Any p2p trader

[honeytheshadow]

Hello guys im starting p2p trading on Binance or other platforms
need some advice about safe trading in p2p
im a web3 gamer and casual crypto trader
i need advice for safe trading without any account lien or freezing issues.
thanks

 

[princeoo7]

Hello guys im starting p2p trading on Binance or other platforms
need some advice about safe trading in p2p
im a web3 gamer and casual crypto trader
i need advice for safe trading without any account lien or freezing issues.
thanks

same here

 

[tiwari]

what do u want to do exactly? buy or sell?

 

[princeoo7]

what do u want to do exactly? buy or sell?

both

 

[rsaeon]

I've been selling for about a decade, probably will start buying sometime soon.

What kind of income are you aiming for? Since personal accounts have a UPI limit of Rs 100K per day, and the average trade has a profit of Rs 5 per USD, you'd probably see a maximum net income of around Rs 5000 per day, if you're able to find buyers/sellers and are online as much as possible (14+ hours a day).

Realistically, you'll be making Rs 1000 to Rs 2000 a day. It's a good idea to stalk other merchant profiles and compare stats over time to see what their trade volume is to get a better idea (varies by what crypto you want to trade) before you invest into this.

If I start buying, I'll go about it the proper way — register as a business with the government's udyam-something, opening a current account under my name for that business, raise funds to become a "merchant" on binance ($2000 for USDT), and avoid all automated tools/scripts (as a seller, I find that they consistently fail).

Keep in mind for that for crypto/p2p trading, taxes are a flat 30% so at the very least you'll need to maintain a spreadsheet to track your trades.

 

[princeoo7]

I've been selling for about a decade, probably will start buying sometime soon.

What kind of income are you aiming for? Since personal accounts have a UPI limit of Rs 100K per day, and the average trade has a profit of Rs 5 per USD, you'd probably see a maximum net income of around Rs 5000 per day, if you're able to find buyers/sellers and are online as much as possible (14+ hours a day).

Realistically, you'll be making Rs 1000 to Rs 2000 a day. It's a good idea to stalk other merchant profiles and compare stats over time to see what their trade volume is to get a better idea (varies by what crypto you want to trade) before you invest into this.

If I start buying, I'll go about it the proper way — register as a business with the government's udyam-something, opening a current account under my name for that business, raise funds to become a "merchant" on binance ($2000 for USDT), and avoid all automated tools/scripts (as a seller, I find that they consistently fail).

Keep in mind for that for crypto/p2p trading, taxes are a flat 30% so at the very least you'll need to maintain a spreadsheet to track your trades.

Was thinking of doing future trades on outside platforms. Indian platforms have a spear of .6 and plus tax so its not at all profitable :/

 

[Tracer_Bullet]

Was thinking of doing future trades on outside platforms. Indian platforms have a spear of .6 and plus tax so its not at all profitable :/

fno trading in markets outside India by indians using indian money is not legal.
Also, i don't know whats different about this p2p/crypto stuff, but traditionally following holds when trading actively. So beware.

1) Only small % of people make any real money above inflation. Most don't, generally because they don't know what they are doing and money matters trigger emotions.
In India this is 1-2%, and this is especially aggravated by very high taxation which we have to pay every time whether in profit or loss.

2) There is no regular daily income, there is no monthly income. Even yearly is not guaranteed - uncertainty is a given. This is a competitive field. But it can pay well .

3) Need capital. Cant expect multibagger returns every year. More is possible, but better not expect more than 20%-30% while keeping risks reasonable.

https://www.livemint.com/news/india/why-only-1-stock-traders-make-more-than-fds-zerodha-s-nithin-kamath-explains-11641289217804.html

 

[TEUser2K1]

fno trading in markets outside India by indians using indian money is not legal.

Isn't he looking for F&O in crypto, if am not mistaken ?
delta.exchange is a much marketed platform for crypto F&O within Indian circles, never used it though.

 

[Tracer_Bullet]

Isn't he looking for F&O in crypto, if am not mistaken ?
delta.exchange is a much marketed platform for crypto F&O within Indian circles, never used it though.

