India's Best Bitcoin Exchange goes Live with Deposits & Withdrawals!

[legendster]

Bitstamp charges fees in dollars only, as far as i can tell. You can look up bitstamp, you can look up Btcxindia. They all seem less complicated than coinsecure.

Yes les complicated because of the lack of documentation and verification processes there, but with sites like Coinsecure and (other similar exchanges) it is far easier for people do daily deals. That is once its setup. Off course I understand your frustration as you are a reputed LBC seller its hard for you to see other exchanges spring up and eat away at your trades  

I dont understand what lack of documentation and verification process has to do with maths. I am no programmer and i do not understand what all goes into creating whatever any of the exchanges have running in their back end, but as an end user, and someone paying for their services i need to be comfortable and like their user interface, and as far as coinsecure is concerned they have been very receptive to suggestions, hence i brought it to their notice, that i don't particularly like what they are offering at this moment. It is completely upto them to change it, if they like.

One of the reasons, millibits was not successful i feel was it was too complicated, with regards to fees and placing orders, although the interface was very basic and i loved the simplicity of it.

And i love the fact that more and more exchanges are coming up. It is better for the bitcoin economy in India, and i dont know if you have noticed but the prices have very steadily been trending closer to the more recognised exchange prices abroad, which is very good for an Indian trying to buy bitcoins.

On a side note, all the exchanges in india should get together and promote bitcoins, and their uses, much more than what is happening right now. There doesnt seem to be much excitement these days.

Oh, and i am pretty happy with my trading volume thank you for your concern.

haha dont take it personally bro just making a comment thats all, but I do think having multiple exchanges in India or exchanges that support INR wont actually solve ANY problem in India. The acquisition of Bitcoins for Indians have never been too big of a problem but its the actual use of those Bitcoins which is the problem.

As far as complexity goes CS is far less complicated than some of the other exchanges I have used in the past, offcourse its a personal opinion and may have to do with the fact that I am kind of already used to all the shitty process of verifications etc.

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[Benson Samuel]

This image is of the buy side. if you can make the line read as what i write below it will be appreciated. of course you may take opinion of other members on this board as well.

The 1.0% fee should read 142 INR
Approx to receive should be 1
Approx INR spend should be 14342.



This image is of the sell side and i think it is exactly how it should be and no changes are necessary here.

Looking into this. Not going to be a quick fix, but will figure something out.

[sambiohazard]

This image is of the buy side. if you can make the line read as what i write below it will be appreciated. of course you may take opinion of other members on this board as well.

The 1.0% fee should read 142 INR
Approx to receive should be 1
Approx INR spend should be 14342.



This image is of the sell side and i think it is exactly how it should be and no changes are necessary here.

Looking into this. Not going to be a quick fix, but will figure something out.

I think Bittrex do it like shahadil is saying, although they are Altcoins/BTC exchange.

Also once more i will request that if you will add INR field for trades it will be great. Like this.

Units                       ___________ BTC
Ask/Bid                   ___________ INR
Total (w 1% Fee)     ___________ INR

Now if i want to buy I fill my bid price and when i fill say 1000 INR in Total cost field it will calculate BTC by assuming that 1000 INR is with fee.

Units                       _0.99009900 BTC
Bid                         _______1000 INR
Total (w 1% Fee)     _______1000 INR

Now if i fill bid of 1 BTC in Units field it will calculate INR in Total cost field with 1% fee included.

Units                       __________1 BTC
Bid                         _______1000 INR
Total (w 1% Fee)     _______1010 INR

It is similar on sell side, I fill 1 BTC as what i want to sell and it will calculate INR i get by deducting 1% fee

Units                       __________1 BTC
Bid                         _______1000 INR
Total (w 1% Fee)     ________990 INR

If i say i want 1000 INR after selling it will tell me how many BTC i will have to sell assuming that i want 1000 INR after fee

Units                       _______1.01 BTC
Bid                         _______1000 INR
Total (w 1% Fee)     _______1000 INR

Right now I have to do math which is easy but if it is easy it should be automated. Also, rounding off to 3 decimal places renders all my calculation incorrect and i can never buy 1000 INR worth of bitcoin for example. Its driving me crazy. You can say i am obssesed with base 10 

I dont think what i am asking for is very difficult to implement as everyone including scamming and already closed exchange are/were doing it.

