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Author Topic: cavirtex.com - Canadian Bitcoin Exchange now LIVE  (Read 11449 times)
grady2000
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July 02, 2011, 07:00:16 AM
 #1

Hello all, after weeks of legal research and beta we are finally live and let Canadians Buy and Sell BTC, check us out at
www.cavirtex.com
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July 02, 2011, 12:35:54 PM
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Fantastic!  Congratulations, I hope your exchange is a resounding success.  It's functioned very well for me so far.
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July 03, 2011, 01:12:56 AM
 #3

we are finally live and let Canadians Buy and Sell BTC

 Added to wiki using basic template.  Please feel free to edit / improve.
 - http://en.bitcoin.it/wiki/VirtEx

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July 03, 2011, 03:08:52 AM
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Sweet, thank you
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July 03, 2011, 07:09:08 AM
 #5

It looks great. Glad to see you did some hard work to put it all together.  I found this part of the TOS interesting:

1.2 By using the VirtEx site and VirtEx services, you acknowledge and agree that:

1.2.1 this VirtEx site and the VirtEx services do not constitute a trading of, or an exchange in, securities, investment contracts or any document, instrument or writing commonly known as a "security", at law or otherwise;

1.2.2 Bitcoins do not constitute a currency, an asset or a form of property at law or otherwise;

1.2.3 Bitcoins have no inherent or underlying monitory or other value and may, at any time and without warning or notice, have no such value whatsoever;



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July 03, 2011, 07:29:42 AM
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monitory

Should that have been ‘monetary’?

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July 03, 2011, 11:30:04 PM
 #7

Added you to The Bitcoin List as well: http://www.thebitcoinlist.com/listing/virtex/

Still around.
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July 04, 2011, 12:04:30 AM
Last edit: July 05, 2011, 03:56:29 AM by phillipsjk
 #8

Yeah, I was excited until I read the VIRTEX TERMS OF SERVICE.

If Bicoins are not a currency or commodity security, what are they exactly? A novelty? Why should I trust an exchange that considers Bitcoins a novelty?

The line about no inherent value can probably be re-worded as well.

The sections that concern me more:
Quote
3.1 VirtEx retains the right to change or amend this Agreement at any time. You can check what terms and conditions are in effect by reading the Agreement on the website (www.cavirtex.com).
That link does not even reference the terms of service. Clauses like this are common ernough that I have been considering writing a robot that would periodically (daily) crawl all of the websites I use and check if the "Terms Of Service" have changed. If they have, the bot would generate an e-mail with the diffs.

Quote
10.6 Because VirtEx is not and cannot be involved in user-to-user dealings, in the event that you have a dispute with one or more users, we hereby disclaim and you hereby waive any recourse to or against us and agree to release and indemnify us, our directors, officers, employees, agents and third-party contractors and suppliers, including those parties with whom we have contracted for marketplace design and technology (collectively "VirtEx parties") from and against any and all claims, demands, damages, losses, costs and expenses or every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes or any breach of this Agreement.
The word "indemnify" means I have to pay for their lawyers. I am also expected to cover any undisclosed indemnity agreement they have entered into as well.

Quote
13.1 If you have not used your VirtEx account for more than 1 year, VirtEx will charge an inactivity fee of $50 per month up until such a time when the account balance reaches zero.
The account draining clause is quite steep. It is not clear what happens to any bitcoins, since the agreement only talks about Canadian dollars (Article 16).

Quote
18.1 ANY CLAIM, DISPUTE, OR CONTROVERSY (WHETHER IN CONTRACT, TORT, OR OTHERWISE, WHETHER PREEXISTING, PRESENT OR FUTURE, AND INCLUDING STATUTORY, COMMON LAW, INTENTIONAL TORT AND EQUITABLE CLAIMS CAPABLE IN LAW OF BEING SUBMITTED TO BINDING ARBITRATION) AGAINST VIRTEX, its agents, employees, officers, directors, successors, assigns or affiliates (collectively for purposes of this paragraph, "VirtEx") arising from or relating to this Agreement, its interpretation, or the breach, termination or validity thereof, the relationships between the parties, whether pre existing, present or future, (including, to the full extent permitted by applicable law, relationships with third parties who are not signatories to this Agreement), VirtEx's advertising, or any related purchase SHALL BE RESOLVED EXCLUSIVELY AND FINALLY according to the Alberta Arbitration Act R.S.A. 2000, c. A-43. The place of arbitration shall be Calgary, Alberta, Canada. The language of the arbitration shall be English. The arbitration will be limited solely to the dispute or controversy between Customer and VirtEx. Any award of the arbitrator(s) shall be final and binding on each of the parties, and may be entered as a judgment in any court of competent jurisdiction.
The "don't sue" clause.



