Bitcoin Forum

I just downloaded MultiBit and made my first wallet an hour ago and have been reading up on bitcoin. I've seen a lot of disparaging posts about MTGox. Can anyone tell me what's up with that? Should I not use their services?

As far as I know they seem to have withdrawal issues .

I have no problen with MtGox!
It takes aproximately 3-4 days to verufied your account and then you can witdraw money/BTC easily.

some years / month ago they were the number 1 exchange but then they got in trouble with some laws, regulation and banks.

they are searching for other bank partners now, building a new server system (called midas) and try to work with regulators.

at the moment they have withdrawal issues when you try to get your USD out.


in my opinion they will "be back" soon and then better than before  ;).

they also will accept Litecoin in the future.

Thanks for the response.

I tried verifying my account with them last week and it still hasn't gone through. No communication from them either. I emailed support three days ago and haven't gotten a response. Because of that, I would like to try a different online exchange. I've heard different names...coinbase, bitstamp, etc. but I don't really know which are more reputable, which have quicker withdrawal times, which are easier for a US based trader like myself to use. Any insight appreciated.

Why Americans don't use btc-e is beyond me

When there is a lot of interest in bitcoin they obviously get a lot of new accounts to verify (for anti-money laundering reasons) and it can take some time.

Mt.Gox took over a week to verify mine from Australia  :-\

Don't use gox, they are having issues and you can't withdraw fiat.

If you don't mind giving away your ID, and waiting for weeks for fiat withdrawal, mtgox is okay.

They have been having Fiat withdrawal issues since many many months ago... so you can only buy BTC and transfer BTC... thats the main reason why the price is higher over there....

MtGox and BFL are both scam company. Just stay away from them.....

BTC-e has limited funding options for American users. I tried using LiqPay but couldn't get thru their incompetence. Currently, all bitcoin brokers catering to Americans have serious shortcomings.

Well from what I've heard they have alot of issues when you are withdrawaling USD from MtGox

I don't think that comparison is fair.

MT.Gox is just having some issues with the rapid growth and the fact that more than 6mill USD is frozen by banks and so on.

No you can't withdraw fiat.

Mtgox has their problems from time to time but in general, they can be trusted and they will fix their problems in time.

I requested a $1,000 withdrawal from Mt.Gox on 9/30/2013.  It sat for almost six weeks with no action.  I gave up and canceled the withdrawal request on 11/08/2013.  Now I'm forced to exchange back to bitcoins at highly inflated prices and withdraw the bitcoins.

Mt.Gox is fine if you're just day trading, converting back and forth between fiat and bitcoin.  However, if you're buying bitcoins, you get less for the money there, since they consistently trade at higher prices.  If you're selling, you cannot get the cash out, so that's not really an option.  So this is an overpriced, one-way exchange.

I also wonder about the long-term viability of a company that can't find a U.S. banking partner because they don't have the licenses required to provide financial services to U.S. customers.  The U.S. government has already seized $5 million and closed at least 2 U.S. accounts.  How long before they find some way to shut them down completely?

It's risky to do business with a company that's fighting with the U.S. government.

There are no known issues

Bad:
Their price is higher than elsewhere
The customer service/communication is quite poor
USD withdrawals are taking 3 months +
They have had some delays at times with BTC withdrawals

Good:
They have been around for a long time
They have a publicly known CEO who is available to chat on IRC
They have strong volume
They have fairly quick withdrawals for EURO/Yen

I will ask you to stay away from MtGox.. they have fiat withdrawal issue and you can only withdraw Bitcoin...

Mtgox is a nightmare, stay away. Plenty of alternative places out there.

agree 100%

They are not authorized to handle USD withdrawals.

Why do so many people still use Mt.Gox when they can't take their fiat money out? Even if they can withdraw bitcoins, they can't sell it elsewhere for the same price than what they paid to buy them.

I've had no issues with Coinbase once fully verified. 

The reason Mt Gox rates are always so high is because people are having trouble withdrawing money so they are buying BTC at the elevated rates then transferring the BTC out of Mt Gox. 

I'd recommend bitstamp.

Is MTGox is problematic for withdrawing fiat or just for USD?  That's because I may interested to sell BTC for € at their BTC "inflated prices"

I believe it's only USD, unless it has moved onto other fiat too.