Regards

Sam

Note: If my math is wrong anywhere please correct me & take it easy. :p 

[sgk]

Are all INR deposits verified manually between 9AM - 9PM?

If so, does that mean I have to wait for my funds until next day if I make a transfer after 9 PM?

[Benson Samuel]

Are all INR deposits verified manually between 9AM - 9PM?

If so, does that mean I have to wait for my funds until next day if I make a transfer after 9 PM?

While we have mentioned 9AM - 9PM, it is not strictly enforced.
We do process INR deposits after it as well as long as we get notified by the Bank. But this is not guaranteed during the night.

[sgk]

Are all INR deposits verified manually between 9AM - 9PM?

If so, does that mean I have to wait for my funds until next day if I make a transfer after 9 PM?

While we have mentioned 9AM - 9PM, it is not strictly enforced.
We do process INR deposits after it as well as long as we get notified by the Bank. But this is not guaranteed during the night.

Thanks! I just noticed my deposit went through which I sent just a few minutes ago. Appreciate the quick service!

Although, wouldn't it be possible to automatically verify the transfer if it is coming from the registered bank account of the user?

[sgk]

On a lighter side..  I was reading through the sell orders on the exchange when I noticed this order:



Looks like someone wants to be a Billionaire very quickly and easily ! 

[Benson Samuel]

Are all INR deposits verified manually between 9AM - 9PM?

If so, does that mean I have to wait for my funds until next day if I make a transfer after 9 PM?

While we have mentioned 9AM - 9PM, it is not strictly enforced.
We do process INR deposits after it as well as long as we get notified by the Bank. But this is not guaranteed during the night.

Thanks! I just noticed my deposit went through which I sent just a few minutes ago. Appreciate the quick service!

Although, wouldn't it be possible to automatically verify the transfer if it is coming from the registered bank account of the user?

I did not influence that confirmation of fiat btw, escrow has been vital in our banking piece.
Yep, we can automate INR deposits, and I am doing some tests in the backend, but it looks very unreliable.
For some reason, I cannot figure out any way to influence the regular bank notifications to come in from a reliable source, without their approval.

Hopefully, one of the banks that we are talking to, may give us the privilege of an API .. Who knows.. mebbe soon 

[polynesia]

Just a thought - Is there any regulation which prevents the exchange from playing the role of a market maker?

If the exchanges are allowed to place a large buy order and large sell order (say at a 20% discount/premium to current prices), this would at least ensure that people who are desperate to trade can execute the order. Right now, the liquidity in the order book seems pretty thin.

[legendster]

Just a thought - Is there any regulation which prevents the exchange from playing the role of a market maker?

If the exchanges are allowed to place a large buy order and large sell order (say at a 20% discount/premium to current prices), this would at least ensure that people who are desperate to trade can execute the order. Right now, the liquidity in the order book seems pretty thin.

Correct me if I am wrong, if you mean that Coinsecure should allow 'other exchanges' to open up trading accounts and get some kind of discount for trading, then this is what I have to say :

The thing is since this is a c2c exchange the 'discount' can not exactly be given to anyone using the platform as the price would be determined by the free market orders. However if there was a separate way through which Coinsecure itself refunded or gave a discount from their own pocket, on the purchases or sales made by other exchanges through coinsecure then that would be possible.

Also remember due to weird FDI policies it isnt quite easy for people from outside this country to come and invest money here.

