I purchased Bitcoin from a reputed Crypto Exchange in India when the global bitcoin price was 39200 usd on 25 May. Now the global price is 40000 usd. However, the buy price on the exchange is 5 percent lower than my older buy price. I don't understand this at all. Is this some scam or am I missing something major? What should I do? The exchange is named Coinswitch Kuber and trades crypto for INR #crypto
There is no "reputed" crypto exchange in India. All of them are a joke. Even worldwide you would be hard pressed to find a "reputed" crypto exchange.
Guess I learned my lesson the hard way. Trusted tv ads, user base and play store ratings too much
Sounds like a problem with the “exchange” you used, not crypto. Did you do any research on this exchange before purchasing? Lots of angry tweets on Twitter about not being able to withdraw. That said, if you trust them and want more Bitcoin, sounds like a deal if you’re able to get it at a discount and sure you’re not going to get screwed over later. Seems a little sus though.
These guys advertise heavily on inshorts luring people
I did my research. They regularly disbable withdrawals and deposits. But there are never trading restrictions. Thanks for confirming that the problem is with the exchange
Can you buy and transfer it to a us exchange? If yes, congrats, you found 5% free money trade.
No. The exchange only has a so called wallet. You can't actually transfer anything. So they hold the currency and buy sell among different users for a cut on every transaction. Even if I could transfer, the price I pay for a coin is more than the converted price in global market (despite the 5 percent drop)
Sounds like a scam 😅
Exchanges are working as a middle man. So the numbers you mentioned is their cut. If you observe every exchange has their own rate. CoinGecko is good for price comparison.
Their cut is difference between buy price and sell price. This is something else
Okay. One question how do you judge what is the correct price? There is no central body setting up price. So what you saw on CoinGecko or Coinmarketcap etc is like average of price on all exchanges. I am not 100% sure but I read about it somewhere. And coinswitch is for newbies. Look for other exchanges like KuCoin, Binance etc.
Cryptocurrency is an absolute scam. It’s price is entirely based on what the next biggest idiot is willing to pay for it.
How’s your Petro dollar scam going?
There are lots of trustworthy exchange companies here in the US where you can purchase Digital assets and are guaranteed too from amy part of the world. I avoid all these scams and identify with an investment firm or broker. (I’ll rather give up just 8% of my gains than lose my investment.)
Crypto is a scam. Buy gold if you want to save wealth from inflation
Lol