Bitcoin Forum

http://www.youtube.com/watch?v=qnEJvL6ey_s (http://www.youtube.com/watch?v=qnEJvL6ey_s)

Their promo video does have a point though. Waiting 7 days to get money in our out of the bitcoin system is a joke.

Crypto's 24 hour scheme could definitely kill Mt. Gox were it widespread enough.

As would the legal.

are they not on bitcoin charts?

I'd like to see their volume, for Canadian $

I hope they or someone else starts to provide depth and liquidity soon. I really would prefer to trade there as well, but as long as MtGox has 80% of the market, it's a self fulfilling prophecy. Seems to me that cryptoXchange needs to put its money where its mouth is and act as a market maker, because while counting on organic growth worked for MtGox when they were the only game in town, I don't see this working for cryptoXchange or any other exchange offerings, no matter HOW good or legal they are.

I agree with your sentiments.

Or if they don't want to do it themselves they could always pay an entity with sufficient capital to be market maker offering them free execution trades and a cut of the counterparty commission in exchange for a spread that doesn't exceed some agreed upon limit.

Sure. This is feasible. Before they hit critical mass though, they (and I say this with utmost respect for what they're trying to do) absolutely need a do-over. I'm displeased with the dot net nuke looking custom modules, and the kludge. It feels like I'm stuck in 2005, and with any substantial volume the site doesn't "feel" like it'll be able to handle itself. I wish they'd consider allowing others who are trusted and experienced in this community to just do a clean room implementation, nest account and exchange options in a more cohesive and intuitive way, and optimize for UX/UI speed. I'm in the USA and 250+ ms times are also not ideal. Overall, the fact that they have the licensing and legal issues handled is great. Now I really have this feeling that the owners are dragging their feet, maybe because they feel their in house resources for development are more ideal than more apt or capable hands.

One thing is clear: Nobody should have any attachment to the core software, name or anything else. All people care about is liquidity, depth and rapid execution. Look to Bitcoinica as a shining example of a lightweight yet fully functional implementation of an example. Second, if you want to have an intuitive interface, you need look no further than MtGox and their lego brick nonsense. It's ugly, but hey - it's what everyone is used to. The next successful exchange will rip them off entirely.

Best of luck,
Jonathan

So... I went to the site, and it's mostly non-functional. It doesn't support CAD despite what their advertisement claimed, so they wasted 3 minutes of my life. There isn't even a "coming soon" notice for CAD, so I obviously won't bother to check again in the future.

Great job.

 

Hi Jonathan,

Absolutely we agree. Full new site design is in the works and it will be much snappier. Your points are well-taken.

-Crypto X Change

Hi iamzill,

Deposits of CAD, and over 20 other currencies, are absolutely supported right now for inbound deposits. Deposits made in those currencies are converted at market rates to USD or AUD so you can participate in the market.

It would not make sense to enable trading natively in those currencies right now, because we need the volumes and liquidity to increase first. Someone can send in South African Rand, but if there's no BTC seller for Rand, then it's useless for the customer. So all currencies are converted and the marketplace operates more effectively. As volumes increase, we'll add the native support for the next marginally-popular currency (probably EUR or GBP).

I encourage you to make a deposit in CAD (using internet banking or cash at your local branch) and see how it works. We've had 2 or 3 CAD deposits thus far from new clients. And when withdrawing national currencies, we support over 120 different currencies outbound to banks in almost every country in the world.

With any issues, please feel free to chat with out Live Support which is online the majority of the day (green link at the top-right of the website).

Kind regards,
-Crypto X Change

Crypto X Change,

Thanks for the personal response. I've been excited to see you guys succeed, and I truly hope that you do. Many in the community are eager for a 3rd option, and I'm sure that you'll realize your vision. Simplify, extend. Onward and upward.

-Jonathan

Some more info on means of deposit would also be welcome as its unclear to me. Is the only way transferring money to an Australian bank account? My bank (EU zone) charges me an arm and a leg for that, and on top of that you seem to charge another $15 for it (and then transaction fees obviously). Did I get that right?

Hi P4man,

Thank you for the comment, we'll be making some changes to the site to make this more clear for people.

The way to transfer money to Crypto X Change is not via an Australian bank (unless you're in Australia). When you have an account with us, you're matched with a local bank in your country. You can then deposit via internet banking or in-branch cash deposits in your local bank. The $15 fee is the only charge.

I encourage you to try a deposit- go through the first couple steps and you'll see how it works before you have to commit to the transfer.

