Official CaVirtex.com Thread

[cavirtex]

Hi everyone,

My name is Jack and I represent Canadian Virtual Exchange (CaVirtex.com), Canada's first Bitcoin exchange.

CaVirtex allows traders to buy and sell Bitcoins with Canadian dollars.

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 (See our prospectus on havelockinvestments.com).

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.

If you have any questions about CaVirtex, please feel free to ask.

If you are a CaVirtex customer and you have a question or concern, please contact us at (888) 812-2525 or submit a support ticket: http://support.cavirtex.com/

Thank you.

Jack Lewis
Representative
Canadian Virtual Exchange

[mantler]

Hey Jack, love the exchange, except for the cost to trade.

3% on both sides for a total of 6% per trade is a bit ridiculous.  I would like to see your trade fee go down to at very most 1.5% per side for a total of 3% per trade.  Looking at your numbers you would still be doing extremely well.

Keep in mind that Paypal only charges merchants 3% to accept payments.

Please consider getting in line with the other exchanges' trade fee's.

Thanks,

[cavirtex]

Hey Jack, love the exchange, except for the cost to trade.

3% on both sides for a total of 6% per trade is a bit ridiculous.  I would like to see your trade fee go down to at very most 1.5% per side for a total of 3% per trade.  Looking at your numbers you would still be doing extremely well.

Keep in mind that Paypal only charges merchants 3% to accept payments.

Please consider getting in line with the other exchanges' trade fee's.

Thanks,

Thank you for your suggestion mantler.

Please keep in mind 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.

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.

And as you likely are aware, we do reduce fees based on trading volume: https://www.cavirtex.com/fees

[Transisto]

...

And as you likely are aware, we do reduce fees based on trading volume: https://www.cavirtex.com/fees

Disclaimer : Angry Canadian and shareholder.

What ? Have you calculated how much we're being screwed by your poor liquidity before reaching a volume needed to get the fees to 1% ?

Buying 1200 BTC bring me to paying 189$ per BTC and forget about the 0.5% fee there isn't enough in the whole orderbook.

Cavirtex price are also always off vs other exchange by either +5% or -5% and that last for months.

There has been no visible improvement made with a 300 000$ IPO in 3 months. Other than enabling 2FA but Stop limit order

Stop limit order has been disabled.

The merchant API is not done yet.

Sorry - Not impressed.

Ps: About time you bring a PR person on Bitcointalk.

[cavirtex]

...

And as you likely are aware, we do reduce fees based on trading volume: https://www.cavirtex.com/fees

Disclaimer : Angry Canadian and shareholder.

What ? Have you calculated how much we're being screwed by your poor liquidity before reaching a volume needed to get the fees to 1% ?

Buying 1200 BTC bring me to paying 189$ per BTC and forget about the 0.5% fee there isn't enough in the whole orderbook.

Cavirtex price are also always off vs other exchange by either +5% or -5% and that last for months.

There has been no visible improvement made with a 300 000$ IPO in 3 months. Other than enabling 2FA but Stop limit order

Stop limit order has been disabled.

The merchant API is not done yet.

Sorry - Not impressed.

Ps: About time you bring a PR person on Bitcointalk.

Hi Transisto,

Thank you for your feedback.

Since the IPO, we have strengthened our customer service (e.g. personnel, ticketing system, etc.) and have invested in tech and business development. These will bear fruit, but it will take some time.

We are working on bringing back Stop/Trigger Limit Orders in our next update.

As far as a PR person goes, you're talking to him.

It goes without saying that the Bitcoin exchange business is evolving quickly and there are many ongoing challenges with respect to banking and government regulation. 

We're facing these challenges head-on, but this does not come without costs.

Ultimately, we have honest desire to provide Canadians with a safe, reliable and trustworthy Bitcoin exchange service.

At the same time, we need to ensure our long-term viability as a business enterprise.

If you have any more questions or comments, please fee free to ask.

Thanks.

[ar9]

Any idea when you'll issue a dividend or two for us shareholders?

[Transisto]

Any idea when you'll issue a dividend or two for us shareholders?

Q3, as stated.

[cavirtex]

Any idea when you'll issue a dividend or two for us shareholders?

Q3, as stated.

Thanks Transisto.

For more investor-related information regarding CaVirtex, please visit:

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

[ar9]

Thanks for that, obviously I didn't read the full report.

CaVirtex is great.  *thumbs up* guys.

[KarmaShark]

Extremely happy with the experience I have had with CaVirtex. I see value in the companies endeavours to adhere to Canadian banking regulations, this provides an added layer of security which I feel is not present with any of the other Canadian exchanges. With the uncertain landscape that Crypto faces right now, having an entity that has taken the time to integrate themselves properly is worth the price of entry in my opinion.

[Transisto]

Took 6 days to receive the following :

Your Direct Deposit request created on June 4, 2013, 3:59 p.m. has been rejected for the following reason:

Invalid banking information

Thanks,

VirtEx System

In such case is it the banking system that is slow or Cavirtex ?

