Crypto X Change - $5 + % Deposit / Withdraw Fee Will Resume This Last week May

[cryptoxchange]

Dear community,
UPDATE:

1)   Now you can deposit & withdraw any currency around the world to our AUD or USD Markets for $5.00 Flat fee, no international wire costs from your bank or additional fee’s and no deposit or withdraw limits * For Transactions over $500 customers must verify with ID. All transfers are to a local bank near you!

Option 1) Will be resuming some time in the last week of May 2012, cost will be $5 AUD + a small %. At the moment all outbound wires are at a standard international wire cost for International wires, and local Australian transfers are FREE!

2)   BitInstant – We now have BitInstant fully integrated, allowing fast deposits and transfers between exchanges, you can deposit Dwolla, Liberty Reserve, Paxum and Cash

3)   Deposit & Withdraw MtGox USD Directly and Instantly within Crypto X Change

4)   Crypto X Coupons now available – Will be accepted by more participating partners soon

5)   iPhone & Mobile Phone dedicated trading platform, Auto detects via our normal URL

6)   Advanced Trade API for bot’s and connectivity for our partners

7)   Cleaner tidier look, with a Major design upgrade coming soon!

   Besides our Bullion store we are adding Crypto Market Place where trusted community members can sell physical and downloadable products.

10)   AurumXchange which is being integrated at the moment for more deposit and withdraw options for our clients. Fast, Cheap and reliable Deposit / Withdraw NOW Available!

We would like to thank the community for the fantastic support so far, and we would also like to thank all of our new clients that are new to Bitcoin, we have had over 600 new clients join us that are new to Bitcoin over the past few weeks..

Keep checking our site for more new additions and improvements; we have many new unreleased features coming out in January and February 2012 which we are very excited about.

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[tiptopgemdotcom]

Does anyone have experience with Crypto X Change?  This is looking like a good option for those of us who need to get out of Tradehill.

[DeaDTerra]

Does anyone have experience with Crypto X Change?  This is looking like a good option for those of us who need to get out of Tradehill.

I trade on Crypto x Change and have also been working with them, I only have nice things to say They are a nice bunch of people that do their best to provide a good exchange with useful features, they are here to stay and they will only get better and better as their platform develops

//DeaDTerra

[bitcoinTrader]

Does anyone have experience with Crypto X Change?  This is looking like a good option for those of us who need to get out of Tradehill.

Just started using, seems good option.

[tiptopgemdotcom]

Guys, thank you for the response!    Now I am curious as heck about the Islamic Bank of Bitcoin...

[mahingupta]

Tradehill -> BitInstant -> Crypto -> Your pocket

Good idea

[Bigpiggy01]

I'm using them extensively as well atm and am very happy so far.

What I like in particular is really fast responses on support questions and the brilliant low withdrawal and deposit fees. An additional thing I've noticed is that it's actually possible to manually arb Mt Gox from there with just a 5-6 cent spread as they deposit gox codes instantly -0.6% fee (only USD atm but btc is supposed to be in the works) which is very reasonable and you can withdraw smaller amounts to gox codes for similar fees.

And for some of us who like to currency trade at the same time as btc trade they do 120 withdrawal currencies which imo can make you an extra % or two if done right.

[tiptopgemdotcom]

Tradehill -> BitInstant -> Crypto -> Your pocket

Good idea

+1.  I did Tradehell -> my wallet -> Crypto X Change and I am now one happy camper.

[niooron]

Does cryptoxchange support withdrawing in CLP?

[cryptoxchange]

Does cryptoxchange support withdrawing in CLP?

Yes, you can see a drop down list of currencies in our withdraw section.

Thank You

Crypto X Change

[the joint]

By $5 flat fee, does that mean $5 on your end?  Or is that $5 total including whatever my bank would normally charge me and whatever your bank would normally charge?

In other words, if I have $100 on Cryptoxchange and want it sent directly to my bank account, I would end up with $95 in my bank account?

[Matthew N. Wright]

By $5 flat fee, does that mean $5 on your end?  Or is that $5 total including whatever my bank would normally charge me and whatever your bank would normally charge?

In other words, if I have $100 on Cryptoxchange and want it sent directly to my bank account, I would end up with $95 in my bank account?

Of course not. Every receiving bank has their own fee structure. There is no way CX could possibly know how much that will cost you.

