Can someone explain me crypto prices?

Adobe
batmanbate

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batmanbate
Jun 15, 2021 16 Comments

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

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TOP 16 Comments
  • MSCI
    WksK27

    Go to company page MSCI

    WksK27
    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.
    Jun 15, 2021 1
  • Google
    ttl

    Go to company page Google

    ttl
    Crypto is a scam. Buy gold if you want to save wealth from inflation
    Jun 15, 2021 1
  • Google
    VLsC22

    Go to company page Google

    VLsC22
    Can you buy and transfer it to a us exchange? If yes, congrats, you found 5% free money trade.
    Jun 15, 2021 2
    • Adobe
      batmanbate

      Go to company page Adobe

      batmanbate
      OP
      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)
      Jun 15, 2021
    • Sounds like a scam 😅
      Jun 15, 2021
  • Procore
    Blynduzer

    Go to company page Procore

    Blynduzer
    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.
    Jun 15, 2021 2
    • New / Eng
      hopjump

      New Eng

      BIO
      tc or gtfo
      hopjump
      These guys advertise heavily on inshorts luring people
      Jun 15, 2021
    • Adobe
      batmanbate

      Go to company page Adobe

      batmanbate
      OP
      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
      Jun 15, 2021
  • Cryptocurrency is an absolute scam. It’s price is entirely based on what the next biggest idiot is willing to pay for it.
    Jun 15, 2021 1