why would anybody use CAVIRTEX?

[CanadianGuy]

Commission rates are 3% to buy and 3% to sell
Bitstamp is 0.5% to buy and 0.5% to sell

Am I missing something here?  Why would I pay 6 TIMES MORE to use Cavirtex?  Does somebody show up in a limo to serve me my bitcoins/money on a golden platter?  Does it come with a hooker?  I don't get it..

[bitcoinscanada]

All Canadian exchanges charge a few percent, at least. Mt.Gox's CAD prices are about 4.5% higher than USD prices. It's just part of being Canadian.. we pay more for everything.

[drlukacs]

This has something to do with the ability to withdraw funds. CaVirtEx seems to be the only exchange to offer direct deposit and emailing funds -- in other words, it is the only exchange that really has some understanding of the Canadian banking system/reality, which is, in many ways, backward compared to the EU.

--G

[thefendall]

the ease of use.... you only have to buy bitcoin there and then transfer to anywhere you would like... make all your profit... send BTC back to cavirtex, sell and within hours its back in cash in my account.   As for day trading at 3%, not recommended.  But 3% for a initial buy or profit take only is menial to the fact you can make that in trading within a few hours and many users are always struggling to move their money into cash quickly.

my 2 cents anyways...

[Etheric]

www.libertybit.com is another option, with only a 0.5% transaction fee. They still have quite low volume compared to cavirtex though.

[cavirtex]

Commission rates are 3% to buy and 3% to sell
Bitstamp is 0.5% to buy and 0.5% to sell

Am I missing something here?  Why would I pay 6 TIMES MORE to use Cavirtex?  Does somebody show up in a limo to serve me my bitcoins/money on a golden platter?  Does it come with a hooker?  I don't get it..

Hi CanadianGuy

The fees we charge reflect the value of service we provide and the legal realities of keeping funds in Canadian banks with a Canadian corporation.
 
We operate our exchange with a team of dedicated full-time people. We also have a business plan that will add many more features to our exchange (you can view it in our prospectus: https://www.havelockinvestments.com/reportdownload.php?id=7).

On the legal and regulatory front, we are paying for legal advice on how to operate in Canada with the utmost safety to customer funds.

You will find that other smaller competing exchanges that offer low fees may not have a full-time team, a publicly-viewable business plan or any legal or regulatory efforts underway. 

(Note: With enough trading volume you can reduce fees to 0.5%.)

As for a hooker, I'll bring that up with management! 

[WillMilk4Coin]

Commission rates are 3% to buy and 3% to sell
Bitstamp is 0.5% to buy and 0.5% to sell

Am I missing something here?  Why would I pay 6 TIMES MORE to use Cavirtex?  Does somebody show up in a limo to serve me my bitcoins/money on a golden platter?  Does it come with a hooker?  I don't get it..

...yadda yadda yadda...

As for a hooker, I'll bring that up with management! 

Now, might there be a tiered system in the quality of hooker in relation to the volume of transactions?

[Soul_Est]

[snip]

As for a hooker, I'll bring that up with management! 

I would rather the limo though...

And to run with WillMilk4Coin's idea, why not have to the limo able to take us up to a set distance within a set timeframe depending on the number of transactions?

[MidnightTokr]

As far as Canadian exchanges go, I've been using LibertyBit to purchase coins (I've since moved the coins over to Gox and have been trading there). Their trading fees are competitive withe other major exchanges (0.5%) but most importantly imo they accept e-transfers for only $2. Not only is it super convenient not having to go to the bank, but its significantly cheaper than wiring money to Gox or bitstamp. 

One of the big downsides at the moment is that their volume is very low. This could pose some issues to people who want to trade large amounts of coins or those who want to catch fast changes in price. Given then fees and convenience factor for Canadians, I'm surprised at the low volume. Imo it might have to do with the site design (in particular the home page) as I feel it looks pretty amateurish compared to the other exchanges. I don't think I'd feel comfortable trusting them to hold a large sum of my fiat.

