Any p2p trader

Tracer_Bullet said:

Any reason you expect to be audited ? Just because of crypto transactions ? TDS itself wont trigger that.

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I've cycled 10 lakhs in and out of my account so far, so I might reach the 1cr threshold for an audit in a few a months if I were to continue.

But I'm not continuing, I got hit with another lien and my bank account has been frozen. The two liens cut my profits down to less than half and I'm told that they'll go away in the next 6 to 8 months once the "investigation" is complete but this has soured my experience and I don't think there's any safe/secure way to continue in P2P without a payment gateway and I'm not about to put $5K or even $2K as a deposit to be allowed to use one on the exchange.

princeoo7 said:

but can you try to sell the USDT on platform such as coin dcx and see what happens.

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I signed up but I couldn't find any P2P marketplace there. P2P is where the profits are and perhaps why that's where the scammers are. On coindcx, you're making a fraction of a percentage or less by following the market, before any taxes.

kazstar101 said:

From which platform you are buying the usdt for cheap ?

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Tracer_Bullet said:

My point is -
a) return is too high, maybe there is a mistake somewhere.

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My profit has been a consistent Rs 2 per USDT, or about 2.2%:



It's a such shame, I was just getting into a flow state and loved every minute of it.

rsaeon said:

I've cycled 10 lakhs in and out of my account so far, so I might reach the 1cr threshold for an audit in a few a months if I were to continue.

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I know nothing about crypto, but if you mean due to turnover, then atleast for intraday stocks/futures we have below rules.
1) Turnover is calculated as sum of differences. So you sum up your profits and losses and not your buy and sell value. There are other ways too, but basically its sum of differences
2) For digital transactions, turnover limit for audit is increased to 10cr.

rsaeon said:

My profit has been a consistent Rs 2 per USDT, or about 2.2%:

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rsaeon said:

My profit has been a consistent Rs 2 per USDT, or about 2.2%:

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Is this your buy sell prices or the bid ask on exchange.
If later, then i guess you are acting as a market maker by buying and selling on opposite sides with effectively limit prices and getting the spread.
There is always a risk of markets moving quickly as i said. But hopefully compensated by the returns.

I do not understand the purpose of the instrument though, why would i want to hold this over USD ? Only reason i can think of is to avoid regulations around currencies.

Anyway this is worth it if it its scalable, atleast to get an income that is worth it for you but preferably if it can be compounded to atleast few crs of capital.
So this or a group of such instruments need to have good demand for buying and selling that you can try to fulfill.
Else its just timepass.
Good luck.

Yes, those are my actual buy/sell prices, averaged out.

For business income, turnover is gross receipts before any expenses — at least that's how I've been filing my taxes the last few years. I saw that they raised it to 10cr but only if 95% is digital, so cash deposits bring it back to 1cr.

Tracer_Bullet said:

I do not understand the purpose of the instrument though, why would i want to hold this over USD ? Only reason i can think of is to avoid regulations around currencies.

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I had all sorts of people selling from kids who cashed out from mobiles to freelancers cashing in their payments. The buyers were just getting INR out of their accounts, from what I could see.

But I've "exited" for now, there's just way too much fraudulent activity and most cybercrime related liens and freezes are several layers deep which is just nuts:

Person A scams Person B and sends to C who sends to D who sends to etc etc to Person J who then sends to me and all 9 of our accounts have the lien.

rsaeon said:

Yes, those are my actual buy/sell prices, averaged out.

For business income, turnover is gross receipts before any expenses — at least that's how I've been filing my taxes the last few years. I saw that they raised it to 10cr but only if 95% is digital, so cash deposits bring it back to 1cr.



I had all sorts of people selling from kids who cashed out from mobiles to freelancers cashing in their payments. The buyers were just getting INR out of their accounts, from what I could see.

But I've "exited" for now, there's just way too much fraudulent activity and most cybercrime related liens and freezes are several layers deep which is just nuts:

Person A scams Person B and sends to C who sends to D who sends to etc etc to Person J who then sends to me and all 9 of our accounts have the lien.

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So as much as I can understand, you buy and sell USDT to INR and via versa. and not actual future trades, right?
if not then what would you say about Delta Exchange India, no P2P, futures and options. margin is 200% at max and changes are double of exness as I can see. but legal and safe for holder type of traders.

Yes, I was trying to generate a daily income. I would liquidate any USDT I'd have at the end of the day and start buying fresh the next day. When I reached my bank account limit, I'd start selling it immediately. Like a vegetable seller buying from a mandi and then selling in a locality.

Futures and options are a mystery to me. I'm content with buying low and selling high, it keeps my life simple.

Something I forgot to mention, my main phone number, the sim, it stopped receiving calls after the second lien, all calls are forwarded to my other sims and I don't have call forwarding activated. I've also been receiving automated calls on my other sims about not to invest or trade crypto on international exchanges, and to only use government recognized exchanges or something. Super weird.

rsaeon said:

Yes, I was trying to generate a daily income. I would liquidate any USDT I'd have at the end of the day and start buying fresh the next day. When I reached my bank account limit, I'd start selling it immediately. Like a vegetable seller buying from a mandi and then selling in a locality.

Futures and options are a mystery to me. I'm content with buying low and selling high, it keeps my life simple.

Something I forgot to mention, my main phone number, the sim, it stopped receiving calls after the second lien, all calls are forwarded to my other sims and I don't have call forwarding activated. I've also been receiving automated calls on my other sims about not to invest or trade crypto on international exchanges, and to only use government recognized exchanges or something. Super weird.

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But are you able to get normal calls? or all calls are blocked? they might have done it due to a lien or case being filled. such stupid system we have, due to this people go Dubai :/

so this is why binance p2p sellers are asking weather am i a reseller or not while buying. They are not selling to resellers. Sometimes they send automated messages to cancel buy order saying you are a suspected reseller.