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BuyBitcoin.org.in Review - is it scam or safe?

BuyBitcoin.org.in Review - Is buybitcoin.org.in scam or safe cryptocurrency exchange?

RATING: 2.7 / 6 REVIEWS BuyBitcoin.org.in

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Buying Fee Selling Fee Deposit Fee
Standard 1:1 1.0% 0.50% Bank Transfer: Free



BuyBitcoin.org.in is an Indian cryptocurrency exchange, which accepts local bank transfers. They may not be ideal for foreigners (for multiple reasons, which we’ll discuss below), but the most unique feature of this exchange may actually be a problem even for Indian residents. Be sure to check out at least the first point of the negatives section, if you are going to skim through the review.


BuyBitcoin Advantages


Info and address of the company – BuyBitcoin provides some background on the actual legal entity behind them. As India does not currently have regulations on cryptocurrency trading (which may change soon), this is the best they can do. While it’s not much, it’s still better than a lot of players in the world of crypto.


Cold storage – BuyBitcoin claims to hold a majority of the coins in cold storage. This is standard practice and something which may prevent loss of coins, in case of a hack.


Instant KYC claims
– one of the most unique features of this exchange is the fact, you will allegedly not have to wait for verification. This sounds amazing, but sadly we aren’t able to test it, as we are not based in the country.


Indian bank transfers supported
– one can deposit and withdraw Rupees to and from BuyBitcoin via the banking system. While this is definitely a positive, other exchanges also accept credit cards. Click the link below to see which ones.


>>Buying bitcoin with a credit card<<


No fees on INR transfers – the more impressive feature of BuyBitcoin is that your INR transfers will not be charged by the company. Keep in mind the banks involved in the transfer will still take a cut.


Over 30 altcoins – the number of alternative coins at BuyBitcoin is impressive, considering this is an “entry-level” exchange. The most popular ones are: BTC, BCH, LTC, ETH, XRP, ADA, NEO, EOS, XVG, OMG, IOTA, LSK, XLM, XMR, SNT, QTUM, ICX and ELF. Sadly they are only traded against the Indian Rupee.


BuyBitcoin Disadvantages


Does not accept crypto transfers
– after reviewing over a hundred cryptocurrency exchanges, this is the first time we see such a measure. BuyBitcoin states, it’s done to prevent money laundering and funds coming to India without taxation. This sounds logical and law-abiding, but at the end of the day goes against the principles of cryptocurrencies. At least withdrawals are supported.


Trading only against INR – as we mentioned above, this is one of the least impressive aspects of this exchange. It not only limits the reason why foreigners will want to register an account, but also forces the locals to make two trades if they want to move from one coin to another.


High and odd trading fees – the costs of trading at BuyBitcoin are rather high, when compared to the major exchanges, who charge 0.20-0.25%. On top of that the fees aren’t divided in the typical “maker” and “taker” categories, but are based on wether you are buying and selling the actual coin (1% for buyers and 0.50% for sellers).


Simple charting – the interface at BuyBitcoin is simple, which is a good thing. However, when it comes to the charting, active traders will prefer a more complex solution (with candlesticks and technical indicators). The solution provided by this exchange is very basic. Here is a preview:



The trading interface at BuyBitcoin (click to zoom in)


No leverage – this isn’t unexpected (unlike, some of the other negatives), but we have to mention it nonetheless. Some of you may be more aggressive traders, looking to trade in the short term.


>>Bitcoin forex broker<<


If this is the case, forex brokers provide an interesting alternative. Some of them are offering cryptocuirrency CFDs. These are a new asset class, which only follows the price movement of a given coin. This allows for margin trading to be implemented, as well as giving traders the option to go short. You can find more info here, if this sounds interesting.


Conclusion


BuyBitcoin.org.in is an Indian cryptocurrency exchange, which is not that suitable for foreigners. While the overall experience reported by some users is positive, the high trading fees and not accepting coin deposits are troubling policies. It almost appears as if this exchange is trying to isolate itself from the cryptocurrency eco system, but still providing them. They would have probably gotten a much higher rating, if it wasn’t for these factors.


The world of crypto can be compared with the Wild West, with trust being a major issue. If you are only looking to play the interesting price dynamics (and do so with a software package suited for active trading), take a look at the forex brokers who provide crypto. Be sure to look for well regulated ones as scammers are also prevalent in that field.


>>Regulated brokers, offering Bitcoin<<


Here is the summary of this review:

Pros Cons
Info and address of the company Does not accept crypto transfers
Cold storage Trading only against INR
Instant KYC claims High and odd trading fees
Indian bank transfers supported Simple charting
No fees on INR transfers No leverage
Over 30 altcoins  

 

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Traders` reviews for BuyBitcoin.org.in

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It was a SCAM

This exchange was a SCAM which duped me and many others with our money.
They pulled the "exit scam" and forced us to buy a cheap currency at much much higher rate before they closed their exchange. I lost lots of money in it.

Manish Kumar 07/07/2019

SCAM! will steal your deposit and you will never get it back!

Do not use this exchange! they are scammers who will not credit your deposit then use excuses like they are closing down, etc and never refund you.

SCAM SCAM SCAM

James 05/13/2018

A big scam site

Recently blaming RBI mandate ,they decided to close the website and app.They are immensely benefited out of customers funds.their MODUS operendi as follows,they bought IOST coins in ICo at very very cheap rate.then they stopped all withdrawals including fiat and coins.they allow only IOST withdrawals not even deposits.so force the customers to buy IOST with all their fiat and other coins after converting them to fiat. Horrible thing is their IOST cost three times higher compared to international market,so in this STEP they rob the customer funds 66%,and last blow for customers is minimum withdrawal fee for IOST is 375 coins,never seen any coin withdrawal this may come for another 4% so totally they looting the customers funds 70%.

Divi Srinivas 04/26/2018

Illegitimate Exchange

This is an illegitimate operation. From the outset it certainly doesn’t come across that way: both deposits and withdrawals are processed quickly, emails to the support team are responded to promptly, etc. However, in my case after a day or two, communications then cease, deposits and withdrawals remain in a status of ‘processed’ indefinitely, etc. You get the gist.

The reviews and comments on their Facebook page echo these sentiments, as do the app store reviews. You’ll be told that these comments are posted by disgruntled Indians as they’ve had to disable certain features in light of the new regulations. They will also tell you that international customers have free reign, but please do not fall for it.

sseff 04/24/2018

Fake exchange

they are looting scamming everyone check its twitter not i gets deleted but you will get many many complaints about this exchange.

neeraj kumar 04/19/2018

Withdrawal Disabled

I sent to Rs.1000 buybitcoin.org on (17/04/18) ...I have sent Rs.1000 the next day....Take the TRON Coin and get the withdrawal ... they are holding back the backdrop ....It was sold and the bank withdrawal did not send it ... withdrawal still pending . There is no answer in chatting.

Punithakumar A 04/18/2018
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