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The CryptoCurrency Thread


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On 11/9/2021 at 12:46 AM, Pacifier said:

I saw a video on P2P on binance website where people are accepting gpay , phone pe etc and we need to pay them first and they will credit the coins. How reliable is it? Also is Binance good compared to all the ones showing ads on tv like coinswitch and coindcx etc 

 

I am new to crypto so want to finalize on which app to use for the same

Binance is worlds largest in terms of trading volume, they're trustworthy imo. Been using them since Coindelta shut down and needed to move coins to an international wallet, have no issues so far. Also, transfer between Binance and WazirX (Indian platform) is free for now.

 

Haven't tried Binance P2P yet but I might have to since WazirX disabled UPI. Until now, I was buying stable currency like USDT at WazirX, then transferring them to Binance for zero fee.

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8 hours ago, gecko89 said:

Binance is worlds largest in terms of trading volume, they're trustworthy imo. Been using them since Coindelta shut down and needed to move coins to an international wallet, have no issues so far. Also, transfer between Binance and WazirX (Indian platform) is free for now.

 

Haven't tried Binance P2P yet but I might have to since WazirX disabled UPI. Until now, I was buying stable currency like USDT at WazirX, then transferring them to Binance for zero fee.

Thanks. So we need two apps for maintaining Crypto? 

You are using WazirX for transferring funds and purchasing and then moving to Binance for storing? Is my understanding correct?

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57 minutes ago, Pacifier said:

Thanks. So we need two apps for maintaining Crypto? 

You are using WazirX for transferring funds and purchasing and then moving to Binance for storing? Is my understanding correct?

No, one is enough. But it's upto you.

I created in Binance just in case India bans crypto or Indian sites are forced to shut down, like coindelta few years back. 

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On 11/10/2021 at 11:46 AM, gecko89 said:

No, one is enough. But it's upto you.

I created in Binance just in case India bans crypto or Indian sites are forced to shut down, like coindelta few years back. 

Created WazirX account. Deposit charges via UPI is   1.5% + GST  :wacko:.

For Bank transfer that says ~25/-, none of the banks are available - Axis,HDFC,ICICI,SBI,SC,Citi. 

 

How do you deposit and is this charge common across the board?

 

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2 hours ago, Pacifier said:

Created WazirX account. Deposit charges via UPI is   1.5% + GST  :wacko:.

For Bank transfer that says ~25/-, none of the banks are available - Axis,HDFC,ICICI,SBI,SC,Citi. 

 

How do you deposit and is this charge common across the board?

 

I think that's UPI through Mobikwik Wallet.

They disabled direct UPI citing they're working with banks something something. 

 

They used to have Axis, HDFC etc netbanking which had very little charge, had done it back then. They removed those banks after they didn't support crypto sites even though court ruled its not illegal. I think there's a case going on for the same. 

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20 hours ago, gecko89 said:

I think that's UPI through Mobikwik Wallet.

They disabled direct UPI citing they're working with banks something something. 

 

They used to have Axis, HDFC etc netbanking which had very little charge, had done it back then. They removed those banks after they didn't support crypto sites even though court ruled its not illegal. I think there's a case going on for the same. 

ok that sucks then. The only viable option now seems like  P2P directly to the seller via Gpay/ PhonePe/ IMPS etc. 

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1 hour ago, KunjanPSD said:

But that option isn't secure/reliable?

What if the seller backs out after payment?

 

1 hour ago, KunjanPSD said:

This is the only reason I haven't been able to invest a bit in crypto. 

I don't want to use anything except Binance/WazirX.

This P2P option to transact directly to seller is within WazirX/Binance only. I am skeptical myself and will end up trying with small amount this week.

But seems there is certain workflow that makes sure the transaction goes through smoothly.  Frankly i wouldn't trust this for depositing more than 5k or 10k max at a time.

 

 

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1 hour ago, blitzkreiig said:

So apps like CoinSwitch Kuber and Coin DCX not worth exploring.

From my limited research, Coinswitch seems to have hidden charges during buying and selling and reviewed negatively. Have to check Coin DCX.

But if anyone using these apps in the forum, would like to hear some thoughts as well

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21 hours ago, KunjanPSD said:

But that option isn't secure/reliable?

What if the seller backs out after payment?

I've used p2p transaction a number of times. Suppose if you place a buy order, the amount of crypto you want to purchase will be blocked in seller's account. Even if the seller backs out after receiving the money, you can raise a claim and upload screenshots of transaction. Your crypto will be automatically released. 

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3 hours ago, TheGothamChampion said:

I've used p2p transaction a number of times. Suppose if you place a buy order, the amount of crypto you want to purchase will be blocked in seller's account. Even if the seller backs out after receiving the money, you can raise a claim and upload screenshots of transaction. Your crypto will be automatically released. 

Good to hear. Where was this? Binance or WazirX or any other exchange? 

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Just now, TheGothamChampion said:

Sellers can list any of the payment options like upi, paytm, or imps. You need to make payment to any of these payment methods to purchase crypto.

Oh yes, I've noticed that. I mean what did you choose? Your preferred method of payment. 

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