The sad but true fact is, that there arent many people in India who are aware of Bitcoins, even today hence the market is not big enough to have multiple decent sized exchanges like Coinsecure or Unocoin, whichever of these exchanges came first, capitalized on the limited non mining user base our country has, it will take some time for the market share to get evenly distributed among all the exchanges.

[legendster]

On a lighter side..  I was reading through the sell orders on the exchange when I noticed this order:



Looks like someone wants to be a Billionaire very quickly and easily ! 

lol actually no. That is an age old trick of tying up coins in a market order and keeping it safe by NOT touching it and listing it for an impossible price.

[polynesia]

Just a thought - Is there any regulation which prevents the exchange from playing the role of a market maker?

If the exchanges are allowed to place a large buy order and large sell order (say at a 20% discount/premium to current prices), this would at least ensure that people who are desperate to trade can execute the order. Right now, the liquidity in the order book seems pretty thin.

Correct me if I am wrong, if you mean that Coinsecure should allow 'other exchanges' to open up trading accounts and get some kind of discount for trading, then this is what I have to say :

The thing is since this is a c2c exchange the 'discount' can not exactly be given to anyone using the platform as the price would be determined by the free market orders. However if there was a separate way through which Coinsecure itself refunded or gave a discount from their own pocket, on the purchases or sales made by other exchanges through coinsecure then that would be possible.

Also remember due to weird FDI policies it isnt quite easy for people from outside this country to come and invest money here.

The sad but true fact is, that there arent many people in India who are aware of Bitcoins, even today hence the market is not big enough to have multiple decent sized exchanges like Coinsecure or Unocoin, whichever of these exchanges came first, capitalized on the limited non mining user base our country has, it will take some time for the market share to get evenly distributed among all the exchanges.

Nope. What I meant is if the market price is INR 15,000, Coinsecure should have a buy order (maybe 5 BTC at INR 12,000/BTC) and a sell order (maybe 5 BTC at INR 18,000/BTC). Is there any regulation which prevents Coinsecure from doing this?

[Benson Samuel]

Just a thought - Is there any regulation which prevents the exchange from playing the role of a market maker?

If the exchanges are allowed to place a large buy order and large sell order (say at a 20% discount/premium to current prices), this would at least ensure that people who are desperate to trade can execute the order. Right now, the liquidity in the order book seems pretty thin.

Correct me if I am wrong, if you mean that Coinsecure should allow 'other exchanges' to open up trading accounts and get some kind of discount for trading, then this is what I have to say :

The thing is since this is a c2c exchange the 'discount' can not exactly be given to anyone using the platform as the price would be determined by the free market orders. However if there was a separate way through which Coinsecure itself refunded or gave a discount from their own pocket, on the purchases or sales made by other exchanges through coinsecure then that would be possible.

Also remember due to weird FDI policies it isnt quite easy for people from outside this country to come and invest money here.

The sad but true fact is, that there arent many people in India who are aware of Bitcoins, even today hence the market is not big enough to have multiple decent sized exchanges like Coinsecure or Unocoin, whichever of these exchanges came first, capitalized on the limited non mining user base our country has, it will take some time for the market share to get evenly distributed among all the exchanges.

Nope. What I meant is if the market price is INR 15,000, Coinsecure should have a buy order (maybe 5 BTC at INR 12,000/BTC) and a sell order (maybe 5 BTC at INR 18,000/BTC). Is there any regulation which prevents Coinsecure from doing this?

We are absolutely fine with any exchanges opening trading accounts with Coinsecure as a corporate account. Traders accounts are coming up as well, This would have some solid reporting and trading tools, so its a slighty large piece coming up around it. This is on the priority list, right after the hot wallet is in place.
Am gonna roll out something this week as soon as I get a fix on the adding some decimals and a tweaked price input box. Have already added some fancy fees to my local codebase based on INR deposits. Should go all the way down to 0.2% fees based on deposits and withdrawals.
We can have individual rules built in based on conditions for each user. Probably some voucher system for other exchanges/ traders that gives them a better fee/ application advantage?