If he is Indian and has Indian savings in Rupees then he can only legally trade Fno in Indian markets. RBI restrictions. I cant trade outside India because of this.
We can only invest in non leveraged products like USA stocks.

No idea about crypto stuff. Considering that money has disappeared from multiple exchanges, ill only trade it if we can get access to something that is better regulated and where we have clearing members to take care of risks. Us has Fno i think, but we cant touch that. Also we seem to have TDS on each sale which should make active trading difficult, no? Dunno.

 

[princeoo7]

Isn't he looking for F&O in crypto, if am not mistaken ?
delta.exchange is a much marketed platform for crypto F&O within Indian circles, never used it though.

Yes but delta exchange sucks you dry if you are a small time trader. a fix fee model or a competitive fees would have been great. but like I said. on other platforms is not more than 0.35 for the worst starting plan. here 0.6 is fix and so its more than half or sometimes x2 the fees paid to other platforms. same goes with coindcx has much as I know. and leverage is also less.

 

[rsaeon]

I looked more into this and it's incredibly difficult to do properly/legally. Or maybe I'm at the limit of the maths I learned in 10th grade.

For taxation purposes, I would need to record the date of purchase and date of sale for every trade. Like if I buy 10 LTC each on the 1st, 11th and 21st and sell 2 LTC, 9 LTC, and 2 LTC on the 2nd, 12th and 22nd, I'll need to attach purchase dates for each of the sale transactions. Eventually, for most of them, they'll have multiple purchase dates so I'd have to file each part of one sale transaction separately (for example, for the second sale transaction of 9 LTC, 8 LTC would come from the first purchase on the 1st and the remaining 1 LTC from the 11th, so that's two transactions to report).

And as far as I can tell, you can't summarise on any level, not monthly, not daily, every transaction needs to be accounted for and entered manually on the IT website at the time of filing.

So there's going to be hundreds, if not thousands of these. Is it just me or is that just a little crazy complex?

It's insane. Now I definitely want to get into this, ha.

I guess we could use spreadsheets or write some kind of webapp to come up with a FIFO (first money in is the first money out) strategy or maybe there's already services that do this, but yikes.

@Tracer_Bullet is this what your workflow is like? Or am I missing something?

 

[Tracer_Bullet]

@Tracer_Bullet is this what your workflow is like? Or am I missing something?

So i do maintain per trade records through code (we call it a tradelog), but for tax reporting trading comes under business income and we basically report consolidated details ( gross, direct/indirect expense etc).

CG is like this though, its nuts. God knows how much man power must have been wasted in idiotically complicated tax forms(ITR3 esp). And every year they come in and tinker more and make more if else cases.
I haven't had many CG entries in recent years but they do expect per transaction details per each matching buy/sell transaction.
Both CAMS and karvy provide the same in pdf / excel format - why cant i directly import that data into ITR ? Its so stupid.
I think they had csv import or something like that, so we can probably automate it, not sure.

Nothing for crypto i guess, But just give data to CA and let it be his problem ?

 

[rsaeon]

So update. I've just wrapped up 7 days of p2p crypto trading with USDT/INR. I thought I'd start with the new fiscal year to keep things simple (it was not simple).

It was a slow start, I needed a current account which was very difficult to get on my name and I needed to learn FIFO double-entry accounting.

Then I borrowed Rs 100K as working capital and transferred it in and out of my account 7 times across 200+ transactions in 7 days.

On the 6th day, I got a lien of Rs 5000 from some random cybercrime department somewhere that I need to investigate some day.

After buying and selling 700K INR as USDT, total taxable income for 7 days is Rs 8098. Tax is a flat 30% so I'll need to pay Rs 2429.

However, after deducting the losses I had because I mixed buy and sell in the first couple of days and the lien, I have a profit of Rs 1245.

(you cannot offset crypto losses with your profits, you pay 30% on gross profit)

You could say it's been interesting.

There was a kid that ran off with Rs 264:



And an aunty that was coerced into making a payment to for some fake WFH job:





(she freaked out and accidentally sent Rs 70)

Which brings us to a worrying aspect of this kind of business — KYC of the buyer is meaningless as whoever is scamming you is a ghost.

