Quote from: philiveyjr on December 01, 2015, 03:44:45 AM

Quote from: emkay47 on November 29, 2015, 09:01:44 PM

I agree , India is deciding its own rates currently and not depending on International rates, But that does not mean the spread between Buy and Sell has to be 10% or more ?

As for us , we make sure the spread is not more than 1% or at the max 2% , In fact , Customers on our exchange don't let that spread be more than 1-2%.
If customers are buying Bitcoin , they should be able to sell too at the market price. The problem here is something else , the reason why people don't want to purchase Bitcoin at market rate is , cause they then don't have a place to sell at the market rate as well.

For ex, If someone purchases coins at market rate , and he makes 2% profit out of the volatility , he cant get that profit out as most of the exchanges or buy/sell platforms are keeping a spread of 10% or more. How is that person supposed to make profit if he can't sell at the market price ?

What's happening here with most buy/sell platforms is, When prices go too down , they are not willing to sell coins at lower price , as they have purchased it at a higher price , so prices don't go down with these buy/sell platforms and people are not able to take advantage of lower prices as they are not able to get coins at that price. Similarly, when prices go too high , these buy/sell platforms are giving too bad sell rates as they don't want to buy coins at higher price.

This is why , I think customer created market is very important. Customers should decide the buy and sell prices. Its very basic math , if you are not trading with a broker/trader in between who is keeping their own margins too , Buyers and sellers will both get great prices as the middle man spread is no more there , hence making the spread limited to 1-2%.

As for LBC , people take advantage of new Bitcoin users joining in by giving them bad rates , as most of these newbies are not aware of other available exchanges in India who are giving market Buy & Sell rates.

Mohit Kalra
Coinsecure.in

Mate..the buy/sell margin is not 10%.. it might have been 10% in the past but its not that high anymore.. and I totally agree that the Price of BTC market is different from RoW.. you can see that in both the categories.. The lowest guy is selling at 22555inr/BTC where as highest buying is 21949inr/BTC.. difference of 600bucks.. i think thats fair.

You sure they not 10% ?

Here are the current prices , all taken at the same time -

BTCXIndia - 21300 21000 - 1.4%
Coinsecure - 21200 21000 - 1.1%
LBC - 21918 24076 - 9% (This is just strange , prices are other way round, weird stuff goes on at LBC)
Unocoin - 21219 18885 - 11%
Zebpay - 21495 20849 - 3%

I am not happy with these spreads at all , as in most global exchanges , spreads are 0.1 - 0.2% at the max.

Mohit Kalra
Coinsecure.in