Standing by to help if you need anything further,
-Crypto X Change

That sounds a whole lot better. Id encourage you to make things like that much more clear on the site before people are actually signing up. Ill look in to it, thx.

Good to hear CAD is working, but my original point was that there's no indication of this anywhere on your website (without signing up). CADBTC is not listed as a currency pair, and the impressive list of phone numbers you have at the bottom of the website does not include a Canadian number.

Currently the CAD market is a monopoly right now. If you can get a piece of the pie I assure you it'll be worth it. The Canadian economy is only 1/10th of EU's, and yet CADBTC volume is half of EURBTC. You guys have API available which puts you months ahead of your competitor.

I have two questions for you guys:
1. How are you dealing with the Canadian anti-money laundering laws? Your Canadian competitor imposed strict daily and monthly limits which made their service essentially useless for large customers and businesses.
2. What's the "market rate" you convert currency at? How big is the spread?

I like the commercial. What's said about Gox is true, they're delaying everything all the time.

But be aware that Mtgox took 9 months before any serious trading set in; I'm not so certain Bitcoin itself was the limiting factor for all that time, volume was quite low for that. Now, with all the competition, it could take longer. I wonder, will the project be able to live "in the red" for an extended time to get things rolling?

Meh, no EUR. And... it's the referral game again. Oh well.

The "market" page shows dates from the future! I read 11/27/2011 12:04 AM just now! With GMT time at the top of the page, this speaks of a blunder in programming quality, not the best for a first impression.


Yes, please answer this. It should be stated explicitly, and the rates displayed on page. I can't even find the currency list, yay navigation. I see the "Over 20 currencies" everywhere, but where is the list of supported currencies?

I'm really excited about professional newcomer exchanges, but please without the incompetent banking websites. I need all the relevant information packed concisely. Bitcoin users aren't the typical fools who will overlook something just because it's hidden well enough, so just make a complete info page from the start, and people are happy.

Very very nice promo video. CryptoX is going HARD!

Hi iamzill,

All currency deposits are "dumped" into the BTC/USD or BTC/AUD market pools (chosen by user). Exchange rate is calculated at prevailing international FOREX exchange rate (it's not something done in-house), so the spread tends to be only a few pips.

We are not a Canadian company, so we don't specifically worry about Canadian AML laws. We comply fully with Australian AML laws (and actually go beyond them to be even safer). You can see our AML policy here: https://www.cryptoxchange.com/t/AML (https://www.cryptoxchange.com/t/AML)

Hope that helps to clarify,
-Crypto X Change

Very professional presentation video! In fact, that's the most professional video I've seen so far for any Bitcoin service. Excellent job.

With all the problems that Mt. Gox and Tradehill has had in Europe, I'm very interested. We need more exchanges that are reliable for European users, although I want to know the fees before I say anything else.

Edit: fees are apparently fixed $15 for all deposits and withdraws, which is fine if the amount is large, but it is an unacceptably large fee for small transfers

Hi Technomage - yeah $15 fixed fee, which replaces all wire and bank fees. We agree it is prohibitive for small amounts and are working to reduce this fee soon. Glad you liked the video!

You realize that's not a self fulfilling prophecy, right? But if you avoid the service for lack of depth and liquidity, then you are fulfilling your prophecy.

Thanks for setting me straight, Netrin.

I'm always look'n out for you Jonathan.

Just to let everyone know we have many payment methods coming over the next week besides our automated banking system that is already in place, Dwolla, Liberty Reserve, Paxum and others.

We are also adding quick withdraw to PayPal as well.

For our Australian AUD clients our $15 Automated Banking System fee is being reduced to $7.50 this week due to negotiations.

For all of our Global Clients within 3 weeks our $15 Banking fee will also be reduced to approx $7.50 as well, we are just waiting on some changes to be made, then our transfer fee cost to us will be reduced so we can pass on the savings to our clients. We do not make any money at all out of our Automated banking system / fees, it actually costs us more than the $15 at the moment. It isn't based on a percentage figure of the amount sent or received it is a flat fee charged by the institutions we use to complete our automated system.

Also Finally we will be accepting Credit Card payments to fund your Crypto X Change account, which will provide instant trading, this is due in December to be released, we will keep everyone posted on all of our deposit and withdrawal methods as they come online.

Regards


Crypto X Change

This would be huge!

Keep up your efforts!

Withdraws to paypal would be nice.  I can then do a free transfer via ACH to my bank account or take cash out via Paypal debit card.

WOW. Congrats from me as well if you manage to have credit card deposits. I can easily see bitcoin prices taking off big time behind this.