Steem India: Now Trade Steem/INR Pair Directly But There's A Catch!
There's a lesser known exchange in India that has been offering Steem/INR pair for sometime. BuyUCoin.com has some 30 cryptocurrencies listed on the website. Steem/INR pair is one amongst them.
This is the first exchange in India to list Steem. I've been aware of this fact for sometime now but couldn't post about it as I wanted to take some feedback from some members of a crypto group who have experience with this exchange.
Sadly though the feedback wasn't very good. Mostly negative. I'm not the one to experiment with my tokens too much with unknown exchanges and hence I've avoided this exchange for a few reasons.
The first issue is the bid/ask price. The prices are basically shit if you want to buy/sell Steem. You'll be buying it way over market prices and selling at really low prices. This combined with low trading volumes makes it a terrible place to trade your precious Steem or any other tokens.
The easier method is the existing one where you sell your sbd/steem on bittrex, blocktrades, binance and send your btc to an Indian exchange and withdraw from there instantly.
This works best for most people over any other process although p2p channels are growing fast-more on that later.
BuyUCoin in my crypto circles has received many negative ratings and I personally wouldn't trade with them. Here's a review posted by fellow steemian and it doesn't sound very good although they came back to say in another post that Buyucoin resolved some of their issues.
Whenever I use a new exchange from India I'm generally on the lookout for feedback from other users. I am part of some crypto communities and there's always someone there who has used newer trading platforms from India. I'm generally wary of security, prices, volumes and transparency of Indian exchanges.
The high costs of purchase and transfer fees it doesn't make it my first choice for any transactions. It's far cheaper to use Bittrex/Binance and then any Indian exchange to sell my Btc. For trading alt-coins on an Indian exchange you can try Koinex or Coinome. I use the latter frequently!
Buyucoin may have pulled up their socks by now but it's better to be safe with your coins. I dont trust any exchange from India with their security unfortunately and avoid keep any coins on them generally. Coinsecure theft has shown that Indian exchanges have a long way to go.
This is just for your information. Try at your own risk.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Steem.Chat Contest #23
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Cryptocurrency India: An Update Regarding Reserve Bank's Ban & Link To Petition!
You are absolutely correct @firepower, BuyUCoin is crap! Trade your Steem for LTC, ETH or BTC and get it converted to INR from any Indian exchange like ZEBPAY, KOINEX or Coindelta. I like STEEM to LTC conversion because it is faster than BTC and a lot cheaper than BTC or ETH. :-)
Still waiting for one of the big exchanges to list STEEM. Maybe in a few months that will become a reality. Till then STEEM -> LTC -> INR :-D
When I trade to withdraw into INR I generally lookout for near global prices after conversions and exchange fees as well as instant withdrawals. Usually I manage this with BTC. But sometimes I do switch to LTC and sell it if there's a possibility of selling at a slight premium. Things were fantastic just 2-3 months ago when one could sell btc for 20-30% premium. I hope RBI's mandate gets a stay and the market goes back to normal.
Great strategy @firepower. And I hope BTC will stop struggling so much. And RBI gets a hard push from all of us. Keep hustling. :-D
yeah man i also do exchange steem with LTC in zebpay
bro what about unocoin, whats your view on unocoin for exchanges.
Unocoin is great too. That was the first exchange I used to buy bitcoins. Never had any problem then. After that I did not use it ever. I use koinex. It's pretty simple. Has a lot of currencies to choose from. And it's fast as well. They say that withdrawal takes 3-5 business days but always got my money in within a single day after making the request.
India is the second to US for the most cryptonians users. Kudos to Indian people
Thanks @firepower for sharing about the negativity surrounding Steem/INR exchange. True, it is better to avoid them.
When I converted my hard earned 10 Steems to Bitcoin through blocktrades, they had charged flat 1.2 Steems as fee! In zebpay they charged their share. In the end what I got was a petty amount in INR. It was in last month.
But when I converted 25 SBDs last week through blocktrades, the fee was a mere 0.14 SBDs. What I did was to convert my SBDs to litecoin. And also the process was much faster. I sold it in zebpay for INR and converted some money to EOS. EOS's value is surging in a daily basis. Anyway I got ₹4000 in my bank account and have ordered a Google Chromecast through Paytm so that I can use Steemit in my TV.
Good but next time try Ripple. Ripple transfer fee is 0.02 Ripple . Even Dash transfer charges are very less. I think 0.00001 Dash. But India exchange must needed Ripple or Dash so you can withdrawal to INR easily. I always use Ripple to transfer to any exchange.
But you can't convert Steems to Ripple using blocktrades. And some coins listed in blocktrades are not available in Zebpay. I think zebpay is a great exchange because even the soon to be imposed bans are unlikely to affect it as its headquarters is located in Singapore
Bro make Bittrex and Binance Account. You can transfer SBD and Steem but Binance only Allowed Steem. So transfer there and exchange to Ripple and again transfer to Indian exchange.
