Post
Topic
Board India
Re: Exchanges in India
by
sidjourn
on 25/11/2013, 11:21:57 UTC
Slightly higher prices - Infact I think they are overcharging for the bitcoins at the moment. Their buy prices are more then then the Mtgox exchange prices too.  Shocked. And when you see their sell prices its around 3k less then MtGox  Shocked.

Busellbitco.in derive their prices from averages of various exchanges and as we know apart from MtGox rest exchanges are on lower side so automatically their prices should certainly be lesser on site but its higher then Mtgox (buy side) and much lesser on sell side(Mtgox).

Another thing is that, over and above their price they do take 3% commission +96 as their transaction fees making more costlier to purchase and less attractive to sell.



Hi

We have very complex algorithm to decide on our prices. Normally people see only last trade price on exchange and thinks that it is bitcoin price they can get, but the perception is very wrong as last trade can be of only 0.01 BTC and what you want to sell is say 10 BTC. You can not directly use Exchange last or buy rate, you must use Exchange buy side orderbook to accumulate the quantity you want to sell and see how much it gets you, which is always going to be higher than the last trade price. You will also have to add exchange fees, fees and charges required to move money in and out of exchanges, currency conversion charges in bank.

On top of it we offer locked in exchange rates in such volatile market where once you book order with us and send money in within locked in period we honor booked rate only. If you will see carefully the price difference between exchanges is very huge in volatile period, over 70 to 100 dollars a time which goes to around 4k to 6.5k INR which also makes our task a bit tough Smiley

As far as fees concerns we offer loyalty discount so after certain volumes your effective fees reduced to 1.5% only.

We also add in various other factors which allows us to manage our risk profile when Bitcoin trading is volatile. We can assure you that if you will take final counting with selling or buying coin rates, our rates would be one of the best available in the market.

Regards



Only if your site WORKED! Always out of stock, or try again when the prices are low.

Yes, we agree we do have stock issues at the moment. As soon as we restock it, we go out of stock almost immediately. We are working hard to resolve this.

Regards

This is what I am hearing from past two weeks, really! Not to be rude, but can you please lower your fees, because looks like you guys are charging way more than expected! You guys also show low price at night, but you wouldn't let us buy. What kind of trap is this? Also, right now, the price comes down to 56000 for one btc, and on BTC-e china it's 725 dollars (which is equal to 45k). Take GOX price and you are still overcharging your customer.

Other sites like INRBTC are charging 49000 at the moment! I have been waiting for, like, ever since to get my hands on a few BTCs but looks like no one is ready to sell when the market value is down.

I definitely understand you folks are here to make profit, but I'd absolutely love to see an Indian site offering "affordable" prices with btcs always in stock. The market is wide open to capture, and I hope you folks will come out with something interesting very soon.