Hopefully this addresses your concerns in a reasonable way and demonstrates where we stand on the issue, and thank you for bringing it up for discussion.
It does show you're kind, professional, and that you "stand on the issue", but it doesn't actually addresses my concerns because you mostly evaded my questions. I'd appreciate direct answers, even if the answer is on the line of "we won't answer this particular question". A direct no is at least clear. - Will you ever ask me my passport, or any other ID for that matter? May I know under which situations, or should I expect surprises?
- Will you keep links between the account(s) I use to fund my balance with you and bitcoin addresses I withdraw to?
- Will you only freeze somebody's account "in the interest of the rest of our account holders or ourselves if the account holder is acting illegally" if you can actually prove the account owner is acting illegally, or will it be more on an heuristic basis with frequent false positives? Keep in mind that making a false positive in such case is calumny.
- If a foreign government, or the IRS-equivalent of it, asks you data about your clients, will you deliver?
- If the Australian government forces you to give them data on your customers, will you at least require a Justice order or something else that could be made public, to prevent your customers?
Thanks again. Don't take me badly, I'm not here to attack you, just to know about your service, and how much can I trust it. I hate, from the deep of my soul, to pay taxes, and I don't want to pay capital gain taxes I eventually have with my bitcoins. I'm obviously not asking you to help me avoid my taxes, I just wonder how preemptive will you be in helping governments to catch those who try to protect themselves from taxation. By the way, I'm sorry to hear about the attacks. This is sad. Every bitcoin related site is aimed by these scumbags. I hope you can get rid of these criminals without suffering any actual damage. Hi, I'll try to be nice and direct for you =) Ordered as your questions: - We require ID for any accounts withdrawing $500 or more through our site. This can be passport + driving license, or driving license + 2 ID cards (credit card or medicare card, etc). - We log all money deposits and withdraws. The log would show a deposit from Account A and a withdraw to Account B - We reserve the right to freeze an account which we believe to be suspicious. "Proof" of illegal activity is a matter for legal courts, not for our staff to determine. We of course do not intend to act "on a heuristic basis with frequent false positives." Putting a hold on a suspicious account is not calumny- calumny requires an intent to slander or defame someone with false knowledge. Ironically, if you knew the definition of that term, then you almost committed calumny against us, didn't you!  - We would not just hand over data due to a "request" from some government body. We are not under the jurisdiction of anyone but the Australian government, and we will comply with Australian court orders absolutely. - Again, we'll comply with legitimate court orders according to Australian law Please always feel welcome to discuss your concerns, we're happy to help. Regards, -Crypto X Change |
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Quick notification - our site is going through some downtime today, related both to the continuing attacks on it and our security work in combating the attacks. So, please don't be worried if you're unable to access the site at some point today (Nov 30/Dec1). Trade engine and servers are secure and happy. Our sincere apologies for the inconvenience. As always, you can contact us at support@cryptoxchange.comRegards, -Crypto X Change |
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Hi Crypto X Change, Your site looks very professional, congratulations. But I wonder what are your takes on privacy. The "Extensive logging and tracing of all activity" statement on your security page is particularly worrisome, and combined with the "Account freezes on suspicious activity" one it really suggests a MtGox-like behavior of holding people's money hansom in exchange for identification, what I find particularly disgusting. I mean, I perfectly understand that by operating legally the way you intend to do, you cannot fully respect people's privacy. But you can at least make everything clear from the start, to avoid misunderstandings. For example: - How do you define suspicious activity?
- How one unfreezes his account, once it got frozen?
- Will you ever ask governmental identification? Which? Under which conditions would you ask them?
- Will you keep a record linking outgoing bitcoins to incoming bank transfers (or IDs), thus linking bitcoins with people?
- If forced by "stronger powers" to give away your customers' data, can/would you at least make such fact publicly known?
Thanks. Hi EhVedadoOAnonimato, That's quite a name you've got there =) Yes your concerns are understandable. Frankly speaking, Crypto X Change intends to be around for a very long time, and as such we must be very careful to fully comply with Australian AML and "Know Your Customer" (KYC) guidelines. We understand there is a range of opinion within the Bitcoin community on issues of proper security, privacy, and disclosure, and that because of this, some individuals may never wish to trade with us because we comply with AML policies. If we believe there to be suspicious activity in an account, we reserve the right to freeze it while the course of action is determined. Sometimes this is done in the interest of the account holder (if an account may have been compromised), and other times it is in the interest of the rest of our account holders or ourselves if the account holder is acting illegally. There is no free lunch - an exchange which looks the other way with regards to illegal activities is jeopardizing the accounts of its other customers if it draws suspicion from law enforcement. Thankfully, Bitcoin itself exists within a free and open marketplace, and users are free to choose with whom they associate and do business. Crypto X Change seeks legal business in full AML compliance over the long term, and thus our Privacy Policy and Terms reflect that (and extra points to you for actually reading a site's policies... more people should do that). Hopefully this addresses your concerns in a reasonable way and demonstrates where we stand on the issue, and thank you for bringing it up for discussion. Regards, -Crypto X Change |
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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
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re: cryptoxchange
I like what I see, but the site is running painfully slow right now.
