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Author Topic: Solution for people with money stuck on zebpay  (Read 197 times)
simonova
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July 13, 2018, 03:56:50 PM
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In case you have some money stuck onZebpay, you can cash it using these methods:

1) Local bitcoins : On local bitcoins, you can sell bitcoins for bank transfer, Paytm or other such payment methods. Rate you get is little less than exchanges.

2) Make use of other exchanges: There are some exchanges that still allow withdrawals. So, send your bitcoins from Zebpay to that exchange and then withdraw. One such exchange is Unocoin.
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July 13, 2018, 04:33:20 PM
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In case you have some money stuck onZebpay, you can cash it using these methods:

1) Local bitcoins : On local bitcoins, you can sell bitcoins for bank transfer, Paytm or other such payment methods. Rate you get is little less than exchanges.

2) Make use of other exchanges: There are some exchanges that still allow withdrawals. So, send your bitcoins from Zebpay to that exchange and then withdraw. One such exchange is Unocoin.

This can be done when Zebpay will allow you to use your fiat currency to buy crypto as they have now blocked your fiat currency until their is any other notice till then your fiat is stuck and about crypto you are holding that i think you can transfer to any other P2P exchange or any other foreign exchange

       
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simonova
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July 19, 2018, 10:39:15 AM
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This can be done when Zebpay will allow you to use your fiat currency to buy crypto as they have now blocked your fiat currency until their is any other notice till then your fiat is stuck and about crypto you are holding that i think you can transfer to any other P2P exchange or any other foreign exchange

Your fiat is blocked in zebpay and you cannot withdraw. But crypto trading, sending and receiving crypto is not banned. So, you can still buy crypto with those funds and then transfer to an exchange where withdrawal is still allowed.

Also, we have the court hearing tomorrow now and I hope that all the ban is lifted forever.
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July 19, 2018, 02:27:33 PM
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This can be done when Zebpay will allow you to use your fiat currency to buy crypto as they have now blocked your fiat currency until their is any other notice till then your fiat is stuck and about crypto you are holding that i think you can transfer to any other P2P exchange or any other foreign exchange

Your fiat is blocked in zebpay and you cannot withdraw. But crypto trading, sending and receiving crypto is not banned. So, you can still buy crypto with those funds and then transfer to an exchange where withdrawal is still allowed.

Also, we have the court hearing tomorrow now and I hope that all the ban is lifted forever.
Hard nut to digest that all ban would be lifted by supreme court, as it is very difficult to go against RBI rules and regulations. If artificial intelligence will be given priority then there may be any chance for positive news.
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July 19, 2018, 03:41:30 PM
 #5

It would be better to put proper regulations instead of banning crypto trading in India. Trading will ultimately help Indian economy grow. As for the zebpay users, try if you can buy crypto with those blocked accounts and then either encash them via localbitoins or hold them.
simonova
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July 23, 2018, 03:46:49 AM
 #6

It would be better to put proper regulations instead of banning crypto trading in India. Trading will ultimately help Indian economy grow. As for the zebpay users, try if you can buy crypto with those blocked accounts and then either encash them via localbitoins or hold them.

If you have money in Zebpay account, then you can buy crypto with it.

You can also do crypto to crypto trading for the pairs available there. For instance, if you have BTC in your zebpay wallet, you can sell it for ETH if you think that it will grow faster.

And yes, local bitcoin is also an option. Please compare the prices on LBC and other exchanges (like Unocoin) before making the decision. 
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July 23, 2018, 06:04:18 PM
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It would be better to put proper regulations instead of banning crypto trading in India. Trading will ultimately help Indian economy grow. As for the zebpay users, try if you can buy crypto with those blocked accounts and then either encash them via localbitoins or hold them.

Simply baning not gonna bring any good,Now crypto trading is big,if india ban indian traders find another way and gonna do illegaly and black money increase but if India regulate they can tax btc income and reduce black money as well
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July 24, 2018, 10:47:49 AM
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Simply baning not gonna bring any good,Now crypto trading is big,if india ban indian traders find another way and gonna do illegaly and black money increase but if India regulate they can tax btc income and reduce black money as well

Yeah, you are absolutely right. Crypto trading in India will not stop. Now govt can either support it or stand against it but it won't change people's mindset towards crypto. They'll find one way or other to trade crypto in India.
simonova
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July 25, 2018, 12:12:56 PM
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Simply baning not gonna bring any good,Now crypto trading is big,if india ban indian traders find another way and gonna do illegaly and black money increase but if India regulate they can tax btc income and reduce black money as well

If they make it illegal to trade crypto, it will stop completely in India.

