Is SGitcoin reliable?

[drgreenthumb]

Hi first post. New bitcoin user from Singapore. I am only interested to buy bitcoins, for now. I used FYB-SG exchange to buy my bitcoins but however, I find that the asking price is quite high compared to the market price if I would to buy a number of bitcoins. SGitcoin offer much more lesser price with its reduced commission but I do not know if it's legit. I just need validation from people if anyone has ever buy their bitcoins from SGitcoin. Probably, I could use FYB-SG to sell my bitcoins though in the future. I wouldn't use mt.gox due to its inconvenient delays and expensive wire transfers. The only exchanges I can sourced out were ecurrencyzone, fyb-sg and sgitcoin.  

[bezzeb]

Hi first post. New bitcoin user from Singapore. I am only interested to buy bitcoins, for now. I used FYB-SG exchange to buy my bitcoins but however, I find that the asking price is quite high compared to the market price if I would to buy a number of bitcoins. SGitcoin offer much more lesser price with its reduced commission but I do not know if it's legit. I just need validation from people if anyone has ever buy their bitcoins from SGitcoin. Probably, I could use FYB-SG to sell my bitcoins though in the future. I wouldn't use mt.gox due to its inconvenient delays and expensive wire transfers. The only exchanges I can sourced out were ecurrencyzone, fyb-sg and sgitcoin.  

The 7.9% commission posted on their home page sounds very expensive to the point of being abusive, so IMHO go somewhere else.  Nobody I know of charges fees like that, seems crazy.  But then it seems that they maybe are including international wire fees and surcharges in their 7.9%...  So do the math, maybe it's worth it for a small transfer? 

I'm guessing but I'd think it's cheaper to do an international wire straight to an exchange or better yet, see if Okpay has a local funding option in SG and skip the wire fees.  The exchanges will then accept Okpay funds at a low fee.  From there you don't have to be a day trader - buy your BTC - and then withdraw them to your private wallet (no fee for this).  Done.  Or you can just withdraw from Okpay immediately at market rates - i actually got lucky once as there was a delay in Okpay and i saved some $$ because the Okpay rate was lagging behind Mt. Gox during a market rally.  Be wise and think on your feet. 

Otherwise, I use MtGox, BTC-e, Bitstamp, and Okpay and so far they all have been fair and legitimate.  I have never heard of the ones you mentioned, just need to study up and pick the best tool for the job.  In the end you must make the call since it's your cash.

Regards, Bezzeb

[bezzeb]

Had another look at that SGitcoin site and you know, it doesn't look at all like an exchange - looks like a guy who is personally reselling bitcoins in SG and paying himself fairly well for the service. 

I lived and worked in SG for 6 months so I know it's pretty restrictive over there, but if I were you I'd seek a way to get into one of the major "real" exchanges yourself and skip the middle men.  BTC-E might be your best bet as they don't require much in the way of proof of identity and I think anyone can join from anywhere in the world.  They mainly accept Okpay and you'd need to trade in USD, Euro or Rubles.  Make an account and check it out, doesn't cost anything to look around.

Good luck,

[drgreenthumb]

Thanks for the heads up bezzeb. I just found out that I can exchange my currency SGD to BTC-e USD at ecurrencyzone using local bank transfers. Well, I still have to 'research' more though.

[David-M]

I've been using FYB-SG for about a month now. Reliable system, 0.6% transaction fees. Free deposit (local bank) and $1 withdrawal fee make it a good choice IMHO. It needs more liquidity, which is why you're seeing the high premium on bid/ask, although sometimes thats not the case.

D

[Pacerier]

I used to buy bitcoins from SGitcoin because at that time, it charges SGD$20 flat fee.

Now they are charging 7.9% commission and I avoid them like the plague. I would say 7.9% commission is daylight robbery but you don't have to believe what I say, you do your own math.

7.9% means if you buy SGD$2000 worth, you end up paying SGD$158 in commission fees. International wire transfer fees aren't cheap, but they don't ever go up to such high numbers.

If you want bitcoins, I can sell them to you at whatever rate mtgox charges. I don't charge you extra-ordinary commission fees. Email me at jphypeh@gmail.com (I live in bishan btw if you prefer payment in cash).

[worldinacoin]

FYB-SG is Sg first exchange and they are working hard to make their biz compliant within the Singapore legal framework.  Better stick to them.