Zebpay and their unethical hidden fees

[cracxme]

Zebpay rates are also unreasonably high.There buy and sell price difference is also high.This is unfair. Sometimes it is more than 2k inr

Totally agree, even Unocoin rates are similar to zebpay most of the time.

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[zebpaysupport]

I appreciate your concern. But please note that we are not exchanges. We hold stocks of bitcoins and we take a huge risk of price volatility. The stocks ensure that when you want to buy or sell bitcoins, you don't have to wait for sellers or buyers as on exchanges.

The spread reduces when bitcoin price is stable and goes up when bitcoins prices are volatile. - Sandeep, co-founder.

[taked]

I appreciate your concern. But please note that we are not exchanges. We hold stocks of bitcoins and we take a huge risk of price volatility. The stocks ensure that when you want to buy or sell bitcoins, you don't have to wait for sellers or buyers as on exchanges.

The spread reduces when bitcoin price is stable and goes up when bitcoins prices are volatile. - Sandeep, co-founder.

But you should consider the fees, they are somehow high and its unusual. Just my 1 satoshi.

[zahra4577]

I appreciate your concern. But please note that we are not exchanges. We hold stocks of bitcoins and we take a huge risk of price volatility. The stocks ensure that when you want to buy or sell bitcoins, you don't have to wait for sellers or buyers as on exchanges.

The spread reduces when bitcoin price is stable and goes up when bitcoins prices are volatile. - Sandeep, co-founder.

What risk? All your stocked bitcoin are from your users.You just facilitate storage and trade.
You charge high fees for just placing a trade order.Fee should be deducted when order is successfully completed.

[bitcoinisbest]

I appreciate your concern. But please note that we are not exchanges. We hold stocks of bitcoins and we take a huge risk of price volatility. The stocks ensure that when you want to buy or sell bitcoins, you don't have to wait for sellers or buyers as on exchanges.

The spread reduces when bitcoin price is stable and goes up when bitcoins prices are volatile. - Sandeep, co-founder.

What risk? All your stocked bitcoin are from your users.You just facilitate storage and trade.
You charge high fees for just placing a trade order.Fee should be deducted when order is successfully completed.

Well I think you are unaware that say there are 50 users selling total 100 btc at one point. Now there are only 20 buyers who require 20 btc. So zebpay will buy 100 btc which all users have sold it and they will sell 20 btc which users want to buy. Risk is of 80 btc which they have bought it. But yes as price plums as well so they even rise too. SO ideally it will depend how much they hold at the time of increase/decrease.

[Esphere.in]

I appreciate your concern. But please note that we are not exchanges. We hold stocks of bitcoins and we take a huge risk of price volatility. The stocks ensure that when you want to buy or sell bitcoins, you don't have to wait for sellers or buyers as on exchanges.

The spread reduces when bitcoin price is stable and goes up when bitcoins prices are volatile. - Sandeep, co-founder.

Hi sandeep i accept the fact that you are taking a huge risk in holding bitcoin but then i would assume that you have collected the stock when the price was lower and have already made a good profit out of it. The only problem the OP is pointing out is that you have to notify the customers about the hidden fees you will be collecting if you are sending  the money through non verified bank accounts or from wallets like PayTM, Mobikwik .I really do think it is a simple request and can be highlighted in the TOS about fees and cancellation.

[NewbieMiner.IO]

localbitcoin is the best .

[zahra4577]

I appreciate your concern. But please note that we are not exchanges. We hold stocks of bitcoins and we take a huge risk of price volatility. The stocks ensure that when you want to buy or sell bitcoins, you don't have to wait for sellers or buyers as on exchanges.

The spread reduces when bitcoin price is stable and goes up when bitcoins prices are volatile. - Sandeep, co-founder.

What risk? All your stocked bitcoin are from your users.You just facilitate storage and trade.
You charge high fees for just placing a trade order.Fee should be deducted when order is successfully completed.

Well I think you are unaware that say there are 50 users selling total 100 btc at one point. Now there are only 20 buyers who require 20 btc. So zebpay will buy 100 btc which all users have sold it and they will sell 20 btc which users want to buy. Risk is of 80 btc which they have bought it. But yes as price plums as well so they even rise too. SO ideally it will depend how much they hold at the time of increase/decrease.

We all take this risk.There's no business without risk.Bitcoin has given huge returns in past few months.
Everyone has right to make profit but unfair fees and selling at higher price than market rate is called unfair trade practices.

[harrishedge]

As per my knowledge, i am using zebpay from about 1 year and have made many deposits and transaction without any technical obstacles and delays. Zebpay has numerous users across india , very good and satisfied customer support. i thank zebpay.

[bitcoinisbest]

I appreciate your concern. But please note that we are not exchanges. We hold stocks of bitcoins and we take a huge risk of price volatility. The stocks ensure that when you want to buy or sell bitcoins, you don't have to wait for sellers or buyers as on exchanges.

The spread reduces when bitcoin price is stable and goes up when bitcoins prices are volatile. - Sandeep, co-founder.

What risk? All your stocked bitcoin are from your users.You just facilitate storage and trade.
You charge high fees for just placing a trade order.Fee should be deducted when order is successfully completed.

Well I think you are unaware that say there are 50 users selling total 100 btc at one point. Now there are only 20 buyers who require 20 btc. So zebpay will buy 100 btc which all users have sold it and they will sell 20 btc which users want to buy. Risk is of 80 btc which they have bought it. But yes as price plums as well so they even rise too. SO ideally it will depend how much they hold at the time of increase/decrease.

We all take this risk.There's no business without risk.Bitcoin has given huge returns in past few months.
Everyone has right to make profit but unfair fees and selling at higher price than market rate is called unfair trade practices.

