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

[Benson Samuel]

yup same issue. withdrawl not happening

Fix coming up in an hour.

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[Benson Samuel]

yup same issue. withdrawl not happening

Fix coming up in an hour.

Fixed and Updated.

[sambiohazard]

yup same issue. withdrawl not happening

Fix coming up in an hour.

Fixed and Updated.

Thanks for this quick update. I will now try to withdraw and report back.

EDIT: I successfully withdrew from the exchange in the morning. Thanks once again

[Benson Samuel]

yup same issue. withdrawl not happening

Fix coming up in an hour.

Fixed and Updated.

Thanks for this quick update. I will now try to withdraw and report back.

EDIT: I successfully withdrew from the exchange in the morning. Thanks once again

Perfect! Some small conflict with the API piece. Fixed now.

[RFDZ]

Guys put some buy orders.. Need to dump a few coins. 

[shahadil]

Guys put some buy orders.. Need to dump a few coins. 

ok, good point.

[bitcoinisfurture]

What is the actual issue, why there is no trade at Coinsecure inspite of 0.3% as trading fee?

[Benson Samuel]

What is the actual issue, why there is no trade at Coinsecure inspite of 0.3% as trading fee?

Our API is up as well. Lil bit of throttling to be added and it should be final.
0.3% fees has not yet been announced, maybe why people do not know as yet. Will do that asap.
A solid referral system is also coming up.
So hopefully, these are the tools that will help add on the volume and users.

[deadley]

Benson more then 4 months past since Coinsecure launched. Still I can't buy/sell  BTC @ good price like Bitstamp +_ 2%.


P.S. Find market maker without that exchange never succeed. Every exchange has market maker, that is very important because market maker provide liquidity and when exchange got liquidity then new user come and trade there.

Just tell me if anyone want to buy or sell in coinsecure and there is no active orderbook how they will encourage to put dead order to wait long time.

[Benson Samuel]

Benson more then 4 months past since Coinsecure launched. Still I can't buy/sell  BTC @ good price like Bitstamp +_ 2%

We are working on some nifty partnerships to make this happen, in the meantime, if you have any suggestions, do let me know.
We have dropped our fees to 0.3% for starters and you should be able to setup a bot quite easily as well on the system now.
I will put out a scala based bot as open source once I complete testing it.

We are looking to hire more market makers onto the team as well, should be announcing that soon too.
Any other suggestions, do feel free to ping me.

[deadley]

Benson more then 4 months past since Coinsecure launched. Still I can't buy/sell  BTC @ good price like Bitstamp +_ 2%

We are working on some nifty partnerships to make this happen, in the meantime, if you have any suggestions, do let me know.
We have dropped our fees to 0.3% for starters and you should be able to setup a bot quite easily as well on the system now.
I will put out a scala based bot as open source once I complete testing it.

We are looking to hire more market makers onto the team as well, should be announcing that soon too.
Any other suggestions, do feel free to ping me.

In India we don't have very active or huge bitcoiner who want to trade in exchange.

That is why I suggested you even when you guys launched exchange. Try to find market maker or play yourself as a market maker because when new
member join coinsecure and they don't see liquidity they just don't like and will move to other exchange like BTCX or localbitcoin.

Same thing happening with coinsecure. There is no volume so you guys not getting even passive order because people don't like to trade passively so much very volatile commodity like Bitcoin.

[Rotten Egg]

Benson more then 4 months past since Coinsecure launched. Still I can't buy/sell  BTC @ good price like Bitstamp +_ 2%

We are working on some nifty partnerships to make this happen, in the meantime, if you have any suggestions, do let me know.
We have dropped our fees to 0.3% for starters and you should be able to setup a bot quite easily as well on the system now.
I will put out a scala based bot as open source once I complete testing it.

We are looking to hire more market makers onto the team as well, should be announcing that soon too.
Any other suggestions, do feel free to ping me.

In India we don't have very active or huge bitcoiner who want to trade in exchange.

That is why I suggested you even when you guys launched exchange. Try to find market maker or play yourself as a market maker because when new
member join coinsecure and they don't see liquidity they just don't like and will move to other exchange like BTCX or localbitcoin.

Same thing happening with coinsecure. There is no volume so you guys not getting even passive order because people don't like to trade passively so much very volatile commodity like Bitcoin.

AFAIK, esccrow.ms aka Pankaj Agarwal is part of the CoinSecure team. He was/is probably the biggest trader in India. So, how come volume is a problem for CoinSecure ?

[skang]

..There is no volume ...

That is the only problem isn't it? Because the software for an exchange is dirt cheap.

Anyone can and did open an exchange, following the success of MtGox and BTC-e, but getting people there .. that's a whole different ballgame.

[shahadil]

I will say this again. make or break of an exchange in my opinion is speed of deposit and withdrawal. my last inr deposit of 1000 rupees took 3 days. or maybe it was more. dont remember. i do not like sending a mail or raising a support ticket every time i take an action on the website.

At 2330 at night i can do an imps transfer into btcx, buy the coins and be transferring the coins out by 2345. if you just want to hold my funds then i will go elsewhere. there seems to not be many options now, but speed is still available elsewhere.

This is the issue with igot, unocoin, coinsecure.

Btcxindia had a zero fee month last year. there volumes were the lowest for that month.

I will try deposit again. Lets see how it goes now. I am not saying credit the money immediately. But if you cant even credit the money on a working day at 10 am, then i seriously doubt where your priorities are.

