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Author Topic: MtGox withdrawal delays [Gathering]  (Read 879668 times)
Nagle
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November 21, 2013, 05:29:21 AM
 #2461

I just had four normal BTC transfers sent from bitcoin-qt using default fee settings take more than 24 hours.  Finally killed them off by spending the change output of all four transactions with a huge fee to attract child-pays-for-parent miners.  So, yes.  The BTC network is somewhat overloaded.  I have never experienced such delays before.  What is your experience?
There was a transient overload, with over 1000 transactions listed on http://skanner.net/MtGox/mtgox_tx.php. But right now, there are only 174 pending for more than 2 hours.  None have a fee larger than 0.001 BTC. Most of the stuck transactions are no-fee transactions.
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dudel42
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November 21, 2013, 08:38:41 AM
 #2462

My SEPA withdrawal from 2013/10/12  went "Pending" today, will report once the money is in my bank (should be tomorrow or Friday).

received in my bank today. 6 weeks is still a long time, and with the higher prices, and higher Euro amounts, new withdrawals might take even longer now? they really need to get this sorted out...
Bitsinmyhead
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November 21, 2013, 09:07:26 AM
 #2463

My SEPA withdrawal from 2013/10/12  went "Pending" today, will report once the money is in my bank (should be tomorrow or Friday).

received in my bank today. 6 weeks is still a long time, and with the higher prices, and higher Euro amounts, new withdrawals might take even longer now? they really need to get this sorted out...

Thanks for this info. Was the withdrawal large (5000+), small (less than 1000) or somewhere in between?

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November 21, 2013, 09:21:42 AM
 #2464

Yesterday for a short while Bitstamp BTC price was higher than MtGox, so I used the chance to buy BTCs at Gox and transfer them to Bitstamp immediately. A bit risky in the current market turmoil, I know, but a fast way of getting your funds out.

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dudel42
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November 21, 2013, 09:49:58 AM
 #2465

Yesterday for a short while Bitstamp BTC price was higher than MtGox, so I used the chance to buy BTCs at Gox and transfer them to Bitstamp immediately. A bit risky in the current market turmoil, I know, but a fast way of getting your funds out.

yes, this works when you don't have the funds in a withdrawal request already. By the time you get the withdrawal cancelled the opportunity will most likely have vanished again Wink
mike81
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November 21, 2013, 05:05:48 PM
 #2466

My €500 witdrawal from 10/13 changed to 'pending' today. Usually after that it takes a day to process.
I have more withdrawal requests in the queue and this actually is 20 days after the last withdrawal was processed.
Seems like the 6 week delay is correct, not sure if they are catching up now.
Right, so the money is now in my bankaccount. It has been 20 days since the last withdrawal (2013/09/17) was processed so it seems they are catching up on SEPA withdrawals.
Both withdrawals were for €500. I hope more people will post their withdrawal status so we can keep an eye on progress.
saykor
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November 21, 2013, 08:23:34 PM
 #2467

I request a withdraw on 1000 USD on 2013/09/16 19:09:39 ( International Wire Transfer )
Still nothing in my bank account

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mp420
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November 21, 2013, 09:32:00 PM
 #2468

I request a withdraw on 1000 USD on 2013/09/16 19:09:39 ( International Wire Transfer )
Still nothing in my bank account

Emergency wire with 5% extra fee or a regular one? Regular intl transfers aren't progressing at all (Gox says they take "more than 4 weeks" but that's bullshit, in effect they take forever, unless MtGox manages to sort out their shit). If have a euro bank account you can cancel and withdraw SEPA. Even SEPA transfers are horrendously behind schedule but they're at least being processed. The fastest way to withdraw fiat is Japanese domestic transfers (a couple of days) and the second fastest way is the emergency intl wire, which takes about 4 weeks. SEPA transfers take around 6 weeks currently but the lag is probably going to grow.

Many people just cancel their wires, buy BTC and sell elsewhere.
daCoops
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November 22, 2013, 12:55:10 PM
 #2469

Hi All - I'm at the point where I'm thinking of selling my BTC. I sold some on localbitcoins.com and the person transferred money that same day - no fuss. The rest of my BTC in MtGox ready to sell.. Is everyone more or less saying if I go down the Sell & Withdraw route of MtGox then it's going to be a 6-7 week wait for funds?

I read somewhere that MtGox are limited to just 10 Withdrawals per day from their Japanese bank which sounds ridiculous...

I'm based in UK as well..