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July 05, 2011, 03:21:02 AM
 #9

deposit fees sound pretty sweet, but I'd rather use a high volume American exchange and worry less about trading fees.

Quote
Fees: 1% of transaction value in either CAD (buying) or BTC (selling)
seems a bit steep, especially with all the trading fee specials going on right now.

Quote
0.01 (CAD/BTC) minimum
the trading fees on small trades are unprecedentedly high, major turn off

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No MD5s here: The MD5 hashing algorithm is known to be weak for storing password hashes. We do not use MD5 to hash your password. Nor will we be using something equivalently insecure.
would be better to say what you ARE using BEFORE bashing a documented standard. mystery standards are worse than a well documented bad standard.

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July 05, 2011, 03:33:36 AM
 #10

It looks great. Glad to see you did some hard work to put it all together.  I found this part of the TOS interesting:

1.2 By using the VirtEx site and VirtEx services, you acknowledge and agree that:

1.2.1 this VirtEx site and the VirtEx services do not constitute a trading of, or an exchange in, securities, investment contracts or any document, instrument or writing commonly known as a "security", at law or otherwise;

1.2.2 Bitcoins do not constitute a currency, an asset or a form of property at law or otherwise;

1.2.3 Bitcoins have no inherent or underlying monitory or other value and may, at any time and without warning or notice, have no such value whatsoever;


This section is to get around Canadian laws involving exchange of securities, which would require VirtEx be licensed as a bank (which in Canada is quite difficult to achieve and very expensive.). If Bitcoins are a currency the exchange would need to be licensed as a currency exchange, a smaller expense and pain but still quite bad. #3 should probably be re-worded or dropped because it will put off people with a big investment in bit coins and I can't see a legal need for it

Canada has very strict banking laws, which is the biggest reason why there are really only 5 Canadian banks which are all enormous. .
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July 05, 2011, 03:45:23 AM
Last edit: July 05, 2011, 04:03:56 AM by phillipsjk
 #11

I get the impression that 1.2.3 is there so that the Arbitrator sides with Cavirtex when you complain they took all of your Bitcoins. Maybe I am just being cynical.

Bitcoins do have value: they are backed by proof-of-work and a public transaction history. It is possible people won't value them in the future, but for now they have value.

When I was reading 1.2.1 and 1.2.2, I was thinking: Why does it matter what I think they are? If there are legal issues in dealing with a commodity or currency, doesn't it only matter what the regulators think?

There is a good argument for saying it is not a currency: it is not backed by any Government. Most the laws dealing with currency assume currency must be backed by government. Using that logic, Canadian Tire money is not considered a currency either. Both Canadian Tire money and Bitcoin are "Money" (a medium of exchange).

I suspect "Security" has a similar specific legal definition. I don't know why I equated securities with commodities earlier. Edit: I believe commodities have inherent value; ruled out by 1.2.3.

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March 10, 2012, 04:12:17 AM
 #12

VirtEx doesn't have much coverage here from the OP so I'll post an email I got which provides some updates:

Quote
From: *@cavirtex.com
Subject: VirtEx Canada Update March 5 2012
Date: Tue,  6 Mar 2012

VirtEx Update for March 5, 2012  - www.cavirtex.com

1.      Now active with hyperwallet -  You can now deposit and withdraw funds with Hyperwallet at www.hyperwallet.com. One of the unique features they provide are INSTANT transfers from a credit union account 24/7! All hyperwallet deposits and withdrawals cost only $0.25 billed by Hyperwallet, no additional fee will be charged by us until Apr 1,2011!
2.      New Fraud Prevention Measures - More stringent verification checks are being performed on first time transactions and new accounts.  We are working with the banks and law enforcement to prevent fraudulent transactions.  We take payment fraud very seriously and are constantly improving our verification system. For those users who are already verified, our administrative team may be contacting you by telephone to confirm certain details of your account.  We appreciate your cooperation to help make VirtEx a secure and trusted exchange.
3.      Volume Increase -  on track to break 10,000 BTC per week!  We just had some large merchant and mining organizations join us, you will now see better spreads, increased volume and larger order values. If you would like your limits increased, please contact us.
4.      Administration Fees for breaching our Terms of Service -  Attempting to circumvent our terms of service or deposit limits creates extra administration work for VirtEx.  Depending on the case, a fee of up to $50 will be charged.  You are only allowed one account with Virtex and multiple accounts must be consolidated.  Any payment made to your account must originate from your identity.  Always use the notification system BEFORE making any deposits.
5.      Announcements - Our announcement page contains very important information for our users, do not skip the announcements and ensure you read them carefully.  Do not rely on email notifications for changes to the system, always refer to our announcement page (shown every time you log in to your account).
6.      Exchange Improvements - Virtex is developing new features and functionality for the exchange.  Details will be posted on the announcement page.  We appreciate your suggestions on features you would like to see and invite you to email your suggestions to admin@cavirtex.com.