Bittrex has opened up new registrations. Get an account and verify. Meanwhile you can use binance to sell Steem. You can use the internal market for a SBD->Steem quick conversion. Send Steem to Binance and sell it for btc. You will probably pay less this way compared to blocktrades.
Getting a working bittrex account is important. I've recommended it to a few people who were unable to get accounts before. But there's a small issue. Even though the verification happens quickly, they take a while to enable the account which in some cases remains disabled for some people for many days.
Yes, I couldn't open a new account in Bittrex last month. But today everything worked fine and I opened accounts both in binance and Bittrex. This is the time to experiment!
Now this was a bummer. Only a few days back while talking about availability of SteemINR pair in one of my posts, I was planning to join this exchange just to make a review of it. Thanks for this heads up, now I won't need to take that pain myself! 😊
However I wonder about $20,000 daily trade volume in this pair. Exchange volume of $1.2 million is not very bad ...if we compare it with Koinex, it's about 1/5th of it but Koinex has got many coins to put on that volume. I hope BuyUcoin will make amendments to its negative image and possibly catch up, if it's really serious about its business.
I doubt any of those figures are authentic. Many Indian exchanges manipulate prices. Zebpay does it every time they add a new coin. At Buyucoin prices are bad even if the daily volumes are good. As it is BTC rates are not maintaining parity with global prices. Here we'd be selling at a major loss from what I've seen so far. Better to go through the regular route and stick with exchanges which are proven to be reliable.
If the RBI circular hasn't come to close the operations of banks with all the crypto service, I believe in the next one or two years, we could see a trusted altcoin exchange, popular and trusted worldwide and created in India.
Indians have a lot of potential, it is just that our government and some crooked organisations keep creating hurdles for people.
I think we're likely to see OTC trades increase with itme however, the prices currently are low and so are the volumes. Instashift is a good service but their transactions are currently just 10-15 a day from what I read in their telegram. I hope to see that change in the next 2-4 months. I'm prepping for rainy days if incase Indian exchanges are forced to shut down crypto/INR pairs.
I am preparing too. Let's hope it doesn't come to that!
I used Zebpay first time to get BTC and then I find one of best exchange in India is Koinex.
I leave Zebay because of high transaction charges. They almost took 3% so I quit and sift to Koinex.
Koinex exchange rate is genuine. 0.25% for buy and no fee for sell. They have also popular of altcoin. Now they also provide training by BTC and ETH.
I find other exchanges are just a piece of shit.
You have to buy from them @5 and same time if you want to sell then you will get @3.5. So they are showing that they are nothing but scammers.
Other exchanges I love is Binance, Bittrex and Cryptopia is also good.
I use Coinome. Stopped using anything else in the past few months. They have proven to be very reliable and withdrawals are Instant 24hrs Monday morning-Friday evening.
True!
Heard several complains about BuyUcoins and even when they claim they have fixed some issues. Not sure its still safe. Bittrex and Binance has been able to build their credibility from the start and well secure way to trade.Thanks for the advice
There are many exchanges in India now. Some of them are great, some have some catching up to do. I feel my tokens are relatively safe on exchanges such as Binance or Bittrex and least safe on any Indian exchange.
I understand the feelings. Coinsecure issue made people lose interest and prefer the well known ones worldwide
It is not an easy thing to buy cryptocurrency through an Indian Exchange. First they charged around 10% more over market rates and when a buyer wants to sell, he gets much below from the market price. Also, the transfer charges are very higher there. Security is an another issue. So far Zebpay seems to me a reliable crypto exchange. It is much safer but prices and transfer charges are an issue. Also, this exchange allows only 5 crypto/Inr pairs. Indian governments stand on cryptos is even a big issue. Hence, in my view we Indians are struggling to trade in cryptos, however, we don't hesitate to buy them. This is our resilience.
I hope things turn around for us. Can't even imagine how great things could be if our market was regulated!
That was a good news followed by a bad one. I was like finally I can buy my beloved steem using INR and then followed the reviews. Anyways its hardly 2 more months when trades are done using INR. Don't know what will follow.
I read someone filing a PIL in the high court for RBI to reconsider its decision. Have you heard of something like this ? How hopeful should we be about it ?
right ... only unocoin is safer to invest ...
Yes! I've written about PIL here: CoinRecoil—Indian Cryptocurrency Exchange Challenges RBI Circular in Delhi High Court! and Delhi High Court Issues Notice to RBI, Union of India & GST Council Over CoinRecoil Petition! and Why Indian Cryptocurrency Exchanges Must Fight Against RBI's Mandate!