Any advice much appreciated - Thanks,
FreeTrade
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November 22, 2013, 01:09:07 PM
 #2470

Hi All - I'm at the point where I'm thinking of selling my BTC. I sold some on localbitcoins.com and the person transferred money that same day - no fuss. The rest of my BTC in MtGox ready to sell.. Is everyone more or less saying if I go down the Sell & Withdraw route of MtGox then it's going to be a 6-7 week wait for funds?

You'd be lucky to get a wire in 6-7 weeks. You'd be lucky to get anything at all. MtGox clearly doesn't want additional fiat withdrawal requests.

Withdraw the funds in BTC, sell them on LocalBitcoins - the UK national bank transfer market is a particularly good place to be selling into - usually you'll get a premium price and you'll often have funds show up in your account in less than 1hr with the faster payments method that most buyers use. Best to sell on a weekday during bank hours to a well established trader.

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November 22, 2013, 10:47:14 PM
 #2471

Just got a euro withdrawal from the 14/10/2013 look like they are just under 6 weeks delayed atm.
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November 23, 2013, 01:34:46 AM
 #2472

I also got a SEPA transfer slightly above 1000 EUR today,about 5 weeks after I requested it.

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November 25, 2013, 11:01:12 AM
 #2473

I am planning to move all my bitcoins from local market to MTGox because of liquidity. Is this a wise idea? I know everyone on this thread would be negative about this - but are they scammers - or just some problems?
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November 25, 2013, 11:35:02 AM
 #2474

I am planning to move all my bitcoins from local market to MTGox because of liquidity. Is this a wise idea? I know everyone on this thread would be negative about this - but are they scammers - or just some problems?

I really wouldn't recomend MtGox to anyone.

If you want liquidity for larger volumes, Bitstamp and BTC-E are much better options.

For small volumes (a few BTC) in € Kraken is the best. My last SEPA withdrawal on Kraken was on my account on the SAME DAY Wink
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November 25, 2013, 11:57:55 AM
 #2475

Bitstamp has treated me well, and the service level in BTC China is even better, if possible. Same day response in the midst of the most active trading day this week.
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November 25, 2013, 12:02:15 PM
 #2476

I am planning to move all my bitcoins from local market to MTGox because of liquidity. Is this a wise idea? I know everyone on this thread would be negative about this - but are they scammers - or just some problems?

I really wouldn't recomend MtGox to anyone.

If you want liquidity for larger volumes, Bitstamp and BTC-E are much better options.

For small volumes (a few BTC) in € Kraken is the best. My last SEPA withdrawal on Kraken was on my account on the SAME DAY Wink
Right now volume on Kraken is a bit low as it is only a new exchange, but its good choice for the future. Importantly its a exchange with all registrations in order and you can choose what verification suits you best (4 levels).  Also LTC volume in Euro is building up too slowly.

BTC China i am not so sure, as far as i know you cant get money out of china.
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November 25, 2013, 12:07:11 PM
 #2477

are they scammers - or just some problems?

That's anyone's guess right now.

(edit: My guess is no, they're not scammers.)

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November 25, 2013, 12:20:30 PM
 #2478

so as of last week.. you can't even do any withdraw. I have been talking with a customer rep, and they kept saying I shouldn't have problem withdrawing, but I do. So gox is holding all your btc and money.
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November 25, 2013, 12:37:07 PM
 #2479

Right now volume on Kraken is a bit low as it is only a new exchange, but its good choice for the future. Importantly its a exchange with all registrations in order and you can choose what verification suits you best (4 levels).  Also LTC volume in Euro is building up too slowly.

BTC China i am not so sure, as far as i know you cant get money out of china.

I completely agree. But for small players like me that want to trade less than 1000 € worth coins it's a very good option... Low volume actualy helped me to sell at a premium price.
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November 26, 2013, 03:59:37 PM
 #2480

are they scammers - or just some problems?

That's anyone's guess right now.

(edit: My guess is no, they're not scammers.)

does mtgox have problems? YES
could they have dealt with those problems better? YES
does their comunication suxx? YES

are they scammers? ABSOLUTELY NO!

as far as i know, there hasn't been a single loss of customers BTCs or fiat. mtgox doesn't hide in the dark or operates more or less illigal like btc-e and bitstamp. i wouldn't trust btc-e at all! even bitstamp doesn't earn more trust, than a few coins, you can afford to lose!

the only really trustworthy exchanges i know are www.bitcoin.de and kraken. next in line is mtgox and after that nothing for a long distance! if you want to trust btc-e over mtgox, fine! but prepare to see the operators running with your money. nobody knows, who they are!


edit:

mtgox had and still has lots of serious troubles but they are still there and never took any money. most exchanges who are operating today never had any problems. those who did are gone. more often than not with their customers funds
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