> hyperwallet deposits and withdrawals cost only $0.25 billed by Hyperwallet

Nice!

> Volume Increase -  on track to break 10,000 BTC per week!

Very nice!


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April 18, 2012, 11:31:28 PM
 #13

Looking to switch bitcoin banks.  I am looking to make my first withdrawl.  I am on MTGOX and they want me to send in a scanned government ID as well as a utility bill of some sort or government proof of residence.  Is this required on Virtex or can I just deposit with my banking information?   I do not have a scanner to scan my ID, I am a student living in rental properties so I do not have a utility bill and if I did it wouldnt match my permanent address.  Also I don't think MTGOX has paypal either.  Not looking to jump through hoops to withdraw my money so I am looking to switch banks and am planning on registering with virtex later.  Thanks in advance for any info cheers.
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April 19, 2012, 12:03:37 AM
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Looking to switch bitcoin banks.  I am looking to make my first withdrawl.  I am on MTGOX and they want me to send in a scanned government ID as well as a utility bill of some sort or government proof of residence.  Is this required on Virtex or can I just deposit with my banking information?   I do not have a scanner to scan my ID, I am a student living in rental properties so I do not have a utility bill and if I did it wouldnt match my permanent address.  Also I don't think MTGOX has paypal either.  Not looking to jump through hoops to withdraw my money so I am looking to switch banks and am planning on registering with virtex later.  Thanks in advance for any info cheers.

Good luck finding any that do not require verification the same as you do need here if you want to use this service on a regular basis.
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April 19, 2012, 12:15:00 AM
 #15

Cavirtex.com Unverified Transfer Limits

If you wish to use the service unverified, you are only allowed to:

    deposit up to $1,000 by cash
    withdraw up to $300 by Direct Deposit
    deposit or withdraw via hyperWallet

Amount limits are applied on a 90 day time frame.
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April 19, 2012, 10:24:33 AM
 #16

Finally a good canadian bitcoin exchange!
I will use this now.
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April 19, 2012, 01:52:23 PM
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LOL @ the don't sue clause. Do they really believe such crap has any legal means?  Roll Eyes Do they think we are so idiot? Remember guys, the law is more important than any idiot clause.

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April 19, 2012, 08:14:25 PM
 #18

LOL @ the don't sue clause. Do they really believe such crap has any legal means?  Roll Eyes Do they think we are so idiot? Remember guys, the law is more important than any idiot clause.

Have you seen the Hyperwallet terms? Guess crazy terms is par for course in Canada
http://www.hyperwallet.com/legal/terms-of-use.html
Under 12.Jurisdiction
Quote
You agree to waive any right you may have to: (i) a trial by jury, and (ii) commence or participate in any class action against hyperWALLET

Lol. Some payday loan companies tried the same thing and lost.



In other news I've used this exchange for almost a year without any problems so far.


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April 20, 2012, 01:32:17 AM
 #19

Hyperwallet no longer accepted....

For Canadians by Canadians: Canada's Bitcoin Community - https://www.coinforum.ca/
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April 21, 2012, 09:38:30 AM
 #20

$6 for a direct deposit. I thought this was expensive but I couldn't find anything better. I'll just have to wait until I mine $300 worth to do another "withdrawal"

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April 21, 2012, 12:26:51 PM
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Quote
You agree to waive any right you may have to: (i) a trial by jury, and (ii) commence or participate in any class action against hyperWALLET
ahahahahah

Do they think we are so idiot to believe this BULLSHIT?  Roll Eyes

Seriously, this is so epic fail.

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April 22, 2012, 07:31:20 AM
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You agree to waive any right you may have to: (i) a trial by jury, and (ii) commence or participate in any class action against hyperWALLET

lol! I am sorry, I could not help myself.

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April 22, 2012, 02:02:41 PM
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When i'm sad i open this thread and i laugh everytime  Cheesy Cheesy

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June 15, 2012, 06:11:28 PM
 #24

Since the exchange doesn't have a status thread, I'm posting an e-mail message from them regarding status:

Quote
From: *@cavirtex.com
Subject: cavirtex.com News Announcement - Jun 15 2012
Date: Fri, 15 Jun 2012 19:42:06 +0200

1.      Beta launch of Payza.com (formerly Alertpay) for withdrawing funds!
2.      Beta launch of Canada Xpress Post Bank Drafts!
3.      Updated Cash Deposit Policies, Change of Royal Bank Account Number and the addition of Bank of Montreal

Our July 1st anniversary is approaching and to date we have traded nearly $1.5 million CAD and we are only getting busier!  If you have not been to our site in a while, come back and check us out as we have many exciting changes underway!

