Announcing a new bitcoin exchange with UK banking - www.bit121.co.uk

[bit121]

Hello. This is Jim Iddiols, CEO of bit121.co.uk.

Our bitcoin exchange has been operating for nearly a week now and I would like to express my thanks to all who have registered and especially those of you that have started trading. We hope that you have had a good experience and will spread the word.

As a result of the much appreciated comments and feedback already received, we are pleased to advise that we have reduced our deposit and trading limits. Our minimum deposit has been reduced from £500 to £50 and our minimum trade has reduced from 1BTC to 0.1 BTC. We have also prioritised our plan to implement 2 factor authentication and hope to implement this soon. Just give us a little time.

We are very pleased with our first week of operation. We have received a very satisfactory number of new registrations of which a good number have gone through the verification process and have executed trades. To date, all deposits and withdrawals have gone through very quickly – all have processed within 48 hours. And we have received some very complementary comments about the layout, format and information provided for our customers in the Account Statement. In addition, our cold storage security procedures are working successfully just as we expected. The downside of this is that you may have to wait up to an hour, when you withdraw coins, while we take them out of cold storage.   

Finally, we do appreciate that our site may not be the most attractive, but our immediate priority was on functionality rather than looks, and so far we are very pleased. We hope you will join us.

Best Regards
Jim

[1714677139]

1714677139

[1714677139]

1714677139

[1714677139]

1714677139

[Super T]

How do I view the order book?

[flowgo]

Hello. This is Jim Iddiols, CEO of bit121.co.uk.

Our bitcoin exchange has been operating for nearly a week now and I would like to express my thanks to all who have registered and especially those of you that have started trading. We hope that you have had a good experience and will spread the word.

As a result of the much appreciated comments and feedback already received, we are pleased to advise that we have reduced our deposit and trading limits. Our minimum deposit has been reduced from £500 to £50 and our minimum trade has reduced from 1BTC to 0.1 BTC. We have also prioritised our plan to implement 2 factor authentication and hope to implement this soon. Just give us a little time.

We are very pleased with our first week of operation. We have received a very satisfactory number of new registrations of which a good number have gone through the verification process and have executed trades. To date, all deposits and withdrawals have gone through very quickly – all have processed within 48 hours. And we have received some very complementary comments about the layout, format and information provided for our customers in the Account Statement. In addition, our cold storage security procedures are working successfully just as we expected. The downside of this is that you may have to wait up to an hour, when you withdraw coins, while we take them out of cold storage.   

Finally, we do appreciate that our site may not be the most attractive, but our immediate priority was on functionality rather than looks, and so far we are very pleased. We hope you will join us.

Best Regards
Jim

Unable to deposit please complete account verification form? The link didn't work for me?

[flowgo]

Is this a nonrunner?

[bit121]

Hi,

Jim Iddiols again from bit121.

Thanks for the comments. Much appreciated.
Just to advise ... we have a number of people who have now used the exchange, traded bitcoins, deposited and withdrawn funds. We're pleased how things are going!
I'm not sure if you are aware, but we have also reduced our trading fees to 0.25% for everyone. (Home Page looks a lot better too!)

It would be great if some of our customers were to add a comment or two.

For anyone who want to know a little about me, please see my profile on LinkedIn. 
uk.linkedin.com/pub/jim-iddiols/2/113/875


 

[londonslack]

ill give it a look - worries that the poster only has a couple of posts

[Sc@rF@c3]

I cannot find any reviews or people that have used this site.

Has anyone used this site, and is it LEGIT?

Regards  Scar

[Sc@rF@c3]

Just did some reading on the site

I don't get this statement, how would cash be accepted?

"IMPORTANT NOTICE: Cash payments will not be accepted and will not be credited to your account. They will be held, pending an investigation by the appropriate authorities. We must operate this rigorous Anti-money Laundering (AML) policy to prevent criminal activity on the site."

Quite a scary statement for a first time visitor, needs a better explination

[Mjbmonetarymetals]

Just did some reading on the site

I don't get this statement, how would cash be accepted?

"IMPORTANT NOTICE: Cash payments will not be accepted and will not be credited to your account. They will be held, pending an investigation by the appropriate authorities. We must operate this rigorous Anti-money Laundering (AML) policy to prevent criminal activity on the site."

