MoBit.Exchange — NO KYC/AML Crypto Swap | Fast | Secure | 0.25 BTC Escrow

[MoBitExchange]

To all who have been asking, we are happy to announce that we have now added a letter of guarantee to every swap on the platform. It is generated after the user's funds are deposited and meet the required number of confirmations, and then it is displayed on the relevant swap page. We have staked our address used to sign the messages in this post. Thank you everyone for the feedback and suggestions.

[avp2306]

...Did you check when their outgoing transaction was generated?

And how can I see at what time the transaction from MoBitEx was sent to the mempool? Only a MoBitEx representative can answer this question. I can only tell from the transaction hash when that transaction was included in a block.

Yeah Mobitex support is the only one can confirm, on when right time on when the transaction was been broadcast on mempool. Base on what Blockchain showing up, we can only see the transactions hash also the block on where this was been included. This one shows us on when the transaction will be confirmed.

Without them sharing those broadcast time, best option we could do is to check our transaction if its been mined on the block. I only have limited knowledge about this and apologize if there's something wrong with my opinion, so hopefully we can read some clear answer towards those questions.

[hugeblack]

To all who have been asking, we are happy to announce that we have now added a letter of guarantee to every swap on the platform.

Can you provide an update on why some members' transactions are being delayed? This has happened to me and to this member.

It took 4 hours to complete this exchange

The button to download the letter of guarantee is not showing up yet.

[uchegod-21]

To all who have been asking, we are happy to announce that we have now added a letter of guarantee to every swap on the platform. It is generated after the user's funds are deposited and meet the required number of confirmations, and then it is displayed on the relevant swap page. We have staked our address used to sign the messages in this post. Thank you everyone for the feedback and suggestions.

A bold step in the right direction. Well-done for being active and implementing relevant suggestions swiftly. This will surely be a long project if you maintain this standard.

Meanwhile, letter of guarantee is always issued and verified before sending funds and this helps to save users incase of clone or fake url trying to scam. Atleast, we verify guarantee letter before deposits. Any special reasons of having it after deposits. Or am I bringing mixers standard here?

[MoBitExchange]

Today, it became necessary to exchange 0.05 ETH on the ERC-20 network for USDT on the same network. It took 4 hours to complete this exchange, while the website states: "Most transactions are completed within minutes, but in some cases, it may take up to an hour." I would like to hear a comment on this from MoBitExchange.

Thanks for mentioning it.

You’re right — 4 hours is longer than our target window for that route.

In this case, there was a temporary delay in our ERC-20 settlement flow caused by slower than normal node synchronization and transaction indexing. Because ERC-20 swaps depend on reliable deposit detection, confirmation tracking, and payout handling through our node infrastructure, that slowdown caused the order to remain in processing longer than usual before the payout could be pushed through.

So the issue was not with the validity of your swap or the safety of your funds. It was a temporary infrastructure delay on the ERC-20 side.

We have already corrected and improved so execution on these routes is faster and more consistent going forward.

Appreciate the feedback.

[snowpega]

To all who have been asking, we are happy to announce that we have now added a letter of guarantee to every swap on the platform. It is generated after the user's funds are deposited and meet the required number of confirmations, and then it is displayed on the relevant swap page. We have staked our address used to sign the messages in this post. Thank you everyone for the feedback and suggestions.

I really appreciate the service team's dedication towards the community feedback, as such action really helps a lot to boost the community trust towards the service use. Additionally, users below have mentioned that the button to download a letter of guarantee is not functional or has not been added. May I ask why that is so? Thank you!

This time around, it is tedious to have team respond to you instantly. That will mean employing many teams members that will be rotating their availability. But in this world of AI, it is easy to incorporate an AI model that will handle simple questions thereby buying time for the real agents to appear online and continue the chat.

Your suggestion is good, but don't you think that some cases can be critical that can only be solved or handled by team members themselves? For basic chat answer handling, integrating an AI chat system can be a good choice, but handling technical or complicated issues should be solved by service real-time team members. What do you say?