They'll make an account on the exchange using the details of their victim and assign them a nonsensical task (google review, typing handwritten notes) that'll take several days or weeks during which this ghost builds a small transaction history with that account.

Then they'll get their victim to send an amount over to release their salary/earnings while they disappear with the crypto. The victim then approaches the cybercrime department which puts a lien on your account.

Then there's the iffy matter of 1% TDS that I'm supposed to be keeping a record of. 100K daily means at least 3 crore turn over so it's not a small amount.

Anyway, here's the consolidated profit/loss table:

	Debit	Credit
Total For 2025-04-01	₹409.66
Total For 2025-04-02	₹1,032.08
Total For 2025-04-08		₹2,194.62
Total For 2025-04-09		₹1,850.83
Total For 2025-04-10		₹2,662.48
Total For 2025-04-11	₹5,012.00
Total For 2025-04-12		₹991.18
Grand Total		₹1,245.37

Let's ignore the first two days, that's before I realized I should be selling at a higher price than my purchase price, not lower haha.

The next three days are indicative of the profits I was expecting, about 2% per day.

Day 6 is a disaster with the lien and it shook my confidence so I ended trading early.

Day 7 was spent mostly putting in safety measures like transaction limits etc.

I wouldn't necessarily recommend this as a viable "side hustle", especially considering I gave this 40 hours of my life.

 

[princeoo7]

So update. I've just wrapped up 7 days of p2p crypto trading with USDT/INR. I thought I'd start with the new fiscal year to keep things simple (it was not simple).

It was a slow start, I needed a current account which was very difficult to get on my name and I needed to learn FIFO double-entry accounting.

Then I borrowed Rs 100K as working capital and transferred it in and out of my account 7 times across 200+ transactions in 7 days.

On the 6th day, I got a lien of Rs 5000 from some random cybercrime department somewhere that I need to investigate some day.

After buying and selling 700K INR as USDT, total taxable income for 7 days is Rs 8098. Tax is a flat 30% so I'll need to pay Rs 2429.

However, after deducting the losses I had because I mixed buy and sell in the first couple of days and the lien, I have a profit of Rs 1245.

(you cannot offset crypto losses with your profits, you pay 30% on gross profit)

You could say it's been interesting.

There was a kid that ran off with Rs 264:

View attachment 230622

And an aunty that was coerced into making a payment to for some fake WFH job:

View attachment 230625

View attachment 230627

(she freaked out and accidentally sent Rs 70)

Which brings us to a worrying aspect of this kind of business — KYC of the buyer is meaningless as whoever is scamming you is a ghost.

They'll make an account on the exchange using the details of their victim and assign them a nonsensical task (google review, typing handwritten notes) that'll take several days or weeks during which this ghost builds a small transaction history with that account.

Then they'll get their victim to send an amount over to release their salary/earnings while they disappear with the crypto. The victim then approaches the cybercrime department which puts a lien on your account.

Then there's the iffy matter of 1% TDS that I'm supposed to be keeping a record of. 100K daily means at least 3 crore turn over so it's not a small amount.

Anyway, here's the consolidated profit/loss table:

	Debit	Credit
Total For 2025-04-01	₹409.66
Total For 2025-04-02	₹1,032.08
Total For 2025-04-08		₹2,194.62
Total For 2025-04-09		₹1,850.83
Total For 2025-04-10		₹2,662.48
Total For 2025-04-11	₹5,012.00
Total For 2025-04-12		₹991.18
Grand Total		₹1,245.37

Let's ignore the first two days, that's before I realized I should be selling at a higher price than my purchase price, not lower haha.

The next three days are indicative of the profits I was expecting, about 2% per day.

Day 6 is a disaster with the lien and it shook my confidence so I ended trading early.

Day 7 was spent mostly putting in safety measures like transaction limits etc.

I wouldn't necessarily recommend this as a viable "side hustle", especially considering I gave this 40 hours of my life.

this was some good inside.

