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CoinRnr
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January 21, 2014, 05:26:04 PM
Last edit: November 12, 2014, 06:05:50 AM by CoinRnr
 #1

Closed.
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mxxx363
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January 23, 2014, 05:26:36 PM
 #2

Noticed this disclaimer at the bottom of the page:

In compliance with AML regulations, we reserve the right to hold any deposits that appear suspicious.

So what exactly is "suspicious"? Seems like a pretty broad umbrella that enables you to hold cash if you so choose.
CoinRnr
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January 23, 2014, 06:29:10 PM
 #3

Noticed this disclaimer at the bottom of the page:

In compliance with AML regulations, we reserve the right to hold any deposits that appear suspicious.

So what exactly is "suspicious"? Seems like a pretty broad umbrella that enables you to hold cash if you so choose.

The right to hold suspicious deposits is simply to comply with federal law. We will ONLY hold a deposit if we are filing a suspicious transaction report with FinCEN. Financial reporting is taken very seriously and is not something that can simply be thrown around as an excuse.
CoinRnr
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January 24, 2014, 01:54:07 PM
 #4

bump!  Tongue
testbotbtc
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January 25, 2014, 02:18:32 AM
 #5

Thanks CoinRnr!  I usually don't write reviews unless I am very pleased or very disappointed.  Since this is such a new (and in the BTC world therefore risky) service, I felt it was my duty to report on my transaction.

I actually came across your site when I saw a listing of yours on localbitcoins (TerryCoin?).  I was about to make a purchase but you took the listing down just before I was able to submit it.  I was a bit disappointed until I saw the link to your site.

1) I submitted my purchase info (email address, BTC address, how much to buy, etc.)
2) I went to the bank and made a deposit (using an out of state deposit slip)
3) I scanned and uploaded the receipt with my order number written on it.

After uploading the receipt I went to fill a glass of water.  When I got back, the transaction was already submitted to the BTC network!  I personally don't care about super fast service (since I wasn't spending them immediately), but I know that this is very important for many people, so for those that do care, it was very fast!  CoinRnr claims to send within 15 minutes, but I think I got mine in less than 1.

(Sorry if my "Cons" seem overly critical, but I wanted to find at least 5 things for each category and, to be honest, was a little hard. Tongue)

Pros:
  • Easy to use and friendly UI
  • Well written and easy to follow instructions
  • No ID required (at least at my bank)
  • 5% premium over Bitstamp (I believe this is what it came to on my order.)
  • Small but very reasonable window of time to drive to the bank
--Overall, very good!--

Cons:
  • Small hassle of having to scan/photograph a receipt (This is not a big deal to me whatsoever, but it's merely a note to those that find it inconvenient)
  • Via Terms: "We reserve the right to cancel any transaction at any time prior to the release of bitcoin."  This is a policy that I do not like for one simple reason.  If the price goes up, are able to cancel a transaction with this clause.
  • Via Terms: "In accordance with these policies, CoinRnr reserves the right to hold payments that appear suspicious until a suspicious activity report has been filed and cleared with law enforcement."  This has been addressed above in prior comments.  If this is in fact simply a requirement of AML/KYC, then there isn't really anything we can do about it.
  • Lack of an escrow account on a 3rd party.
  • New service with almost no known reputation. (Feel free to correct me if I am wrong.  That being said, everyone has to start this way!)
--Overall, reasonable!--


Overall rating

I highly recommend CoinRnr's service!  It's super new and therefore has almost no backing reputation, so of course be careful.  I obviously can't speak for anyone else, but my experience was smooth and pleasant!  Thanks again!
MPOE-PR
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January 25, 2014, 02:26:02 AM
 #6

Hi BCT,

The goal of CoinRnr is to cut out the absurd wait times that is common amongst USD/BTC conversions. We allow users to both buy and sell bitcoin directly to us without the wait time, risk, and trouble of dealing with individuals. In order to do so, we accept cash deposits directly to one of our US based bank (currently Bank of America and Wells Fargo but looking to add others in coming months) accounts as a means of purchasing bitcoin. Most orders are processed within 15 minutes of payment confirmation during business hours.

My name is Mazin and I'm the owner of CoinRnr.com and it's parent company CM Technologies LLC in Raleigh, NC. https://CoinRnr.com

As a launch promotion, we are currently waiving our 2% processing fee!

Our pricing is not decided directly by any other exchange or market and is instead based on our personal supply and demand on that given day. On average, the price is usually ~3-7% above bitstamp. Below is a brief summary of our order process for both buying and selling bitcoin. For more specifics on our order process, please check out our tutorial on both buying and selling bitcoin here: https://coinrnr.com/tutorial

Buy Bitcoin: https://coinrnr.com/order/step1
-Fill out the 'buy bitcoin' order form on CoinRnr.com
-Take cash and deposit the total amount of your order in to one of our business bank accounts (BOA or WF currently)
-Upload your receipt as proof of payment
-Receive bitcoin(s), usually within 15 minutes!