[avp2306]

To all who have been asking, we are happy to announce that we have now added a letter of guarantee to every swap on the platform. It is generated after the user's funds are deposited and meet the required number of confirmations, and then it is displayed on the relevant swap page. We have staked our address used to sign the messages in this post. Thank you everyone for the feedback and suggestions.

A bold step in the right direction. Well-done for being active and implementing relevant suggestions swiftly. This will surely be a long project if you maintain this standard.

Meanwhile, letter of guarantee is always issued and verified before sending funds and this helps to save users incase of clone or fake url trying to scam. Atleast, we verify guarantee letter before deposits. Any special reasons of having it after deposits. Or am I bringing mixers standard here?

Indeed right step to have something to verify knowing that fake sites or clones exist everywhere. Its good that they pay attention on the suggestion provided by people here and it shows how serious they are helping protecting their users then have confidence to use their site.

For sure lots of people seeing those actions they made got impressed towards those swift actions they made. Also I think it will go to mixer standard if they hide the trail of the transaction and MobitEx is not operating as that.

[uchegod-21]

This time around, it is tedious to have team respond to you instantly. That will mean employing many teams members that will be rotating their availability. But in this world of AI, it is easy to incorporate an AI model that will handle simple questions thereby buying time for the real agents to appear online and continue the chat.

Your suggestion is good, but don't you think that some cases can be critical that can only be solved or handled by team members themselves? For basic chat answer handling, integrating an AI chat system can be a good choice, but handling technical or complicated issues should be solved by service real-time team members. What do you say?

We are saying the same thing. Someone suggested that their support was supposed to be online 24/7 to respond to cases, I then suggested that having support 24/7 means MoBit will have to employ more hands to be in the support team to enable them rotate their work period. If possible, employ people from different time zone.
I then suggested that toeing this lane will be expensive, MoBit can instead decide to incorporate an AI model who can answer some simple questions and hold in brief before the real agents will attend to the customer.

xxx
For sure lots of people seeing those actions they made got impressed towards those swift actions they made. Also I think it will go to mixer standard if they hide the trail of the transaction and MobitEx is not operating as that.

I think you missed something. The question is whether or not does Letter of guarantee come before depositing.

[Smartprofit]

The exchange website https://mobit.exchange/ greets new users with a very simple (I'd even say very minimalist) design...

Black, dark gray, light gray, gray-blue, and white shades... I love minimalism, so I really liked everything, but perhaps some people would prefer a more vibrant design (after all, this site deserves attention!)🙌

At the same time, as far as I understand, the minimalist design also reflects the minimalist nature of the site's code. As far as I understand, it's developed without JavaScript? If so, that's an excellent technical solution! By the way, our favorite Bitcointalk forum is also developed without JavaScript. This means the highest level of anonymity and privacy. This automatically blocks a very large number of attacks from hackers.

Mobit.exchange's signature feature is its intuitive interface. Unfortunately, not all sites can boast this...

Mobit.exchange can! The site is very easy to navigate; everything is immediately clear, how everything works and which buttons to press.

I really love the Monero cryptocurrency (the most anonymous and private of all cryptocurrencies). Therefore, for me, all exchanges are divided into two types: those that don't offer Monero and those that do. mobit.exchange offers Monero (it's one of the main cryptocurrencies for exchange). And that's great!

There are currently six cryptocurrencies available for exchange: Bitcoin, Monero, Ethereum, USDT, USDC, and DAI. The last three are available on the ERC-20 network. The presence of DAI also made me very happy! The thing is, I don't really trust stablecoins like USDT and USDC. There have been situations where they've frozen users' funds. DAI, on the other hand, is a decentralized stablecoin. It's safe to store your money there. Consequently, I've discovered another use for mobit.exchange (it can be used during a local bear market, quickly converting cryptocurrency to the DAI stablecoin, and then converting it back after the bear market ends).  This allows for medium-term trading, without KYC or the risks associated with centralized cryptocurrency exchanges. The ability to increase your cryptocurrency holdings this way is, in my opinion, an opportunity that shouldn't be ignored! HODL isn't the only profitable strategy.