[cryptoxchange]

By $5 flat fee, does that mean $5 on your end?  Or is that $5 total including whatever my bank would normally charge me and whatever your bank would normally charge?

In other words, if I have $100 on Cryptoxchange and want it sent directly to my bank account, I would end up with $95 in my bank account?

Hi that is correct you send $100 and your Crypto Account will receive $95, the $5 Fee is the exact cost in which it costs us per transfer in and out, the $5 is Automatically taken out during the transfer by our Automation system.

This system is to save the $25 - $35 wire transfers + enable fast Automation, so our clients do not have to wait for us to credit their accounts etc.

The other benefits are the currencies are converted automatically where ever you are sending from or withdrawing to we have a huge supported currency list you will see in our funding bank transfer drop down list.

The Transfers are to a local bank in each country allowing for the No Wire costs.

Thank You

Crypto X Change

[the joint]

By $5 flat fee, does that mean $5 on your end?  Or is that $5 total including whatever my bank would normally charge me and whatever your bank would normally charge?

In other words, if I have $100 on Cryptoxchange and want it sent directly to my bank account, I would end up with $95 in my bank account?

Of course not. Every receiving bank has their own fee structure. There is no way CX could possibly know how much that will cost you.

Well, when he says specifically "no international wire costs from your bank,"  I think the question is appropriate.

[Matthew N. Wright]

Well, when he says specifically "no international wire costs from your bank,"  I think the question is appropriate.

I think that's a miscommunication.

When you send money TO them, your bank won't charge you anything extra (other than what it already charges you).

There is no way CX could have a special agreement with every bank in the world to make it to where your fee is removed.

BUT you can choose to have the receiving party of a transaction foot the bill, and I believe that's what they're claiming they will do for you (at least reduce it to a flat fee of $5).

[cryptoxchange]

Well, when he says specifically "no international wire costs from your bank,"  I think the question is appropriate.

Yes that's correct no international wire costs from your bank.

Sorry for any confusion

Regards

Crypto X Change

[the joint]

Wait...Matthew is confusing me.  


Two Scenarios:

1)  Let's say I have $100 total in a Chase account.  I send those $100 to Cryptoxchange.  I end up with $95 in my Cryptoexchange after all fees on both ends are taken into account?

2)  Let's say I have $100 total in a Cryptoxchange account.  I withdraw those $100 to my Chase account.  I end up with $95 in my Chase account after all fees on both ends are taken into account?

Does Cryptoxchange eliminate the fees that my bank would normally charge me for initiating a wire transfer?

Edit:  I just want this quoted so in the event that I withdraw money and I see some erroneous $30 charge come up from my bank, I can bitch to Cryptoxchange for a refund 

[Matthew N. Wright]

Although I love to troll, in this particular instance I'm trying to help, so let's simplify it even moreso.


Your bank => Cryptoxchange = $5 fee

Cryptoxchange => Your bank = $5 fee

[cryptoxchange]

Two Scenarios:

1)  Let's say I have $100 total in a Chase account.  I send those $100 to Cryptoxchange.  I end up with $95 in my Cryptoexchange after all fees on both ends are taken into account?

2)  Let's say I have $100 total in a Cryptoxchange account.  I withdraw those $100 to my Chase account.  I end up with $95 in my Chase account after all fees on both ends are taken into account?

Does Cryptoxchange eliminate the fees that my bank would normally charge me for initiating a wire transfer?

Reply:

Sorry - this is very simple, sometimes people can get confused due to traditional banking charges & fees

We have arrangement's with our payment / banking partners, so that no matter where money is sent from around the world or we send money out (Withdraw) the fee is $5 Flat No Matter where you are located, as long as it is included in our 25 Supported Inbound Currencies and Our 120 Outbound Currencies.

So we eliminate all the traditional wire fee's etc. So yes $5 flat fee.

Thank You

Regards

Crypto X Change

[Matthew N. Wright]

Two Scenarios:

1)  Let's say I have $100 total in a Chase account.  I send those $100 to Cryptoxchange.  I end up with $95 in my Cryptoexchange after all fees on both ends are taken into account?

2)  Let's say I have $100 total in a Cryptoxchange account.  I withdraw those $100 to my Chase account.  I end up with $95 in my Chase account after all fees on both ends are taken into account?

Does Cryptoxchange eliminate the fees that my bank would normally charge me for initiating a wire transfer?