Sell Bitcoin: https://coinrnr.com/sell/step1
-Sign up for a CoinRnr account
-Upload one form of government issued ID
-Fill out the 'sell bitcoin' order form and select your desired delivery speed (3 business day, next business day, same day wire)
-Send your bitcoin(s) to the automatically generated payment address
-Receive USD ($) via bank transfer (United States ONLY)

We are available during normal business hours via Live Chat on our site should anybody have any additional questions or concerns. If you miss us there, contact support@coinrnr.com anytime for help.

We know you have many options when it comes to exchanging USD/BTC and we appreciate you considering us!

Mazin
CoinRnr.com

Hi Mazin.

It'd be a good idea to introduce yourself formally, with your qualifications and all, and to get a WoT identity going.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
CoinRnr
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January 25, 2014, 02:45:03 AM
 #7

Thanks CoinRnr!  I usually don't write reviews unless I am very pleased or very disappointed.  Since this is such a new (and in the BTC world therefore risky) service, I felt it was my duty to report on my transaction.

I actually came across your site when I saw a listing of yours on localbitcoins (TerryCoin?).  I was about to make a purchase but you took the listing down just before I was able to submit it.  I was a bit disappointed until I saw the link to your site.

1) I submitted my purchase info (email address, BTC address, how much to buy, etc.)
2) I went to the bank and made a deposit (using an out of state deposit slip)
3) I scanned and uploaded the receipt with my order number written on it.

After uploading the receipt I went to fill a glass of water.  When I got back, the transaction was already submitted to the BTC network!  I personally don't care about super fast service (since I wasn't spending them immediately), but I know that this is very important for many people, so for those that do care, it was very fast!  CoinRnr claims to send within 15 minutes, but I think I got mine in less than 1.

(Sorry if my "Cons" seem overly critical, but I wanted to find at least 5 things for each category and, to be honest, was a little hard. Tongue)

Pros:
  • Easy to use and friendly UI
  • Well written and easy to follow instructions
  • No ID required (at least at my bank)
  • 5% premium over Bitstamp (I believe this is what it came to on my order.)
  • Small but very reasonable window of time to drive to the bank
--Overall, very good!--

Cons:
  • Small hassle of having to scan/photograph a receipt (This is not a big deal to me whatsoever, but it's merely a note to those that find it inconvenient)
  • Via Terms: "We reserve the right to cancel any transaction at any time prior to the release of bitcoin."  This is a policy that I do not like for one simple reason.  If the price goes up, are able to cancel a transaction with this clause.
  • Via Terms: "In accordance with these policies, CoinRnr reserves the right to hold payments that appear suspicious until a suspicious activity report has been filed and cleared with law enforcement."  This has been addressed above in prior comments.  If this is in fact simply a requirement of AML/KYC, then there isn't really anything we can do about it.
  • Lack of an escrow account on a 3rd party.
  • New service with almost no known reputation. (Feel free to correct me if I am wrong.  That being said, everyone has to start this way!)
--Overall, reasonable!--


Overall rating

I highly recommend CoinRnr's service!  It's super new and therefore has almost no backing reputation, so of course be careful.  I obviously can't speak for anyone else, but my experience was smooth and pleasant!  Thanks again!

Thanks for the kind words! I'm glad you had a good first experience with CoinRnr. I understand your concern on some of the wording in our terms. We can work on revising it some but we just wanted to cover all of our bases. I want to assure all of you that we will never cancel a transaction simply due to a price change. Our goal is to run a fast reliable service that makes bitcoin more accessible to everyone. Hope to see you back soon Smiley
CoinRnr
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January 27, 2014, 03:48:54 PM
 #8

Up and running for the week of Jan 27! We will be adding a lot of coins tomorrow.
CoinRnr
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January 28, 2014, 03:33:09 PM
 #9

Why wait for what you could have today? Buy and sell bitcoin with same day delivery.
CoinRnr
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January 29, 2014, 04:33:43 PM
 #10

bump.
bencjedi
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January 29, 2014, 04:35:34 PM
 #11

Sounds like a great service and I totally would like to use it, but you have almost no banks in Central Kentucky. Sad

Wells Fargo - KY
https://www.wellsfargo.com/locator/search/?searchTxt=Kentucky&mlflg=N&sgindex=99&chflg=N&_bo=on&_wl=on&_os=on&_bdu=on&_adu=on&_ah=on&_sdb=on&_not=on&_fe=on&_ss=on

