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.

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[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.

[nativehasher]

Fair exchange is need of time.

It will be very difficult to have a fair exchange in India, that allows deposits/withdrawals in INR, simply because of conservative government policies.

What we can have is a parallel economy in bitcoin just like people use black money right now (hand-to-hand, in-person transfers).

However, if your concern is locking into a fiat value of bitcoin at some point (let's say you think BTC is about to crash), just short btc in one of the futures/swaps market (Bitmex is good). I believe someone can make a similar derivative for BTC-INR without actually dealing in INR or indian banks.

[cryptoheadd]

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.

I think he meant using a gateway to buy Bitcoins with debit/credit cards.

[Benson Samuel]

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.

I think he meant using a gateway to buy Bitcoins with debit/credit cards.

aaaah.. gotcha..

Thats gonna be a pain for some time to come..

[sumit513]

Coinsecure is taking too much time to process INR deposits, on the other hand, Unocoin is surprisingly fast.

[iram3130]

Coinsecure is taking too much time to process INR deposits, on the other hand, Unocoin is surprisingly fast.

As far as I have experienced coinsecure is allot better service provider than Unocoin, right now coinsecure is having problems which they display on their application regarding delay. Hope it'll be fine soon.

[Absinthe]

Centralised exchanges are the weakest link in a decentralised P2P currency world. They are on their way out, within a year or two at most. They only exist because it's the only way you can convert fiat to BTC and back to fiat again.

We saw this with MTGOX in 20013, Bitfinex in 2015, and now Poloniex is stuttering on withdrawals.

With decentralised exchanges like Waves, Counterparty, Bitshares, or even something like ShapeShift - centralised exchanges that have a single point of failure (hacks, DDoS) will be increasing irrelevant unless they become a blockchain / coin of their own like the fore mentioned CCs.

Especially for a country like ours whose demand for crypto is going to wash over like a tsunami in the next few years.

Absinthe

[yingyang8884]

I am just looking at registering at one of the indian bitcoin exchanges. I am trying to use it as a way to remit my USD to INR. Lets see how it works out.

[ngin-x]

Centralised exchanges are the weakest link in a decentralised P2P currency world. They are on their way out, within a year or two at most. They only exist because it's the only way you can convert fiat to BTC and back to fiat again.

We saw this with MTGOX in 20013, Bitfinex in 2015, and now Poloniex is stuttering on withdrawals.

With decentralised exchanges like Waves, Counterparty, Bitshares, or even something like ShapeShift - centralised exchanges that have a single point of failure (hacks, DDoS) will be increasing irrelevant unless they become a blockchain / coin of their own like the fore mentioned CCs.

Especially for a country like ours whose demand for crypto is going to wash over like a tsunami in the next few years.

Absinthe

With Bancor protocol, we won't even need ShapeShift very soon. Waves Dex need to take off big time too. If that happens, centralized exchanges will be a thing of the past.

[Prodigan786]

You forget mentioned application down issue lots of time application down for maintenance some times its for few hour sometimes its for days . I was using coinbase i thought coinbase charging too much for fund transfer fromn btc wallet another wallet so i started using unocoin it was less may be half of the charge but when i wanted to buy bitcoin using local currency it was way beyond imagination charges . Then left as it is started doing Equity commodity trading.

[cuddaloreappu]

Centralised exchanges are the weakest link in a decentralised P2P currency world. They are on their way out, within a year or two at most. They only exist because it's the only way you can convert fiat to BTC and back to fiat again.

We saw this with MTGOX in 20013, Bitfinex in 2015, and now Poloniex is stuttering on withdrawals.

With decentralised exchanges like Waves, Counterparty, Bitshares, or even something like ShapeShift - centralised exchanges that have a single point of failure (hacks, DDoS) will be increasing irrelevant unless they become a blockchain / coin of their own like the fore mentioned CCs.

Especially for a country like ours whose demand for crypto is going to wash over like a tsunami in the next few years.

Absinthe

I am sure you are not a newbie, u know more stuff..
Who r u

[Absinthe]

Centralised exchanges are the weakest link in a decentralised P2P currency world. They are on their way out, within a year or two at most. They only exist because it's the only way you can convert fiat to BTC and back to fiat again.

We saw this with MTGOX in 20013, Bitfinex in 2015, and now Poloniex is stuttering on withdrawals.

With decentralised exchanges like Waves, Counterparty, Bitshares, or even something like ShapeShift - centralised exchanges that have a single point of failure (hacks, DDoS) will be increasing irrelevant unless they become a blockchain / coin of their own like the fore mentioned CCs.

Especially for a country like ours whose demand for crypto is going to wash over like a tsunami in the next few years.

Absinthe

I am sure you are not a newbie, u know more stuff..
Who r u

Just someone who was lucky enough to learn about crypto in July 2013, but not brave enough to go all in until May 2017.

Hahaha.

[krishnaverma]

If we stop buying from these, then where can we buy from. I just made an account on Unocoin after reading positive reviews about it.

[Absinthe]

If we stop buying from these, then where can we buy from. I just made an account on Unocoin after reading positive reviews about it.

cex.io
paybis
coingate

[packpacka]

Well guys sweet arbitrage opportunity right now for Indians .

[kittucrypt]

Well guys sweet arbitrage opportunity right now for Indians .

We can see that. I am based in US and wondering how can we synergize to cash in on these arb opps? I can easily source BTC for USD. I am an Indian but been away for some years and thus dont have indian verified accounts. I am just wondering if someone can sell those BTC for INR in India(i am sure there will be 100s of such folks here). But then need a way to convert INR to  USD. But since we are in a community here, maybe we can find trust worthy ways to do this. Can someone explain what limited options are there in India to remit USD?