Reply:

Sorry - this is very simple, sometimes people can get confused due to traditional banking charges & fees

We have arrangement's with our payment / banking partners, so that no matter where money is sent from around the world or we send money out (Withdraw) the fee is $5 Flat No Matter where you are located, as long as it is included in our 25 Supported Inbound Currencies and Our 120 Outbound Currencies.

So we eliminate all the traditional wire fee's etc. So yes $5 flat fee.

Thank You

Regards

Crypto X Change

I wasn't aware you could swallow the fee I'd incur at my bank when receiving money as well. That's pretty revolutionary to me.

[cryptoxchange]

I wasn't aware you could swallow the fee I'd incur at my bank when receiving money as well. That's pretty revolutionary to me.

Hi Matt,

This is what we have been trying to explain to the community and why Crypto X Change is different and would be usage so much more!

As say you withdraw from Either our USD or AUD market to any bank in the world it costs you $5. So yes if you withdraw $100, you will receive $95 also converted to your local currency.

People have always just said, oh just another Exchange, but we have many benefits like the way our automated banking system works.

Thank you for clearing that up also, much appreciated guys!

Regards

Crypto X Change

[Matthew N. Wright]

I wasn't aware you could swallow the fee I'd incur at my bank when receiving money as well. That's pretty revolutionary to me.

Hi Matt,

This is what we have been trying to explain to the community and why Crypto X Change is different and would be usage so much more!

As say you withdraw from Either our USD or AUD market to any bank in the world it costs you $5. So yes if you withdraw $100, you will receive $95 also converted to your local currency.

People have always just said, oh just another Exchange, but we have many benefits like the way our automated banking system works.

Thank you for clearing that up also, much appreciated guys!

Regards

Crypto X Change

Indubitably.

[the joint]

Now two things can make my face melt:

Slayer, and Cryptoxchange.

Edit:  BTW I registered today.  Any chance I'm #1000 and I win those sweet 10 oz. of silver?

[Pontius]

1)   Now you can deposit & withdraw any currency around the world to our AUD or USD Markets for $5.00 Flat fee, no international wire costs from your bank or additional fee’s and no deposit or withdraw limits * For Transactions over $500 customers must verify with ID. All transfers are to a local bank near you!

Stupid question - when you guys talk about $, are you talking about AUD or USD?

[cryptoxchange]

Hi Sorry for the confusion it is $5.00 AUD deducted for the AUD Market and $5.00 USD deducted for the USD market.

This is our exact cost, so we are not charging or making anything on the $5 Fee. We are working hard on having this fee reduced even more, the more transaction volume we get the lower it will go over time.

Thank You

Regards

Crypto X Change

[tiptopgemdotcom]

Fees have been increased.  It is now 5AUD plus .6% of the principal.  BUMMER!!!!!!!!!!

[cryptoxchange]

Fees have been increased.  It is now 5AUD plus .6% of the principal.  BUMMER!!!!!!!!!!

Hi we will sort this out now

$5 AUD

Thank You

Crypto X Change

[Oldminer]

Its good what you guys are doing but you need to reduce the $5 fee. Im in Australia and I can trade BTC for $1 through http://spendbitcoins.com/

[cryptoxchange]

Its good what you guys are doing but you need to reduce the $5 fee. Im in Australia and I can trade BTC for $1 through http://spendbitcoins.com/

Hi OldTimer,

Thank you for your kind words. We are working on a way to reduce our fees even further across the board, I know AU bank to bank is free except, we don't work like that with our Automation system and processing partners, and it's costing us $5 per transaction. In the way we are setup now there are legal reasons and benefits etc, as to why and how we have our banking setup. However we are hoping to get the fee much closer to what you mentioned even for our clients overseas and here locally, the more volume we do the lower our cost for each transfer will be.

Regards

Crypto X Change

[zer0]

Can't get any solid info from the site where you accept transfers/deposits. I keep getting a redirection to bitinstant which is useless in my country. NoooOooooOoo

I always assumed the $5 fee was just your internal deposit fee didn't know that's all it cost. Great success

[Bigpiggy01]

Can't get any solid info from the site where you accept transfers/deposits. I keep getting a redirection to bitinstant which is useless in my country. NoooOooooOoo

I always assumed the $5 fee was just your internal deposit fee didn't know that's all it cost. Great success

Their payment processor is down for the weekend and possibly Mon Tue due to upgrades (that might even mean a lowering of fees even further) from what I got from their support earlier today.