1.      Beta launch of Payza.com (formerly Alertpay) for withdrawing funds - June 18th 2012
VirtEx has entered into a partnership with Payza (formerly AlertPay) so you can now sell Bitcoins on VirtEx and withdraw the CAD to your Payza account! You do not need to be verified by VirtEx to withdraw with Payza.

With over eight million users, Payza has a credit card that you can load with funds, effectively turning your Bitcoins into a credit card balance within hours! You will not be able to fund your VirtEx account with Payza but there are many other options for withdrawing your funds from Payza. Visit www.payza.com for more details and to open an account.

The fee to withdraw from VirtEx is shown in the table below; however, as part of our exclusive partnership with Payza, you will not be charged any additional fees by Payza to receive the funds.

Withdrawals: $25 to $10,000
Verification required: No
VirtEx Fee: $25-$500 = 3.0% Fee, $500.01 and above = Flat Fee of $15

When our beta is over we will officially launch this withdrawal method on our site. During beta, you must e-mail us (admin@cavirtex.com) your request to withdraw with Payza and include:
1.      The gross amount you wish to withdraw
2.       Your  Payza account email address

All Payza transactions will be processed at 4PM (MST) six days a week (Mon-Sat). We do have plans to automate the withdrawals with Payza's API to make them instant and available 24/7 once the volume of requests increases. In the meantime, you can phone us for an instant rush Payza withdrawal for an additional $5 administration fee.

2.      Beta launch of Canada Xpress Post Bank Drafts
You can now sell Bitcoins on our exchange and withdraw the CAD as a bank draft which we will mail to you via Canada Xpress Post! You do not need to be a verified user to use this option.

When our beta is over we will officially launch this withdrawal method to our site. During beta, you must e-mail us (admin@cavirtex.com) your request to withdraw via Bank Draft and include:
1.      The gross amount you wish to withdraw
2.      The name the bank draft is to be made out to
3.       Your mailing address if you are an unverified user or if you would like it sent to a different address then we have on file for verified users (this can be uploaded through our secure server as well)
4.      Special Instructions for signature. The default send type will be no signature required.
The fee for this service is $40 and includes:
1.      Bank draft fee (1 bank draft per withdrawal, additional bank drafts are $10)
2.      Xpress post postage to any address in Canada
3.      Our administration cost

An additional $40 administration fee will be charged in the event you need us to cancel the un-cashed bank draft.

Bank draft withdrawals will be processed once per week (on Mondays) during beta. You must submit your request before 8AM MST each Monday to make the cutoff for withdrawal. Xpress post delivery times are typically two business days so you should receive your draft the following Wednesday. Xpress Post tracking numbers will be emailed to customers Monday evenings.

Withdrawals: $50 to $9,900
Verification Required: No
VirtEx Fee: $40

3.       Updated Cash Deposit Policies, Change of Royal Bank Account Number and the addition of Bank of Montreal

You can now go in person to any Royal Bank or Bank of Montreal and make a cash deposit to fund your VirtEx account!

We no longer accept any form of online transfers to our bank accounts due to the potential for fraud/identity theft. All cash deposits must be made in person or by wire transfer. If a deposit is received through any kind of online customer to customer transfer, it will be rejected and returned to the account holder.

Our Royal Bank account number has also changed, please use the updated account number below. We will no longer be accepting deposits to our old Royal Bank account number as of June 22, 2012.

You must still make a cash payment notification from the Deposit Funds page PRIOR to making your cash deposit and it must be for the exact amount of your deposit including the cents portion matching the last 2 digits of your account number.

The teller should not charge you a fee to make your deposit as our account plan covers the fees to accept deposits. If they insist on charging you a fee ask for a manager and explain this to them. If you are still charged a fee, please send us the deposit receipt by e-mail to admin@cavirtex.com and we will have our bank manager contact that branch to avoid any fees in the future.

Always ask for and keep your cash deposit receipt.  You  can email a photo of your deposit receipt for faster crediting to your account. If you do not email your receipt to us, it will be processed by the next business day for Royal Bank. BMO cash deposits will be processed the same business day.

When making a deposit use our legal company name (1612643 Alberta Inc) and account numbers shown here:

Royal Bank
Transit#: 00563
Account#: 1003722
Institution ID: 003

Bank of Montreal
Transit#: 25009
Account#: 1051484
Institution ID: 001

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June 15, 2012, 06:53:13 PM
 #25

Unfortunate they no longer support online transfers to fund CAD accounts.
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June 15, 2012, 08:26:24 PM
 #26

Unfortunate they no longer support online transfers to fund CAD accounts.

