Quote from: shariqkhan on August 21, 2017, 08:12:38 PM

Hello everyone,

I am a new user here. I am new to the world of cryptocurrency.
It looks like if I have to do some trading on bitcoins, then I have to follow these steps:

1. Buy from Zebpay/Unocoin at a price 20-25k higher than international exchanges
2. Transfer to the wallet on international exchanges like Kraken/Bittrex/Bitfinex/Poloniex etc. This again involves a transaction fees (in terms of bitcoin).
3. Do some trading. Make some profit.
4. Again transfer back to the Zebpay/Unocoin wallet. Again involves a transaction fees
5. Sell at Zebpay/Unocoin i.e convert to INR at a price 20-25k lower than international exchanges
6. Withdraw.

It appears in this entire process one is bound to loose 40-55k INR and hence any profit you might have made in trading will be cancelled out.

Kindly correct me , if I am wrong.

But despite this I have heard people raving about how a living can be made by trading in cryptocurrencies.
So, I want to ask you guys, is it really possible to make a decent profit trading?

Is anyone actually doing it and making some profit?

If yes, then I believe it would be possible only if we are able to directly buy from foreign exchanges.
I browsed through some existing threads and they mentioned some exchanges allow this by Wire transfer and other methods.

Problem is I did not understand a single word of those thread except there are huge taxes involved and something to do with coming under the radar of IncomeTax authorities, because of some remittance thing.

I have never ever done an international transfer (except for PayPal a couple of times) in my life. In fact, I am not very well versed with different methods of funds transfer either. I mean I know how to do a NEFT/RTGS/IMPS. But thats it. I do not know what is SWIFT/WireTransfer and what are the charges. I dont know what could be the cheapest method of transfering funds to these exchanges.

So, if you guys could guide me, it would be extremely helpful for me.

I will summarize my questions again:
1. Given the huge differences between buy/sell prices of foreign exchanges and Indian exchanges, is it possible for some one to make a good profit trading?
Is there anyone on this forum who is actually doing it.
2. Is there a way that we can buy bitcoins directly from foreign exchanges by depositing funds in their accounts. And what be the cheapest and simplest method to do that.

Thanks in advance for your help.

P.S. What's up with Coinsecure? They are taking ages for KYC verification. I have heard they are better than Zebpay & Unocoin. But I have not got a chance to try CS, as my KYC is pending from a couple of days. I uploaded my documents for verification 6 days back, and it took them so long just to acknowledge the receipt of the documents. I guess it will take another 5-6 day to complete the actual verification process.
I guess they are seeing a surge in their user base given their reviews are better than those of Zebpay and Unocoin.

Try Bitcoin India Join here it's best among all I have used till now with best customer service, buying fees is only 0.1%, the spread is very low,other altcoins also available,mining services also available or else use localbitcoins(trade with only trusted sellers).

bitcoin buying services in India watch here.

As Bitcoin transfer fees are very high it's better not to deal with international exchange until they integrate INR or open branch in India.

Thanks!