CaVirtex representative now on bitcointalk.org

[cavirtex]

Hi everyone, my name is Jack and I represent CaVirtex.

I will be connecting with the Bitcoin community here on bitcointalk as well as  /r/bitcoin.

Please let me know if you have any questions regarding CaVirtex.

We are working are to ramp up our customer service resources to accommodate our rapid growth.

Thanks for your understanding.

 

[Bohren]

Hey there, great to see that you guys are reaching out. when are you guys expecting to pay the first dividends ? π

[cavirtex]

Thanks for the question, Bohren. I will ask the CEO Joseph David and get back to you as soon as possible.

[cavirtex]

I spoke with the CEO and we are targeting later this year for a dividend update.

For more information, please see the Virtex summary page at Havelock Investments:

https://www.havelockinvestments.com/fund.php?symbol=VTX

[Portnoy]

Hi and welcome.

Is Virtex planning on lowering those high trading fees anytime soon?

Thanks

[cavirtex]

Hi and welcome.

Is Virtex planning on lowering those high trading fees anytime soon?

Thanks

Hi Portnoy,

Thank you for your question. We do get ask this quite regularly.

The fees we charge reflect the value of service we provide and the legal realities of keeping funds in Canadian banks with an Alberta 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%.)

[umair140]

Are you planning to add paypal as withdrawal option?

[cavirtex]

Are you planning to add paypal as withdrawal option?

Thanks for your question.

No plans to add PayPal at the present time.

[nor9847]

How about western union or moneygram in withdrawal//deposit option?

[Portnoy]

Hi and welcome.

Is Virtex planning on lowering those high trading fees anytime soon?

Thanks

Hi Portnoy,

Thank you for your question. We do get ask this quite regularly.

The fees we charge reflect the value of service we provide and the legal realities of keeping funds in Canadian banks with an Alberta 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%.)

Thanks for your response.

I would suggest that you would probably make even more money if you had reasonable fees. 

I know more than a few people who use libertybit.com ( 0.5% regardless of volume ), and other services, just because your fees are so high.

You would get more people signing up and trading ( especially with so many disappointed with MtGox right now )...
e.g. it is better to have 1000 customers and charge them a nickle then have 10 customers and charge them $10.

Right now you seem to cater mainly to the rich. Who can afford to have a 120 Day Volume of more than 2500 BTC in order to get their fees down to 0.5%?

The fact that you get this question quite regularly, as you say, should tell you that there are many people out there eager to trade. 
Right now your fees are prohibitive.

[lowlevel]

Hi and welcome.

Is Virtex planning on lowering those high trading fees anytime soon?

Thanks

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

Thanks for your response.

I would suggest that you would probably make even more money if you had reasonable fees. 

I know more than a few people who use libertybit.com ( 0.5% regardless of volume ), and other services, just because your fees are so high.

I fall under this umbrella as well. I actively trade elsewhere at 0.5% and move my bitcoins back to CaVirtex when I want to sit tight or if I need a deposit into my bank account... since I trust them the most. I don't think I'de come close to paying ~22btc in fees per month needed to get the 0.5% reduced rate.

[medicine]

Hi and welcome.

Is Virtex planning on lowering those high trading fees anytime soon?

Thanks

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

Thanks for your response.

I would suggest that you would probably make even more money if you had reasonable fees. 

I know more than a few people who use libertybit.com ( 0.5% regardless of volume ), and other services, just because your fees are so high.

I fall under this umbrella as well. I actively trade elsewhere at 0.5% and move my bitcoins back to CaVirtex when I want to sit tight or if I need a deposit into my bank account... since I trust them the most. I don't think I'de come close to paying ~22btc in fees per month needed to get the 0.5% reduced rate.

Welcome to the forum finally. 

I also would like to use Virtex services, but like a number of others, I can't afford the fees either. 
It may be worth while to come up with a new fee structure.  Especially at the moment when Mt. Gox is having issues and US regulators are causing a stir for American bitcoiners.  This seems like a good time to catch some of that business.

[medicine]

I am also curious if there has been any contact with BMO regarding future service?  Has Cavirtex had contact with BMO regarding on going service or is an account closure still possible in the short term?

[cavirtex]

I am also curious if there has been any contact with BMO regarding future service?  Has Cavirtex had contact with BMO regarding on going service or is an account closure still possible in the short term?

Hi medicine,

Everything is fine at the present time with cash depositing at BMO.

We are in regular contact with Canadian banks to build relationships and secure funding methods. We are also investigating new, faster ways to deposit.

We are being proactive on many fronts, which helps explain our fees. We believe that being proactive will help secure our long-term viability as a Bitcoin service in Canada.