The only change with online transfers is RBC to RBC is no longer allowed.  If you are verified you can still do online bill payment, or have them do a direct withdraw from your account, or direct deposit to your account.  To me it looks like they just removed their most risky money movement method, and added a bunch of cool new features.  Now if only they could get bitinstant attached....

+1
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June 16, 2012, 02:08:33 AM
Last edit: June 16, 2012, 02:20:45 AM by teflone
 #27

Unfortunate they no longer support online transfers to fund CAD accounts.

The only change with online transfers is RBC to RBC is no longer allowed.  If you are verified you can still do online bill payment, or have them do a direct withdraw from your account, or direct deposit to your account.  To me it looks like they just removed their most risky money movement method, and added a bunch of cool new features.  Now if only they could get bitinstant attached....

Incorrect..

No online method from your bank is allowed..

You must speak with a teller, and give them cash to send to their new accounts..

This is because of identity theft, and using a bank account that does not belong to you..


Cash, in person...  at the bank...

Virtex states this in their recent email.. and trust me when I say this is how it is..

"We no longer accept any form of online transfers to our bank accounts due to the potential for fraud/identity theft. All cash deposits must be made in person or by wire transfer. If a deposit is received through any kind of online customer to customer transfer, it will be rejected and returned to the account holder."

For Canadians by Canadians: Canada's Bitcoin Community - https://www.coinforum.ca/
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June 16, 2012, 02:17:39 AM
 #28

or direct deposit to your account.

You are referring to withdrawing from CA Virtex and direct deposit to your bank, right?  (even if it is TD, or whatever)

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June 16, 2012, 02:22:38 AM
 #29

or direct deposit to your account.

You are referring to withdrawing from CA Virtex and direct deposit to your bank, right?  (even if it is TD, or whatever)

Withdrawing is the same.. deposited like it always has been done..



Sending money to virtex.., No online method that a bank provides is allowed..


MUST be cash, presented to a teller..

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June 16, 2012, 02:35:34 AM
 #30


Sending money to virtex.., No online method that a bank provides is allowed..


MUST be cash, presented to a teller..


From their announcements:

June 15, 2012, 11:04 a.m. - No longer accepting RBC Online Transfers

We will no longer accept RBC to RBC online transfers due to the potential for fraud/identity theft. All RBC deposits must be made in person with cash or wire transfer. This is not to be confused with online bill payments which we still do accept.


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June 16, 2012, 03:26:23 AM
 #31


Sending money to virtex.., No online method that a bank provides is allowed..


MUST be cash, presented to a teller..


From their announcements:

June 15, 2012, 11:04 a.m. - No longer accepting RBC Online Transfers

We will no longer accept RBC to RBC online transfers due to the potential for fraud/identity theft. All RBC deposits must be made in person with cash or wire transfer. This is not to be confused with online bill payments which we still do accept.




lol

That wasnt in their email.. but ya, clearly on the annoucements..

Hmmmmmm..... Their email contradicts their announcements

I thought they didnt like those..

I stand corrected..  


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July 08, 2012, 02:49:53 PM
Last edit: July 08, 2012, 03:40:59 PM by Stephen Gornick
 #32

I just noticed in CA VIrtex's terms of service the restriction:

 "Your use of the VirtEx site shall serve to confirm that you are both 18 years of age or older and a Canadian citizen.".

 - https://www.cavirtex.com/terms

Is that something that is actually verified?  e..g, if a person deposits bitcoins and withdraws Payza (formerly AlertPay), would CA VirtEx ever know if the person is not Canadian?

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July 08, 2012, 07:56:51 PM
 #33

I just noticed in CA VIrtex's terms of service the restriction:

 "Your use of the VirtEx site shall serve to confirm that you are both 18 years of age or older and a Canadian citizen.".

 - https://www.cavirtex.com/terms

Is that something that is actually verified?  e..g, if a person deposits bitcoins and withdraws Payza (formerly AlertPay), would CA VirtEx ever know if the person is not Canadian?

Not sure but these steps, among others, are required in order to "verify ones account"*:

  • Scan or take a digital photo of your government issued photo ID showing your current address, full name, and signature (eg. drivers license). Passports are no longer accepted. All borders must be visible and the document must be in colour.
  • Scan or take a digital photo of a recent (within 3 months) utility or other personal bill which shows your name and address...



*"users can raise their deposit and withdrawal limits by verifying their bank account."