[Oldminer]

Hi OldTimer,

Thank you for your kind words. We are working on a way to reduce our fees even further across the board, I know AU bank to bank is free except, we don't work like that with our Automation system and processing partners, and it's costing us $5 per transaction. In the way we are setup now there are legal reasons and benefits etc, as to why and how we have our banking setup. However we are hoping to get the fee much closer to what you mentioned even for our clients overseas and here locally, the more volume we do the lower our cost for each transfer will be.

Regards

Crypto X Change

Cheers,

I also noticed spenbitcoins.com has raised their fee to transfer funds from $1 to $10!! So, looks like you might be the most viable option now for Aussie customers  

Also, had a look at your site and its quite impressive (once you login). Very nice, professional look about it. Looking forward to doing business with you.

p.s Also noticed when trying to add a bank account that it insists on a Swift, Iban, or Routing code. Do I have to contact my bank to obtain this info and are all 3 required or just 1?

[Bigpiggy01]

p.s Also noticed when trying to add a bank account that it insists on a Swift, Iban, or Routing code. Do I have to contact my bank to obtain this info and are all 3 required or just 1?

Swift: every bank has this

Iban: Europe only

Routing number: Us only

So if you're in Aus you should just need the swift code 

[Oldminer]

p.s Also noticed when trying to add a bank account that it insists on a Swift, Iban, or Routing code. Do I have to contact my bank to obtain this info and are all 3 required or just 1?

Swift: every bank has this

Iban: Europe only

Routing number: Us only

So if you're in Aus you should just need the swift code 

Yea cheers bud, my bank told me the same. Probably worth noting tho that in my case I had to enter the Swift code in ALL 3 fields to be able to proceed.

[Jeremy West spendbitcoins.com]

Hi Oldminer,

Thank you for your kind words. We are working on a way to reduce our fees even further across the board, I know AU bank to bank is free except, we don't work like that with our Automation system and processing partners, and it's costing us $5 per transaction. In the way we are setup now there are legal reasons and benefits etc, as to why and how we have our banking setup. However we are hoping to get the fee much closer to what you mentioned even for our clients overseas and here locally, the more volume we do the lower our cost for each transfer will be.

Regards

Crypto X Change

Cheers,

I also noticed spenbitcoins.com has raised their fee to transfer funds from $1 to $10!! So, looks like you might be the most viable option now for Aussie customers  

Also, had a look at your site and its quite impressive (once you login). Very nice, professional look about it. Looking forward to doing business with you.

p.s Also noticed when trying to add a bank account that it insists on a Swift, Iban, or Routing code. Do I have to contact my bank to obtain this info and are all 3 required or just 1?

Hi Oldtimer,
 
Just FYI, as odd as it seems, the change from $1 to $10 was actually a part of LOWERING our rates. See https://bitcointalk.org/index.php?topic=40806.msg659814.

Cryptoxchange is better and likely cheaper for normal trading, Spend Bitcoins is better for buying bitcoins (in Australia)  in a more anonymous way at a set rate, receiving them same day.

[PatrickHarnett]

I would like to bump this thread with the following:

Last week I initiated a $2000 transfer having had all the necessary verifications done, but this week when the funds arrived in my account there was an error.  I contacted CryptoExchange and within a few hours they worked out what had happened, credited me the difference, refunded the fee and threw in a reduced trading commission as a bonus.

No drama, all dealt with smoothly.  Low cost international transfers gets a big starfish thumbs up.

[cryptoxchange]

Thanks Patrick, we love great clients like you.

Communication is the key, thank you again Patrick much appreciated sir.

Regards



Crypto X Change

[WME]

I would like to bump this thread with the following:

Last week I initiated a $2000 transfer having had all the necessary verifications done, but this week when the funds arrived in my account there was an error.  I contacted CryptoExchange and within a few hours they worked out what had happened, credited me the difference, refunded the fee and threw in a reduced trading commission as a bonus.

No drama, all dealt with smoothly.  Low cost international transfers gets a big starfish thumbs up.

Lucky:)
Beware of crypto, they owe me over 100k USD so far...

[rjk]

I would like to bump this thread with the following:

Last week I initiated a $2000 transfer having had all the necessary verifications done, but this week when the funds arrived in my account there was an error.  I contacted CryptoExchange and within a few hours they worked out what had happened, credited me the difference, refunded the fee and threw in a reduced trading commission as a bonus.

