dashingriddler thanks for much explanation but still did not got answer to my query.
How come their script showing incorrect rates? Did it not synchronize with exchange rate?
Why do fool us like this and show that they are charging 1% and 3% fees. Instead they should show correct exchange rate and no matter they clear charge 5% or 10% for their risk.
However in USD that whatever the exhange rate is on xe or money control we buy/sell it on difference 50 paise
It means the site unocoin put their own rate for bitcion and + fees.
Then the better place will be like localbitcion where buyer sell meets personal and pay them fees of 1% or whatever.
I am not sure why you call something as incorrect rates. Do you think the rates of bitstamp is incorrect because it is not same as btc-e? All exchange rates are correct based on their own buyers and sellers of bitcoin. Similarly what we show is our rates based on our own buyers and sellers. On the rates determined in this way, we charge our transaction fee.
Also you need to understand if you see a rate of say 450 USD as last traded price on bitstamp, it does not mean you will be able to buy how many ever btc you want at that rate - it could just be a small trade of 0.01 btc that but if you need 100 btc you could spend say 460 USD etc. We call this as depth which matters to us than just the last traded price.
Fortunately or unfortunately the price at which Indian buyers and sellers meet is at a higher price than the international exchanges. So there is a significant incentive for the sellers but still we do not have enough sellers as not many people in India have bitcoin or willing to sell their bitcoins.
I am not sure what exact USD rate you are talking about. To us the USD to INR do not matter so much as we buy and sell only in India for INR. However we bank with ING Vysya who give the USD to INR difference just for 15-25 paise
Yes right we put our own rates for bitcoin based on our buyers and sellers and charge a fee on top of that.
I cannot comment on localbitcoin as it is as well more of the escrow service. On localbitcoin it is the individual buyer or seller who determine the price but on Unocoin we determine the rates based on "our own group of buyers and sellers".
To give you a quick glimpse, lets say i want to sell my bitcoins and if i see best deal on localbitcoins from a trusted party - i will get 26247 per BTC and pay 1% on top of that which ends up 25984. Instead on Unocoin the rate is 27587 and after 3% fee it would be 26759. On some other occasion you could get a better deal there than Unocoin ofcourse.
Infact one of the localbitcoin members who is also very active here on forums get bitcoins from Unocoin when needed as we process the buy orders pretty much as soon as we receive the payment. Cannot disclose the name though.
If you understand that if an exchange is quoting a lower price for you to buy bitcoins then there is a seller who is selling their bitcoins to the exchange at a cheaper rate than the sellers of other exchanges, it would help you analyze the situation better.