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August 04, 2012, 05:46:02 AM
 #34

The @CAVirtEx Twitter feed has the latest status of exchange, which happens to be down at the moment for an upgrade, or so they have reported:

"Our update is causing has caused a longer then usual delay to update our db our technicians are working on it now."
 - https://twitter.com/cavirtex/status/231579126035787777


 - http://twitter.com/cavirtex

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August 05, 2012, 07:44:19 PM
 #35

Hey, are you guys ever going to get your trading API working?  Lack of a trading API is why your spreads are so gigantic -- arbitrageurs can't bring the better MtGox prices to your customers.

The printing press heralded the end of the Dark Ages and made the Enlightenment possible, but it took another three centuries before any country managed to put freedom of the press beyond the reach of legislators.  So it may take a while before cryptocurrencies are free of the AML-NSA-KYC surveillance plague.
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August 17, 2012, 03:39:10 AM
 #36

Since the exchange doesn't have a status thread, I'm posting an e-mail message from them regarding status:

Quote
From: *@cavirtex.com
Subject: VirtEx Fee and Limit Increase Coming August 22, 2012
Date: Thu, 16 Aug 2012 22:30:23 +0200

1) Trade Fees Increasing
2) Trading Limit and Fund Transfer Limit Increase
3) Adding ScotiaBank for Cash Deposits
4) e-Interac withdraw plus many other features coming soon
5) Subscribe to @cavirtex on Twitter

1) Trade Fees Increasing
Due to increased operating costs our transaction fees will be raised as per the schedule below effective Wednesday evening Aug 22, 2012.  VirtEx is working pro-actively with Canadian legislation to operate a Bitcoin exchange.  When dealing with VirtEx, your funds are being held in Canada and under the protection of Canadian banking laws. Our mission is to become the first sanctioned and regulated exchange by the Canadian Government.  The cost to pursue this status is high and requires us to raise our fees.  The fee you are charged will be based on your 120 day BTC trade volume.  Your current 120 day trading volume will be used when this fee schedule goes live.
120 Day BTC Volume, Fee Schedule
Less than 100, 3.0%
100 to 300, 2.5%
300 to 600, 2.0%
600 to 1200, 1.5%
1200 to 2500, 1.0%
2500 or over, 0.5%

2) Trading Limit and Fund Transfer Limit Increase

a) The cash deposit limit has been raised from $1,000 to $9,000 per day. 
b) The withdrawal amount to your bank account via direct deposit has been raised to $5,000 per day. 
c) The trading limit (balance you can have in your account before a withdrawal is required) has been raised from $5,000 to $10,000.

3) Adding ScotiaBank for Cash Deposits
You will be able to deposit cash at any ScotiaBank location across Canada as of August 23, 2012.

4) e-Interac withdraw plus many other features coming soon

Here is a list of our features in development some of which to be released in the coming months:
a) Withdraw CAD via e-mail money transfer! (We will never accept EMT's due to fraud, we will only send out)
b) Trade fill and price alert e-mail notifications
c) Site redesign
d) Limit Orders (Buy and Sell above and below market when a certain price is last traded!)

5) Subscribe to @cavirtex on Twitter
When we have important announcements, if the website is in maintenance mode or down for any reason, an update will be posted on our Twitter page. Please subscribe to keep up to date on the latest VirtEx status and news.

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August 17, 2012, 04:06:11 AM
 #37

This fee increase can be discussed here : https://bitcointalk.org/index.php?topic=101165.msg1105653#msg1105653
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September 06, 2012, 03:33:43 AM
 #38

So I see another exchange (bitfloor) has been hacked.  How long until cavirtex is attacked?  Perhaps they can assure us in this thread that they do not store the bulk of our deposits online.
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September 06, 2012, 03:55:19 AM
 #39

Fair prices, good service, seems secure. Used them, will use again.

But a tip... invest in a better, more professional looking website, its a must now in 2012... plus, good looking and professional looking websites give a "trustworthy" feel to any site. (I know, a scamming site can just as well be good looking, but psychology doesnt agree :p)
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September 19, 2012, 05:12:26 AM
 #40

One of the slickest bitcoin wallet sites turned out to be a scam:
Who is Tom Williams? MyBitcoin.com Reappears with Statement Claiming Site Was Hacked

You should proably avoid storing large ammounts of money on any exchange, or your computer if used for day-to-day activites for that matter.


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October 19, 2012, 08:29:49 PM
 #41

Fair prices, good service, seems secure. Used them, will use again.

But a tip... invest in a better, more professional looking website, its a must now in 2012... plus, good looking and professional looking websites give a "trustworthy" feel to any site. (I know, a scamming site can just as well be good looking, but psychology doesnt agree :p)

the www.cavirtex.com website was updated today! fresh new design.

https://www.canadianbitcoins.com for quick & easy buy/sell with $CAD
Canada's Oldest Bitcoin Brokerage.  Serving Canadian Bitcoiners since 2011!
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October 19, 2012, 10:26:24 PM
 #42

the www.cavirtex.com website was updated today! fresh new design.

