Beware of MtGox.com

[zackron]

I'm sure this will be one of those instances were everyone decides to start slamming me for not doing my homework first, and telling me this is my own fault, which it probably is, but here goes anyway....

If anyone is thinking about using MtGox as a bit coin exchange, you should probably think twice.... Although they are very quick to accept any deposits or bitCoins you want to send them, getting any money out of them is another issue.   Back in July, I setup an account and went through all the hoops that they have setup to verify both myself, and to setup a verified U.S. bank account... Seeing how MtGox is supposed to be one of the largest BitCoin exchanges on the net, I figured they would be a safe place to start.... So, on August 5th I transferred 5 BTC to them, and sold them at market, planning on sending the proceeds to the account that I set up.

One month later, I still sit here, waiting for me withdraw to arrive.  At the time, their FAQ stated that I should wait 5 business days before asking about my withdraw.. when I did that, I was told that they were having to do withdraws manually and it would take 2 weeks.... at the 2 week mark, I was told it would take 3 weeks, now, at the one month mark, I was told that they will do it at some point, they just don't know when.

Fortunately, we are not talking thousands and thousands of dollars tied up here, but still it's not a small chunk of change (at least not to me).  What I've seen seeing here on the forums is that for months, Mt.Gox has been having issues with currency withdraws, especially to U.S. banks.  had I done my homework first, I might have seen that and looked for another exchange to use.  If you plan on only withdrawing BitCoins, then perhaps your experience will be better. But for now, I continue to wait, and hope that one day Mt.Gox will decide to send me the money they have been holding onto.

P.S. Does anyone know of a more reliable exchange that people in the U.S. can use where we won't have to wait months for withdraws to go through?  Thanks.

[monbux]

I'm pretty sure withdrawals in USD is pretty fucked up for MT.GOX at the moment...

[Bjork]

yep, stay away.

[JWU42]

P.S. Does anyone know of a more reliable exchange that people in the U.S. can use where we won't have to wait months for withdraws to go through?  Thanks.

Coinbase
bitbox.mx
CampBX

In no particular order...

The first two will use ACH and the last DWOLLA.

[lishbtc]

I'd say using Gox is all dependent on your level of risk aversion...

After waiting months to pull $20K out of Gox and growing increasingly weary of the broken promises etc, I ended up pulling out in BTC and converting to fiat via other methods.  I lost about $2K or so by doing this.

You'll note Gox exchange rates are higher than other exchanges - you can sell your BTC for more at Gox but you have to be prepared to increase your risk exposure as getting fiat out is (as so many others have pointed out) difficult at the moment.