Bitstamp VS MTGox

[ch3weh]

Hi all,

I'm fairly new to bitcoin trading, but have dabbled on forex for some time.

Earlier in the week I registered for mtgox, but currently waiting to be verified. I've also had a look at this Bitstamp, but wondering how different it is.

Anybody here used both of them? If so, how would you compare the pros/cons of the two?

Cheers!

[davida]

I have little experience with Mt.gox.... but i have heard they are very slow for withdrawing funds..

BitStamp on the other hand I haven't had any issues like this. (Apart from when they blocked my funds until I provided ID, but I think mtgox did this too, and now it's standard if transferring money from your bank)

On bitcoinity, if you look at this market share chart, you will see that with a 6 months span mtgox provided to around 50% of the market, but in the past 30 days it has leveled out with bitstamp and actually bitstamp held bigger market share than mtgox for the first time (i think)... Around 30% each, this just shows how people are losing faith in Mtgox and prefer bitstamp for many reasons...

http://bitcoinity.org/markets/list?currency=ALL&span=6m

I personally use bitstamp for the current true bitcoin price , that's not to say I don't also watch mtgox prices but I see it as inflated, maybe because this is where 90% of noobs exchange their first coins, idk.

Also if you buying in for the first time, bitstamps prices are generally lower than mtgox, so more bitcoin for your money i suppose...

[ch3weh]

I have little experience with Mt.gox.... but i have heard they are very slow for withdrawing funds..

BitStamp on the other hand I haven't had any issues like this. (Apart from when they blocked my funds until I provided ID, but I think mtgox did this too, and now it's standard if transferring money from your bank)

On bitcoinity, if you look at this market share chart, you will see that with a 6 months span mtgox provided to around 50% of the market, but in the past 30 days it has leveled out with bitstamp and actually bitstamp held bigger market share than mtgox for the first time (i think)... Around 30% each, this just shows how people are losing faith in Mtgox and prefer bitstamp for many reasons...

http://bitcoinity.org/markets/list?currency=ALL&span=6m

I personally use bitstamp for the current true bitcoin price , that's not to say I don't also watch mtgox prices but I see it as inflated, maybe because this is where 90% of noobs exchange their first coins, idk.

Also if you buying in for the first time, bitstamps prices are generally lower than mtgox, so more bitcoin for your money i suppose...

That's some great info, thanks Davida. I'll check out bitstamp

[ch3weh]

I take it that the mtgox delay in withdrawing funds only exists for mainstream currencies (GBP, USD etc), and not for bitcoin withdrawals?

[RedGolpe]

Be aware that in the last couple of days fiat withdrawal from Bitstamp has been impossible. They acknowledged the problem and said they are working on it.

[epetroel]

I take it that the mtgox delay in withdrawing funds only exists for mainstream currencies (GBP, USD etc), and not for bitcoin withdrawals?

Some people have reported delays with Bitcoin withdrawals, but my experience has been that 9 times out of 10 there is no delay.

Also, to say there's a delay getting out USD is a bit of an understatement.  It's pretty much impossible to withdraw USD from Gox at the moment.  If you are in the EU, SEPA transfers are possible but slow.  If you are in Japan, then you are in luck as the word is that JPY transfers work just fine.

[Martijnvdc]

I've got some pretty bad experience with mt.gox.
What exchange would you guys recommend for trading euro/btc?

[CoinArtist]

If I were you, I would definitely wait with a decision.

As pointed out Mt. Gox is quite a fail when it comes to withdrawals, which is basically unacceptable. Not sure if those withdrawal issues only affect fiat or also Bitcoin withdrawals. I think if your plan is to buy and hold and there are no issues when it comes to coin withdrawals at Gox, then you can go for it. If you plan to get fiat out again in the near future, you obviously should look somewhere else.

However, Bitstamp is currently also going down the drain. Massive lags for 24 hours, deposits are not being credited to accounts since last week although they've reached their bank and since these issues emerged there was just one vague statement from them on Monday, complete silence from that point onwards though shit got worse and worse.

So yea, I think both exchanges are having severe issues and wouldn't really recommend either of them, that's the sad truth.

Edit: The minute I wrote this, Stampman decided to give a life sign, stating the deposit issue has been resolved (https://bitcointalk.org/index.php?topic=38711.msg3652288#msg3652288). Can't confirm yet because I'm still waiting for my tranfers from last week. I'll update if that changes.

[RedGolpe]

I requested a withdrawal after their post but didn't receive the confirmation mail so apparently they're still working on the queue.

[Kenishi]

I take it that the mtgox delay in withdrawing funds only exists for mainstream currencies (GBP, USD etc), and not for bitcoin withdrawals?

If you don't live in Japan or don't plan to withdraw Japanese Yen from MtGox to a Japanese bank, don't use MtGox!
Withdrawing Japanese Yen is, what I heard, fast.
But withdrawing USD or EUR from MtGox is simply not possible... This since mid July!

Withdrawing bitcoins works perfectly. It takes about one minute to appear on blockchain.
When you withdraw bitcoins and the transaction doesn't show up on blockchain, then just wait 72 hours and don't panic.
The withdrawal will be made again but with another transaction ID.

Be aware that in the last couple of days fiat withdrawal from Bitstamp has been impossible. They acknowledged the problem and said they are working on it.

Bitstamp made an update about that issue.
They say that it is resolved.
https://www.bitstamp.net/article/banking-software-issues/

[RedGolpe]

Bitstamp made an update about that issue.
They say that it is resolved.
https://www.bitstamp.net/article/banking-software-issues/

Not really, see above.

[bobsmoke]

I had good experience with MtGox until July/August time frame. After that I waited 12 weeks for 1000 dollars withdraw and at the end I asked them to put the money back, bought BTC and switched to other exchange.
At the moment using Bitstamp which has been very reliable on withdraws, deposits and trades....the only think I would like to have on bitstamp is the yubikey that MtGox gave for free to  customers to enable 2 factor authentication for transaction

[RedGolpe]

the only think I would like to have on bitstamp is the yubikey that MtGox gave for free to  customers to enable 2 factor authentication for transaction

You can enable 2 factor authentication on Bitstamp with google authenticator.