Huge huge transactional charges from Zebpay to Poloniex

[Cool1215]

Hi All,

I am very very disappointed with the charges being applied by Zebpay. If I send Rs 10000 worth bitcoin from zebpay, I receive around 8800 at Poloniex.

I have to pay 200 rs as charges then another hidden charge of 1000 rupees as network charges. Ultimately I receive around 8800 only at poloniex. I scare I would face same while transferring from poloniex to Zebpay. Its insane paying your 25% money as transactional charges. Does anyone else face same or its only me? What is the better solution?

[cryptoheadd]

Can you share the tx?
I'd like to see if they are actually paying the amount to the miners or not.

Why did they charge you 200 INR?

You're not the only one: https://bitcointalk.org/index.php?topic=1940579.0

[Cool1215]

Ok here is an example:

I wanted to send 16000 rupees. I had to pay 16400.

I got a message .08218100 bits are sent. I received .08018100 at Poloniex.

If you see overall I paid 16400 and received 15382 at Poloniex. I will attach images also.  Isn't it too much?

http://imgur.com/a/J8uiq

[cryptoheadd]

Can you share a TxID or the address that you sent the funds to?

[kabit9]

Ok here is an example:
I wanted to send 16000 rupees. I had to pay 16400.
I got a message .08218100 bits are sent. I received .08018100 at Poloniex.
If you see overall I paid 16400 and received 15382 at Poloniex. I will attach images also.  Isn't it too much?

indeed that is way too much. i imagine all the charges are on Zebpay's end.  i am not sure if poloniex charges any fees for deposit. for comparison:

sent to Poloniex via Blockchain wallet : 0.01023532
Fees charged (network + Poloniex)    : 0.00007232
Total Received in Poloniex                : 0.010163

This works out to a 0.7% fee I incurred, which is a-ok by me.

[bitcoinisbest]

Not sure why there is so high charges being charged. Is it miners who are charging so much that is why zebpay is asking or so? This is really a waste of money if you have to transfer to poloniex it seems now.

[Marma Kalari]

I have heard about hidden charges in Zebpay which is the reason i avoided them all this while, but if your case is true that is ridiculous ,just start using coinsecure as they have the lowest price and i am happy using them,the highest network charges you have to give is around $4 to $5,the rest is just bullshit.

[Cool1215]

Ok here is an example:
I wanted to send 16000 rupees. I had to pay 16400.
I got a message .08218100 bits are sent. I received .08018100 at Poloniex.
If you see overall I paid 16400 and received 15382 at Poloniex. I will attach images also.  Isn't it too much?
http://imgur.com/a/J8uiq

indeed that is way too much. i imagine all the charges are on Zebpay's end.  i am not sure if poloniex charges any fees for deposit. for comparison:

sent to Poloniex via Blockchain wallet : 0.01023532
Fees charged (network + Poloniex)    : 0.00007232
Total Received in Poloniex                : 0.010163

This works out to a 0.7% fee I incurred, which is a-ok by me.

Yours look fair! I have raised a ticket also with them. Let's see how would they justify it. They are just looting. Its just an example..I am sure many would be suffering due to this.

[jay8291]

Ok here is an example:
I wanted to send 16000 rupees. I had to pay 16400.
I got a message .08218100 bits are sent. I received .08018100 at Poloniex.
If you see overall I paid 16400 and received 15382 at Poloniex. I will attach images also.  Isn't it too much?

indeed that is way too much. i imagine all the charges are on Zebpay's end.  i am not sure if poloniex charges any fees for deposit. for comparison:

sent to Poloniex via Blockchain wallet : 0.01023532
Fees charged (network + Poloniex)    : 0.00007232
Total Received in Poloniex                : 0.010163

This works out to a 0.7% fee I incurred, which is a-ok by me.

You should take into account the rates too.

First of all Indian market is in premium than western market, so you should never calculate value according to $$.

Also you have to calculate price according to Buy price & sell price as Zebpay spreads are huge.

I know what your problem is here.

Now lets say you sent money to poloniex when the rate was 2 lacs. so zebpay will show you the amount at the current BUY rate & not the SELL rate.

Suppose you sent 0.08218 when the buy rate on zebpay was 2lacs. So total amount sent will show as 16400.

Now that BTC reached at polo, price of BTC fell around 191k. so yours current value of 0.08018 btc will be 15380..

You are just getting confused over prices.

I too dont like the txns fee they take. they are too much. but they dont have any hidden charges..

[karan1498]

Zebpay is shit . I was and am ready to pay whatever amount of fee they quote , but just once when i transferred they didnt even put the amt of fee which they cut from my tx. they put only 20-30% amount of what fee i paid . People please check your transaction carefully , they are not even putting the fee you paid.

[cryptoheadd]

Zebpay is shit . I was and am ready to pay whatever amount of fee they quote , but just once when i transferred they didnt even put the amt of fee which they cut from my tx. they put only 20-30% amount of what fee i paid . People please check your transaction carefully , they are not even putting the fee you paid.

