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

[merkin51]

This is a great shame that a decent UK centric btc exchange is being screwed with by fraudsters. James, is there any news on your fraud report to the police?

[1714038398]

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[tork]

Post added to r/bitcoin reddit: http://uk.reddit.com/r/Bitcoin/comments/1upeaa/bitcoin_exchange_ltd_possible_scam_be_warned/

Michael Harris the guy appearing on https://bitcoinexchangeltd.com/order.php online chat support when its up claims he is just a chat operator unable to make decisions when challenged to rectify issues. However, http://www.whois-search.com/whois/bitcoinexchangeltd.com shows he is the registrant of this domain.

Will keep you posted of developments.

[MPOE-PR]

My name is James Richard Iddiols and I am the CEO of Bitcoin Exchange Ltd, the owners of bit121 with a website address of www.bit121.co.uk which is our only website address.
We do NOT have a website called bitcoinexchangeltd.com.

You'd best get that fully resolved before using your otherwise unestablished identity to ask that people trust in your business. Not that it was going much of anywhere to begin with. Go back and read the linked piece in my first comment. There are specific safeguards you can take against identity theft in BTC. That you are unaware of this bodes poorly for you whether we believe you're the victim here or not.

[tork]

If the Bitcoin Exchange Ltd - https://bitcoinexchangeltd.com - has stolen your BTC I would urge you to also file your own Action Fraud report:

• online at http://www.actionfraud.police.uk/home
• or phone 0300 123 2040 within UK, +44 161 234 9230 elsewhere

Action Fraud are now well aware of this scam, but adding your report to those already filed further raises its profile and likelihood of being stopped sooner.

[MatTheCat]

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.

If you send GBP from your bank to a EUR denominated account (SEPA transaction), you will get the banks GBP-EUR exchange rate which will be around 3%-5% above that of the actual exchange rate.

So, you will find that you are paying a hell of a lot more than just the 10GBP deposit fees!

As for bit121, I have registered but haven't used it yet. I want things to be much more transparent with the site layout than the 'bidding' into the dark thing that they got going on at the moment. Also this 'security' feature whereby coins are held in offline wallets and require a waiting period in order to allow a human to release them is bs. With something as volatile as Bitcoin, if I buy Bitcoins, I want control of them immediately! I don't want them sitting in some buggers offline wallet whilst their spending power possibly plummets.

....even Intersango was better than this ffs.

[glasgowbry]

I used bit121 to trade 0.38 bitcoin and got paid my £165 very quickly into my UK bank account

website bit naff, no order tables , needs to trade other coins too

other than that very honest !!!

good for us UK residents

[s1lverbox]

I used bit121 to trade 0.38 bitcoin and got paid my $165 very quickly into my UK bank account

website bit naff, no order tables , needs to trade other coins too

other than that very honest !!!

good for us UK residents

as newbie posting info about exchange which looks like school project ,means that 121bit must be legit. so u saying u paid 165 us dollars to UK account by exchange?

okpay allow now GBP to buy btc so this exchange is not needed anymore. close that scam and.move on...

[glasgowbry]

the website works !!!

Have you tried it yourself ?

[s1lverbox]

the website works !!!

Have you tried it yourself ?

If you look at the beggining i did register myself, i did have little walk about on their school project and thats it. im not that stupid to transfer any money to someone whos only contact was email address and it was wrong at the beginning.

No thank you, for advice about something from new created account which involves my money.

If you so succesful please use it and profit from it as much as u like.
Not only me question owners and others in thsi thread about this so called exchange.

And to many !!! signs in one sentence means buisness...which is nothing else than scam.
Even OP abandon his post so not that great after all.

[NghtRppr]

the website works !!!

Have you tried it yourself ?

If you look at the beggining i did register myself, i did have little walk about on their school project and thats it. im not that stupid to transfer any money to someone whos only contact was email address and it was wrong at the beginning.

So, in other words, no you haven't tried it.

[s1lverbox]

the website works !!!

Have you tried it yourself ?

If you look at the beggining i did register myself, i did have little walk about on their school project and thats it. im not that stupid to transfer any money to someone whos only contact was email address and it was wrong at the beginning.

So, in other words, no you haven't tried it.

So what u think trying is? Sending them btc? Sending them money?
Registration plus attempt of contact is enough to say "Yes i tried them".
I wouldn't use them even if they would have private details posted on website.

For some reason there is no info about this exchange. Complete oposite of Btc-e or gox.
Now when Okpay allowing uk gbp to use for BTC this project is not needed any more.

[NghtRppr]

Registration plus attempt of contact is enough to say "Yes i tried them".

One would think that you need to actually trade bitcoins to say that you "tried" an exchange.

[s1lverbox]

Registration plus attempt of contact is enough to say "Yes i tried them".

One would think that you need to actually trade bitcoins to say that you "tried" an exchange.

If you have big balls enough, send them some money. I want to see your face when in return you will big NOTHING.

I will stay safe and will make sure people are aware that this is nothing more than just shady way of making money.
Besides, ceo newer reply about money transfers and cash deposits. As all transfers between uk accounts are free how you can justify charge of 10gbp for transfer in and 10gbp for out?

If you so sure about them please use them, and dont try to change the way i think about them and how this looks to me.

Fact is:
contact by email, saulty fees for deposits and withdraw, crap looking school project, abandoned thread and silly billy answers at the beggining of this post from CEO just shows how crappy scam this is.

[NghtRppr]

I will stay safe and will make sure people are aware that this is nothing more than just shady way of making money.

You've already admitted that you've never done business with them. Therefore you have no idea if it's a scam or not.

