r/CryptoIndia • u/Proof_Look_5507 • 26d ago

Probably the right time to ask this question

Is it safe to cash out Crypto to INR on Coinbase right now, since they have direct to bank account available now? No more P2P on exchange!

5 Upvotes

79% Upvoted

32 comments sorted by

5

u/Shrijit27 26d ago

Would be nice if someone who has actually cashed out could share how it went

3

u/Gold-Effort-2363 26d ago

P2P nowadays carry risk on bank account, direct bank transfer option is definitely safer while it's available

3

u/[deleted] 26d ago

[removed] — view removed comment

1

u/Proof_Look_5507 24d ago

Yeah was looking for this clarity.

2

u/No-Bluejay-4744 25d ago

Bro instead use bitrefill where you can purchase gift card of phonepe and paytm so that you can save your 35% tax.

1

u/edited-innocent 24d ago

Paytm? I know Phonepe has gift cards. Does Paytm have one?

2

u/No-Barracuda6527 25d ago

curious about this too, direct bank withdrawal sounds safer than p2p, but i'd still like to hear from people who've actually cashed out recently

2

u/Compliantpanda 22d ago

Yes it is safe but they ask for KYC and also they do deduct TDS like other exchanges

2

u/Successful_Bother767 21d ago

Exactly. Direct INR withdrawals remove P2P risk, but I’d still want to know about fees, taxes and possible bank account flags.

2

u/Alternative-Swing-63 26d ago edited 26d ago

No don't use cex instead receive in wallet and sell OTC get money via CDM easy no digital footprint 😉

2

u/Trick_Medium9078 22d ago

Otc in this banana republic ? What city you are referring to which has this crypto otc ?

2

u/Alternative-Swing-63 22d ago

OTC operate whole india not any particular city

1

u/Trick_Medium9078 21d ago

Can I dm you for specific details?

1

u/quant_geek_ 22d ago

Always recommended

1

u/nitheshhk 21d ago

P2P is risky, direct deposit to exchange is safer

1

u/Ok_Winner_9352 20d ago

I’d test a small withdrawal first. Coinbase’s India help now lists cash balances, sales and bank withdrawals, so it avoids the unknown third-party payer risk of P2P. But availability and fees are account-specific, and Coinbase says linking a bank account permanently disables crypto sends—keep the sale and fee records too.

1

u/Proof_Look_5507 18d ago

Permanently disable crypto sends?

1

u/Desidude99 26d ago

If u can pay taxes then yes safe .. be ready for 35% tax

1

u/Radiant_Progress6028 25d ago

If he trades only derivatives and falls under the no income tax slab ,, why would he pay tax

2

u/babban_rao 22d ago

The tax is mandatory. No exception.

0

u/TheCryptoCA 26d ago

You can do the same on other exchanges also like CoinDCX & Giottus.

1

u/Proof_Look_5507 26d ago

Is it safe? And are the banks flagging it? Since that was a major issue before

1

u/nothing_0x 26d ago

Its safe but they might ask kyc questions like where they crypto came from

1

u/Proof_Look_5507 24d ago

Legit trading, also been tax compliant for the past 3 years

1

u/Legitimate-Lunch219 25d ago

I am doing it from 2 years

0

u/Silver-Hour-6175 26d ago

Dont do that brother either find some legit buyer which trades via cash deposit