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Author Topic: CAVIRTEX - CANADIANS, STAY AWAY.  (Read 10644 times)
canadian_bitcoin
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November 06, 2013, 06:24:43 AM
 #1

LATEST UPDATE: The issue resolved, both deposits cleared, account re-verified.

Canadians, stay away from Cavirtex.

I registered with Cavirtex a while back, and as requested, I sent all the necessary documents to complete their verification requirements.

I signed their contract, the terms and conditions document. (That forces you into arbitration and releases them from everything, of course).
I sent them a color copy of my government issued ID, front and back.

I was then notified via my account (verification status, screenshot attached) that it has been verified.

This: http://i.imgur.com/0vWW41L.png, and then this: http://i.imgur.com/W2ys5ES.png

You would think this mean your account have been fully verified. Apparently not.

Everything was great until about a week ago, when I deposited a fairly sizeable amount of money to buy some bitcoins.
They not only took their sweet time in confirming the receipt of my payment, but went ahead and sent me a surprise request for more identification,  they for some reason needed  further proof of identity from me in order to release my funds.

_______________________

This email is to inform you about the new documents we will need for future depositing. Due to increasing fraud protection requirements for operating our Bitcoin exchange we require the following documents:

Please submit the front and back of your government issued photo ID showing your current address,it must be in color with all edges showing.

We no longer accept bank statements as a form of address verification please choose one of the following:
Tax bill (recent within 12 months) Notice of assessment
Electricity, gas, water, LAND LINE phone (not cellphone), TV, or Internet bill, (recent within 3 months)
House insurance certificate (for the current period).

Please go to the account verification link in your VirtEx account and use the secure encrypted upload feature to send us these documents. If you have a payment waiting to be credited, we must receive these documents and we must contact you by phone before we can credit the payment on your account. We thank you in advance for your co-operation and understanding on this matter.

Thank-you
Jennifer Kirk
Account Verifications

_____________________________________________________

Just in time, as I just completed a deposit! What a convenient time to change the policy! Did you notify all of your clients, because it sounds like I have been singled out.

Numerous requests to contact and to resolve the issue have been futile. In the time between me depositing the money and now, the price of bitcoin has gone up by $50 -60 a coin(costs me thousands by now.). Not only have they caused me to lose a size able amount of money as a result of their incompetence - which I in fact hope is just incompetence, and not an attempt to take advantage of deposits and give clients the runaround in the meanwhile, they have also managed to lock clients such as myself and thousands of others into unfair contracts which strip customers of their right to any means of legal protection other than an arbitration/mediation session.

Here are my questions for Cavitrex, now that it seems so difficult to find a resolution to this issue:

1- Why do your customers need to send you a copy of their TAX ASSESSMENT ? Tax assessments contain an enormous amount information (including your family situation,married/divorced/etc, number of children, medical and disability status of yourself and your dependents, SIN number, various tax credits that reveal all sorts of personal information, etc) and can be used to commit serious identity theft !  

How is this document more verifiable of my address and identification than my driver's license, which you can directly call and verify, either online or telephone, with the Ministry of Transportation, branch of the Government ITSELF? The same database that is used by the police to serve summons, warrants, apprehend and arrest, and enforce law in general. Good enough for courts and law enforcement, but not Cavirtex. Why on earth should we trust a non-regulated, unlicensed company which doesn't even trust its so called "clients" ? The other ID was a federally issued identification card, which would really be enough identification to become eligible as a candidate in federal elections. I could run for the Prime Minister office, however, not solid enough identification for Cavirtex.

To be fair, it does cost a whole $2.50 to pick up and dial the Ministry's number, which I have even offered to cover. Cavirtex did not seem to be interested. Revenue Canada, however, will not verify my information for VirtEx, in case VirtEx will try to call them.

Instead they suggest: "If you do not have any of these documents we require a Tenancy Agreement, attestation of lodging signed by your landlord, *****your landlord's picture ID as described above***** and a third party bill in your name and address."  A third party bill, but in my name? What?

So now I need to get my  landlord's photo ID, both front and back, with edges clearly visible, of course. How does one obtain picture IDs of rental property corporations? Should their CEO send Cavirtex his driver license (with clearly visible edges, of course) would the CFO suffice? Or should I demand the property manager gets everyone on the corporate board/trustees to send Cavirtex all of their personal info, including their dental records, just to make sure? Are you really telling me to get the superintendent to give me a copy, back and front of his personal photo identification, so that I can "send some money to Cavirtex in another province to buy bitcoins"? Really?