I also looked at the official communication channels. They're on Telegram (a favorite messenger for crypto enthusiasts).
The team can also be contacted via email (Tuta (formerly Tutanota), anonymous and confidential). In my opinion, these are excellent choices. This seems to be the mobit.exchange team's signature style: simple, minimalist, anonymous, and confidential. It's also a big plus that you can contact a team representative on the Bitcointalk forum.

I also noticed the API section on the website's main page. This means the project's creators are forward-thinking. They're already preparing for a future when cryptocurrency exchange will be carried out not by people, but by AI agents!  I haven't fully grasped this topic yet, but I realize it's a very promising direction.  Therefore, mobit.exchange is not only about the present, but also about the future!

[uchegod-21]

Review of MoBit Exchange (Review 1) – Telegram bot swapping.

UI/UX: To me, no matter how functional and beneficial a platform is, if the user interface is poor, I will not last in the site. In the case of MoBit Exchange, the choices of color is superb. The interface is calm and pleasant to the site.
On the user experience, the flow of the exchange is simple that even a newbie will figure out how the exchange works.
Exchanging proper: I was glad to know that it is possible to exchange on telegram, so I decided to explore this route in my first review.
Minimum amount to send: 0.00129192
Amount sent: 0.00129193
Pair: BTC – USDT
Network Fee: 554 sats ($0.43)
Exchange fee: fixed
Device used: Windows 11 and Chrome browser

I started the process with /start and then used /help to know the various commands to enable me swap. After knowing the commands, I decided to use the /estimate command to know what the fee will look like. After knowing the fee and was satisfied, I continued to swap by typing /exchange.

I went ahead to choose BTC to USDT swapping. I was asked to provide (the address you would like to receive coins to) and I provided an address.
Observation 1: The bot didn’t specify which network to send my USDT to. So, I sent in TRC20 address, just to see how the system reacts, but as expected, it was rejected and error message was shown to me.



I then repeated the process, but this time using ERC20 and it went through and my order was created successfully.



I sent in my BTC after including a refund address.
Observation 2: There was no mention of letter of guarantee here, which means it’s not incorporated in telegram swapping.
After sometime, when I saw that my transaction was confirmed on the blockchain, I decided to check the transaction status by typing /status and I was told this –



I thought maybe it’s an error from telegram bot. I decided to check the transaction status on the website with the Order ID and I was told this –



Observation 3: I provided a refund address incase things go south, now that the transaction failed because of transaction size, why can’t the system process my refund automatically rather than wanting me to complain to support with 15 days?
What was even the reason for the failure, because I sent a digit above the required minimum?
After this issue is resolved, I’ll drop Review 2 of the main website.

[MoBitExchange]

Hello everyone, we have updated the Letter of Guarantee system now and it should be something you're all more used to. A letter of guarantee will be provided immediately upon initiating a swap, and there is also a provided download link so that you can save it. For those who have already swapped before now, if you navigate to the page for your swap you should see the letter of guarantee section but it will be empty. This is intentional as we no longer have the time stamp for when completed orders were initially opened, and this is something we include in the letter of guarantee. However, moving forward every swap will include the letter of guarantee. We have yet to incorporate the letter of guarantee into the telegram bot but this is the next update we will be making as it is just as, if not more, important that users can verify the validity of the swap on telegram. Feedback would be much appreciated, and thank you to everyone who has provided theirs already.

[MoBitExchange]

Review of MoBit Exchange (Review 1) – Telegram bot swapping.

UI/UX: To me, no matter how functional and beneficial a platform is, if the user interface is poor, I will not last in the site. In the case of MoBit Exchange, the choices of color is superb. The interface is calm and pleasant to the site.
On the user experience, the flow of the exchange is simple that even a newbie will figure out how the exchange works.
Exchanging proper: I was glad to know that it is possible to exchange on telegram, so I decided to explore this route in my first review.
Minimum amount to send: 0.00129192
Amount sent: 0.00129193
Pair: BTC – USDT
Network Fee: 554 sats ($0.43)
Exchange fee: fixed
Device used: Windows 11 and Chrome browser

I started the process with /start and then used /help to know the various commands to enable me swap. After knowing the commands, I decided to use the /estimate command to know what the fee will look like. After knowing the fee and was satisfied, I continued to swap by typing /exchange.

