Please ask any questions you have and I would be happy to answer them. Please take your time and explain your queries. I will then be able to answer you quickly.
Questions from Faisal
1) Since both Pocketbit( I love their Windows UI) and Zebpay (I hate that they don’t have windows UI) follow KYC/AML protocol both I think are good to go, but since Zebpay is an Indian company, I lean towards it, further that they came out unscathed(that’s what I learnt from the internet) after being questioned by ED back in 2013, makes me feel that they are more legit—please advice.
Answer: Pocketbits is an Indian company too. They are based out of Nashik. They are still in BETA phase and are going to launch their complete platform soon.
2) To convert BTC to ETH, you have suggest to transfer the BTC to Coinbase and then from Coinbase to changelly for conversion from BTC to ETH, now till the money is with Zebpay, its fine since its and Indian company to whom we have transferred the money from our bank, the moment we transfer the BTC to Coinbase and then to changelly then the FEMA rules comes into scene(I think)…..here my worry lies, will the burden of following the FEMA rules will be on Zebpay since we’ll be transferring BTC to Coinbase from there….or we as individual could come under their scanner?—please advice.
Answer: You are dealing with cryptocurrencies. In other words, they are called digital currencies. You do not need to worry about FEMA rules.
3) Once we invest in ETH, and after holding it for a while when we want to sell it, then I think we need to transfer the ETH back from changelly to Coinbase and then from there to Zebpay (since they pay into your bank account in INR)—-please advice….furthermore between these transfers( From BTC to ETH and vice versa) do we lose a lot of money as transfer fees?
Answer: Yes, you will need to shift it back to your Zebpay or pocketbits account before getting it in your bank. Or you can find a seller and sell the directly.
Yes, you would lose some money during all these transactions but the way Ethereum and other cryptocurrenices are growing, the amount you pay is negligible.
One advice- Sell it using Pocketbits. Their rate is more compared to any other platform. Whatever amount you see as SELL PRICE is what you get in your bank account.