Hi everyone,
I thought I'd quickly post my experience with igot since there's a bit of a mixed bag here so far.
I decided last week that I want to buy some Bitcoin. I didn't really know where to begin so I started researching how to go about it Friday morning.
I found 2 x exchanges that deal with Aussies that looked ok. Igot & Cointree.
After a bit more investigating including finding this forum - I decided on igot, mainly for the fees as I'm banking on Bitcoin going up which means 1% buy & 1% sell with igot will be less than 2% withdraw fee from cointree (if it goes up).
I don't know what this 4% I read in someones post is about??
I registered the free account. Asked some questions with support and got very quick answers which gave me more confidence so I decided to use BPAY to get my first lot of funds in to my igot wallet.
The process was VERY easy & clear. You do it all through the web interface and it gives you the biller code/reference etc.
There's 3 Levels of verification:
= Level 0 (requires basic contact information)
= Level 1 (two parts, 1st is more ID proof using Passport/Licence and a utility bill, the 2nd part is linking a bank account)
= Level 2 (making a Bitcoin purchase)
The Buy/Sell/Withdraw rates for each Level are:
= Level 0 10BTC/3BTC/0.001BTC
= Level 1 25BTC/50BTC/0.05BTC
= Level 2 250BTC/150BTC/250BTC
This is a summary of events from Friday morning when I signed up to today (Wednesday) when I made my first Bitcoin purchase:
18/7/14 Initial Signup - Level 0
18/7/14 Made BPAY deposit (informed that it takes 2-3 business days to clear)
18/7/14 Started Level 1 verification, part 1 - uploaded docs for verification
19/7/14 Part 1 of the Level 1 verification was rejected because my utility bill address (POBox) didn't match my licence
19/7/14 Did Part 1 again with different bill (approved 2 hours later)
19/7/14 Was sent email informing me that a deposit of $0.01 was made to my linked account and will have 12 digit code
22/7/14 $0.01 reached my account with 12 digit code. Plugged that in to the interface. Now Level 1 verified but my funds still haven't cleared my wallet
23/7/14 BPAY funds have cleared
23/7/14 Made first Bitcoin purchase which automatically triggered my Level 2 verification process (takes 7 days and has a counter "7 days left" next to the Level 2 verification)
30/7/14 TBC - I'll be verified Level 2
I can't believe it was that easy. Besides the hiccup with my bill having the wrong address on it (which was my fault) everything else was very straight forward and easy and I've deposited funds and purchased with confidence. Plus the rejection happened about half an hour after I logged off on Friday so they verify/respond very quickly. Also, note that the verification for Level 1 (second time around) happened on a Saturday!
Now I have to say it...... IGOT Bitcoin
Not only that but I bought in at $668 AUD and I just saw it get up close to $680
)))
Lastly, I asked about about other currencies and they said they're currently looking at implementing Litecoin, Darkcoin & Dogecoin! Awesome, although they don't have an ETA on it.
My rating:
10/10 - Security (includes 2 factor verification)
10/10 - Service (Julie was excellent and prompt her replies)
9/10 - Speed (although I don't know how it could be any quicker to clear funds, but note that purchase of BTC was instantaneous)
8/10 - Interface (some great tools here from graphs to detailed transaction history to future trades, but still a couple of graphs I would like to see. Plus the live trades page can lag)
9.5/10 - Overall. Very satisfied and I highly recommend the service.
Ultimately, this is why I took the time to write my review as I really don't like seeing people bag criticise a really excellent service such as igot. I understand that I'm a relatively new client but they've given me no reason to doubt that the service will continue as it's started. Perhaps I got lucky, but my experience so far has been flawless.
Good luck & happy trading people!
