Indians should stop buying from Unocoin, Zebpay, Coinsecure, and EthexIndia

[Absinthe]

The KYC AML procedures backlog is over a week now. Ethex India doesn't even bother to pick up phone call or reply to email.

Customer support is non existent.

The premium by all these three exchanges is ridiculously high - over 30% compared to coinbase / coinmarketcap rate.

Most exchanges or sellers have now opened to Indian card holders as we use debit and not credit card - so we can't chargeback them.

[Blackshadow007]

Well guys sweet arbitrage opportunity right now for Indians . Just made pure 2500 INR profit today , crazy premium price in Indian exchanges lol thanks to Moneypolo <3

[onrise]

Difference between buy and sell among exchanges itself is too high .

For instance Bitzoxo is selling at 207000 and buying at 182000 I. E 25000 Rs per Btc they are earning . That is really way too high premium . Priced needs to be corrected .

[btcrocks]

Difference between buy and sell among exchanges itself is too high .

For instance Bitzoxo is selling at 207000 and buying at 182000 I. E 25000 Rs per Btc they are earning . That is really way too high premium . Priced needs to be corrected .

You can check my response here, it will work for credit cards only.

https://bitcointalk.org/index.php?topic=1692002.msg19210987#msg19210987

[@prashant]

The KYC AML procedures backlog is over a week now. Ethex India doesn't even bother to pick up phone call or reply to email.

Customer support is non existent.

The premium by all these three exchanges is ridiculously high - over 30% compared to coinbase / coinmarketcap rate.

Most exchanges or sellers have now opened to Indian card holders as we use debit and not credit card - so we can't chargeback them.

Why are you using ethex ,use zebpay or coinsecure,and coinsecure give best bitcoin price india but zebpay is more faster in verifying.you can use any of them.
If indian will stop buying from these exchange then which exchange they should buy from? escrower or trusted exchange?local bitcoin? ,I would recommend you to use these two exchange as they are good as they have good reputation as well as good in service.

[nativehasher]

Is there any way to arbitrage b/w usd exchanges and Indian ones? I think getting Indian bank account would be difficult?

[onrise]

The above exchanges are good but now due to increase in price and demand both the exchanges are too slow in withdrawal or amount and btc. CS is taking 3-4 days for the withdrawal to process and their website is mostly down nowdays.

Hope they recover form this soon.

[nativehasher]

coinsecure looks quite sketchy to me..at least their staff is quite unprofessional

[Arjunking]

Cause of recent hype, the uneducated investor has jumped in and they are making the most of it by selling it at a premium. Can't blame them. The demand is too high and they are in it for profits.

[ngin-x]

I think there should be some parity between International and Indian prices. All Indian exchanges are selling at 20-30% premium. The spread between buy and sell price is humongous at Unocoin and Zebpay. This is ridiculous and we are being taken for a ride. Do not buy from Unocoin, these guys sell at insanely high prices and then buy back at a 40% lower price. Talk about minting money.

[Clement Kaliyar]

If you are able to purchase the coins from an foreign exchange then you could make a good amount of profit with the price difference but if you are planning to make money within the exchanges in India i am not sure how much profitable it would be but i am impressed with the performance of Ethex India when it comes to bank transfer speed.

[ngin-x]

If you are able to purchase the coins from an foreign exchange then you could make a good amount of profit with the price difference but if you are planning to make money within the exchanges in India i am not sure how much profitable it would be but i am impressed with the performance of Ethex India when it comes to bank transfer speed.

If there was a way to buy coins from foreign exchanges, the prices at Indian exchanges would have largely remained in sync with International prices due to arbitrage. But this is not possible due to control over fiat by the banks and the artificial restrictions they impose on buying internationally. This is exactly why we need Bitcoin to go mainstream and replace fiat in the decades to come. It's an international currency with no barriers, that alone is a good enough reason to adopt bitcoin.

