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Author Topic: Canadians: What would you like to see from an exchange?  (Read 633 times)
sclek
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March 22, 2013, 06:50:36 PM
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Hello,

I am a computing science student and I've been following Bitcoin for the past year. Due to the recent spike in price I decided to purchase more Bitcoins, but it is kind of a pain in Canada. CaVirtex charges outrageous fees and buying Bitcoins in person doesn't always give you an acceptable price.

This leads me to ask: What would you like to see from an exchange?

Personally I would like to see:

  • More affordable fees (~1%)
  • Easier to deposit and withdraw

Thanks,
sclek
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March 22, 2013, 06:53:10 PM
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I don't think it's hard to run an exchange, in fact it's trivial. The main problem is combating fraud. I guess the best way to compete would be for you to find a way to do an affordable exchange that also has good fraud protection.

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March 22, 2013, 06:59:40 PM
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I believe Coinlab mentioned Canadian Bitcoin users would be eligible to transfer money into an account there once they're finally up and running.

http://coinlab.com/

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Whether you are a savvy investor, Bitcoin merchant, or crypto-hobbyist, trading Bitcoin in the US and Canada is about to get faster, easier, and even more secure.

Mt. Gox, the largest Bitcoin exchange in the world, and CoinLab are joining together to provide US and Canadian customers with a new exchange platform specifically catered to this market's unique needs.

By streamlining our customer service and AML processes, simplifying banking deposits and withdrawals, and offering expertise in secure Bitcoin practices, it will be easier than ever for businesses and individuals to trade, save, and transact in Bitcoin.

sclek
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March 22, 2013, 07:20:03 PM
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Coinlab does look interesting. I'm hoping that their fees will be less than CaVirtex... Canada definitely needs more competition rather than the current monopoly.
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March 22, 2013, 08:27:46 PM
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Having used CaVirtex recently quite a number of times another issue (in addition to the ones you have already outlined) are the delays getting money into their exchange (haven't tried getting $$ out yet). Also, they have a "Trigger" system for setting buying/selling prices but its currently not working. Real time charts would be useful as well.

I have no experience with US or other foreign exchanges.

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March 22, 2013, 10:42:15 PM
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There is a site, canadianbitcoins.com, that offers excellent rates on Bitcoin purchases. It isn't an exchange, rather a sole trader buying and selling Bitcoin, but I think any movement on establishing another Canadian exchange should include that particular trader. Excellent customer service / response times, excellent rates and a good head for business - would make an excellent partner, in my opinion.

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01BTC10
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March 22, 2013, 10:44:13 PM
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Lower fees. Virtex is too expensive.

Two factors authentication not available on Virtex.
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March 22, 2013, 10:45:21 PM
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Having used CaVirtex recently quite a number of times another issue (in addition to the ones you have already outlined) are the delays getting money into their exchange (haven't tried getting $$ out yet). Also, they have a "Trigger" system for setting buying/selling prices but its currently not working. Real time charts would be useful as well.

I have no experience with US or other foreign exchanges.


I pay via bill pay (RBC) and get my account funded in less than 24h. My account is verified.
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March 22, 2013, 11:17:01 PM
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I pay via bill pay (RBC) and get my account funded in less than 24h. My account is verified.

Yup (credit union). And there is no fee for this either. 


This leads me to ask: What would you like to see from an exchange?

Personally I would like to see:

  • More affordable fees (~1%)
  • Easier to deposit and withdraw


For me:

  • More affordable fees (<1%)
  • Easier to move funds to and from other exchanges, like MtGox

Now that they are debt free and just got all that extra funds through their recent IPO they should start giving people a break on those transaction fees... I doubt if they will, but they should.   

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March 22, 2013, 11:28:07 PM
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Lower fees. Virtex is too expensive.

Two factors authentication not available on Virtex.

Except that your browser always has to be authenticated. So VirtEx does have two factor authentication.

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March 22, 2013, 11:34:09 PM
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Lower fees. Virtex is too expensive.

Two factors authentication not available on Virtex.

Except that your browser always has to be authenticated. So VirtEx does have two factor authentication.
Ah! True! Forgot about that but I prefer Google authenticator on my Android phone since it's independent from my computer. My email and computer could get compromised at the same time letting an attacker authenticate another browser.
bitcoinscanada
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April 05, 2013, 04:37:04 AM
 #12

Give Bitcoins Canada a try.
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May 01, 2013, 01:33:58 PM
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I've used the Canadian exchange Cavirtex for about 2 years now.  I don't mind having a site with higher fees as it keeps the serious day traders away.  One thing I would like to see on about trade exchange sites is a progressive way to combat price manipulations.  I see people using big-money market manipulation tricks all the time... price squeezing, artificial floors/ceilings etc.  Bugs me.

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May 01, 2013, 01:38:47 PM
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cavirtex *does* have google authenticator 2 factor auth now. 

I agree the fees are high however they are really the MOST convenient option for exchanging cad/btc especially considering direct deposit/withdraw.

toolbag
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May 01, 2013, 02:03:32 PM
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I thought LibertyBit was supposed to be serious competition for CaVirtEx in Canada due to its much lower fees. Is there a reason nobody's mentioned it here?

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