No drama, all dealt with smoothly.  Low cost international transfers gets a big starfish thumbs up.

Lucky:)
Beware of crypto, they owe me over 100k USD so far...

Why is it always unknown members with few posts that show up saying things like this?

And why is it that the reason is always because of some kind of AML violation or fraud dispute? <-- This is speculation on how this will turn out in the future

[Bigpiggy01]

+1

I've received multiple wires from Cryptox within the last month and none of them has had any kind of issues.

O and WME how's the nerfherding business?

[WME]

+1

I've received multiple wires from Cryptox within the last month and none of them has had any kind of issues.

O and WME how's the nerfherding business?

Maybe you are small for steal your money

[PatrickHarnett]

+1

I've received multiple wires from Cryptox within the last month and none of them has had any kind of issues.

O and WME how's the nerfherding business?

Maybe you are small for steal your money

There speaks the ignorant.

I have been dealing with them this week and they have bent-over-backwards to help me with my transfer (including right now).  I have more than enough to be worth stealing and I find your comments offensive.

(I'd like to say something else, but have not had enough whiskey to be unrestrained.)

[miernik]

Thanks Patrick, we love great clients like you.

Communication is the key, thank you again Patrick much appreciated sir.

"... is the key?"

Well, with me for example, your staff has declared my perfectly valid passport as "invalid" and then I received no further communication.

That was 2012-05-09 07:46:22, over 10 days ago.

I have a Zendesk ticket 1500314.

Also you seem to have quite a mess on your website, for example "Level 1" verification has deposit limit 100000 USD, but level 2 only 25000 USD. Isn't it supposed to increase with the verification level, and not decrease?

[coga]

Any more feedback? I'm also trying to get validated, and it takes awhile...

[coga]

I have some feedback I wanted to give at this time:

a) The web site is a little confusing. I opened an account awhile ago, and it didn't make me select PIN at that time. Now I do have to use PIN everywhere, so I had to set one up. But then it will not let you change anything for 24 hours. I guess this is a reasonable security measure
b) I sent an email to their support during my troubles with website, and no answer, like, EVER.
c) I am still not verified. I opened a ticket, and there's no response
d) They show that they have a phone # to call. It's 1PM in Australia. I'm calling both Australian and NewZealand offices, and nobody answers.
e) Sent 20 BTC to them awhile ago. 8 confirmations, but their web site doesn't show balance.
d) Live Support link constantly shows "We are offline, please leave a message"

I am starting to have a bad feeling about those folks...

**UPDATE**: BTC got through to an account shortly after I wrote this post. I also got a bunch of responses from helpdesk. I understand that they verified me and the withdrawal I was looking for will be initiated soon. I will update this thread when I get more updates

[PatrickHarnett]

e) Sent 20 BTC to them awhile ago. 8 confirmations, but their web site doesn't show balance.

I routinely wait for confirmations - most recently 9-12 - it's not a big deal to me, but it might be to others.  Not sure if it a set number or if there is manual intervention, but I've not lost a transaction yet.

Patrick

[Bigpiggy01]

They slow down scanning bitcoinid when working on the server so it occasionally goes as high as 6 confirmations + 20min.

[PatrickHarnett]

I've waited a few hours at times, but patience is useful.

[coga]

We have arrangement's with our payment / banking partners, so that no matter where money is sent from around the world or we send money out (Withdraw) the fee is $5 Flat No Matter where you are located, as long as it is included in our 25 Supported Inbound Currencies and Our 120 Outbound Currencies.

So we eliminate all the traditional wire fee's etc. So yes $5 flat fee.

I am not sure what relation do you have with actual CryptoX, but this was not my experience. If you have access to support system, check ticket #1500374. I withdrew ~$750 dollars, and the amount I got was $29.52 less. I am not sure what's going on there, but I would appreciate your comment.  

UPDATE Folks from CryptoX contacted me and resolved the issue. Apparently, the $5 withdrawal is not an option anymore, and I never realized it.

[DeathAndTaxes]

How is $5 + 0.6% defined as a "flat $5 fee"?

[Jake]

Maybe you should fix your dang registration, unbelieveable. Tried on several browsers.

[repentance]

UPDATE Folks from CryptoX contacted me and resolved the issue. Apparently, the $5 withdrawal is not an option anymore, and I never realized it.