Quite a scary statement for a first time visitor, needs a better explination

That would be crediting their account via depositing cash directly at a kiosk in the bank, which could result in a large aml/KYC migraine. Online bank to bank transfers from a persons account is required here I should say.

Sounds like a good notice rather than scary at least it shows their aware of their Know Your Client requirements.

Disclaimer : I've just signed up with them I haven't used their service so due diligence is required on your own part.

[efc17]

Hi

Good news.  I signed up today.  Still not worth my while transferring GBP there as prices are high and the £10 deposit fee is a little off putting.

I'm sure I will use it at some point in the future maybe against the arbitrage or for  a faster GBP - BTC conversion.  How long does tranfer take BTW is it instant UK - UK?

Any plans for LTC or more trading options in the future?

Great to see a UK bank to BTC route again it's been long overdue. 

[s1lverbox]

Ok, so first look at the website and...look shit. Sorry, but to many signs which put you off trading with them.

After registration and confirming email everything looks alright.
Once i started reading TOS- deposit charge, minimum for withdraw and for deposit is 50gbp.
Warning about investigation if you will try to deposit via cash.

And about trading itself...no graphs only buying/selling option. Really-no volume, dosnt look like anything happening there.
site looks like build in rush.
Maybe its just me.

Will see how it will goes. For now:
Our fees are as follows:
£10.00 for all deposits
£10.00 for all withdrawals
0.25% fee on all trades. not that cheap if u really trading large amounts.

If u will send money via sepa to Btc-e u will pay no more than 20pound. which is 10 for deposit and 10 for withdraw with bit121.


Not really so good is it?

Contact option: Only email
Minimum trading is 0.1BTC

Not to positive for now.


Edit:
I tried to send email from gmail account to them, this is what i found few minutes after sending:

Delivery to the following recipient failed permanently:

     info@121bit.co.uk

Technical details of permanent failure:
DNS Error: Domain name not found

Site is secured by cloudflare but this have nothing to do with them. So maybe founder or ceo will try to explain why main contact address dosnt work?

[Jeemusu]

£10.00 for all deposits
£10.00 for all withdrawals

This is ridiculous...

Faster Payment transfers from UK banks to UK banks are FREE... how do you justify charging users £10.00 for all deposits AND withdrawls ?

Why should I a UK bitcoiner switch to using bit121 instead of just doing a SEPA transfer to Kraken which is also £10.00, but only 0.09 Euros to do a withdrawl?

[Sindelar1938]

Glad to hear of more exchange operators out there
Not so good to hear of steep withdrawal and deposit fees
Hopefully will settle down to be a good service

[s1lverbox]

£10.00 for all deposits
£10.00 for all withdrawals

This is ridiculous...

Faster Payment transfers from UK banks to UK banks are FREE... how do you justify charging users £10.00 for all deposits AND withdrawls ?

Why should I a UK bitcoiner switch to using bit121 instead of just doing a SEPA transfer to Kraken which is also £10.00, but only 0.09 Euros to do a withdrawl?

I might be wrong, but I think they charging that because they know they will fail andoney must be made somehow.  joke is to pay for something which is free. if i want to buy BTC I can go to forum and pay that 20 more and get it without using expensive exchange with 0.25% fee.

[BigLad]

Great news but, why would a legit exchange use Hushmail as their mail servers?

Code:

bit121.co.uk		MX	
preference:	10
exchange:	plsmtp1.hushmail.com
300s
bit121.co.uk		MX	
preference:	10
exchange:	plsmtp2.hushmail.com
300s

Don't get me wrong, this is exactly what I am looking for being a UK resident but with the high fees and above info I think I have good reason to be cautious?

[s1lverbox]

Great news but, why would a legit exchange use Hushmail as their mail servers?

Code:

bit121.co.uk		MX	
preference:	10
exchange:	plsmtp1.hushmail.com
300s
bit121.co.uk		MX	
preference:	10
exchange:	plsmtp2.hushmail.com
300s

Don't get me wrong, this is exactly what I am looking for being a UK resident but with the high fees and above info I think I have good reason to be cautious?

for now the best option is to watch and just comment about this. personally I wouldn't risk put 50quid to this couple weeks old exchange. second worrie is lack of info. no address, no phone, no info who is the owner. if anything will happen who u gonna chase if email address fail when u trying contact them. this days anyone one can have site secured with SSL for few bobs. site itself looks really like school project. maybe.I'm wrong and it will be succesfull but will see. remember there was someone who tried setup exchange and failed big time. mtgox had account.closed in UK. btc-e not rushing to give UK green light for deposit in GBP. must be a reason.