[drlukacs]

As far as Canadian exchanges go, I've been using LibertyBit to purchase coins (I've since moved the coins over to Gox and have been trading there). Their trading fees are competitive withe other major exchanges (0.5%) but most importantly imo they accept e-transfers for only $2. Not only is it super convenient not having to go to the bank, but its significantly cheaper than wiring money to Gox or bitstamp. 

One of the big downsides at the moment is that their volume is very low. This could pose some issues to people who want to trade large amounts of coins or those who want to catch fast changes in price. Given then fees and convenience factor for Canadians, I'm surprised at the low volume. Imo it might have to do with the site design (in particular the home page) as I feel it looks pretty amateurish compared to the other exchanges. I don't think I'd feel comfortable trusting them to hold a large sum of my fiat.

I agree. LibertyBit has much lower fees, and charging $2 for e-transfers is far more reasonable than the $6 that CAVIRTEX charges.

I do wonder if this discussion has anything to do, though, with the fact that LibertyBit seems to have had a security breach today, as this message shows:

*EMT Withdrawals Temporarily Limited* Due to an investigation of a fraudulent EMT transaction, our primary EMT Withdrawal account is unable to send funds. Daily EMT withdrawals will be limited until the issue is resolved. We apologize for the inconvenience during this time. No other methods are affected.

Furthermore, a recent deposit that I made there does not seem to be showing up.

I do wonder who is behind the whole thing.

[Phaedrus]

Cavirtex is reliable, stable and has good customer service. They haven't had problems with banks like some exchanges have. The fee is high, but I feel comfortable putting my money there.

[drlukacs]

Cavirtex is reliable, stable and has good customer service. They haven't had problems with banks like some exchanges have. The fee is high, but I feel comfortable putting my money there.

Just for the record, LibertyBit was very responsive! They traced down the issue in a very short time, and even compensated me for the change in the exchange rate that I missed out as a result of the delay in depositing the funds.

Bottom line: I think LibertyBit provides a great service, and Cavirtex should substantially lower its fees if it wants to stay in business.

[01BTC10]

Cavirtex is reliable, stable and has good customer service. They haven't had problems with banks like some exchanges have. The fee is high, but I feel comfortable putting my money there.

Just for the record, LibertyBit was very responsive! They traced down the issue in a very short time, and even compensated me for the change in the exchange rate that I missed out as a result of the delay in depositing the funds.

Bottom line: I think LibertyBit provides a great service, and Cavirtex should substantially lower its fees if it wants to stay in business.

Look promising. Will try them for my next BTC purchasse.

[MorXpe]

Unfortunately MtGox has growing problems with customer service on such a large scale. Increasing number of smaller exchanges takes over local markets.
I think it is a positive change:

1 The local, national exchange is familiar with local legal system and can give advise on how to run bitcoin business or how to handle taxes.
2 In their interest is to promote the use of Bitcoin in the local community, so they may support bitcoin startups financially.
3 They can lobby for determining the official legal status for crypto-currencies, which I think is very important in current stage of Bitcoin economical development.

To sum it up, GO CAVIRTEX!!

[umair126]

I use cavirtex with no problems.It is even better than gox.

[drlukacs]

I use cavirtex with no problems.It is even better than gox.

Gox has better exchange rates than Cavirtex, but it is virtually impossible to withdraw CAD from there (i.e., without a substantial loss).

I noticed that the exchange rates on Cavirtex are deflated compared to other exchanges, and the reason may be their 3% fee, which somehow ends up being factored into the price people are willing to pay for bitcoin on that exchange.

[talz0r]

My favourite thing about CAVIRTEX is that you can buy shares in the company with your bitcoins very easily.  You don't need to become a stock broker to play with stocks thanx to bitcoin.

[drlukacs]

My favourite thing about CAVIRTEX is that you can buy shares in the company with your bitcoins very easily.  You don't need to become a stock broker to play with stocks thanx to bitcoin.

Is that something available only on Cavirtex?

[talz0r]

Yeah I'm not sure.