[Benson Samuel]

..There is no volume ...

That is the only problem isn't it? Because the software for an exchange is dirt cheap.

Anyone can and did open an exchange, following the success of MtGox and BTC-e, but getting people there .. that's a whole different ballgame.

The software is definitely not dirt cheap, especially when custom built from ground up.
But that aside, until last week, KYC seemed to be the biggest problem.
We have received more than usual numbers of KYC and Bank links over the past few days, but I have heard a lot of people not wanting to do any KYC.
While, I do not mind that, we understand that as a Bitcoin Business, we will be scrutinized and would rather not go down the path of generating fake volumes or unverified accounts, just to fuel a fake volume.

We are safe, with strong banking partnerships, a rock solid order matching system and a bevy of features, that are not usually found on an Indian service provider.
But we are definitely not going to slow down, just because volumes have not picked up as yet. Trying a lot and then some more.

[deadley]

Benson more then 4 months past since Coinsecure launched. Still I can't buy/sell  BTC @ good price like Bitstamp +_ 2%

We are working on some nifty partnerships to make this happen, in the meantime, if you have any suggestions, do let me know.
We have dropped our fees to 0.3% for starters and you should be able to setup a bot quite easily as well on the system now.
I will put out a scala based bot as open source once I complete testing it.

We are looking to hire more market makers onto the team as well, should be announcing that soon too.
Any other suggestions, do feel free to ping me.

In India we don't have very active or huge bitcoiner who want to trade in exchange.

That is why I suggested you even when you guys launched exchange. Try to find market maker or play yourself as a market maker because when new
member join coinsecure and they don't see liquidity they just don't like and will move to other exchange like BTCX or localbitcoin.

Same thing happening with coinsecure. There is no volume so you guys not getting even passive order because people don't like to trade passively so much very volatile commodity like Bitcoin.

AFAIK, esccrow.ms aka Pankaj Agarwal is part of the CoinSecure team. He was/is probably the biggest trader in India. So, how come volume is a problem for CoinSecure ?

That's the my concern too Coinsecure have Pankaj still they were not able to convince him as a market maker. But other thing also involve as a market maker. Because there is so much risk involve working as a market maker. Mostly team work as a market maker and they put big amount of money for cover loss or gain profit.

..There is no volume ...

That is the only problem isn't it? Because the software for an exchange is dirt cheap.

Anyone can and did open an exchange, following the success of MtGox and BTC-e, but getting people there .. that's a whole different ballgame.

Opening exchange is not a big issue anywhere. You can see many exchange but putting ton of money behind that is main problem.
Exchange need big amount of money to provide liquidity and reduce risk. I don't think any big trader will come and just hold 10-20-50 Bitcoin in coinsecure.

We all know trader hold big amount of BTC  or money in big exchange for opportunity trade. When big moment come they just come to trade.

[skang]

...the software for an exchange is dirt cheap....

..The software is definitely not dirt cheap..

Really? Want to buy exchange software for 0.1 bitcoin right now?

I am not criticizing you or anything. But building an exchange is as trivial as free and KYC problems are formality, but I wouldn't even trust my brother to hold my private keys, let alone an exchange.
I wanna get in quick, make profitable trade (which needs volume) and get out as soon as possible, when the moment comes. I care about being honest but I do not care about KYC formalities since they slow me down. Sure take my tax goverment, but atleast let me trade!

Your current approach is 'if you build it they will come', but that won't work because competition.

[Benson Samuel]

...the software for an exchange is dirt cheap....

..The software is definitely not dirt cheap..

Really? Want to buy exchange software for 0.1 bitcoin right now?

I am not criticizing you or anything. But building an exchange is as trivial as free and KYC problems are formality, but I wouldn't even trust my brother to hold my private keys, let alone an exchange.
I wanna get in quick, make profitable trade (which needs volume) and get out as soon as possible, when the moment comes. I care about being honest but I do not care about KYC formalities since they slow me down. Sure take my tax goverment, but atleast let me trade!

Your current approach is 'if you build it they will come', but that won't work because competition.

I cannot see how you labelled that 'if you build it they will come'.. :p

[escrow.ms]

That's the my concern too Coinsecure have Pankaj still they were not able to convince him as a market maker. But other thing also involve as a market maker. Because there is so much risk involve working as a market maker. Mostly team work as a market maker and they put big amount of money for cover loss or gain profit.

Well I know what you are trying to say but as you said only a team can become market maker, there's no such thing like a Individual Market Maker because one person can not provide liquidity to a real time exchange. I can sell my own coins and probably put a buy order too but again I do have to wait for someone like you or anyone else to buy them.

There are few more issues as well

1. Timing: I do not stay online 24x7, so I can't keep changing my orders as per market rates,(Probably other traders are getting same issue , who prefer to sell their coins with some % profit margin.

2. Indian market is too small,competitive and irregular: I can try to sell coins at low rates on exchange but what I'm gonna do if someone is selling coins for cash in cheap rates. There are many more issues which people do not understand. Like people prefer to sell coins on localbitcoins to a unknown guy but they don't want to sell it on a exchange, same goes with buyers as well.

Anyways thing will change slowly, coinsecure is a new exchange which needs some time.

[escrow.ms]

Benson more then 4 months past since Coinsecure launched. Still I can't buy/sell  BTC @ good price like Bitstamp +_ 2%.

There is a 4 BTC sell order at 15700 (Approx: Bitstamp+100 Rupees) Feel free to complete it.