Are you trading CAD on Cavirtex? (virtexCAD) Post your thoughts on current rate!

[maursader]

Hello fellow Canadians and international folk that use Cavirtex.com,

First off, I'd like to mention that I don't work for them in any way, and this is a purely speculative thread.

Canada has a really, really stable bitcoin market in the sense that prices don't change that often, and trades happen once every 5 minutes or so.
The only time prices change rapidly is when there's breaking news, or major markets internationally change rapidly, then it seems like we follow suit.

I feel like the traders on virtex are super conservative (which is why there are trades every 5 minutes or so.. sometimes every 30 minutes to one hour.

Do you guys think we'll pass the $200 mark in CAD?

What are your thoughts on the whole Canadian bitcoin market at virtex? Where are we headed to? Any break-through? I'm interested to know what you guys think.

Cheers

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[hacknoid]

I've noticed that up until mid summer, CAvirtex tended to trade at higher rates than other markets (we were about 5% over the "going rate"); over the summer, that reversed and we were behind - about 10% or more for about a month (which opened up great buying opportunitues for sites that priced merchandise on Bitcoin based on the bitstamp rate).  Currently we still trade a bit lower.

I guess I take this as Canada historically being more enthusiastic about buying bitcoins up until the reversal, and now we are kind of hanging back, being more conservative and just following the trend.

Volumes are definitely down.  Makes it more difficult in figuring out where to place the limit orders, since the price changes so quickly now!

Do you guys think we'll pass the $200 mark in CAD?

Definitely, but not before Bitstamp does.  I see us staying between 0-5% lower than Bitstamp in general.  I think Canadians will be willing to buy BTC at the accepted market rate, but won't be going overboard and driving the price up over that.

What are your thoughts on the whole Canadian bitcoin market at virtex? Where are we headed to? Any break-through? I'm interested to know what you guys think.

I just don't think we have the volume to be a market driver; proportionally (if we have the same mentality as on the US markets) we "should" have about 10% of the volume that we see in US$; we don't - its more like 1-2%.  That tells me we either are more conservative (maybe we are good savers?), and/or the US$ market has a lot more traders than just from the US.

I have traded on Virtex, and I really like the platform.  It feels solid, and they have really good customer service.  Overall, it feels like a more professionally run business.  However, they just need some real competition now!  Maybe VoS will start challenging it's lead in Canada.

[maursader]

According to the chart below, we should be expecting some increased volatility upward (or down) in the CAD market. If you buy in at $180, you'd need to sell at $182.xx to break even having covered the fees.

It seems like resistance is pretty high as well:

[ehoffman]

I'm on CaVirtex too, and I think all those results are really understandable.

First, for the prices that are now lower than Gox, the problem is actually Gox itself, not Virtex.  In fact, Gox had problems paying (among other set of problems) users, and with the U.S. setbacks, method of trading shutting down (LibertyReserve and al.), etc.  it's harder to get money in and out.  And doing so incurs higher fees.  As such, prices now tends to trade higher on Gox.

Also, Gox is no longer the center of the Bitcoin trading economy.  As a proof, BitPay, who used to rely on Gox prices for payment processing, is now basing it's exchange rate on the average of several exchanges (and no longer just Gox).

So, Virtex, as other exchanges too, are all generally lower exchange rate than Gox.  They are all in the same area, except Gox that is always 10~20% higher.  So that explains Virtex 'lower' prices.

As for the stability, well, it's all a matter of volume.  CaVirtex has much lower volume than, say, BTC-e or Gox.  Also, people tend to jump on the defensive much quicker than the offensive.  So you often see the price retract fairly quickly during a mini-crash, but does not revert as quickly on the uptrend.  Often a small dip on Gox will get people nervous and sell, but takes a few minutes/hours to reach the same price as before when the volume is low.

Hope this explains a few things

Eric

[Equus]

Ca Virtex has high transaction fees, and I see it mainly as a forum for moving Canadian Dollars into and out of the bitcoin economy, not so much as a forum for day trading.  I buy on Virtex and speculate on MtGox or BTC-e.


  Canada's climate and electricity rates favour mining, and most of the time CaVirtex's price is driven down by Canadian miners selling on an exchange that has Canadian bank accounts and Canadian laws.

