Buyucoin is a crypto-currency exchange in India. They offer trading of 30 different crypto-currencies directly with the Indian rupees INR. With the recent overload on other Indian exchanges like koinex, zebpay and unocoin , which had temporarily halted their Kyc and new registrations , Buyucoin has managed to make customers which it otherwise would not. I stumbled upon this exchange as I was looking for Indian exchanges which allow trading of altcoins. At first I was happy to find that they allowed trading+wallet facilities for 30 coins. Upon closer look you find that the difference in buy and sell price is huge. Yes HUGE. Buy price is 15- 20% higher than market price and sell price is so much lower. That is a difference of 30-40%. I google searched why it is so. I found a comment on quora by Atulya Bhatt , cofounder of Buyucoin, that they do this to prevent arbitrage. But from a trader's perspective preventing arbitrage at the cost of making so much less profit i.e. at a loss, is unacceptable. This is not the only problem. They lock 20 XRP as a one time fee for maintenance of the wallet. If you bought 50XRP and want to withdraw it from the wallet you won't be able to do it. You will be able to withdraw only 30. And they charge 1 whole XRP as transfer fee , so out of 50 you would be getting only 29XRP transferred to another wallet. Where did these 21 XRP go?
I recently received a mail from their team that there is a one time offer to unlock my 20XRP. And the charges of this would be 5 XRP. I did get my XRP unlocked, but I got only 15 instead of 20. Where did my money go? Why can't I withdraw my own money?
Traders have faced problems with transfers and withdrawals getting processed. Transfers don't get processed for over 24 hours, despite raising tickets.
They say they are trying to fix the buy-sell difference and will start working with an open order book soon. When is it going to happen? How much more will they charge as transaction fee and transfer fee then?
Beware of this exchange people.
It is clear that one would not recommend this exchange to anyone!
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