Exchanges in India

[sidjourn]

Only if your site WORKED! Always out of stock, or try again when the prices are low.

I have the same experience. This forces buyers to make purchases during a market high and not be in a position to take advantage of dips. That is neither a healthy nor ideal situation for business. I will hazard a guess and say that if you solve this problem you will increase your business manifolds.

I am only speculating here but it seems like when the prices drops the sellers naturally don't want to sell because the market tends to climb back up. Even if it drops below $600 it seems to go back up so why would anyone want to sell when it drops? If that is the problem then its not a very good business model and not fair to the buyers.

I totally understand and agree with the risks undertaken because buysellbitco.in is freezing the price for 4 hours - which in the BTC universe is a potentially big risk. Therefore the current rate and commission is something we have to live with until there is a much higher liquidity and adoption within the community.

Something has to change though. Maybe for a certain order size (above 0.5 or 1 BTC) even if the website is out of stock, it should be able to make a purchase from an exchange immediately after payment confirmation reaches its bank. That could be automated with the exposure of API by various exchanges. If that is too risky, maybe it can be done in a semi-automation or total manual mode. Its better than putting up an out of stock notice and drive the business elsewhere.

Very well put. Only a customer can understand the pain.

[buysellbitcoin]

Slightly higher prices - Infact I think they are overcharging for the bitcoins at the moment. Their buy prices are more then then the Mtgox exchange prices too.  . And when you see their sell prices its around 3k less then MtGox  .

Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox).

Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell.

Hi

We have very complex algorithm to decide on our prices. Normally people see only last trade price on exchange and thinks that it is bitcoin price they can get, but the perception is very wrong as last trade can be of only 0.01 BTC and what you want to sell is say 10 BTC. You can not directly use Exchange last or buy rate, you must use Exchange buy side orderbook to accumulate the quantity you want to sell and see how much it gets you, which is always going to be higher than the last trade price. You will also have to add exchange fees, fees and charges required to move money in and out of exchanges, currency conversion charges in bank.

On top of it we offer locked in exchange rates in such volatile market where once you book order with us and send money in within locked in period we honor booked rate only. If you will see carefully the price difference between exchanges is very huge in volatile period, over 70 to 100 dollars a time which goes to around 4k to 6.5k INR which also makes our task a bit tough

As far as fees concerns we offer loyalty discount so after certain volumes your effective fees reduced to 1.5% only.

We also add in various other factors which allows us to manage our risk profile when Bitcoin trading is volatile. We can assure you that if you will take final counting with selling or buying coin rates, our rates would be one of the best available in the market.

Regards

Only if your site WORKED! Always out of stock, or try again when the prices are low.

Yes, we agree we do have stock issues at the moment. As soon as we restock it, we go out of stock almost immediately. We are working hard to resolve this.

Regards

This is what I am hearing from past two weeks, really! Not to be rude, but can you please lower your fees, because looks like you guys are charging way more than expected! You guys also show low price at night, but you wouldn't let us buy. What kind of trap is this? Also, right now, the price comes down to 56000 for one btc, and on BTC-e china it's 725 dollars (which is equal to 45k). Take GOX price and you are still overcharging your customer.

Other sites like INRBTC are charging 49000 at the moment! I have been waiting for, like, ever since to get my hands on a few BTCs but looks like no one is ready to sell when the market value is down.

I definitely understand you folks are here to make profit, but I'd absolutely love to see an Indian site offering "affordable" prices with btcs always in stock. The market is wide open to capture, and I hope you folks will come out with something interesting very soon.

Well,

We sincerely apologize for stock issues, but it is fact that we go out of stock as soon as we restock it. We are working very hard to resolve this. We are launching few programs to generate steady liquidity on the site.

The prices in night may go low or high depending on how Bitcoin market goes up an down. Normally as it is seen that as USA wakes up noticeable activity starts on exchanges and it can find a trend, up or down. We do not allow trading in night as we can not complete orders and can not control our liquidity in the night. We are not an exchange where you trade with third party on platform. Also as our website is for Indian users only there is no point for us to allow trading in night. There are few things related to security which I will not go in detail.

