Any p2p trader

H

honeytheshadow

Apprentice
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
 
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.
 
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rsaeon said:
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.
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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 :/
 
princeoo7 said:
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 :/
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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.

 
TEUser2K1 said:
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.
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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.
 
TEUser2K1 said:
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.
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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.
 
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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?
 
rsaeon said:
@Tracer_Bullet is this what your workflow is like? Or am I missing something?
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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 ?
 
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:

1744480732201.jpg

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

1744481189362.jpg

1744481337123.jpg

(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:

DebitCredit
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.
 
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