Some real challenges that everyone can't easily resolve
Many people want to invest in crypto, but its not a simple task that's easy to follow as there are several factors, that affect the decision to invest, apart from market conditions. The very first hurdle is understanding tax implications, and everyone is scared of it, since the Regulators introduced crypto tax in India.
Taking this reference from the Wazirx exchange, you have to pay TDS for everything except, P2P buy and INR/Crypto buy. Reporting them correctly is another major hurdle, but keeping them aside, let's review the P2P buy and INR/Crypto buy, where TDS is not applicable.
So they have provisions to deposit INR from your verified bank account, and I thought, I would go that route first as its easy.
But as soon as I proceed, that very first important note did not sound well to me. So does that mean, if you deposit INR and buy crypto, you can't withdraw them or transfer them ? I tried to get an answer from WazirX, but have not got an answer yet.
They are available 24/7 on an automated chat, and there is no direct number that you can call. In the chat support, I could not find out an option that would allow me to ask a question. I even tagged them twice on X, asking the same, but no reply. It's certainly a poor service management from their side, but then I decided to stop exploring this path. No one bothers giving these companies license to operate without having a proper help desk number ( same like Uber, Ola etc) and when it comes to you, they will squeeze you like anything.
Now lets explore the P2P path, the very first hurdle is that, you can buy max 50 USDT for the first time. And after that, you can buy maximum 2000 USDT at one go. So you can place the order from their P2P page, and there is a concept of preferred matching and XID. So if you place an order from XID ORDER BOOK, with the XID of the seller, your order gets executed in full. Otherwise, small sell orders will match your order and you will end up transferring to many people, to complete that order. Their help page does not say this, and this is from experience.
As soon as a seller matches the order, they will call you on phone and send a mail as well, asking to pay within 15 minutes. But in actual, you have one hour to complete the payment and upload the evidence.
To see the seller's bank account details, they prompt you a caution saying, if you promise YES, then you either complete the payment or pay them a fine of minimum 10 USDT.
Now the seller may have provided two options : IMPS or UPI. Some of them have only IMPS, and IMPS to a new account, within a hour is challenging.
You have to add the Payee in your bank account, and it takes minimum half an hour to transfer funds, after that. There is a restriction of 50000/- for first 24 hours as well. So as soon as I get the bank details, log in and add that payee, and then set an alarm on phone to transfer exactly after 30 minutes.
Then capture the screen shot along with reference number and complete the formalities by uploading the screen shot and confirming that I have paid. But the story does not end there.
The seller has 2 hours to confirm that he got the payment, then only WazirX will execute the order. If he forgets to confirm, then it goes to dispute, and you will have to show the evidence again. In one of my orders, the seller probably forgot and it moved to dispute status exactly after 2 hours. But 10 minutes after that, it was confirmed, so most likely, they have some additional windows there.
What if the information provided by the seller is not correct ? There is no option to tell them that, without Cancelling the payment, and in one scenario the IFSC code given by the seller was wrong and did not match any bank. So with the fear of paying 10 USDT I proceeded for Cancel as there was no other way.
During Cancel, I selected the reason as Other and mentioned that the IFSC is incorrect and there is no way I can pay. So the order was closed and they did not charge anything. I was of the impression that it will automatically deduct 10 USDT instantly, but that was not the case. Experience is the only way to know this.
Now what if I forgot to pay ? How can I forget if I gave an alarm ? It happened, just when the alarm rang and I cancelled and logged in to pay, my wife came in and brought something else to my attention and I forgot to pay.😜 So now 10 USDT fine is a must.
If you have transferred but forgot to provide the evidence, then there is a way, but since I forgot to pay, the account and amount details were no longer visible, for me to take advantage. I should have taken the screen shot of the payment details, never thought, I also can do mistake, but that is also a possibility.
So with much grief, I enjoyed couple of pegs of black level and chicken tandoori to let it go - Money comes and go - it's Sunday, so let's enjoy. Within a hour the black level started showing it's impact, and when I felt, I should go to bed, came to shut down my laptop, and there was a surprise.
Some nice ethics from our culture - 3 mistakes are pardoned, what an exciting news to end the weekend.
So far I have executed many P2P orders to grab close to 8K, BUT all this is definitely not simple for everyone. On top of that, the price suitability factor is there, and I have always picked the higher side, without worrying to save pennies - stress costs more. You can see below, the XID orders are always higher then regular sell orders.
Some times back, one of my friend wanted to invest and asked me to explain all this and we sat together and he bought close to 2.7k USDT, but when I explained details about buying the actual crypto with this USDT, he was fed up and asked me to take over....More bad news to come on that...
And WazirX is not a good exchange to invest in all crypto, will share more on that.
I am still thinking how to invest all these USDT.....ATOM (COSMOS), RUNE, WORLDCOIN (WLD), XRP, SOLANA - it's the most difficult part. Earlier I was also thinking about HBAR and AVA, but then not on my list now. Certainly I am going to put 50-100 USDT in several meme coins - WHO KNOWS, they can change the fortune !!
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