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1  Economy / Exchanges / Re: Official CaVirtex.com Thread on: November 12, 2013, 02:38:45 AM
I apologize if this isn't an appropriate place to post this message (and if not, of course it should be removed).

I have opened a ticket several days ago through CaVirtex's support system and have yet to receive a response on this:

On Oct. 30th I was charge an account inactivity fee.  I understand that this fee was stated in their TOS since the beginning (I signed up in June 2011) and that they simply hadn't started applying the fee.  On Oct 15th they announced the commencement of this fee on their announcement page but not via email, even though they have sent announcements via email about fees etc as recently as July.

Their TOS states that the fee would be $50 CAD/month withdrawn as BTC.

Despite this, on Oct. 30th they withdrew -3.99 BTC as an "Inactivity Fee"

Here is a screenshot:



MY MAIN ISSUE is that $50CAD on Oct 30th should have been around .15 BTC but they have taken ~26x times that and they have not explained this issue even though I opened a support ticket on Nov 6th.

MY SECONDARY ISSUE is that I don't feel that they have enacted these inactivity fees in good faith.  I understand that they "are not a bank", fair enough, but their system is obviously capable of sending emails about accounts entering inactivity status, and it is aware of which accounts would be approaching a fee deadline.  And of course they have sent fee change email notifications in the past, and in the user settings they have an option (defaulted to on) for bulletin emails.

CaVirtex/Joseph David/etc:  PLEASE follow up on this ASAP, especially my main issue.  I feel like a response out in the open here is most appropriate as I think these are serious issues and your treatment of them should affect your trustworthiness within the community. However,  barring that, I have an open support ticket that Allison responded to (26.5 hours after opening) where she only responded with a repost of the announcement and totally ignored the fact that the main issue is that you hugely over-charged me. My follow up messages have gone unanswered.

Thanks.



I hope you get this sorted out, I've been rapidly getting more and more annoyed by the blaise outlook they have on customer care. The trade engine being down during the height of the volatility seems fairly convenient for them as well. Since there is no entity that will review these guys it's up to as as customers to relate these things to each other out in the open.

On the contrary, we care deeply about our customers and we understand the frustrations some have experienced during this recent rally. Far from being blasé, nothing upsets us more than than glitches that cause temporary trading issues. However, the reality is, we're in unchartered territory in terms of trading volume and we're doing everything we can to accommodate the additional demand. As we move forward, we are beefing up our infrastructure and constantly making improvements to our trading engine so we can provide Canadians with a robust and reliable Bitcoin exchange.

So to be clear, was the 4BTC inactivity fee a glitch and it has been sorted out?

abababab's concerns have since been addressed within our support ticket system.

Please understand that if a customer deposits at Virtex without trading, it costs the company time and money to administer and secure that customer's account. This is why dormant account fees are in effect.

Note: Dormant account fees are based on the price/BTC at the time the fees are administered.

I'm sorry: In what galaxy 3.99 BTC were worth 50$ in October?
2  Other / Beginners & Help / Re: Cavirtex 50$ a month inactivity fee on: November 11, 2013, 02:25:21 AM
Lol, what a desperate cash grab  Cheesy
It's about time to switch to another exchange. Anyone? What exchange could Canadians use? Preferably an exchange allowing to trade in Canadian dollars...
3  Other / Beginners & Help / Re: Cavirtex 50$ a month inactivity fee on: November 09, 2013, 04:43:18 AM
Hello everybody.
As a new forum member I am resorted to posting it here rather than in Cavirtex (Canadian bitcoin exchange) thread.
Recently Cavirtex, introduced an absolutely ridiculous new fee: inactivity fee.
They will be charging 50$ a month if you do not perform transactions during a year period.
For some people who created an account with them with a strategy to hold for a long term, that might spell very expensive bad news.

Cavirtex, are you out of your mind? Are you desperately trying to loose your customers?

If you are a Canadian and a Cavirtex customer, please express your opinion.
Also if you are a Canadian please let us know what alternative exchanges do you use?

Virtex is not a bank. You shouldn't use them like that.