So update. I've just wrapped up 7 days of p2p crypto trading with USDT/INR. I thought I'd start with the new fiscal year to keep things simple (it was not simple).

It was a slow start, I needed a current account which was very difficult to get on my name and I needed to learn FIFO double-entry accounting.

Then I borrowed Rs 100K as working capital and transferred it in and out of my account 7 times across 200+ transactions in 7 days.

On the 6th day, I got a lien of Rs 5000 from some random cybercrime department somewhere that I need to investigate some day.

After buying and selling 700K INR as USDT, total taxable income for 7 days is Rs 8098. Tax is a flat 30% so I'll need to pay Rs 2429.

However, after deducting the losses I had because I mixed buy and sell in the first couple of days and the lien, I have a profit of Rs 1245.

(you cannot offset crypto losses with your profits, you pay 30% on gross profit)

You could say it's been interesting.

There was a kid that ran off with Rs 264:

View attachment 230622

And an aunty that was coerced into making a payment to for some fake WFH job:

View attachment 230625

View attachment 230627

(she freaked out and accidentally sent Rs 70)

Which brings us to a worrying aspect of this kind of business — KYC of the buyer is meaningless as whoever is scamming you is a ghost.

They'll make an account on the exchange using the details of their victim and assign them a nonsensical task (google review, typing handwritten notes) that'll take several days or weeks during which this ghost builds a small transaction history with that account.

Then they'll get their victim to send an amount over to release their salary/earnings while they disappear with the crypto. The victim then approaches the cybercrime department which puts a lien on your account.

Then there's the iffy matter of 1% TDS that I'm supposed to be keeping a record of. 100K daily means at least 3 crore turn over so it's not a small amount.

Anyway, here's the consolidated profit/loss table:

	Debit	Credit
Total For 2025-04-01	₹409.66
Total For 2025-04-02	₹1,032.08
Total For 2025-04-08		₹2,194.62
Total For 2025-04-09		₹1,850.83
Total For 2025-04-10		₹2,662.48
Total For 2025-04-11	₹5,012.00
Total For 2025-04-12		₹991.18
Grand Total		₹1,245.37

Let's ignore the first two days, that's before I realized I should be selling at a higher price than my purchase price, not lower haha.

The next three days are indicative of the profits I was expecting, about 2% per day.

Day 6 is a disaster with the lien and it shook my confidence so I ended trading early.

Day 7 was spent mostly putting in safety measures like transaction limits etc.

I wouldn't necessarily recommend this as a viable "side hustle", especially considering I gave this 40 hours of my life.

I have a request if you can follow though and let me know. I am not sure where you have done the trading. but can you try to sell the USDT on platform such as coin dcx and see what happens. I have heard that they handle the TDS and taxation, well might also provide security to such incidents for frauds.

 

[Tracer_Bullet]

The next three days are indicative of the profits I was expecting, about 2% per day.

I wouldn't necessarily recommend this as a viable "side hustle", especially considering I gave this 40 hours of my life.

2% per day is insanely high. Even any per day return expectation has no logic in trading.
What exactly are you doing to make money and why do you expect to make money off transactions ?
No need to give secret, but is there any particular reason you expect to make money ? I dont know anything about cryptos.
Who do you think is paying you ? Is this bid ask spread ? Can you scale it to larger capital ?

Here is what 2% per day compounded means ( and why not compound ? Just increase position as capital grows keeping risk/position per trade same)
Just googled for some calculator, hopefully its accurate.

Compound Interest Calculator

Use our compound interest calculator to see how your savings or investments might grow over time using the power of compound interest

www.thecalculatorsite.com

2% daily compounded daily = 137640.83% annual returns
100 becomes 137,740.83

Now maybe you have holidays and it reduces, but its laughably high.
Meaning there is some mistake somewhere, and you are highly underestimating its value if you can get anywhere close.
This is life changing in a short time. Everyone wants to make huge returns in short term, which is a folly, but 2% per day is exactly that.

Even say you make 2% for 200 days and dont compound for whole year, this is 400%. Save and put some capital working and in a few years you can easily get to crores. Thats how trading becomes worth the trouble.

