CryptoXChange.com - Be cautious and check before if you get out your BTC or USD

[fbastage]

invalid order that I placed, unbacked by any funds, as seen in 'Dashboard', taken just minutes ago.  it is still there. it is still a problem.




the order as seen in the Market (bids), which could potentially entice someone to put in an order thinking they were getting a good deal, taken just minutes ago




btc I tried to purchase in July 2012 (the 2nd of 2 sets of 199 that I tried and failed to purchase, after transferring funds expressly to buy these btc), taken July 2012 and included in my help ticket with cryptox




my trade history on that date, unfortunately not showing timestamps which would show that these orders (one limit order at around 8.22, one at around 8.32, a few minutes apart) went through simultaneously, missing the blocks of 199 I intended to buy.  There was no time for anyone to cancel those blocks and no one else bought those btc. this image was taken minutes ago




these are facts.

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[starik69]

Code:

No Mtgox coupon available right now, please check it after some time.

[Bigpiggy01]

@Bigpiggy01

Sorry... in no way i try to trade there anymore because i dont know if he only refilled the wallet now to get my thread here away. The offers there should have warned me anyway. Who sanely should let the orders there at this price when the bitcoinprice is crashing?
And... this messages above came 5 minutes after you wrote here. So you did speak before with the support and not 5 mins before now or you are from there.
Anyway... i lost my trust and wont say that this platform is all fine.

What I really have an issue with is what fbastage is saying here:

my issue was with a flaw in their order book.  a user can put an order on the order book which appears to be a valid order, but is unfunded.  There is a bid at $8 USD for 124BTC ($992 total) that I have left there to demonstrate to the operators of the site - it is unfunded and anyone who tries to buy these btc at that price will be disappointed - and the site has done nothing about this issue since July 25, 2012.

Now if this were true you should be able to place a bid now with your 0 USD balance and create an order or say create a 100$ order with a 10$ balance both of which won't work.

I can understand that an advertized service being out of action is annoying as hell but seriously crying scam over it after 24hours is pretty ridiculous as well. I work for a competing exchange and have no reason to back this one in particular I just like to see that people have their facts straight.

[Bigpiggy01]

invalid order that I placed, unbacked by any funds, as seen in 'Dashboard', taken just minutes ago.  it is still there. it is still a problem.




the order as seen in the Market (bids), which could potentially entice someone to put in an order thinking they were getting a good deal, taken just minutes ago




btc I tried to purchase in July 2012 (the 2nd of 2 sets of 199 that I tried and failed to purchase, after transferring funds expressly to buy these btc), taken July 2012 and included in my help ticket with cryptox




my trade history on that date, unfortunately not showing timestamps which would show that these orders (one limit order at around 8.22, one at around 8.32, a few minutes apart) went through simultaneously, missing the blocks of 199 I intended to buy.  There was no time for anyone to cancel those blocks and no one else bought those btc. this image was taken minutes ago




these are facts.

No they're not as this is not what you're claiming here:

my issue was with a flaw in their order book.  a user can put an order on the order book which appears to be a valid order, but is unfunded.  There is a bid at $8 USD for 124BTC ($992 total) that I have left there to demonstrate to the operators of the site - it is unfunded and anyone who tries to buy these btc at that price will be disappointed - and the site has done nothing about this issue since July 25, 2012.

Since you're into screenshots please try placing an order that exceeds your current balance and see what it tells you. Yes it is annoying that you have to clean up after yourself and I agree it shouldn't be like that however it is no more misleading than what is going on in plenty of other places.

[fbastage]

Now if this were true you should be able to place a bid now with your 0 USD balance and create an order or say create a 100$ order with a 10$ balance both of which won't work.

straight facts: you can fund your account, place an order, remove your funds. 

the order is erroneously on the books.  this is bad.  I told them about this in late July.  they no fix.   confidence = 0.

summary:  this is bad.

this is in addition to various other issues with the site (services not offered as advertised).  these are also bad.

[Bigpiggy01]

Now if this were true you should be able to place a bid now with your 0 USD balance and create an order or say create a 100$ order with a 10$ balance both of which won't work.

straight facts: you can fund your account, place an order, remove your funds. 

the order is erroneously on the books.  this is bad.  I told them about this in late July.  they no fix.   confidence = 0.

summary:  this is bad.

this is in addition to various other issues with the site (services not offered as advertised).  these are also bad.

Agreed this is shitty but still a far cry from what you were saying initially.

[fbastage]

straight facts: you can fund your account, place an order, remove your funds.  