As all transfers between uk accounts are free how you can justify charge of 10gbp for transfer in and 10gbp for out?

If it's a scam then why are you complaining about the fees?

EDIT: I just got an email from bit121 so either you're lying or confused. I suggest you check your facts.

[s1lverbox]

I will stay safe and will make sure people are aware that this is nothing more than just shady way of making money.

You've already admitted that you've never done business with them. Therefore you have no idea if it's a scam or not.

As all transfers between uk accounts are free how you can justify charge of 10gbp for transfer in and 10gbp for out?

If it's a scam then why are you complaining about the fees?

EDIT: I just got an email from bit121 so either you're lying or confused. I suggest you check your facts.

Ohh, yeah. im lying. If you read instead posting crap without reading you would see why i mention about email, and funny way of contacting them.
You right, i have to send money to see if its scam or not. That does make sense.
i would complain if i had to pay the fees. but because i stay away from this so called exchange writing about fees and pointing that only idiot will pay for something which is free is my point of view and more than one(me) mention this in this thread.

As i said, obviously your balls are bigger than brain so go ahead and make few trades.
I will stay with BTC-e which is much better(look,usability etc) than school project called 121-whatever.

I will not answer any more to bump this crappy thread higher and to give free advertisement to 234bit.im.a.scam so dont bother explain me how legit they are.

[NghtRppr]

I will stay with BTC-e which is much better(look,usability etc) than school project called 121-whatever.

I think BTC-e looks like crap. So, your opinion isn't in very high regard with me.

[FlungSpun]

No evidence of a scam at bit121 from where I'm sitting.

I tested the site early Jan and transferred ~ £750 out to my UK bank
Flawless next day deposit - I prefer a flat rate to a % for the volumes I'd likely be trading out anyway.
I'll still complain about the £10 though


Before I traded there I had some issues with TFA which support was quick to reply and offer assistance on. Turned out it was my laptop anyway.

There is much to be done with improving the site -
Bit121 sent out an user input email couple of weeks back asking for suggestions / improvements to raise trade volumes.
I'm sure they got hit with a loud and clear message regards order book and associated data. Anyone else get that one ?
Some things seem to be being implemented as now there is an order book of sorts.

Communication with the community seems a bit lax as I wasn't aware of any updates being done to the site until I looked.

Anyway I'd use them again, other options all take longer and cost benefit is debatable as far as I can tell.

[s1lverbox]

I will stay with BTC-e which is much better(look,usability etc) than school project called 121-whatever.

I think BTC-e looks like crap. So, your opinion isn't in very high regard with me.

True, thats my opinion but lets see how many people using btc-e and how many 123bit.whatever?
If market graph and order book is for you something which is not needed in exchange i can see you are no more than just kid in front pc. Again this is my opinion...

[s1lverbox]

No evidence of a scam at bit121 from where I'm sitting.

I tested the site early Jan and transferred ~ £750 out to my UK bank
Flawless next day deposit - I prefer a flat rate to a % for the volumes I'd likely be trading out anyway.
I'll still complain about the £10 though


Before I traded there I had some issues with TFA which support was quick to reply and offer assistance on. Turned out it was my laptop anyway.

There is much to be done with improving the site -
Bit121 sent out an user input email couple of weeks back asking for suggestions / improvements to raise trade volumes.
I'm sure they got hit with a loud and clear message regards order book and associated data. Anyone else get that one ?
Some things seem to be being implemented as now there is an order book of sorts.

Communication with the community seems a bit lax as I wasn't aware of any updates being done to the site until I looked.

Anyway I'd use them again, other options all take longer and cost benefit is debatable as far as I can tell.

So you saying that bit12345.whatever is cost effective? Really? I dont see the point paying extra 10+10 just for benefit buying in gbp. I can easily buy btc or other coins using gbp, usd or any other fiat.

[FlungSpun]

No evidence of a scam at bit121 from where I'm sitting.

I tested the site early Jan and transferred ~ £750 out to my UK bank
Flawless next day deposit - I prefer a flat rate to a % for the volumes I'd likely be trading out anyway.
I'll still complain about the £10 though


Before I traded there I had some issues with TFA which support was quick to reply and offer assistance on. Turned out it was my laptop anyway.

There is much to be done with improving the site -
Bit121 sent out an user input email couple of weeks back asking for suggestions / improvements to raise trade volumes.
I'm sure they got hit with a loud and clear message regards order book and associated data. Anyone else get that one ?
Some things seem to be being implemented as now there is an order book of sorts.

Communication with the community seems a bit lax as I wasn't aware of any updates being done to the site until I looked.

Anyway I'd use them again, other options all take longer and cost benefit is debatable as far as I can tell.

So you saying that bit12345.whatever is cost effective? Really? I dont see the point paying extra 10+10 just for benefit buying in gbp. I can easily buy btc or other coins using gbp, usd or any other fiat.

You might be right, I don't need to pay £10 to get in as I mine, trade / hold; I exit crypto for costs only so no need to bring fiat into the exchange for me.
From my point of view the trading fees are in line with others, exit to GBP is faster, and when dealing with amounts over my experimental £750 it's cheaper cheaper in fees.

If I was a small investor I'd be put off by the £10 deposit and the BTC 0.1 trade minimum so they should review those if the plan is for a vibrant GBP exchange.
I've been mining for some time and my biggest issue is getting a near instant ~3-£5k volume exit at a sensible price / hassle factor.

The landscape is changing fast but in mid Dec 2013 this put a smile on my face.
If they take on customer suggestions and volumes rise Bit121 would be ideal for me if past experience proves the norm.