For reference, as a long term expected % from my trading, i plan for no more than 20%-30% per year.
If i get more great, i do get more, but 20 compounded yearly is very good and gives lots of money in a few decades.

 

[rsaeon]

This is where my 10th-grade-level maths falls short but yes, your calculations are correct and it is as insane as you say it is but first:

If you compound and increase your position, scale your operations, hire employees, you'll end up close to where this person is:



That person started 8 months ago and compounded at 6% daily but not every day.

They've since diversified with a dozen or so different crypto, including BTC:



And they started last year August, not sure with how much capital.

What exactly are you doing to make money and why do you expect to make money off transactions ?

No need to give secret, but is there any particular reason you expect to make money ?

Who do you think is paying you ?

Can you scale it to larger capital ?

Here's where real world limitations set in, I'm not compounding. I have one account so I'm limited to whatever UPI limits are in place.

I have a limited number of hours per day, and I'm just one person. So whenever I reach my daily bank account limit, I stop trading.

Basically, I'm buying from someone willing to sell low and reselling it to someone willing to pay high. And they're both very impatient.

In-between, I'm verifying transactions, making sure it isn't a victim being coerced into paying, and keeping track of every transaction.

I'm aiming high because I've seen others aim higher. But most of my "peers" on the exchange are usually trading for less than 0.5% daily.

I like driving in bumper-to-bumper traffic because I find it very relaxing and everyone I know says that I'm nuts. This work is like that.

ETA: Don't forget the 1% TDS on total sell volume and 30% capital gains on total profit that cannot be offset by losses. Expenses like liens and bank fees and exchange fees are also a factor.

 

[Tracer_Bullet]

. I have one account so I'm limited to whatever UPI limits are in place.

I have a limited number of hours per day, and I'm just one person. So whenever I reach my daily bank account limit, I stop trading.

oh, so transactions happen via upi. Weird stuff, i guess holding money with exchanges will be a risk dunno. So many exchanges seem to go broke.

Basically, I'm buying from someone willing to sell low and reselling it to someone willing to pay high. And they're both very impatient.

So you place limit orders. Is it for very tiny moves ( basically playing bid ask spread - sort of like a market maker) or larger swings ?

What happens if price moves violently down after you buy ? Do you have some max loss or you keep waiting ? Do you move your sell order ?

Do you use leverage ? So with 100 Rs, buy more than 100Rs worth of crypto ? Leverage increases returns but also risk and one has to manage risk to stay alive. Else it can get very dangerous too.

Since crypto land is potentially filled with a lot of fomo driven amateurs, i guess its possible that high returns are available. Even stock market gives more returns than i expected (but its tough). But i seriously doubt daily % returns, but anyway - i have 0 experience with crypto so maybe i just lack awareness.

ETA: Don't forget the 1% TDS on total sell volume and 30% capital gains on total profit that cannot be offset by losses. Expenses like liens and bank fees and exchange fees are also a factor.

yeah, India = garbage taxes. I thought 2% was post that, but anyway that number is so high, that it might be worthwhile even after that.

My point is -
a) return is too high, maybe there is a mistake somewhere. Also be careful with leverage if you are using it.
b) If not, as you said someone else does it too, maybe don't ignore and try to scale. You might make good money if its possible to stay safe in crypto land. This kind of returns, you wont need to take loan/emi to buy shit

Dunno about UPI limits, perhaps try multiple banks but seems like a hassle. Can you not keep the money with the broker/exchanges ( and periodically withdraw so that atleast some of the money is real in case exchange closes)

If you can find a way to operate with scale, then you can simply consider automating as much as possible if they provide apis.
That's how i trade in stocks.

----------------------------

In-between, I'm verifying transactions, making sure it isn't a victim being coerced into paying, and keeping track of every transaction.

I have no idea what this means. Are you buying/selling via whatsapp ?
Basically you actually deal with people 1:1 to do the trade ? muhaha did not think of that. I guess thats what you meant by 'p2p crypto trading'

ok, dunno, this seems like a lot of work dealing with many people. dabba trading for crypto or something.