Agreed this is shitty but still a far cry from what you were saying initially.

this is actually what I said.  a user can create an order that has no backing (unfunded).  I understand how the way I phrased it led to confusion and I apologize for that, but the bigger point remains:  orders on the order book can not be trusted to be valid.  Add this to the various other issues, and there's a lot to consider before trusting this exchange to do business on.

Note: I had not called them a scam, simply added what I think is very relevant information to consider.

[SebastianJu]

Now if this were true you should be able to place a bid now with your 0 USD balance and create an order or say create a 100$ order with a 10$ balance both of which won't work.

straight facts: you can fund your account, place an order, remove your funds. 

the order is erroneously on the books.  this is bad.  I told them about this in late July.  they no fix.   confidence = 0.

summary:  this is bad.

this is in addition to various other issues with the site (services not offered as advertised).  these are also bad.

Ah thats what you are saying. So what happens if someone fills that order? Will he get nothing but paid for? If not then the problem is that there are orders that cant be filled. Thats a problem serious enough in my opinion. Other markets avoid that by having "available balances". So you cant withdraw money bound in an offer.

@Bigpiggy01 I already changed the header of this thread. People still feel scammed when they cant take their money out. I know at least one guy that still has money in there and no way to take it out. You know what? He feel scammed. And the website is still claiming you can take out money with bitinstant, mtgox or aurumxchange. Nothing is true. So no... its justified to warn before someone puts anything on this site.

[fbastage]

So what happens if someone fills that order? Will he get nothing but paid for?

No, you will not be charged with the order that doesn't fill. It simply disappears and is cleared from the book.

It is a problem, though, if seeing these orders entices you to move funds to this exchange.  It will also be a problem if you do not set a limit order and you end up paying too much or receiving too little for your order.

When it first happened to me (twice, remember, within minutes) I suspected the site of fraud and charged them with it in my help ticket.  I later realized in this case they were probably merely incompetent.  (I updated my help ticket with this as well as a sufficient description of the bug which would allow them to easily fix it.  shamefully it has not been fixed nor acknowledged since July ... 2 1/2 months)

If that's good enough for you to trade on, it's your call.

[SebastianJu]

No, i see this in the same line as other broken promises. You can easily think arbitrage would work but you cant get your money out and with this flaw the offers maybe even arent existing.

If they know that and didnt fix it in months then thast not correct. I think the header of this thread is fair enough now. Users are warned when they search google in some time and its justified because problems exist that will hurt users for sure.

And no... i want use that platform again. Too risky in my opinion. At least now.

[Bigpiggy01]

So what happens if someone fills that order? Will he get nothing but paid for?

No, you will not be charged with the order that doesn't fill. It simply disappears and is cleared from the book.

It is a problem, though, if seeing these orders entices you to move funds to this exchange.  It will also be a problem if you do not set a limit order and you end up paying too much or receiving too little for your order.

When it first happened to me (twice, remember, within minutes) I suspected the site of fraud and charged them with it in my help ticket.  I later realized in this case they were probably merely incompetent.  (I updated my help ticket with this as well as a sufficient description of the bug which would allow them to easily fix it.  shamefully it has not been fixed nor acknowledged since July ... 2 1/2 months)

If that's good enough for you to trade on, it's your call.

That actually sounds more like a problem with a delay between the site and the trade engine especially if this is as you say something that happens within minutes. I've seen that happen several times there as I run a bot on the exchange that logs the orderbook at the time of trading and occasionally have to fix unexecuted orders that should have executed. However if you miss that vital few seconds due to lag and there is a lot of it with cryptox   then yes it can cost money or missed trades. If the problem were caused by what you're describing you'd have to have peeps sitting there deliberately messing with the exchange and frankly there are much more effective ways to do so.

[SebastianJu]

Thats not necessary. You could block all access to the server as long as the last transaction isnt fulfilled. And when you withdraw money your available money is zero in the same moment. The same goes for created orders. A cpu is fast enough to secure this. No peeps needed.

[SebastianJu]

Some info from aurumxchange that could be interesting for some people.

I wrote the support of aurumxchange first because i was angry. The only told me after i put in all details what exchange i want to do that its not possible. Shortly after the mail i went back and they already changed the following:
* the feelist now shows N/A
* when you chose crypto to mtgox you get a message on top that it doesnt work

So that should be save now.

So i wrote them again to applaude them for their fast reacting and they wrote:
"Crypto has been VERY slow to pay their partners, that is why both Bitinstant and ourselves are not taking it at the moment. If the situation normalizes, we will gladly accept it again.

Best regards,"

So thats the reason why they wont work with crypto. So you now decide for yourself what you do or not do.