[Transisto]

Last news :

Trigger Limit Orders Temporarily Disabled

REMINDER from March 9, 2013!! - Trigger Limit Orders Temporarily Disabled These orders were found to not be working during times of high volume.

4 Month is not "Temporarily" in bitcoin land, and what high volume ?

You process on average ~30 trades totaling ~500btc per days.

I do not personally care about Trigger Limit Orders but this 4 months long fix doesn't give confidence you'll be able to achieve your business plan objectives in a reasonable time-frame.

[cavirtex]

Took 6 days to receive the following :

Your Direct Deposit request created on June 4, 2013, 3:59 p.m. has been rejected for the following reason:

Invalid banking information

Thanks,

VirtEx System

In such case is it the banking system that is slow or Cavirtex ?

We are at the mercy of the bank system in this regard.

[cavirtex]

Last news :

Trigger Limit Orders Temporarily Disabled

REMINDER from March 9, 2013!! - Trigger Limit Orders Temporarily Disabled These orders were found to not be working during times of high volume.

4 Month is not "Temporarily" in bitcoin land, and what high volume ?

You process on average ~30 trades totaling ~500btc per days.

I do not personally care about Trigger Limit Orders but this 4 months long fix doesn't give confidence you'll be able to achieve your business plan objectives in a reasonable time-frame.

We have been actively working on an update to restore Trigger Limit Orders, among other features. (I have personally been involved in testing.)

We also have other initiatives that are competing for resources, and there are legal and regulatory obstacles that need to be overcome.

All of our efforts are aimed at ensuring CaVirtex is a safe, secure and reliable Bitcoin exchange for Canadians.

[Transisto]

This may be an insignificant error but it's a bug nonetheless.

Top two Asks
June 13, 2013, 7:28 p.m.    29.6402/30.0000    105.66600    3131.96 CAD
June 13, 2013, 5:11 p.m.    3.6032/9.0000    105.88000    381.51 CAD

Trades
Processed    BTC    CAD    Price/BTC
June 13, 2013, 7:28 p.m.    0.3598    38.10    105.87999
June 13, 2013, 7:28 p.m.    2.1290    225.42    105.88000

Trade history
Processed    Traded    For    CAD/BTC
June 13, 2013, 7:28 p.m.    0.3598   BTC    38.10   CAD    105.87999

How was my 105.666 order eaten by 0.3598 @ 105.87999 ?

I wonder what kind of errors that engine would do with some more volume.

[lightbox]

This may be an insignificant error but it's a bug nonetheless.

Top two Asks
June 13, 2013, 7:28 p.m.    29.6402/30.0000    105.66600    3131.96 CAD
June 13, 2013, 5:11 p.m.    3.6032/9.0000    105.88000    381.51 CAD

Trades
Processed    BTC    CAD    Price/BTC
June 13, 2013, 7:28 p.m.    0.3598    38.10    105.87999
June 13, 2013, 7:28 p.m.    2.1290    225.42    105.88000

Trade history
Processed    Traded    For    CAD/BTC
June 13, 2013, 7:28 p.m.    0.3598   BTC    38.10   CAD    105.87999

How was my 105.666 order eaten by 0.3598 @ 105.87999 ?

I wonder what kind of errors that engine would do with some more volume.

Because when you placed your ASK, there was already a higher BID (at 105.87999). so your order "ate" their BID first, then the rest stayed on the orderbook at the price you requested.

[Transisto]

Because when you placed your ASK, there was already a higher BID (at 105.87999). so your order "ate" their BID first, then the rest stayed on the orderbook at the price you requested.

lol you're right, I'm so not used to this on this exchange. (2-3$ spread)

[Transisto]

I suggest you create a locked Announcement thread, I''d like to be notified of when can expect to get back my withdrawal.

June 28, 2013, 3:50 p.m. - BTC Deposit and Withdraw known Issue - Click here

Our latest update caused an unexpected error that temporarily disabled BTC functionality. Rest assured that all pending BTC deposits are all still valid and will appear once we resolve the issue. BTC withdrawals are also unavailable during this time. We will keep you updated.

[arbitrage001]

Hey Jack, love the exchange, except for the cost to trade.

3% on both sides for a total of 6% per trade is a bit ridiculous.  I would like to see your trade fee go down to at very most 1.5% per side for a total of 3% per trade.  Looking at your numbers you would still be doing extremely well.

Keep in mind that Paypal only charges merchants 3% to accept payments.

Please consider getting in line with the other exchanges' trade fee's.

Thanks,

Have to agree with this one. No serious trader going to pay 3% per transaction. Bitstamp fee is reasonable low to be able to attract traders/market maker from mtgox to them

We live in a competitive world. Efficiency is the only way to run a viable business.

[Transisto]

A BTC exchange with "temporarily disabled BTC functionality"

I have a relatively large amount of BTCs stuck in the middle of nowhere and would like an ETA.

Ps: You could at least have disabled the withdrawal links if you knew it wouldn't work. (not everyone is reading the news section)