Yeah, there are couple of licences that need to be in place before we can touch anything outside the country, but it is something that we have been looking into as well.

Arbitrage is still not a common practice in India, from what I can see. Not too many people have seen or learnt the opportunities involved in arbitrage as yet. We started off, with the understanding that it was going to be a good stretch before we can start seeing volume in India. But it is catching up.

@polynesia we have discussed this and are talking to some people to ensure that we get it right. The last thing we want to get into is any form of price manipulation or insider trading problems. For now, as and when we get large order requests over the phone or mail we direct customers to coinsecure and use the platform for fixed price sales. We have already added that to our documents, etc. But am not sure if we can place future trades on the exchange without prior approval.

[Benson Samuel]

On a lighter side..  I was reading through the sell orders on the exchange when I noticed this order:



Looks like someone wants to be a Billionaire very quickly and easily ! 

lol actually no. That is an age old trick of tying up coins in a market order and keeping it safe by NOT touching it and listing it for an impossible price.

Think am gonna set some extremes on the order book colors. That order is ridiculous :p

[polynesia]

@polynesia we have discussed this and are talking to some people to ensure that we get it right. The last thing we want to get into is any form of price manipulation or insider trading problems. For now, as and when we get large order requests over the phone or mail we direct customers to coinsecure and use the platform for fixed price sales. We have already added that to our documents, etc. But am not sure if we can place future trades on the exchange without prior approval.

Can this be done by a large 'anchor investor equivalent'?

[Benson Samuel]

@polynesia we have discussed this and are talking to some people to ensure that we get it right. The last thing we want to get into is any form of price manipulation or insider trading problems. For now, as and when we get large order requests over the phone or mail we direct customers to coinsecure and use the platform for fixed price sales. We have already added that to our documents, etc. But am not sure if we can place future trades on the exchange without prior approval.

Can this be done by a large 'anchor investor equivalent'?

Actually, this can be done through Secure Bitcoin Traders as a trader on the exchange. Talking to the team here to see this through.

[dashingriddler]

On a lighter side..  I was reading through the sell orders on the exchange when I noticed this order:



Looks like someone wants to be a Billionaire very quickly and easily ! 

lol actually no. That is an age old trick of tying up coins in a market order and keeping it safe by NOT touching it and listing it for an impossible price.

Cannot they achieve the same by just keeping btc in exchange but not place the order ?

[Benson Samuel]

On a lighter side..  I was reading through the sell orders on the exchange when I noticed this order:



Looks like someone wants to be a Billionaire very quickly and easily ! 

lol actually no. That is an age old trick of tying up coins in a market order and keeping it safe by NOT touching it and listing it for an impossible price.

Cannot they achieve the same by just keeping btc in exchange but not place the order ?

In this case, he would have multiple possibilities. 1, its safe and won be touched, and 2nd, if it gets touched, the order wins.
I would expect far more of these as time goes by.. 

[shahadil]

I am going to own up to this weird order of all 9's. I had put it in place to see whats the max limit. However, i found out that the max order is 1 followed by 10 zeros. equivalent to 10,000,000,000.

But putting 10,000,000,001 as the sale limit brings up this image



which claims that the max rate is 1 followed by 12 zeros.

Can you have it checked please. I think it is putting a decimal there for some reason.

[Benson Samuel]

I am going to own up to this weird order of all 9's. I had put it in place to see whats the max limit. However, i found out that the max order is 1 followed by 10 zeros. equivalent to 10,000,000,000.

But putting 10,000,000,001 as the sale limit brings up this image



which claims that the max rate is 1 followed by 12 zeros.

Can you have it checked please. I think it is putting a decimal there for some reason.

lol, nice order :p

Yep, there is a reason for the extra 0's. The amount you entered was in Rupees, but the response was in paisa, hence * 100. I will humanize those response numbers by the next release.