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Author Topic: VirtEx Fee Increase Canadian Bitcoiners  (Read 1427 times)
stick_theman
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August 17, 2012, 01:59:56 AM
 #1

Any Canadian traders got the message of the latest fee at VirtEx?

Fee Schedule
Less than 100, 3.0%
100 to 300, 2.5%
300 to 600, 2.0%
600 to 1200, 1.5%
1200 to 2500, 1.0%
2500 or over, 0.5%

Consider some miners and traders work on thin margins already, are there any good alternatives for buy/sell?  I understand MtGox is a pain in the butt for Canadians in terms of money transfer.

Gox: https://mtgox.com/fee-schedule

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_mr_e
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August 17, 2012, 02:02:39 AM
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"VirtEx is working pro-actively with Canadian legislation to operate a Bitcoin exchange.  When dealing with VirtEx, your funds are being held in Canada and under the protection of Canadian banking laws. Our mission is to become the first sanctioned and regulated exchange by the Canadian Government.  The cost to pursue this status is high and requires us to raise our fees."

I couldn't care less if they're mission is to become the first sanctioned and regulated exchange by the Canadian Government if it means raising fees. They're doing just find the way things are now, why can't we just keep it that way.
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August 17, 2012, 02:08:24 AM
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VirtEx's volume has increased tremendously as well.  I understand the company has to make a profit... but it comes down to profit and/or more profit.  I think this leaves room for other exchanges to come online...  minus Canadian Bitcoins... the buy/sell price over there is a rip.
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August 17, 2012, 03:41:37 AM
 #4

Any Canadian traders got the message of the latest fee at VirtEx?

The full text of the e-mail is here:

 - http://bitcointalk.org/index.php?topic=25312.msg1105948#msg1105948

Unichange.me

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Transisto
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August 17, 2012, 03:55:52 AM
 #5

OP, You forgot an important part of the email :
Quote
Coming August 22, 2012
The fee you are charged will be based on your 120 day BTC trade volume.  Your current 120 day trading volume will be used when this fee schedule goes live.

Less than 100, 3.0%
100 to 300, 2.5%
300 to 600, 2.0%
600 to 1200, 1.5%
1200 to 2500, 1.0%
2500 or over, 0.5%

Chat I had on their IRC#, Sorry for it being poorly worded (I care very little).
Quote
[23:13] <Transisto> New fee structure is ridiculously high and will greatly reduce liquidity
[23:14] <BTC-Mining> Indeed it's quite high
[23:14] <Transisto> expect spread of ~1$ soon
[23:17] <Transisto> So if I buy 35 000$ worth of BTC you take yourself 1%, or 350$ ? withouth adding deposit fees/ withdrawall fees
[23:18] <Transisto> The reason you made no money is not because you had low fees, it's because you had no volume
[23:19] <mrSprinkly> the fees are awful
[23:19] <mrSprinkly> it might even be better to transfer to mtgox after the fees
[23:19] <Transisto> The wide spread is what made you OFF-the-chart as a speculation trading exchange.
[23:21] <BTC-Mining> I think to start with there's not enough Canadians interested in bitcoins...
[23:22] <Transisto> MtGox can get away with 0.6 % because of how big it is.  It would have been a better strategy to lower your in-exchange fees.
[23:23] <mrSprinkly> once bitinstant begins accepting canadian cavirtex might be forced to change their fees
[23:24] <_Transisto> Question, Why would I hold my $ or BTC with cavirtex when I can simply Wire it to MtGox Huh
[23:25] <mrSprinkly> international wires cost money
[23:25] <_Transisto> how much ?
[23:25] <mrSprinkly> $80/wire or so when i checked last year
[23:25] <mrSprinkly> but they may have changed it
[23:26] <_Transisto> that's what your bank charge ?
[23:26] <mrSprinkly> your bank charges some, as well as the receiving bank..
[23:26] <mrSprinkly> the receiving bank charge was the killer from what i remember
[23:27] <mrSprinkly> but from what i recall their international bank was located in japan.... so it might be different now
[23:27] <_Transisto> looking up what our canadian bank charge for wires
[23:28] <_Transisto> http://www.tracenotes.com/reports/canada-bank-transfer.html
[23:30] <_Transisto> so BMO charge me 70$ for 35000$
[23:30] <_Transisto> Canadian tire bank, 30$
[23:31] * brilthor (~brilthor@hamiltonfirewall.wice.ca) Quit (Ping timeout: 276 seconds)
[23:32] <_Transisto> For international wire transfer,,, and CaVirtex want to charge 350$ for internal BTC/USB trades ... What the F have they been smoking ?
[23:40] <_Transisto> And this ,,, to be enacted with less than a week notice ?
[23:40] <_Transisto> I mean REALLY ?
[23:41] <_Transisto> I never held any BTC or USD there,  But as a Canadian I am angry.
[23:42] <BTC-Mining> I transacted quite a few grand on Cavirtex. No need to say I might not be back with 3% fees.
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August 17, 2012, 10:48:42 AM
 #6

Less than 100, 3.0%
100 to 300, 2.5%
300 to 600, 2.0%
600 to 1200, 1.5%
1200 to 2500, 1.0%
2500 or over, 0.5%
Wow

stick_theman
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August 17, 2012, 01:56:53 PM
 #7

Exactly, I'm glad to know now that more people feel the same way.  That's some crazy fee hike.  There's a perfect opportunity for someone else to spring up and make a better offer.

BitInstance for Canada, just a matter of time.
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August 17, 2012, 02:08:39 PM
 #8

I made some calculation.  It might be even cheaper to switch to MtGox completely and pay for the international wire fee.  Also note that, MtGox has high liquidity, so the BUY/SELL price are much in favour of the customer in real time.
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August 17, 2012, 03:21:06 PM
 #9

It seems I have a choice between doing a whole lot more trading or doing none at all at virtex.  I won't be able to do anything close to 2500 BTC so I guess my choice is clear. I hope a lot of people abandon virtex to cause them to re-think this ridiculous move.     Angry
stick_theman
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August 17, 2012, 03:52:37 PM
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It seems I have a choice between doing a whole lot more trading or doing none at all at virtex.  I won't be able to do anything close to 2500 BTC so I guess my choice is clear.

That's right.  Looks like my account is going to be dormant at Virtex until I am figuring out an alternative.

Designer price BTC trading platform, anyone?   Grin
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September 08, 2012, 07:03:02 AM
 #11

They're discouraging all the small traders clogging up the exchange. Seriously, how many people trade more than 100 BTC per 4 months, and that's just the FIRST fee tier? So all the small traders just saw their trading fee jump from 0.59% to 3.00% (5x).
It's a serious exchange, so I doubt they made this decision lightly, and there must be a good reason for it, but I doubt the one they gave is the primary one.
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