On sites like INRBTC people set the prices what they are comfortable at. INRBTC is kind of exchange platform, and have different business model. We can not compare both this model.

We want to assure you that we are working very hard to resolve liquidity issues. But our first priority is if we accept order we want to complete it as exactly what we have promised. We also want to make sure we grow organically as exponential growth is normally not good for any business. If we can not entertain order in satisfactory manner, we are fine to apologize for not accepting order.

   buy operating BuySellBitco.in is a lot tougher and much riskier...Let us appreciate the fact. 
   
   I know a lot of people on this forum appreciate what buysellbitco.in  does but a few quotes should not tarnish that reputation especially when those quotes are based on wrong facts.

INRBTC, thanks for kind words.

Only if your site WORKED! Always out of stock, or try again when the prices are low.

I have the same experience. This forces buyers to make purchases during a market high and not be in a position to take advantage of dips. That is neither a healthy nor ideal situation for business. I will hazard a guess and say that if you solve this problem you will increase your business manifolds.

I am only speculating here but it seems like when the prices drops the sellers naturally don't want to sell because the market tends to climb back up. Even if it drops below $600 it seems to go back up so why would anyone want to sell when it drops? If that is the problem then its not a very good business model and not fair to the buyers.

I totally understand and agree with the risks undertaken because buysellbitco.in is freezing the price for 4 hours - which in the BTC universe is a potentially big risk. Therefore the current rate and commission is something we have to live with until there is a much higher liquidity and adoption within the community.

Something has to change though. Maybe for a certain order size (above 0.5 or 1 BTC) even if the website is out of stock, it should be able to make a purchase from an exchange immediately after payment confirmation reaches its bank. That could be automated with the exposure of API by various exchanges. If that is too risky, maybe it can be done in a semi-automation or total manual mode. Its better than putting up an out of stock notice and drive the business elsewhere.

Well, we are working on an idea where you will be able to place order for 3000 INR, one time in a day, so you can get your hands on your first Bitcoins. This may take some time to get in, but its already in works.
Regards

[Jambi]

Hi,

I'll be launching ibitcointrade.com very soon. Initially we won't be charging any fee.

I'll give it a try.

[Transhuman32]

So Unocoin is the new exchange for India right?Anyone tried trading there?

[bitcoinisfurture]

Which are the working exchanges/site currently which are buying/selling the bitcoins in India at present?

[dashingriddler]

Unocoin - Simple, Safe and Secure Way for Buying, Selling and Storing Bitcoins in India

URL: https://www.unocoin.com

Minimum price to buy or sell is INR 200 equivalent as of now. Maximum depends upon your membership level and will be visible on your profile when you login.

Unocoin is not an exchange but a bitcoin trading web service available only to Indian customers as of now.

[supernovax]

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

[Benson Samuel]

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

There are other exchanges as well in India.

[kggservices]

Hello

We are currently working on new payment system via mobile phones.

along with this it has built in Escrow/Exchange

we would greatly appreciate any suggestions for the Indian Market

the platform will be holding the main coins in the market


http://thebitcoinnews.co.uk/2014/04/17/atm-machines-are-old-news-and-costly-whats-the-alternative/

http://theabacuscoin.com/Plan-TXTCoinsNow.pdf

feel free to PM me or contact me on Skype for further info

[lisper]

https://millibits.in

This is a sub-second, user-to-user, bitcoin trading platform with no limits, full API support for robotic trading, a published cryptographic proof of solvency, and two factor authentication.

Our security is unparalleled and our fees will forever be the lowest.

Most other exchanges in India are brokers, who set their own prices. In contrast, here you specify your own.

We have expert auditors, lawyers and ex-bankers on our team overseeing the entire process.

