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June 16, 2017, 07:28:50 AM
Last edit: June 16, 2017, 07:43:26 AM by ziggy_stardust |
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We are a group of seasoned computer scientists, investors, marketeers & sales executives and we have been studying the Indian market for the past one month.
Through our research we have found that most of the indian exchanges are involved in making money for themselves by buying cryptocurrencies(bitcoin and ether) at really low prices from consumers and selling at really high prices back to the consumer market. This can be seen in practise with zebpay and other exchanges with bid at atleast 15-20k INR above the global price with huge gaps in ask price for traders to make a profit.
It is also seen that, Indian exchanges do not have real time updates of prices, full capability as an exchange (indian users cannot short bitcoin/ether if they predict a fall, thus making no profit). more over most indian exchanges don't make their order books public making it difficult to know the range/depth of the market.
It is also to be noted that most indian exchanges do not have state of the art technology in terms of apps or transactions making it difficult for general public to get into the market.
(Certain exchanges like Zebpay allow a user to only bid/ask in the range of 2kINR above or below their ask/bid price. making it virtually impossible for users to even post a bid/ask thats useful. e.g.: if bid price is at 190000 INR and ask price is at 180000 INR, the bid can max be between 188000 and 192000 and ask can max be between 178000 and 182000. thereby making it impossible for a match to execute an order. Hence, proving that these exchanges mostly do their own arbitration or earn money by selling bitcoins at really high prices. This may even be considered fraud, but its not our intention to defame any business)
We are interested to know the demand for a new state of the art exchange for bitcoins and ether in the indian market that allows users to transact transparently and at par with the global rates with facilities to easily and instantly transfer indian rupee to trade onto the market.
If you have read and reached here, requesting you to please leave a reply and let us know your opinion on this and if you wish to see a new exchange fair exchange in india that allows users to get online and trade like stock markets easily.
Thank you
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