This happened to a lot of my Txs as well.

@OP, it would be great if you can share your TXID or your address.

[hubballi]

Zebpay is shit . I was and am ready to pay whatever amount of fee they quote , but just once when i transferred they didnt even put the amt of fee which they cut from my tx. they put only 20-30% amount of what fee i paid . People please check your transaction carefully , they are not even putting the fee you paid.

What you are telling is true then it means that Zebpay is cheating with their clients and they are charging extra to the customers apart from the transaction fees. So it is advised to the customers to not use zebpay exchange for bitcoins as they are cheating their customers by charging extra in the name of transaction fess which actually they are taking extra bitcoins for themselves.

[Cool1215]

Ok here is an example:
I wanted to send 16000 rupees. I had to pay 16400.
I got a message .08218100 bits are sent. I received .08018100 at Poloniex.
If you see overall I paid 16400 and received 15382 at Poloniex. I will attach images also.  Isn't it too much?
http://imgur.com/a/J8uiq

indeed that is way too much. i imagine all the charges are on Zebpay's end.  i am not sure if poloniex charges any fees for deposit. for comparison:

sent to Poloniex via Blockchain wallet : 0.01023532
Fees charged (network + Poloniex)    : 0.00007232
Total Received in Poloniex                : 0.010163

This works out to a 0.7% fee I incurred, which is a-ok by me.

You should take into account the rates too.

First of all Indian market is in premium than western market, so you should never calculate value according to $$.

Also you have to calculate price according to Buy price & sell price as Zebpay spreads are huge.

I know what your problem is here.

Now lets say you sent money to poloniex when the rate was 2 lacs. so zebpay will show you the amount at the current BUY rate & not the SELL rate.

Suppose you sent 0.08218 when the buy rate on zebpay was 2lacs. So total amount sent will show as 16400.

Now that BTC reached at polo, price of BTC fell around 191k. so yours current value of 0.08018 btc will be 15380..

You are just getting confused over prices.

I too dont like the txns fee they take. they are too much. but they dont have any hidden charges..

Bro! I fully understand your point, most of the times I have immediately sent to Polo and shouldnt be that much variations. Ok I may agree if price fell i might have got less, but there were many occasions when I bought and price got higher still a huge sum was deducted. How can we earn if we would pay this much amount only during transferring of money?

Another point I dont understand, while transferring they have fixed like till 50000 bits 1200 bits charges, till 100000 bits 1500 bit charges..ok I have no issues paying this....after that whatever sum I send that should reach to Polo, why they again deduct during blockcypering ?

[karan1498]

What you are telling is true then it means that Zebpay is cheating with their clients and they are charging extra to the customers apart from the transaction fees. So it is advised to the customers to not use zebpay exchange for bitcoins as they are cheating their customers by charging extra in the name of transaction fess which actually they are taking extra bitcoins for themselves.

Exactly bro !

[kabit9]

What you are telling is true then it means that Zebpay is cheating with their clients and they are charging extra to the customers apart from the transaction fees. So it is advised to the customers to not use zebpay exchange for bitcoins as they are cheating their customers by charging extra in the name of transaction fess which actually they are taking extra bitcoins for themselves.

high transaction fees does not mean cheating. it simply means you can choose to go somewhere else.

it is possible that Zebpay's business model currently relies on high transaction fees. this will change with competition.

[karan1498]

Again and first a fall  , btc transaction fees doesnt depend on amount of btc. It depends on the current network of blockchain and the size of the transaction. Zebpay's fee structure is shit af , I still wonder who gave zebpay this much investment , Shitiest company i have ever stumbled upon.

Basically there doesnt have to be any fee structure for btc.

[BTCIndia]

Hi All,

I am very very disappointed with the charges being applied by Zebpay. If I send Rs 10000 worth bitcoin from zebpay, I receive around 8800 at Poloniex.

I have to pay 200 rs as charges then another hidden charge of 1000 rupees as network charges. Ultimately I receive around 8800 only at poloniex. I scare I would face same while transferring from poloniex to Zebpay. Its insane paying your 25% money as transactional charges. Does anyone else face same or its only me? What is the better solution?

And they say Bitcoin is ideal remittance tool as it enables transaction without a third party. No mediator involved.. blah blah blah! LOL! Yay Bitcoin!

[satishmoun]

Buy with PayPal I usually buy with PayPal on thebot.net from trusted sellers.

[niisarearning]

I never used zebpay for transacting fees but unocoin is having only 50000 sathoshi is fixed for sending bitcoin for another bitcoin wallet . Even i am not huge fan of unocoin because of lots of server downtime or other issues . But fees are fairly good.

[Prodigan786]

I dint do any transfer from zebpay and coinsecure but for me unocoin fairly good having 50000 sathoshi for transaction but exchange buying and selling is bit more i hope same with zebpay.