[kittucrypt]

https://millibits.in

This is a sub-second user-to-user bitcoin trading platform with no limits, support for robotic trading, a published cryptographic proof of solvency and two factor authentication.

Our security is unparalleled and our fees will forever be the lowest.

Trust: We're new. So for an initial period, we're also accepting bitcoin deposits by escrow.

Most other exchanges in India are brokers, who set their own prices. In contrast, here you specify your own.

millibits is owned and run by:

Bitcoin Exchange Private Limited
registered in Delhi with number: U67190DL2014PTC265083
registration date: 19/02/2014
capital: INR 100k

We have expert auditors, lawyers and ex-bankers on our team overseeing the entire process.

Our programmers have mined on 6990s, modelled the blockchain as relational data, helped develop high frequency trading apps in investment banks, written bitcoin robots for arbitrage, and have implemented this site's security and cryptography with a view to theoretical unbreakability, not merely practical.

We still have features we're working on to make trading even friendlier, but we're good to go.

You have a shitty website. Why would someone trade on your platform when there are multiple alternate and more user friendly options available?

[troy112]

https://millibits.in

This is a sub-second user-to-user bitcoin trading platform with no limits, support for robotic trading, a published cryptographic proof of solvency and two factor authentication.

Our security is unparalleled and our fees will forever be the lowest.

Trust: We're new. So for an initial period, we're also accepting bitcoin deposits by escrow.

Most other exchanges in India are brokers, who set their own prices. In contrast, here you specify your own.

millibits is owned and run by:

Bitcoin Exchange Private Limited
registered in Delhi with number: U67190DL2014PTC265083
registration date: 19/02/2014
capital: INR 100k

We have expert auditors, lawyers and ex-bankers on our team overseeing the entire process.

Our programmers have mined on 6990s, modelled the blockchain as relational data, helped develop high frequency trading apps in investment banks, written bitcoin robots for arbitrage, and have implemented this site's security and cryptography with a view to theoretical unbreakability, not merely practical.

We still have features we're working on to make trading even friendlier, but we're good to go.

Yea, mate spend some on the site layout, atm the site doesn't give any sense of security.

[buysellbitcoin]

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

Wou.. Never thought on this perspective of users.

Regards

[Benson Samuel]

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

Wou.. Never thought on this perspective of users.

Regards

Lol, Some are quite stupid.
They just read 3 lines in some text and think that they have some common sense to decipher the rest.

That post is a darn good example to show that common sense is not very common.

It could be a sock puppet account as well.

[kittucrypt]

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

Wou.. Never thought on this perspective of users.

Regards

Lol, Some are quite stupid.
They just read 3 lines in some text and think that they have some common sense to decipher the rest.

That post is a darn good example to show that common sense is not very common.

It could be a sock puppet account as well.

Its easy to ridicule others. But at the end of the day we haven't seen those two exchanges back up and running. Audit might not be the reason.... But Nation wants an answer...What happened? (Arnab Style...Pun Intended)

[Benson Samuel]

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

Wou.. Never thought on this perspective of users.

Regards

Lol, Some are quite stupid.
They just read 3 lines in some text and think that they have some common sense to decipher the rest.

That post is a darn good example to show that common sense is not very common.

It could be a sock puppet account as well.

Its easy to ridicule others. But at the end of the day we haven't seen those two exchanges back up and running. Audit might not be the reason.... But Nation wants an answer...What happened? (Arnab Style...Pun Intended)

It was quite easy to ridicule this one tbh..

[kittucrypt]

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

Wou.. Never thought on this perspective of users.

Regards

Lol, Some are quite stupid.
They just read 3 lines in some text and think that they have some common sense to decipher the rest.

That post is a darn good example to show that common sense is not very common.

It could be a sock puppet account as well.

Its easy to ridicule others. But at the end of the day we haven't seen those two exchanges back up and running. Audit might not be the reason.... But Nation wants an answer...What happened? (Arnab Style...Pun Intended)

It was quite easy to ridicule this one tbh..