It was announced on their website but they probably should have updated the thread title here.

http://www.cryptoxchange.com/blog/11/discontinuing-online-bank-transfer-deposit-and-withdraw-option-with-5-aud-fees

[cryptoxchange]

UPDATE Folks from CryptoX contacted me and resolved the issue. Apparently, the $5 withdrawal is not an option anymore, and I never realized it.

It was announced on their website but they probably should have updated the thread title here.

http://www.cryptoxchange.com/blog/11/discontinuing-online-bank-transfer-deposit-and-withdraw-option-with-5-aud-fees

Hi Repentance,

That is correct, sorry guys we are changing our outbound payment services, we will have the $5.00 Outbound service up and running this coming week, we had hoped to have it finished this week with minimal down time. Payments at the moment have been sent out at normal Australian banking costs and users had been notified. We will be emailing everyone this week with the update on our new payment services.

Crypto X Change will continue to be able to send out to 120 Different currencies world wide for the $5.00 fee + a small % fee which we are just finalizing negotiating.

We haven't changed any information here in the forum, we appologise for that however all users should take note of what is on our site.

Thank you very much for your continued support!

Regards

Crypto X Change

[mrbrown]

Does anyone have experience with Crypto X Change?  This is looking like a good option for those of us who need to get out of Tradehill.

No!!! I am waiting on a bank transfer of like 3 months ago still nothing received and no replys to mails ..

[cryptoxchange]

Does anyone have experience with Crypto X Change?  This is looking like a good option for those of us who need to get out of Tradehill.

No!!! I am waiting on a bank transfer of like 3 months ago still nothing received and no replys to mails ..

This is nonsense! If this were true any issues would have been sorted out promptly, place a ticket in our system and we will investigate this.


Crypto X Change

[miernik]

This is nonsense! If this were true any issues would have been sorted out promptly, place a ticket in our system and we will investigate this.

Its not the only example which shows issues at Crypto X change are left without being dealt with forever.

There where other people waiting for weeks, including me with ticket 1500314 (19 days old).
I've been querying about this already multiple times - with zero effect.
Anyway, now after all this, I don't think I could ever trust you after you declared my passport "invalid" without explanation - it just shows that even if the verification goes through now, its possible that some error in your system will mark it invalid again, and you'll stop responding and hold on my funds forever.

I will never put more then 100 AUD at a time into your exchange, unless your CEO publicly promises on this forum that he will never hold on my funds more then 24 hours, process all deposits and withdrawals within 24 hours, and if they ever need more verification they will not hold funds while waiting for it, but release funds to the accounts they came from, and then deal with verification.

Even the verification form on the account shows that you have a mess in there: Level 2 has a lower AUD limit then Level 1. How can I trust you even if the forms don't really know what the limits are? Oh, and it should clearly state there are these limits per day, per month, cumulative forever or some other kind of limit? If a bank had such unclear forms and a mess, they'd have no customers.

[cryptoxchange]

This is nonsense! If this were true any issues would have been sorted out promptly, place a ticket in our system and we will investigate this.

Its not the only example which shows issues at Crypto X change are left without being dealt with forever.

There where other people waiting for weeks, including me with ticket 1500314 (19 days old).
I've been querying about this already multiple times - with zero effect.
Anyway, now after all this, I don't think I could ever trust you after you declared my passport "invalid" without explanation - it just shows that even if the verification goes through now, its possible that some error in your system will mark it invalid again, and you'll stop responding and hold on my funds forever.

I will never put more then 100 AUD at a time into your exchange, unless your CEO publicly promises on this forum that he will never hold on my funds more then 24 hours, process all deposits and withdrawals within 24 hours, and if they ever need more verification they will not hold funds while waiting for it, but release funds to the accounts they came from, and then deal with verification.

Even the verification form on the account shows that you have a mess in there: Level 2 has a lower AUD limit then Level 1. How can I trust you even if the forms don't really know what the limits are? Oh, and it should clearly state there are these limits per day, per month, cumulative forever or some other kind of limit? If a bank had such unclear forms and a mess, they'd have no customers.

Hi,

We will check all of this out, your ticket should have been attended to. We have 2 staff members handling identification authorisations so we will find out what the issue is with your passport it must have been human error there, if you could please send an email to support@cryptoxchange.com with your account number and information our guys will get this sorted out for you. Very sorry for the problem.