Wow great improvement and very good looking! congrat!

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October 19, 2012, 10:29:56 PM
 #43

You should announce it in the service announcement board https://bitcointalk.org/index.php?board=84.0

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October 20, 2012, 03:26:32 AM
 #44

They're not the best designers, lol, but I like the service. Use it all the time to buy BTC.
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January 07, 2013, 07:32:29 PM
 #45

I'd like to see Google Authenticator support. Thanks!
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January 07, 2013, 09:33:10 PM
 #46

How do the rates stack up vs mtgox and btc e?
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January 07, 2013, 09:42:31 PM
 #47

Deposit via CAD bank account is free and take about 24-48h. Exchange fees are rather expensive for low volume: https://www.cavirtex.com/faq#tx_fees
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January 08, 2013, 03:37:53 AM
 #48

Yeah, I was excited until I read the VIRTEX TERMS OF SERVICE.

If Bicoins are not a currency or commodity security, what are they exactly? A novelty? Why should I trust an exchange that considers Bitcoins a novelty?

The line about no inherent value can probably be re-worded as well.

The sections that concern me more:
Quote
3.1 VirtEx retains the right to change or amend this Agreement at any time. You can check what terms and conditions are in effect by reading the Agreement on the website (www.cavirtex.com).
That link does not even reference the terms of service. Clauses like this are common ernough that I have been considering writing a robot that would periodically (daily) crawl all of the websites I use and check if the "Terms Of Service" have changed. If they have, the bot would generate an e-mail with the diffs.

Quote
10.6 Because VirtEx is not and cannot be involved in user-to-user dealings, in the event that you have a dispute with one or more users, we hereby disclaim and you hereby waive any recourse to or against us and agree to release and indemnify us, our directors, officers, employees, agents and third-party contractors and suppliers, including those parties with whom we have contracted for marketplace design and technology (collectively "VirtEx parties") from and against any and all claims, demands, damages, losses, costs and expenses or every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes or any breach of this Agreement.
The word "indemnify" means I have to pay for their lawyers. I am also expected to cover any undisclosed indemnity agreement they have entered into as well.

Quote
13.1 If you have not used your VirtEx account for more than 1 year, VirtEx will charge an inactivity fee of $50 per month up until such a time when the account balance reaches zero.
The account draining clause is quite steep. It is not clear what happens to any bitcoins, since the agreement only talks about Canadian dollars (Article 16).

Quote
18.1 ANY CLAIM, DISPUTE, OR CONTROVERSY (WHETHER IN CONTRACT, TORT, OR OTHERWISE, WHETHER PREEXISTING, PRESENT OR FUTURE, AND INCLUDING STATUTORY, COMMON LAW, INTENTIONAL TORT AND EQUITABLE CLAIMS CAPABLE IN LAW OF BEING SUBMITTED TO BINDING ARBITRATION) AGAINST VIRTEX, its agents, employees, officers, directors, successors, assigns or affiliates (collectively for purposes of this paragraph, "VirtEx") arising from or relating to this Agreement, its interpretation, or the breach, termination or validity thereof, the relationships between the parties, whether pre existing, present or future, (including, to the full extent permitted by applicable law, relationships with third parties who are not signatories to this Agreement), VirtEx's advertising, or any related purchase SHALL BE RESOLVED EXCLUSIVELY AND FINALLY according to the Alberta Arbitration Act R.S.A. 2000, c. A-43. The place of arbitration shall be Calgary, Alberta, Canada. The language of the arbitration shall be English. The arbitration will be limited solely to the dispute or controversy between Customer and VirtEx. Any award of the arbitrator(s) shall be final and binding on each of the parties, and may be entered as a judgment in any court of competent jurisdiction.
The "don't sue" clause.




When he says "novelty" he might just mean that it is in no way a government-recognized currency.  If, for example, someone gambles online using bitcoins received through trades on the site, he can't get in trouble because the currency is being acknowledged as a novelty item and not a currency.
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January 08, 2013, 05:12:48 AM
 #49

Fantastic!  Congratulations, I hope your exchange is a resounding success.  It's functioned very well for me so far.
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January 20, 2013, 03:58:38 PM
 #50

Is the site down at the moment?
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January 20, 2013, 04:06:06 PM
 #51

Is the site down at the moment?
Yes.
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January 20, 2013, 05:41:46 PM
 #52

It's back.
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January 20, 2013, 05:57:49 PM
 #53

Thanks for checking / the update
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April 13, 2013, 11:23:53 PM
 #54

There have been some updates that didn't make it here so I'm posting them below:
 - https://www.cavirtex.com/news?page=1


Quote
April 2, 2013, 12:46 p.m. - RBC Cash Deposits Closing, Cash Processing and EMT Changes

1. Our Royal Bank account will be closing on April 5, 2013. Cash payments will no longer be accepted at any RBC branch after April 5, 2013. You may still make cash payments to BMO and Scotiabank. Bill payments are not affected by this close. 2. As a result of the closure of RBC, email money transfer fees will be raised from $10 to $20 starting April 5, 2013. We advise all customers to use the direct deposit method to withdraw CAD from their VirtEx account. Unverified users can use direct deposit to withdraw up to $5000 per day and $10,000 per month. 3. We are no longer processing RUSH cash payments, instead, we are increasing the number of times we process cash each day.



