Also, regarding Bitstamp, cex.io, btcc, have you purchased bitcoins there? How did you deposit money on those exchanges?

[mohucool]

Yes there are many where u can buy Btc notably - bitstamp,cex.io,btcc etc.
But I'm not sure about AI,u can contact Elon Musk here - https://twitter.com/elonmusk

Thanks

I am sorry, but I did not get the context of mentioning Elon Musk here.

Also, regarding Bitstamp, cex.io, btcc, have you purchased bitcoins there? How did you deposit money on those exchanges?

Lol he mistook Al-altcoins to Al-artificial intelligence and hence Elon Musk. 

[shariqkhan]

Lol he mistook Al-altcoins to Al-artificial intelligence and hence Elon Musk. 

Got you.