In regards to withdrawals of Fiat, we process those as quickly as possible, we have been continually working on fast and efficient world wide payments, we have had problems with our previous payment partners messing up transfers or delaying them 1 or 2 days however we have changed companies and things should be flowing much smoother now. We cannot promise 24 hour payments as we rely on banks and banking partners like every other exchange.

Thanks

Crypto X Change

[miernik]

We will check all of this out, your ticket should have been attended to. We have 2 staff members handling identification authorisations so we will find out what the issue is with your passport it must have been human error there, if you could please send an email to support@cryptoxchange.com with your account number and information our guys will get this sorted out for you. Very sorry for the problem.

I've sent an e-mail with my passport scan there just now.
Anyway my account number is CRACCALL0000607900

In the meantime can you post on this forum what withdrawal/deposit limits for each level really are (so there is an independent confirmation these are true), and on what time frame these apply? Because the info at https://cryptoxchange.com/Customer/IdInfo seems nonsense (- ust look at it and see if it makes sense: level 1 deposit limit: 100000 AUD, level 2 deposit limit: 25000 AUD, whereas other limits increase with increasing verification level.

In regards to withdrawals of Fiat, we process those as quickly as possible, we have been continually working on fast and efficient world wide payments, we have had problems with our previous payment partners messing up transfers or delaying them 1 or 2 days however we have changed companies and things should be flowing much smoother now. We cannot promise 24 hour payments as we rely on banks and banking partners like every other exchange.

I did not mean 24 hours to reach my bank account!

I am talking about 24 hours to submit the payment to your bank/payment processor. If you show me a screenshot/PDF confirmation the payment is posted there, it'll be satisfying for me you did your job. I just want to avoid situations where payment doesn't arrive for days and the exchange blames it on a third party, when in fact they even didn't submit it to the third party.

[repentance]

I will never put more then 100 AUD at a time into your exchange, unless your CEO publicly promises on this forum that he will never hold on my funds more then 24 hours, process all deposits and withdrawals within 24 hours, and if they ever need more verification they will not hold funds while waiting for it, but release funds to the accounts they came from, and then deal with verification.

You honestly think that any legit company is going to publicly promise to be non-compliant with AML/CTF/KYC requirements for your benefit?

[miernik]

You honestly think that any legit company is going to publicly promise to be non-compliant with AML/CTF/KYC requirements for your benefit?

No AML/CTF/KYC laws require or even allow a company to hold funds received. If they can't identify the user, they should immediately return the funds where they came from - bounce the transfer. Exactly as if they got a random erroneous transfer. That's what all respectable AML/CTF/KYC compliant companies do, I've seen this happen at a currency broker. AurumXchange even has it written in their terms.

Failure to identify - treat the incoming transfer as an erroneous random transfer - immediate bounce back.

Holding funds is unacceptable. Bounce is the only proper way to deal with this. Huge currency brokers who deal with much more volume then BTC exchanges do this. They know the law. They can't afford their name to be ruined.

[repentance]

You honestly think that any legit company is going to publicly promise to be non-compliant with AML/CTF/KYC requirements for your benefit?

No AML/CTF/KYC laws require or even allow a company to hold funds received. If they can't identify the user, they should immediately return the funds where they came from - bounce the transfer. Exactly as if they got a random erroneous transfer. That's what all respectable AML/CTF/KYC compliant companies do, I've seen this happen at a currency broker. AurumXchange even has it written in their terms.

Failure to identify - treat the incoming transfer as an erroneous random transfer - immediate bounce back.

Holding funds is unacceptable. Bounce is the only proper way to deal with this. Huge currency brokers who deal with much more volume then BTC exchanges do this. They know the law. They can't afford their name to be ruined.

You've made this same argument in another thread concerning people using fake ID documents and it's simply not true that businesses are required to return funds to the original account if verification fails - in many cases, they would be in breach of AML requirements if they did so.  AurumXchange operates under Dominica laws.  These are not the same as the Australian laws by which CryptoXchange is governed, although you might want to brush up on what AurumXchange has to say about AML.

Please note that AURUM CAPITAL HOLDINGS INC. under aforementioned laws has the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, AURUM CAPITAL HOLDINGS INC. will be obliged to report this suspicious activity in order to comply with said regulations, and internationally accepted laws and customs which also prohibits AURUM CAPITAL HOLDINGS INC. from disclosing this information.