I went ahead to choose BTC to USDT swapping. I was asked to provide (the address you would like to receive coins to) and I provided an address.
Observation 1: The bot didn’t specify which network to send my USDT to. So, I sent in TRC20 address, just to see how the system reacts, but as expected, it was rejected and error message was shown to me.



I then repeated the process, but this time using ERC20 and it went through and my order was created successfully.



I sent in my BTC after including a refund address.
Observation 2: There was no mention of letter of guarantee here, which means it’s not incorporated in telegram swapping.
After sometime, when I saw that my transaction was confirmed on the blockchain, I decided to check the transaction status by typing /status and I was told this –



I thought maybe it’s an error from telegram bot. I decided to check the transaction status on the website with the Order ID and I was told this –



Observation 3: I provided a refund address incase things go south, now that the transaction failed because of transaction size, why can’t the system process my refund automatically rather than wanting me to complain to support with 15 days?
What was even the reason for the failure, because I sent a digit above the required minimum?
After this issue is resolved, I’ll drop Review 2 of the main website.

Thank you very much for the feedback.

We have just updated the minimum amount functionality. Previously, the minimum amount would be subject to market fluctuations which, in hindsight, was poor design. We have changed it so now each swap's minimum amount will remain the same from the time it is opened. The error you ran into should no longer be possible.

We appreciate you taking the time to test the telegram bot, and as we mentioned in our recent post above, we will be adding the letter of guarantee functionality to the telegram bot very soon.

On the note of refunds, our refund system is currently only available for orders in queue, given they haven't advanced beyond position 2 (meaning the order is not currently being processed, and is not next to be processed). Automatic refunds for orders that are too small is high on our priority list for updates to roll out and will be implemented in the near future. Thank you for understanding.

[MoBitExchange]

Since I'm wearing the service's signature, I had to try it out.

there was no fixed deposit amount; you can deposit any amount above the minimum and it will be processed (something that was available in eXch).

The reserve seems good compared to other services that uses its own pool.


Things I didn't like:

 - There is no letter of guarantee or anything that can prove that a deposit was made to the platform's address.
 - Order ID was too long. It would be better to provide a shorter internal ID along with the deposit address to reveal the Order ID.
 - Order filling process was extremely slow; it took a long time^* after the transaction was confirmed.
 - There was no way to delete order ID (after the process has been completed) or to get a refund.
 - Please add the forum link for anyone who wants to contact the support team.
 - I visited order link after 12 hours and this is what I got.



According to the Terms of Use:

Yes, transaction data is stored for 15 days. If an error has occurred with your transaction, please contact support within this timeframe.

What happens after 15 days?

* I contacted the support team and received the transaction after ~ 3 hours.

First of all, thank you for taking time to review our system. The team has been busy updating the system with all of the feedback from this thread, yours included.

Q: There is no letter of guarantee or anything that can prove that a deposit was made to the platform's address.
A: Letter of guarantee has been added, although your completed swap will not have one included. If you open a new swap you will see the letter of guarantee.

Q: Order ID was too long. It would be better to provide a shorter internal ID along with the deposit address to reveal the Order ID.
A: Are you suggesting that a shorter ID along with the deposit address be used on the track order page?

Q: Order filling process was extremely slow; it took a long time^* after the transaction was confirmed.
A: Yes, the team was actually monitoring this situation live and had a connection issue with the node, so the system was unable to send out your transaction. The connection issue was resolved and then the system was immediately able to send you your funds. We apologize for the inconvenience.

Q: There was no way to delete order ID (after the process has been completed) or to get a refund.
A: Our system will delete any sensitive data related to your swap automatically 15 days after you have received your funds. Refunds are only available for orders that have yet to advance beyond the second position in queue (meaning not the order currently being processed, or the next in line), and since yours was being processed the refund option was not available. Again, it should have processed much quicker but there was an issue preventing it.