Like I said...the reason might not have been audits. But at the end of the day, neither of the two exchanges are back.

It has been an opportunity served on the platter for unocoin, who have seized the opportunity to gain the market share.

One question that keeps coming back is...if buysellbitcoin and inrbtc were perfectly well established businesses, why did they not open back up?

If there was something wrong with dealing in Bitcoins, how come unocoin can perform the same activity as a legitimate business?

[Benson Samuel]

They were different business choices is all.

[buysellbitcoin]

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

Wou.. Never thought on this perspective of users.

Regards

Lol, Some are quite stupid.
They just read 3 lines in some text and think that they have some common sense to decipher the rest.

That post is a darn good example to show that common sense is not very common.

It could be a sock puppet account as well.

Its easy to ridicule others. But at the end of the day we haven't seen those two exchanges back up and running. Audit might not be the reason.... But Nation wants an answer...What happened? (Arnab Style...Pun Intended)

It was quite easy to ridicule this one tbh..

Like I said...the reason might not have been audits. But at the end of the day, neither of the two exchanges are back.

It has been an opportunity served on the platter for unocoin, who have seized the opportunity to gain the market share.

One question that keeps coming back is...if buysellbitcoin and inrbtc were perfectly well established businesses, why did they not open back up?

If there was something wrong with dealing in Bitcoins, how come unocoin can perform the same activity as a legitimate business?

I wish I could have answered that, but never mind. But thanks for pointing out this side of perspective as we have learned that at least few people are thinking on this line. During whole incident we learned lot of things including how business competition works, how media can be used and how some one can say a lot without saying anything

Just to give some light on the future plans, we are still working on things and hopefully we will be able to release our next product soon ( We are delayed by 2 months as of now ). We were the first in India to provide bitcoin accessibility conveniently to general people and let me tell you this today, you will not find a single person having bad experience, not a single complaint ( except out of stock issues )  with us and on top of it, every person on this forum before Jan this month have used/interacted with  buysellbitcoin in some capacity. But here I can only say one thing, we are here and we are here for good. Hopefully our new product will also receive same love and respect from the community.

Regards

[kittucrypt]

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

Wou.. Never thought on this perspective of users.

Regards

Lol, Some are quite stupid.
They just read 3 lines in some text and think that they have some common sense to decipher the rest.

That post is a darn good example to show that common sense is not very common.

It could be a sock puppet account as well.

Its easy to ridicule others. But at the end of the day we haven't seen those two exchanges back up and running. Audit might not be the reason.... But Nation wants an answer...What happened? (Arnab Style...Pun Intended)

It was quite easy to ridicule this one tbh..

Like I said...the reason might not have been audits. But at the end of the day, neither of the two exchanges are back.

It has been an opportunity served on the platter for unocoin, who have seized the opportunity to gain the market share.

One question that keeps coming back is...if buysellbitcoin and inrbtc were perfectly well established businesses, why did they not open back up?

If there was something wrong with dealing in Bitcoins, how come unocoin can perform the same activity as a legitimate business?

I wish I could have answered that, but never mind. But thanks for pointing out this side of perspective as we have learned that at least few people are thinking on this line. During whole incident we learned lot of things including how business competition works, how media can be used and how some one can say a lot without saying anything

Just to give some light on the future plans, we are still working on things and hopefully we will be able to release our next product soon ( We are delayed by 2 months as of now ). We were the first in India to provide bitcoin accessibility conveniently to general people and let me tell you this today, you will not find a single person having bad experience, not a single complaint ( except out of stock issues )  with us and on top of it, every person on this forum before Jan this month have used/interacted with  buysellbitcoin in some capacity. But here I can only say one thing, we are here and we are here for good. Hopefully our new product will also receive same love and respect from the community.

Regards

Actions speak louder than words. Unless you relaunch or answer the questions, the questions and doubt in minds of your customers will remain.

Good Luck with your new product.