The only way to make profit in India would be to use a trading platform with low fees. Unfortunately Coinsecure has been down for a while now. So a lot of missed opportunities there. Unocoin and Zebpay maintain huge spreads and it's very hard to make profits there. We can't use algorithms to determine buy and sell prices in a highly speculative market where buyers and sellers have wild mood swings but that is what some of these exchanges are trying to do.

[karan1498]

INDIA is shit in all terms

[bitcoinisbest]

What I have understood is that when you compare from one country to another country the rate difference is where you find the all difference. What I think if you compare within country should be an idealistic rather than comparing with international market. Bcoz there would be 100's other stuff which may be cheaper but we still buy from India itself which is used in our daily needs.

[cryptoheadd]

What's the problem in creating a payment gateway for buying bits just like Ecom sites.

Payment gateways don't provide service to Bitcoin related businesses yet due to the legality of Bitcoin at the moment.
So, no Bitcoin business can implement a gateway on their site.

I did see someone use a gateway on their site, but they are not selling anymore. Not sure how they were able to do it.

Here's a link of their site: https://www.tbit.in/

[Benson Samuel]

What's the problem in creating a payment gateway for buying bits just like Ecom sites.

Payment gateways don't provide service to Bitcoin related businesses yet due to the legality of Bitcoin at the moment.
So, no Bitcoin business can implement a gateway on their site.

I did see someone use a gateway on their site, but they are not selling anymore. Not sure how they were able to do it.

Here's a link of their site: https://www.tbit.in/

Can be done with Bitpay, through the coinsecure partnership.
Their application stack is heavy though, and quite restrictive from what I have seen so far.

We can implement a gateway on our books, but cannot give a window for the payment guarantee, so this will bleed funds from us.
Gateways are risky with Bitcoin mainly because of the time window and the guaranteed nature of payments, where orders can't be cancelled if the service provider runs into a loss.

[Blackshadow007]

coinsecure looks quite sketchy to me..at least their staff is quite unprofessional

From what point of view you saying the best BTC Exchange in India sketchy lol . CS has the most lowest price among other exchanges situated in India and fastest withdraw service . Although due to recent load of users made their deposit and withdraw a bit slow but that don't stay forever with CS''s service . We got CS Co-founder Benson Samuel here who is very much dedicated in all support matters also a staff of this forum . CS has low amount of team as per their customer service requirement thus the delay of CS support reply but they are always working to get along with new team and looking for new staffs , they got overload of new users registrations and verification as CS has the most lowest rate and fees among all other legit btc exchange exist in India . Don't claim something which is not valid .

[Blackshadow007]

coinsecure looks quite sketchy to me..at least their staff is quite unprofessional

From what point of view you saying the best BTC Exchange in India sketchy lol . CS has the most lowest price among other exchanges situated in India and fastest withdraw service . Although due to recent load of users made their deposit and withdraw a bit slow but that don't stay forever with CS''s service . We got CS Co-founder Benson Samuel here who is very much dedicated in all support matters also a staff of this forum . CS has low amount of team as per their customer service requirement thus the delay of CS support reply but they are always working to get along with new team and looking for new staffs , they got overload of new users registrations and verification as CS has the most lowest rate and fees among all other legit btc exchange exist in India . Don't claim something which is not valid .

Well from where I'm standing I can definitely say that they are not the best in India. In fact none but, zebpay works better I don't purchase from them either. Coinsecure is having a lot of trouble with their site. It takes forever to load and when it does login/signup process is not seamless.
And about price, no exchange provides the lowest rates all of them varies. So, you gotta keep an eye on each one of them. I prefer localbitcoins.

Yes all of them varies but not the exchange fees .

[SimonJones]

Deposited money in Coinsecure on Saturday (3 June). It's Wednesday now (7 June) and still waiting. WTH!

You're just inviting the govt. to come and interfere in BTC. Better not run an exchange like this if you love BTC.

[BTCIndia]

Fair exchange is need of time.