2 -What will happen to the losses you have caused my investments as a result of your tardiness, inefficiency, and lack of regard for customers, is this how you intend to treat anyone who dares to transact in anything larger than a couple of bucks? My transaction fees alone on this SINGLE transaction would be HUNDREDS OF DOLLARS. Are you after repeat customers at all?

3- Why my request for a callback has been ignored? Is it that hard to tell me if ONLY TWO IDs (one federal, one provincial, with AN ACTUALLY VERIFIABLE ADDRESS) are sufficient?

4- You say this is because of increased fraud, then why am I being notified just as I deposited money, and not when your policy was changed? Am I being singled-out? How am I to trust your company with protection of my private information, if you cant even protect your own company from fraud and have to resort to such methods? Does not instill confidence to say the least.

No bank, brokerage, insurance or trust company has EVER demanded my tax assessments and my landlords photo ID, even though I've cleared thousands of futures contracts round-trip daily. They all honored the contract they were a party to, never applied changes retroactively, and provided ample notice on every future change of terms, instead of surprising me with some kind of unreasonable demands soon after I actually try to use their service. Instead it actually seemed they were trying to compete for my business, and I frequently received very, very deep discounts for repeat business, instead of sudden demands for full tax assessments and landlord photo IDs. Note, all of those businesses are tightly regulated. You advertise your company as an investment vehicle, I sure hope your investors read this thread. Is this how you treat investors also?

Your reputation matters. How are you going to rectify this very unpleasant situation?



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November 06, 2013, 03:01:52 PM
 #2

LATEST UPDATE:

spoke with Joseph David, their CEO, this morning. Provided some docs to him while on the call, and he promised to rectify the situation by noon, MST.  Will keep you guys posted.

------
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November 06, 2013, 04:09:00 PM
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Thanks.  keep me posted on this.
I actually just submitted my documents yesterday to be verified, so i'm waiting on it.  Hopefully this isn't the standard practice!

Edit:  Just to confirm though, when I signed up on Monday, I had to provide one of these:

Tax bill (recent within 12 months) Notice of assessment
Electricity, gas, water, LAND LINE phone (not cellphone), TV, or Internet bill, (recent within 3 months)
House insurance certificate (for the current period).

I was not able to provide a bank account information.  So it does appear that they did update their policies, however it is stupid that it screwed you over and you had to re-verify.  At least grandfather the policy for those who made a deposit while they were a verified user and notify that if you want to deposit more or withdrawal, you'll have to re-verify some documents.  That would be best practice.

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November 06, 2013, 06:40:05 PM
 #4

That's awful man. I'm sorry you went through that.

Where else can you buy them though?

Mt. Gox? They have awful verification requirements as well and if you sell your BTC there for CAD it takes MONTHS to get the CAD deposited in to your bank account.

https://localbitcoins.com/ ? The "street price" is often %15 higher than cavirtex.

Has anyone used the (cavirtex) Vancouver ATM? is it less bullshit and a fair price (fee wise)?

These appear to be the options in Canada, at the moment, which sucks.

Oh yeah, there's also https://www.canadianbitcoins.com/ endorsed by Havelock.com - I've never used them though.
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November 06, 2013, 06:49:59 PM
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The other easy merchant is called quickbt.com

They are legit, however currently you can only buy 0.2BTC right now and only use Interac online to pay, so you must be banking with Scotia, RBC, TDCT or BMO.

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November 06, 2013, 07:42:25 PM
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You guys could also be interested in my cross-post on reddit, it got some traction also:

http://www.reddit.com/r/Bitcoin/comments/1q0fhs/cavirtex_stay_away_canadians/
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November 06, 2013, 08:08:46 PM
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Thanks, I'll take a look.  I don't think i'll deposit anything until I hear from you and get feedback on what happens.  Keep us updated. Thanks.

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November 06, 2013, 08:28:51 PM
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Sure, if you going to smear them, do it on 2 forums.  Ive been doing business with them for over a year with no problems. Verified with NO PROBLEMS!  I received a prepaid debt card in 4 days, loaded it and used it, NO PROBLEMS! Ive always been answered promptly when emailed.  Thank you Virtex!  For making an extra effort to root out the scammers!
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November 07, 2013, 12:03:19 AM
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LATEST UPDATE:

spoke with Joseph David, their CEO, this morning. Provided some docs to him while on the call, and he promised to rectify the situation by noon, MST.  Will keep you guys posted.

------


It's past noon - what's the word?

I use Cavirtex, so I'm curious.

I'm into creating universes, smiting people, writing holy books and listening to Prayer Messages (PMs).
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canadian_bitcoin
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November 07, 2013, 12:22:32 AM
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Hey Vod.


I got both deposits credited and was able to trade bitcoin immediately after that, although virtex did go down for a few minutes here and there, nothing totally unexpected.