Especially the current government is very strict in regulating financial rules or regulations. When tax department sent notices to people investing huge amount of money in crypto, it scared a lot of people and they already left crypto.
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July 25, 2018, 05:49:40 PM
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Simply baning not gonna bring any good,Now crypto trading is big,if india ban indian traders find another way and gonna do illegaly and black money increase but if India regulate they can tax btc income and reduce black money as well

If they make it illegal to trade crypto, it will stop completely in India.

Especially the current government is very strict in regulating financial rules or regulations. When tax department sent notices to people investing huge amount of money in crypto, it scared a lot of people and they already left crypto.

Maybe people finding the outlook of government to be negative for cryptocurrency in India due to recent ban from RBI but reality is different. Government is not planning to ban crypto at all. Owing to recent statements from Government executives, we can believe that government is supportive to cryptocurrency. It is sought to bring a detailed guidelines and regulations for crypto and it will be legalized to certain extent.

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snkiworld
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July 26, 2018, 04:19:57 AM
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Simply baning not gonna bring any good,Now crypto trading is big,if india ban indian traders find another way and gonna do illegaly and black money increase but if India regulate they can tax btc income and reduce black money as well

If they make it illegal to trade crypto, it will stop completely in India.

Especially the current government is very strict in regulating financial rules or regulations. When tax department sent notices to people investing huge amount of money in crypto, it scared a lot of people and they already left crypto.

Maybe people finding the outlook of government to be negative for cryptocurrency in India due to recent ban from RBI but reality is different. Government is not planning to ban crypto at all. Owing to recent statements from Government executives, we can believe that government is supportive to cryptocurrency. It is sought to bring a detailed guidelines and regulations for crypto and it will be legalized to certain extent.

Source image: https://ibb.co/fm51m8

If this happened then it will be great for indian btc traders and more peoples will start to invest in Btc.Btc market in India will become much bigger in no time.
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July 27, 2018, 06:02:24 AM
 #12

No  even Unocoin has stopped deposits and withdrawals. So this will not work anymore.
simonova
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July 31, 2018, 04:31:46 PM
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No  even Unocoin has stopped deposits and withdrawals. So this will not work anymore.

Yes, they did it few days after I made this post.  Currently, an Indian exchange called Oxybit has both deposit and withdrawal active. Also, another exchange BitBns has come up with a solution called Bidforx for depositing and cashing out money.

We can wait for the next hearing now hoping that the ban will be lifted.
simonova
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August 10, 2018, 10:54:48 AM
 #14

For those who got their INR (money) stuck on Zebpay or want to cash out of crypto, you have following options.

Currently in India, only P2P market works after RBI ban. I mean this is by far the most legal way to get your INR back. Most popular exchange is WazirX P2P.

I have heard good thing about the exchange but never tried it. Do you think that there can be a legal problem for people trying to withdraw or buy more crypto as the matter is in court now ? If there was no such complication, all the exchanges in India would have launched similar options by now. Why will they continue in loss without any transactions ?
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August 19, 2018, 07:19:29 AM
 #15

they can buy  ether or btc and transfer it other exchange's wallet.
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August 20, 2018, 07:59:42 PM
 #16

The first thing to do just safe coins in the private wallet, not in any exchange. Since maybe this business will continue in the future can't say sure. If just want to buy and sell then there are many options like on Remitano BTC, BCH, ETH, and USDT. Also on the Koinex loop BTC, XRP and ETH. On localbitcoin just BTC available.

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August 25, 2018, 05:07:27 PM
 #17

In case you have some money stuck onZebpay, you can cash it using these methods:

1) Local bitcoins : On local bitcoins, you can sell bitcoins for bank transfer, Paytm or other such payment methods. Rate you get is little less than exchanges.

2) Make use of other exchanges: There are some exchanges that still allow withdrawals. So, send your bitcoins from Zebpay to that exchange and then withdraw. One such exchange is Unocoin.

Seems like an advertisement of Unocoin, As far as my knowledge, Koinex loop, wazirex, coindcx are only available options. and localbitcoin is also,

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August 25, 2018, 06:47:05 PM
Last edit: August 29, 2018, 07:29:59 AM by suchi2591
 #18

I sold my few coins with the help of.koinex loop, it takes nearly 5 days to get the cash in account. Coindcx seems to be a better option but I never tried them.

Coindcx claiming of buy and sell in 60 seconds. They have developed some wallet concept to expedite p2p process in India.
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August 26, 2018, 06:26:58 PM
 #19

Anyone here tried out WazirX exchange? Yesterday I registered in that exchange and my kyc was approved in few hours.

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September 03, 2018, 06:32:56 AM
 #20

Anyone here tried out WazirX exchange? Yesterday I registered in that exchange and my kyc was approved in few hours.

Wazir is good but volume not much there yet .

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