They have had that inactivity fee for quite a while. They were very open in announcing it.
Why would anyone hold any money on an exchange for over a year?
Sorry, but you have completely missed the point. As a matter of fact your statement additionally emphesises the absurdity of the fee. In order to execute a single trade you have to have some cash in the account. To transfer the cash to Cavirtex from your bank will cost you 30$. Effectively you will either be forced to either pay the fee associated with buying, or you will have to pay 50$ a month. There is no other exchange, that I know of that has similar draconian rules.
4  Economy / Exchanges / Re: Official CaVirtex.com Thread on: November 09, 2013, 04:37:00 AM
What's the deal with the 50$ a month (!!!!) inactivity fee? Undecided
For some people who created an account with you to hold for a long term, that might spell very expensive bad news.
Given the mandatory verification, and a mandatory "pre authorized debit" for TD customers (as Vogogo option does not work for them), you simply pave a ground for overly expensive, if not blatantly customer hostile service.
Are you desperately trying to loose your customers?

Could you not buy/sell $0.01 worth once per year to remain "active"?
Quote
As per our terms of service for dormant accounts, inactivity fees have NOT been charged to date due to our other development priorities. This announcement is to notify all users that we will be commencing the billing of dormant account fees on October 23 2013 at 11:00AM (MST). Inactivity for the purpose of determining dormancy is defined as a completed trade between BTC and CAD not occurring for over 1 year.
Cavirtex, have disabled small transactions "to avoid market manipulations". The cost to transfer some new Canadian funds into your Cavirtex account: 30$.
Those are the facts.
Cavirtex representative? Care to comment?!
5  Economy / Exchanges / Re: Official CaVirtex.com Thread on: November 08, 2013, 09:54:22 PM
What's the deal with the 50$ a month (!!!!) inactivity fee? Undecided
For some people who created an account with you to hold for a long term, that might spell very expensive bad news.
Given the mandatory verification, and a mandatory "pre authorized debit" for TD customers (as Vogogo option does not work for them), you simply pave a ground for overly expensive, if not blatantly customer hostile service.
Are you desperately trying to loose your customers?
6  Other / Beginners & Help / Re: Cavirtex 50$ a month inactivity fee on: November 08, 2013, 09:47:25 PM
Hello everybody.
As a new forum member I am resorted to posting it here rather than in Cavirtex (Canadian bitcoin exchange) thread.
Recently Cavirtex, introduced an absolutely ridiculous new fee: inactivity fee.
They will be charging 50$ a month if you do not perform transactions during a year period.
For some people who created an account with them with a strategy to hold for a long term, that might spell very expensive bad news.

Cavirtex, are you out of your mind? Are you desperately trying to loose your customers?

If you are a Canadian and a Cavirtex customer, please express your opinion.
Also if you are a Canadian please let us know what alternative exchanges do you use?

$50 a month with no money in the account, or if it is funded?

My question to you, is are you out of your mind if you are holding funds, especially BTC with a third party? Bitcoin is made so YOU can control your funds. WTF are you doing leaving coins on their exchange?!?

If I've misunderstood, my apologies. What's the problem with keeping a couple bucks on there and once a year buying $1 worth of coins?
I do not plan to hold any equity with them. BUT - they force most of their customers to verify themselves and to sign a "pre authorized debit" form which effectively lets them into your bank account, similar to how you allow your utility bill to be charged directly from your bank account. So when they fill like charging you 50$ a month, they simply charge your bank account. Funding an account with cavirtex costs 30$ and buying of small amounts of BTC is forbidden to prevent market manipulation.
7  Other / Beginners & Help / Cavirtex 50$ a month inactivity fee on: November 08, 2013, 04:58:07 PM
Hello everybody.
As a new forum member I am resorted to posting it here rather than in Cavirtex (Canadian bitcoin exchange) thread.
Recently Cavirtex, introduced an absolutely ridiculous new fee: inactivity fee.
They will be charging 50$ a month if you do not perform transactions during a year period.
For some people who created an account with them with a strategy to hold for a long term, that might spell very expensive bad news.

Cavirtex, are you out of your mind? Are you desperately trying to loose your customers?

If you are a Canadian and a Cavirtex customer, please express your opinion.
Also if you are a Canadian please let us know what alternative exchanges do you use?
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