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November 07, 2013, 12:30:03 AM
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vogogo payment system disappeared from my TD account, this blows.... any one know of a Canadian site where i can just use my credit card to buy btc?
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November 07, 2013, 12:49:46 AM
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vogogo payment system disappeared from my TD account, this blows.... any one know of a Canadian site where i can just use my credit card to buy btc?

Not that I can find.  If someone does know, please let me know! I'm curious to find out.

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November 07, 2013, 01:19:08 AM
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I doubt that would come up, credit card payments are reversible, and too much fraud.
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November 07, 2013, 01:49:55 AM
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I doubt that would come up, credit card payments are reversible, and too much fraud.

besides quickbt, i know there are a few that accept email money transfer.  If you want me to find some reputable ones, let me know and I can some for you.

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November 07, 2013, 02:04:02 AM
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Sure, if you going to smear them, do it on 2 forums.  Ive been doing business with them for over a year with no problems. Verified with NO PROBLEMS!  I received a prepaid debt card in 4 days, loaded it and used it, NO PROBLEMS! Ive always been answered promptly when emailed.  Thank you Virtex!  For making an extra effort to root out the scammers!

I've been with them since they were in beta; never had any problems. 

When I had any questions or suggestions I sent them an email and they were very quick to respond.
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November 07, 2013, 04:00:27 AM
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Warning: Today I noticed that CAVIRTEX has slyly implemented an inactive account fee. 

Their TOS states that you will charged $50CAD per month if your account has not had any trades for a year.  This charge will be made in BTC until your account becomes empty.  I received no email notification about this, even though I have notification emails enabled (the default setting).

To add insult to injury, the inactivity fee listed in my account transactions is -4BTC.  It was made on October 30th, and from a quick check of historical charts it looks like the trading rate was about $210 that day.  At that rate they have charged me a fee of roughly $840 for my inactive account.  I have already opened a support ticket and I am crossing my fingers that it is a mistake.

I feel that if they were implementing this inactivity fee in good faith they would have sent many emails leading up to the application of this fee.  I also feel like your account should receive a warning every month leading up to the date the fee is applied.  There is no way to look at this situation without seeing it as them taking advantage of people who are not active traders and who are instead relying on them to keep their BTC safe.

I have held BTC with cavirtex since mid 2011 when they went live.

I wanted t post this in the "official" cavirtex thread (https://bitcointalk.org/index.php?topic=218435.0), but because I have just created my account I can not do so.  I am eager to hear Jack Lewis or Joseph David's response on this matter as they seem to pride themselves as being entirely above board and interested in maintaining a good relationship with the community. 
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January 10, 2014, 05:58:35 AM
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I'm a first time newbie here.  So anyone please feel free to direct me to the right place if I've got it wrong posting this here.

My question;

Does anyone know who the real named CEO for CaVirtex is?  Is it Joseph David or Paul Scovri (with the Calgary address)?  And who are his leading company cronies, their history, contact phone numbers, email IDs, etc.?  It would be nice if their information was readily available on their website for all to see.  Especially for their customers who they require detailed ID & banking credentials from?

I'm a little amazed at my own eager stupidity for signing up with them and giving them all of my personal info, when they seem to provide very little about themselves.  Oh well...  Live and learn I guess.  Serves me right for being too trusting and careless.

A distant work colleague once jokingly told me; "Never trust anyone with 2 first names."  Smiley
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January 10, 2014, 06:09:21 AM
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I'm a first time newbie here.  So anyone please feel free to direct me to the right place if I've got it wrong posting this here.

My question;

Does anyone know who the real named CEO for CaVirtex is?  Is it Joseph David or Paul Scovri (with the Calgary address)?  And who are his leading company cronies, their history, contact phone numbers, email IDs, etc.?  It would be nice if their information was readily available on their website for all to see.  Especially for their customers who they require detailed ID & banking credentials from?

I'm a little amazed at my own eager stupidity for signing up with them and giving them all of my personal info, when they seem to provide very little about themselves.  Oh well...  Live and learn I guess.  Serves me right for being too trusting and careless.

A distant work colleague once jokingly told me; "Never trust anyone with 2 first names."  Smiley

Everyone there uses an alias. Joseph David, Jennifer Kirk, ect. I think Joseph may have legally changed his name to Joseph David though but for sure JD is a shady guy.

I'm willing to throw some BTC at a private eye to get us the real lowdown on the JD and the other "voices" of virtex.

Who else is with me?
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January 10, 2014, 06:14:44 AM
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That's less to do with the verification process sadly and more the company being run by a bunch of wankers.
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January 10, 2014, 06:28:01 AM
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Never trust anyone with 2 first names.
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