Bank of America - KY
http://locators.bankofamerica.com/locator/locator/Kentucky/branch_and_atm_locations/coverage.html
One bank in Fort Campbell; nowhere close to Central Kentucky area

Can you open a bank account in Central Kentucky at these suggested banks in our area?:

Chase: https://locator.chase.com/kentucky/lexington/
PNC Bank: http://www.usbanklocations.com/pnc-bank-kentucky.htm


Hopefully you can establish some bank accounts out here and if it takes awhile consider a promo period for us Central Kentucians! Thanks
CoinRnr
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January 29, 2014, 04:44:53 PM
 #12

Sounds like a great service and I totally would like to use it, but you have almost no banks in Central Kentucky. Sad

Wells Fargo - KY
https://www.wellsfargo.com/locator/search/?searchTxt=Kentucky&mlflg=N&sgindex=99&chflg=N&_bo=on&_wl=on&_os=on&_bdu=on&_adu=on&_ah=on&_sdb=on&_not=on&_fe=on&_ss=on

Bank of America - KY
http://locators.bankofamerica.com/locator/locator/Kentucky/branch_and_atm_locations/coverage.html
One bank in Fort Campbell; nowhere close to Central Kentucky area

Can you open a bank account in Central Kentucky at these suggested banks in our area?:

Chase: https://locator.chase.com/kentucky/lexington/
PNC Bank: http://www.usbanklocations.com/pnc-bank-kentucky.htm


Hopefully you can establish some bank accounts out here and if it takes awhile consider a promo period for us Central Kentucians! Thanks

Thanks for the suggestion! At this time we are looking in to adding Chase, PNC, and Citibank. There are no chase/citibank in NC where we are located, so we are going to have to take a trip to open those. When we get some time we will put together a bigger banking network to try to include everyone. We are also considering working with some credit unions via the shared branching co-op.
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January 29, 2014, 05:01:06 PM
 #13

Thanks for the suggestion! At this time we are looking in to adding Chase, PNC, and Citibank. There are no chase/citibank in NC where we are located, so we are going to have to take a trip to open those. When we get some time we will put together a bigger banking network to try to include everyone. We are also considering working with some credit unions via the shared branching co-op.

If you have PNC branches, that would be the fastest way to reach into our area. Smiley
I use UK Federal Credit Union for one of my checking accounts, so that would be a wonderful addition if they are part of the shared branching co-op. They've got 3 branches in 3 corners of Lexington which is pretty convenient for many. I'll keep an eye on this thread for updates as you penetrate and find a convenient way for us out here to do business. Smiley
CoinRnr
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January 30, 2014, 03:02:52 PM
 #14

buying and selling BTCTC has never been this easy.
CoinRnr
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January 31, 2014, 03:09:04 PM
 #15

Questions? For the fastest service, contact us via live chat on CoinRnr.com
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January 31, 2014, 05:47:16 PM
 #16

Hey Mazin,

I just ordered 0.12 btc and sent you the Wells Fargo receipt.

I see you just sent me the bitcoins! Thank you!

You are fast. Much appreciated!

James
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January 31, 2014, 05:50:03 PM
 #17

I can officially recommend CoinRnR.

I have sold and bought, albeit small amounts, bitcoins and so far they have delivered.

I am NOT affiliated with CoinRNR and I do NOT know the owner/operator.

I have been a member of bitcointalk since April 2013. I can only speak for myself as a regular user.

James
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January 31, 2014, 06:43:54 PM
 #18

Hey Mazin,

I just ordered 0.12 btc and sent you the Wells Fargo receipt.

I see you just sent me the bitcoins! Thank you!

You are fast. Much appreciated!

James

I can officially recommend CoinRnR.

I have sold and bought, albeit small amounts, bitcoins and so far they have delivered.

I am NOT affiliated with CoinRNR and I do NOT know the owner/operator.

I have been a member of [Suspicious link removed]ince April 2013. I can only speak for myself as a regular user.

James

Thanks for trying us out and for all the kind words James. We appreciate you taking the time to leave feedback here!
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January 31, 2014, 08:35:14 PM
 #19

Look good however the price difference seems pretty big. You only pay someone 792 a coin but they have to pay 840. Bitstamp right now is at 800. So that is roughly a 5% markup which is pretty significant  especially if you add transaction fees on top of this.
CoinRnr
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January 31, 2014, 09:13:38 PM
 #20

Look good however the price difference seems pretty big. You only pay someone 792 a coin but they have to pay 840. Bitstamp right now is at 800. So that is roughly a 5% markup which is pretty significant  especially if you add transaction fees on top of this.

I understand your concern with the markup. As we add our transaction fee, we will do our best to try to adjust our price in a way that keeps it fair. We understand that there are ways to acquire bitcoin with less markup but not with the speed and support that our service offers.
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