  In spring 2013 there was lots of coverage in Canada, and many Canadians moved money onto Virtex in the run up to the bubble.  I bought a handful of bitcoins in 2011 after hearing about them on Search Engine, and the neutral or positive coverage on the CBC helped me get the nerve to buy more in early 2013 along with many other people. 

All the Canadian dollars that I have put into bitcoin flowed easily to Virtex as an online bill payment with no fee.  Way more pleasant than wiring money to Japan or Russia.  Late in the spring we speculators/adopters overwhelmed the miners, and we had to pay an unpleasant premium to buy on CaVirtex.

I notice that it is getting gradually harder to move money into and out of CaVirtex.  I think that this is contributing to the dominance of the miners again.  I suspect, though, that if the current rally continues and the CBC starts talking about it again we will see "investors" push CaVirtex up at least to match BitStamp USD, and likely to surpass MtGox CAD again.

[ehoffman]

Yes, I do like the "easiness" of Virtex too.  Well, compared to the americans who have no much choices.

And I too do speculation on BTC-e, although I'm bad at it hehe

But prices are also driven by "local" mentality.  How it's seen on the specific exchange.  In other words, on each exchanges, it just "work that way around here".  This taught apply to so many places in real life...  People get used of seeing a norm, and derogating from it just seem out of line for that specific environment.

[bitcoin carpenter]

when price goes up enough that CAVirtex can lower its fees to .5 we will see less of a spread, as canadians with more btc bring them back into cavirtex to day trade.

as it is Cavirtex only has enough depth to bring in small time btc traders, but it shows the strength in the canadian market when mom and pop btc buyers can average 500 btc trades a day

If i was them I would put in a clause that if you trade more than 200 btc a month you can reduce your fees to a competitive level...
judging by the amount a CAD on this forum there is a lot of room for volume growth in CAD Exchanges

[ehoffman]

If i was them I would put in a clause that if you trade more than 200 btc a month you can reduce your fees to a competitive level...
judging by the amount a CAD on this forum there is a lot of room for volume growth in CAD Exchanges

It does work that way...  For exchange rates.  So in a sense it does compensate (lest conversion fees save more money for withdraw/deposit fees).

Ref: https://www.cavirtex.com/fees

[maursader]

Seems like $188 is pretty steady for CAD yesterday, although some guy was selling over 100 btc @ 164. Tried to buy, but when I submitted the order, they evaporated already.

[maursader]

I stand corrected, it's at $200 now

[bitdigger2013]

Anyone else having issues after being verified and depositing for months they are requiring more verification. I need to wait until someone does a phone verification...they told me this while on the phone (LOL) with them asking where my vogogo payment was since it had been 3 business days and funds not shown up yet.

[adamstgBit]

Anyone else having issues after being verified and depositing for months they are requiring more verification. I need to wait until someone does a phone verification...they told me this while on the phone (LOL) with them asking where my vogogo payment was since it had been 3 business days and funds not shown up yet.

i use vogogo their was no problems, i was verified already tho.

[bitdigger2013]

I AM verified..cash and online.....been depositing for months. All of a sudden they are holding my funds...they said this is a new thing. However when I started my deposit 3 days ago no one called me or sent me an email about new verification requirements. They even told me they should have sent out an email telling people there are new verification requirements so they would know before they made new deposits. Now they are not releasing my deposit until someone calls me.

This is mostly an FYI to others before you make new deposits check with them in case you get your funds held also.

[adamstgBit]

214!!

wow

should i log in? 

[maursader]

I AM verified..cash and online.....been depositing for months. All of a sudden they are holding my funds...they said this is a new thing. However when I started my deposit 3 days ago no one called me or sent me an email about new verification requirements. They even told me they should have sent out an email telling people there are new verification requirements so they would know before they made new deposits. Now they are not releasing my deposit until someone calls me.

This is mostly an FYI to others before you make new deposits check with them in case you get your funds held also.

+1 I can confirm this, went through it too. Took more than a week to clear.

btw: BTC @ 214 CAD still

[maursader]

What does the end of this chart tell you? Seems like we're above/below average at the same time?