Quote from: bitnote on October 05, 2024, 12:48:11 PM

Hello, thank you for your responses.

I have an idea, but I'm not entirely sure about it. Can I use Binance, Bitget, or any international exchange to exchange crypto to fiat through P2P? I’m considering starting with ₹50,000 in the first month, then around ₹20,000 to ₹30,000 each month thereafter. Would this be a safe approach to avoid detection by banks?
Additionally, my father has an account with over ₹3 lakh in fixed deposits and about ₹1 lakh in savings. Can I withdraw money to his account via P2P and then transfer it to mine, treating it as a gift that wouldn’t be taxable? The amounts would be relatively small, like ₹50,000 to ₹1 lakh.

Is OKX exchange operational in India? I recall receiving an email a few months ago stating they were not operating in the country.

How safe is P2P trading? Can I trust users based on their reputation on platforms like Binance, or should I verify additional details, such as their names and what verification they have done (but they can be expensive to trade with)?

P2P trading comes with it's own risk and it's not only applicable to India but all the places.
We have already heard cases about bank accounts getting frozen due to P2P trades.
This is one of the reasons why you should avoid trading with strangers especially if your bank account has a huge amount of money.
In this case, you should avoid using father's bank account since it has FDs in it.
You can try P2P trading with your bank account but try to find a reputed P2P trader who has a good amount of trades executed and a good completion rate.
Also, try using the same P2P trader so that you don't attract unwanted attention from the bank.
You won't get any notice from IT department if your transaction is below 5 lakhs.