Q: Please add the forum link for anyone who wants to contact the support team.
A: This is a good suggestion and we will add the forum link to the support page, thank you.

Q: I visited order link after 12 hours and this is what I got.
A: This error has also been fixed, thank you for reporting it to us.

To be clear, our system is built to handle back-ordering which is why it runs with a queue for each currency. This means if you happen to open a swap just after someone else requesting a large amount, your order may be delayed for some time until that order can be filled first. However, because even dynamic rate orders' exchange rates are locked at the time of deposit confirmation (and flat rate immediately upon order creation), this will have no affect on the amount you receive. So, your swap should have been processed much faster and was only delayed due to a technical issue, but the good news is that the market fluctuations had no affect. Again, thank you for the feedback.

[uchegod-21]

Thank you very much for the feedback.

We have just updated the minimum amount functionality. Previously, the minimum amount would be subject to market fluctuations which, in hindsight, was poor design. We have changed it so now each swap's minimum amount will remain the same from the time it is opened. The error you ran into should no longer be possible.

We appreciate you taking the time to test the telegram bot, and as we mentioned in our recent post above, we will be adding the letter of guarantee functionality to the telegram bot very soon.

On the note of refunds, our refund system is currently only available for orders in queue, given they haven't advanced beyond position 2 (meaning the order is not currently being processed, and is not next to be processed). Automatic refunds for orders that are too small is high on our priority list for updates to roll out and will be implemented in the near future. Thank you for understanding.

Glad to know that the team is busy making necessary updates and implementing suggestions asap.
Despite that my swap wasn't successful, I honestly loved the telegram swapping experience.

Thanks Hugeblack for the merits and also well-done for your continued interest in this project since it was launched. This is a good job by Little mouse by hiring people who adds value to a project.
I launched complaint 2 hrs after my swap was unsuccessful and 6 hours later I was refunded.
@MoBitExcchange, if your team is done with updates implementation, you can signal here so that I can go for *Review 2*.

Q: Order ID was too long. It would be better to provide a shorter internal ID along with the deposit address to reveal the Order ID.
A: Are you suggesting that a shorter ID along with the deposit address be used on the track order page?

I think he was suggesting a shorter ID that could even be memorized at the course of swapping. If there's a need to reveal the long Order ID, the short ID could be combined with the deposit address.

[Davidvictorson]

Glad to know that the team is busy making necessary updates and implementing suggestions asap.
Despite that my swap wasn't successful, I honestly loved the telegram swapping experience.

Thanks Hugeblack for the merits and also well-done for your continued interest in this project since it was launched. This is a good job by Little mouse by hiring people who adds value to a project.

I love to see a new project getting the support it deserves. I also love a team that's working so hard to respond to the every reviews from users and are actively fixing the issues as well as providing feedback to the users. This is how it should be. It totally helps with improvement of the project in many ways than one.

I will test our the telegram bot soon.

[zasad@]

I conducted a legal audit of your agreement and found a very large hole that could lead to significant losses of funds or damage to reputation.

Flat Rate: A flat rate guarantees the exchange rate at the time of order creation. This means that even if the market fluctuates, the rate you agreed upon will remain the same. To use the flat rate, the deposit must be detected within 20 minutes from order creation. There is no time limit for deposits that are waiting for confirmations (the flat rate will still be applied).

With this agreement, I don't have to be a scammer to take your deposit from the guarantor.
Now I'll tell you how I can do this.

I am creating an exchange



Now you have an obligation to me to exchange my stablecoins for Ethereum at a fixed rate of approximately 2370 USDT per 1 Ethereum, limited only by a minimum amount of 99.99 USDT. You have no maximum amount limit. I hope you understand that you're trapped, and I have good evidence for the guarantor.

I have 20 minutes, but I can keep placing orders indefinitely until I see a sharp rise or fall in the price. I can place parallel orders in both directions, but in the second instance, you will be obliged to buy my Ether at 2,300 USDT.

The next technical step is to create trades every 20 minutes and wait for the moment to force you to execute an unfavourable trade.
If you do not execute it, I will file a claim with the escrow service and I will win this dispute in accordance with your agreement.

