Hello to my fellow community members,
Friends, today I am going to share why Tribaldex is the platform you should start using if you are from India. Recently, there was a video trending on YouTube from India where a creator shared how he had to pay a very high tax because he was using an Indian exchange named CoinDCX.
That is why I am here to write this blog so that everyone from India can understand why CoinDCX should be the last option you use and why Tribaldex should be the first choice when it comes to keeping your crypto on an exchange.
On CoinDCX, if you deposit a crypto, sell it, and then withdraw that money, you have to pay 30% tax on it. For example, if you deposit 100 USDT on CoinDCX and then withdraw it, 30% tax will be applicable.
Similarly, if you trade 100 USDT and buy a token which goes up by 50%, which means your 100 dollars becomes 150 dollars, then you have to pay 30% tax on this gain of 50 dollars as well.
So that is what you need to keep in mind when you use CoinDCX, as it is a regulated exchange and you end up paying a lot of tax if you are using it.
On top of that, friends, if you are from India, you might already know that 1% TDS is deducted on each and every transaction you do on the exchange.
So whether it is buying or selling, you have to pay 1% tax. In fact, it is deducted automatically, so you do not even need to pay it manually, but you still have to report it at the time of filing your tax.
Now let us talk about Tribaldex. On Tribaldex, you do not have to pay 1% TDS unlike any Indian exchange or even global exchanges that follow Indian regulations. On Tribaldex, you can trade any number of times without paying a fee, so there is no charge on normal trades.
Yes, there is a small fee when you use the swap feature to exchange one token for another, but for normal trades there is no fee as far as I know. That is the first plus point. The second plus point is that when you do P2P on Tribaldex, you do not have to pay 30% tax because it is not recorded as a crypto transaction.
You can even show it as an ordinary transaction or something else. I know this might not sound like a moral thing to do, but when the government is charging 30% tax from you, common people are left with no other option. So this is what I think one should do.
Friends, if you are using Hive Blockchain, then most probably you are going to be connected with many users from your country, and that is why P2P deals are very easy on Hive. You can easily find people who want to buy or sell tokens, and that is how you can get a P2P deal on Hive.
If you are using Tribaldex, you also do not have to worry about heavy crypto taxing and just have to pay normal income tax based on your income slab. That is why, for me personally, Tribaldex is the best option. I am also going to learn more about how I can store Bitcoin on Tribaldex.
I checked it today and it does not seem very difficult because there is an address where you just have to deposit Bitcoin, and that is it. I am a little confused though because there was no minimum deposit amount shown.
So if anyone knows what is the minimum amount of Bitcoin that can be deposited on Tribaldex, please leave me a comment so I can note it.
Thank you for reading my blog till here.