Quote
April 6, 2013, 11:03 a.m. - Important Customer Service Update

Due to the increase in BTC trading volume and price, VirtEx is busy! We are working hard to get back to each voicemail and email, process payments quickly and are in the process of hiring new team members. Direct deposit and bill payments have been taking about 3 business days to complete. If you are new to VirtEx, please check out the videos on our YouTube channel about depositing funds and trading before contacting us as many of your questions are likely answered in the videos. We appreciate your business and thank you for your patience.





Quote
April 12, 2013, 12:39 p.m. - *** IF YOU ARE WAITING FOR A RESPONSE FROM CUSTOMER SERVICE ***

We are responding to every e-mail and voice-mail and currently have a list of 400 customers to get back to due to the high volatility. We have also just hired 6 more staff dedicated to customer service and account verifications. The most common inquires we get are from people failing to read the Deposits and Withdraw Funds link above fully. We also have a youtube video Depositing with VirtEx, please watch this video as well as the trading video on our channel by clicking on the youtube icon above. If you have made a cash deposit you MUST have a corresponding open deposit request shown on Deposit Funds when logged into your account, this involves pressing DEPOSIT and then CONFIRM on the next page. We do not process RUSH cash deposits, we have a dedicated team processing cash throughout the day. EMT's have been disabled due to the RBC closure, we are taking steps to re-enable them with different banks and payment providers with much higher limits in the coming weeks, in the meantime unverified users can withdraw via direct deposit and by filling in their banking information. There is an up to 5 business day delay on receiving a direct deposit to your bank account. If you sent BTC to your VirtEx account and you have 6 confirmations with no balance increase please logout and then back in. Please be assured that we are working as hard as we can to hire resources, get back to every customer inquiry and decrease processing times for all payments.

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May 04, 2013, 12:16:17 AM
 #55

Latest updates:

Sorry I don't know how to put fancy quote boxes around these quotes.  Who knows how??

Quoted directly from https://www.cavirtex.com/news:

April 21, 2013, 2:54 p.m. - ***Upcoming Changes*** Click here

We have expanded our customer service and verification team, please be assured we will return your call same day if you get our voice mail. We will also be moving to a ticketing system for support to better handle all requests as well as adding plenty of youtube videos and vastly expanding our FAQ to help you use VirtEx more effectively. We are aware of the micro order abuse and will be imposing policies and order minimum's to solve this issue. We will also re-enable the withdrawal via e-mail money transfer. These changes as well as many other minor improvements will be live in the coming weeks. We are still hiring resources and preparing for our marketing and merchant API(shopping cart plug-in) launch, this will dramatically increase our volume and liquidity. Please subscribe to our youtube and twitter feeds for live updates as they occur!

May 2, 2013, 5:15 p.m. - Scotiabank Cash Shutdown

Scotiabank has decided to shut our account down today. I received 2 hours notice. We will be appealing this decision with president of Scotiabank and ombudsman if necessary and keep you posted. This only affects CASH deposits, online bill payments can still be made from your scotia account. On a positive note cash deposits are still possible at BMO and we will have other options for cash deposits (one of which being Money Mart) that we will announce shortly. Online bill payments and EFT direct withdraw (coming this week) are still options to deposit. We have also received many suggestions on payment methods and will be adding new options in the coming months. Our legal team and MSB license are our greatest assets in these efforts.


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May 04, 2013, 12:21:17 AM
 #56

This thread seems better suited to the service discussion sub forum.  Can we move it over?
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May 04, 2013, 01:25:48 AM
 #57


Sorry I don't know how to put fancy quote boxes around these quotes.  Who knows how??


[ quote ] bla bla [ /quote ]  without the spaces inside the []s

Quote
bla bla

Or just hit "Reply with quote" to a message and take a look at what it shows you.

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June 19, 2013, 07:42:06 PM
 #58

As a bookend to this thread there is now a CaVirtex forum user and an "official" support / announcements thread:

Official CaVirtex.com Thread
 - http://bitcointalk.org/index.php?topic=218435.0

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