[e521]

Great news but, why would a legit exchange use Hushmail as their mail servers?

Code:

bit121.co.uk		MX	
preference:	10
exchange:	plsmtp1.hushmail.com
300s
bit121.co.uk		MX	
preference:	10
exchange:	plsmtp2.hushmail.com
300s

Don't get me wrong, this is exactly what I am looking for being a UK resident but with the high fees and above info I think I have good reason to be cautious?

for now the best option is to watch and just comment about this. personally I wouldn't risk put 50quid to this couple weeks old exchange. second worrie is lack of info. no address, no phone, no info who is the owner. if anything will happen who u gonna chase if email address fail when u trying contact them. this days anyone one can have site secured with SSL for few bobs. site itself looks really like school project. maybe.I'm wrong and it will be succesfull but will see. remember there was someone who tried setup exchange and failed big time. mtgox had account.closed in UK. btc-e not rushing to give UK green light for deposit in GBP. must be a reason.

have you checked this article? http://www.coindesk.com/barclays-bank-uk-bitcoin-exchange-bit121/
apparently bit121 doesn't use barclays directly but barclays refuses to comment on this.
personally I am waiting for ZipZap next year to poor some money into bitcoin and litecoin.

[MPOE-PR]

Hello. This is Jim Iddiols, CEO of bit121.co.uk.

Our bitcoin exchange has been operating for nearly a week now and I would like to express my thanks to all who have registered and especially those of you that have started trading. We hope that you have had a good experience and will spread the word.

As a result of the much appreciated comments and feedback already received, we are pleased to advise that we have reduced our deposit and trading limits. Our minimum deposit has been reduced from £500 to £50 and our minimum trade has reduced from 1BTC to 0.1 BTC. We have also prioritised our plan to implement 2 factor authentication and hope to implement this soon. Just give us a little time.

We are very pleased with our first week of operation. We have received a very satisfactory number of new registrations of which a good number have gone through the verification process and have executed trades. To date, all deposits and withdrawals have gone through very quickly – all have processed within 48 hours. And we have received some very complementary comments about the layout, format and information provided for our customers in the Account Statement. In addition, our cold storage security procedures are working successfully just as we expected. The downside of this is that you may have to wait up to an hour, when you withdraw coins, while we take them out of cold storage.   

Finally, we do appreciate that our site may not be the most attractive, but our immediate priority was on functionality rather than looks, and so far we are very pleased. We hope you will join us.

Best Regards
Jim

Hi Jim. See here.

Those unsure about whether to sign up/deposit/etc: your reading is here.

[desper]

Great to see a bitcoin exchange based in the UK.

Some comments about bit121:
Where are the charts showing price and trading volume over time?
Where can I see the order book?
I feel as if I am blind when I try to trade with this site.

Secondly, I don't like the separate "buy" and "sell" tabs which are similar to MtGox. I find it easy to get confused and enter a sell order instead of a buy order, or vice versa. I think btc-e has about the best user interface of any exchange--if you just replicated their interface and the level of reliability of their site, it would be great.

[dolphin101]

It was starting to sound encouraging.. until after registration..

Then you realise there is too much that is off-putting for now.

The flat fees for bank transfer charges - fine for large amounts (if there was sufficient to engender trust for large amounts), but definitely off-putting for even a small amount as a test.

And where is the order book?

Where are any kinds of graphics showing trade history and volumes, market depth, etc?

Come on James (& Mark?) - please give us some more functionality .. ideally like Kraken, but mixed with the BTC-e!

Feels like you're too scared to disclose how small your market is.

For what its worth.. The Companies House records indicate:
BIT121 LIMITED
THE LONG BARN DUNCTON MILL
DYE HOUSE LANE
PETWORTH
WEST SUSSEX
ENGLAND
GU28 0LF
Company No. 08600850

And the public records confirm Jim's statement:
Current Director: Mr James Richard Iddiols
Previous: Mr Nicholas Paul Dann

They're also both listed for two other companies started earlier this year:
MIZACO LIMITED 08600881
BITCOIN EXCHANGE LTD. 08459694

For all three:
23/10/2013   Mr N.P. Dann left the board

For BITCOIN EXCHANGE LTD:
19/09/2013   New Board Member Mr Mark Timothy Vickery appointed