____
You should consider adding something like this to your agreement:

If the market rate changes by more than 2% (or any other percentage based on your risk tolerance), you will be offered the option to request a refund or proceed with the exchange at the market rate.

My BTC address is in my profile

[memehunter]

You should consider adding something like this to your agreement:

If the market rate changes by more than 2% (or any other percentage based on your risk tolerance), you will be offered the option to request a refund or proceed with the exchange at the market rate.

Wow, really great audit work. Kudos. You not only found the loop hole and explained it well but you also gave a decent solution.  

My BTC address is in my profile

You should be getting a decent size bounty for finding this loop hole.

IMO, too many false pre orders could have already alarmed the system but still few abusers could have exploited this (even more if they do it precisely lol). Good job, once again.  

[masulum]

You should be getting a decent size bounty for finding this loop hole.

I agree. i know, mobit team not announced a bug bounty program here, but with the finding of the loophole reported by zasad@, I think team could consider rewarding it even just as a small apreciation. just imagine someone spread the FUD because of this, it could make negative impact for the service reputation in the long run. He reported two issues he found in the exchange proces it is good news, it would be a reasonable for him to receive a reward for his reporting. hopefully team will consider about this.

[avp2306]

You should be getting a decent size bounty for finding this loop hole.

I agree. i know, mobit team not announced a bug bounty program here, but with the finding of the loophole reported by zasad@, I think team could consider rewarding it even just as a small apreciation. just imagine someone spread the FUD because of this, it could make negative impact for the service reputation in the long run. He reported two issues he found in the exchange proces it is good news, it would be a reasonable for him to receive a reward for his reporting. hopefully team will consider about this.

Reward for disclosing those loopholes is great incentives to those people report it. But now that someone discover some loopholes maybe its time for them to think about having a bug bounty campaign. This campaign is helpful to them, since they might discover those things that they didn't found out yet.

Also it can save their reputation at early phase and they could do some great counter actions with those bug found by people joining on that campaign.

[MoBitExchange]

I conducted a legal audit of your agreement and found a very large hole that could lead to significant losses of funds or damage to reputation.

Flat Rate: A flat rate guarantees the exchange rate at the time of order creation. This means that even if the market fluctuates, the rate you agreed upon will remain the same. To use the flat rate, the deposit must be detected within 20 minutes from order creation. There is no time limit for deposits that are waiting for confirmations (the flat rate will still be applied).

With this agreement, I don't have to be a scammer to take your deposit from the guarantor.
Now I'll tell you how I can do this.

I am creating an exchange

Now you have an obligation to me to exchange my stablecoins for Ethereum at a fixed rate of approximately 2370 USDT per 1 Ethereum, limited only by a minimum amount of 99.99 USDT. You have no maximum amount limit. I hope you understand that you're trapped, and I have good evidence for the guarantor.

I have 20 minutes, but I can keep placing orders indefinitely until I see a sharp rise or fall in the price. I can place parallel orders in both directions, but in the second instance, you will be obliged to buy my Ether at 2,300 USDT.

The next technical step is to create trades every 20 minutes and wait for the moment to force you to execute an unfavourable trade.
If you do not execute it, I will file a claim with the escrow service and I will win this dispute in accordance with your agreement.

____
You should consider adding something like this to your agreement:

If the market rate changes by more than 2% (or any other percentage based on your risk tolerance), you will be offered the option to request a refund or proceed with the exchange at the market rate.

My BTC address is in my profile

Thank you for pointing this out.

We were aware of the risk of arbitrage, but we definitely needed to prep the system a bit more for that occurring. We have updated the system now so that if the exchange rate fluctuates more than 2% the order will fail, similar to if the user had sent an amount below the minimum. This is a temporary solution and we will update the system to match what you described: the user will be given the option to initiate a refund or continue with a dynamic rate. We have updated to FAQ section you quoted to reflect this practice.

As you pointed out, the most important piece was including this on the FAQ/terms sections which are relevant so that there is full transparency and users know what to expect. The team will be in communication about compensating you, we appreciate it very much.