Well I understand what you are saying but well they are also in business and to earn profits. Also there is no unfair trade practices being done they show you the price and if you interested you buy or sell it to them or else you can buy/sell to someone else.

[zahra4577]

Got email from zebpay and now they have increased the minimum amount to deposit from 1000 to 5000 INR.
Although one can buy btc for 1000 INR also but if he still have to deposit minimum 5k INR.Ridiculous.
Zebpay will kill itself.

[bitcoinisbest]

Got email from zebpay and now they have increased the minimum amount to deposit from 1000 to 5000 INR.
Although one can buy btc for 1000 INR also but if he still have to deposit minimum 5k INR.Ridiculous.
Zebpay will kill itself.

Yes that's is right that if you can buy for 1000 then why should I deposit 5000? Also I am not sure what is the withdraw limit? Then people will withdraw those 4000 and it will be more work for those guys only as they have to process 4000 unnecessarily . Well but the reason is that  "We've updated the limit to better serve our users and increase response time" .

In a way this will help them to be more focus on higher transaction deals rather than small ones.

[zahra4577]

Got email from zebpay and now they have increased the minimum amount to deposit from 1000 to 5000 INR.
Although one can buy btc for 1000 INR also but if he still have to deposit minimum 5k INR.Ridiculous.
Zebpay will kill itself.

Yes that's is right that if you can buy for 1000 then why should I deposit 5000? Also I am not sure what is the withdraw limit? Then people will withdraw those 4000 and it will be more work for those guys only as they have to process 4000 unnecessarily .

Good point.I think the minimum withdrawal limit is still 500 INR so those who want to buy btc for less than 5k INR,will deposit 5k and after buying btc of their desired amount,they will withdraw the remaining amount.But Zebpay will get fee again for withdrawing thier money.

In a way this will help them to be more focus on higher transaction deals rather than small ones.

That will make difficult for a common man to buy bts because now they need 5k INR even for buying 1k worth of btc

[bitcoinisbest]

Got email from zebpay and now they have increased the minimum amount to deposit from 1000 to 5000 INR.
Although one can buy btc for 1000 INR also but if he still have to deposit minimum 5k INR.Ridiculous.
Zebpay will kill itself.

Yes that's is right that if you can buy for 1000 then why should I deposit 5000? Also I am not sure what is the withdraw limit? Then people will withdraw those 4000 and it will be more work for those guys only as they have to process 4000 unnecessarily .

Good point.I think the minimum withdrawal limit is still 500 INR so those who want to buy btc for less than 5k INR,will deposit 5k and after buying btc of their desired amount,they will withdraw the remaining amount.But Zebpay will get fee again for withdrawing thier money.

In a way this will help them to be more focus on higher transaction deals rather than small ones.

That will make difficult for a common man to buy bts because now they need 5k INR even for buying 1k worth of btc

Well not sure if its wrong in anyway. Now they are growing and probably they have so much of work load and volumes in a big way that they would like to move out of small business which is not much yielding them . Say somebody buys 1000 Rs and some buy 100000. So they would like to serve 100000 person first and they have huge clients base who purchases and sell in bulk. In coming time they may still increase minimum buy/sell to 5000 as well.

[buysellbitcoin]

Got email from zebpay and now they have increased the minimum amount to deposit from 1000 to 5000 INR.
Although one can buy btc for 1000 INR also but if he still have to deposit minimum 5k INR.Ridiculous.
Zebpay will kill itself.

Hi zahra4577
Thanks  for sharing your concerns. Yes I agree its tough move, but there is a reason behind it. At the moment we have got huge number of new users in last couple of months. While we were able to scale tech and trading without much issues, we struggled to scale our deposit processing and customer support. Deposit processing is manual process for us as of now so increasing deposit amount will reduce number of transactions to process a bit and may be will help us to improve per deposit response time. Buy and sell is automated process so we can still allow 1000 Rs there. Also just fyi, there is no minimum amount in withdrawal.
All I can say is we are agile and working very hard to improve our processes. We may not be perfect at the moment but we are learning, scaling and improving day by day. Feedback from users is always welcome and we really appreciate it.

Regards
Mahin
Zebpay

[goyal]

Zebpay's "hidden" transaction charges are really high. They don't charge anything on the transaction but they have a difference of at least 3-5% between buying and selling price. So you already lose out 5% of your wealth as soon as you buy from Zebpay.
Koinex.in and https://www.coinome.com/ has a transaction fees of only 0.25% in comparison.

[tigan_gangmei]

Why is zebpay's price of Bitcoin  much higher than in international markets? Are you guys trying to be millionaires in such a short time?

[Blackshadow007]

Seriously Outrageous fees .. I tried to deposit over 70k via Payment Gateway option and guess what fee is above 1000 INR lol . Considering the fact its almost instant deposit but fees way to much seriously . I hope Zebpay consider lowering it and strangely i notice that ICICI , HDFC , AXIS netbanking facility removed from Payment Gateway option why is that so ?

[leviathon]

Instead of market identifying the bitcoin rate, zebpay is determining the price in India. From time to time although bitcoin price drops, They keep the zebpay buying price as constant. Those idiots are determining the buying and selling price on their own.

[@prashant]

Instead of market identifying the bitcoin rate, zebpay is determining the price in India. From time to time although bitcoin price drops, They keep the zebpay buying price as constant. Those idiots are determining the buying and selling price on their own.

When you first open the app,it is already written then buy and sell price is higher,and it is not just buy price ,sell price is also high.now as they moved to peer to peer it has somewhat close to international rates but still it is high.