Hi Brandon, Apologies for the lag - our site has been under quite heavy malicious attack off and on for a couple weeks. Systems are secure and happy, but there is site delay for some people as our defenses battle it out and adapt. |
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No answer to email within 24h:  Hello ArsenShnurkov, Looking at the support emails, it appears a response was sent to you 25 hours after your message, instead of the 24 hours you were expecting. We apologize for this delay. If you need very quick support, I recommend our Live Support link at the top of the page, as there is usually a representative who can help you in real-time. Regards, -Crypto X Change |
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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! |
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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?
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/AMLHope that helps to clarify, -Crypto X Change |
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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 |
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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 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 |
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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.
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 |
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Hello traders and script-writers, The long-awaited Crypto X Change API is now released! Thank you very much for your patience over the past couple weeks. We've been working hard on getting this API ready and fully secure with our system. The API is now ready for you, and we'll be standing by to answer any support questions you may have. The creative trading and web services which make use of these exchange API's are very important to us. We want to help foster the growth of efficient markets by making it as easy as possible for you to interface with our exchange. The API has been built in a similar way to the MtGox API to which you are already accustomed. You can see technical details here: https://www.cryptoxchange.com/t/cryptoapiAs mentioned, we're ready to help you get set up and please let us know any questions or comments. Lots of buy orders have been coming in recently and there is money to be made for those of you who like to arbitrage  Please feel free to contact us via email: contact@cryptoxchange.comHappy trading! -Crypto X Change |
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Hi Guys,
How is the site speed now for you? We have implemented some software for the specific attacks we were facing, things should be good now in regards to speed of the site.
If you have any issues, please let us know.
Regards
Crypto X Change
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Quick heads up - we are receiving extensive malicious attacks on the site today (Nov 23 and past few days off and on). It is not damaging anything, but it is causing outages and slow response times for many people.
We're working on adjusting our defenses. The system is secure but we understand the annoyance of slow response on the page loading so we're working to correct this ASAP.
Thank you for your patience,
-Crypto X Change
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Our system allows for unlimited amounts of money to be transferred I hope your lawyers have been talking to the ATO, because I give you 6 months before your charged with money laundering. Astana, Of course our legal team have covered everything, there is such a thing called customer verification which is required for anything over $500, in which we have rules and policies in place. The Unlimited transfers are for our Bullion business, so there is no money laundering at all possible, we have very strict policies in place and all transfers in and out are facilitated to all legal requirements. Thank You Crypto X Change |
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this is one of our trade secrets, so I can't discuss the details... this is again a trade secret, but no it's not due to our insurance. I respect your desire to keep your trade advantages secret, but it may backfire on your adoption rate. I can not imagine how you've solved the issues I've pointed out and thus leave open the possibility of the worst. I will not be using your service nor will I recommend it to others until much time and real-world experience show you can be trusted. I wish you the best and hope you prove my skepticism unfounded. Their "trade secret"(ah!) is the same as companies like paypal "trade secrets". They charge customers exorbitant fees to cover for losses caused by scammers. Ex.: The $15 deposit fee... PSY, Our clients are able to walk into the same branch bank in many countries and deposit cash over the counter or use internet banking for 25 Different currencies locally, our banking system and automation has taken a long time to put together. How much is an International Wire transfer at a Bank? $30 to $40 Usually. So we are providing a service that opens the market upto many countries that didn't have a safe and reliable way to deposit into an exchange. Within a couple of months we expect to be able to drop the fee to around $5. Our system allows for unlimited amounts of money to be transferred as we are a Gold & Silver dealer as well. We are not making any money out of the $15 cost at all, that is what it costs us in fees etc from banks. Regards Crypto X Change |
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"were not too good to be true"
You guys too huh? I hear that alot to about cheaper in bitcoins. It seems consumers are afraid to purchase. How do we fix this? Hi Xenland, We have made every effort to show our company is 100% genuine, we have a link to our company registration, domain registration, contact phone numbers, absolutely everything but yet people still doubt due to the previous scams that people have done, which in affect makes it very difficult for legitimate business's to enter the market. There has been no expense spared on our exchange, but yet people wish to disprove that IE the hosting which in fact we have our equipment in Australia's top Data Center for security & reliability etc. So, we think that only by proving ourselves is the way in which we can earn trust. If anyone has any suggestions please do let us know. Thank You Crypto X Change |
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We would like to let anyone having troubles connecting to our Exchange or API we have had to make some urgent DNS changes, on the weekend due to attacks we implemented CloudFlare, which did not solve our issues, so we have removed CloudFlare and there maybe some delays in DNS propagation, we appologise for any inconvenience, the Exchange is working in various parts of the world, we are just waiting for the DNS changes to take affect in other parts.
So if it is not working for you at the moment, it will shortly.
Thank you
Regards
Crypto X Change Support.
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Hi,
Cloudflare was removed and DNS changed a couple of hours ago.
We are sorry for any problems, there should be no issues getting to the site now.
Thank you very much.
Regards
Crypto X Change
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Hi guys,
Sorry for this inconvenience. Our site has come under heavy malicious attack over the past few days. It's not doing any damage, but as our defenses adapt the site may appear offline for some users though it is online for most users.
If you can provide your IP address (post here or PM or email), we'll whitelist you and that should help.
Thank you,
-Crypto X Change
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