Providing AURUM CAPITAL HOLDINGS INC. with false identification or contact details will be deem as a misuse of our terms of service. AURUM CAPITAL HOLDINGS INC. is legally bound to report such misdemeanors to the Dominica’s authorities, and as such you may be the subject to a criminal investigation.

Frankly, many of your posts create the impression that you're actively seeking an exchange which is not compliant with AML/KYC requirements.  If you already know currency brokers who are non-compliant then by all means feel free to use them, but don't expect that businesses which are required by law to hold funds pending satisfactory verification of identity are going to stop doing so because you don't like the process.

[shockD]

You honestly think that any legit company is going to publicly promise to be non-compliant with AML/CTF/KYC requirements for your benefit?

No AML/CTF/KYC laws require or even allow a company to hold funds received. If they can't identify the user, they should immediately return the funds where they came from - bounce the transfer. Exactly as if they got a random erroneous transfer. That's what all respectable AML/CTF/KYC compliant companies do, I've seen this happen at a currency broker. AurumXchange even has it written in their terms.

Failure to identify - treat the incoming transfer as an erroneous random transfer - immediate bounce back.

Holding funds is unacceptable. Bounce is the only proper way to deal with this. Huge currency brokers who deal with much more volume then BTC exchanges do this. They know the law. They can't afford their name to be ruined.

You've made this same argument in another thread concerning people using fake ID documents and it's simply not true that businesses are required to return funds to the original account if verification fails - in many cases, they would be in breach of AML requirements if they did so.  AurumXchange operates under Dominica laws.  These are not the same as the Australian laws by which CryptoXchange is governed, although you might want to brush up on what AurumXchange has to say about AML.

Please note that AURUM CAPITAL HOLDINGS INC. under aforementioned laws has the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, AURUM CAPITAL HOLDINGS INC. will be obliged to report this suspicious activity in order to comply with said regulations, and internationally accepted laws and customs which also prohibits AURUM CAPITAL HOLDINGS INC. from disclosing this information.

Providing AURUM CAPITAL HOLDINGS INC. with false identification or contact details will be deem as a misuse of our terms of service. AURUM CAPITAL HOLDINGS INC. is legally bound to report such misdemeanors to the Dominica’s authorities, and as such you may be the subject to a criminal investigation.

Frankly, many of your posts create the impression that you're actively seeking an exchange which is not compliant with AML/KYC requirements.  If you already know currency brokers who are non-compliant then by all means feel free to use them, but don't expect that businesses which are required by law to hold funds pending satisfactory verification of identity are going to stop doing so because you don't like the process.

+1

holy crap, miernik is either a scammer or a full blown mongoloid. It's not even funny...

[miernik]

holy crap, miernik is either a scammer or a full blown mongoloid. It's not even funny...

Its a pity this forum has no way to add a user to some personal "list of people never to make transactions with". We could both make good use of it, couldn't we?

[shockD]

holy crap, miernik is either a scammer or a full blown mongoloid. It's not even funny...

Its a pity this forum has no way to add a user to some personal "list of people never to make transactions with". We could both make good use of it, couldn't we?

No worries on this end, I'll remember you just fine without a forum feature.

[miernik]

You've made this same argument in another thread concerning people using fake ID documents and it's simply not true that businesses are required to return funds to the original account if verification fails - in many cases, they would be in breach of AML requirements if they did so.  AurumXchange operates under Dominica laws.  These are not the same as the Australian laws by which CryptoXchange is governed, although you might want to brush up on what AurumXchange has to say about AML.

Please note that AURUM CAPITAL HOLDINGS INC. under aforementioned laws has the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, AURUM CAPITAL HOLDINGS INC. will be obliged to report this suspicious activity in order to comply with said regulations, and internationally accepted laws and customs which also prohibits AURUM CAPITAL HOLDINGS INC. from disclosing this information.

Providing AURUM CAPITAL HOLDINGS INC. with false identification or contact details will be deem as a misuse of our terms of service. AURUM CAPITAL HOLDINGS INC. is legally bound to report such misdemeanors to the Dominica’s authorities, and as such you may be the subject to a criminal investigation.

Frankly, many of your posts create the impression that you're actively seeking an exchange which is not compliant with AML/KYC requirements.  If you already know currency brokers who are non-compliant then by all means feel free to use them, but don't expect that businesses which are required by law to hold funds pending satisfactory verification of identity are going to stop doing so because you don't like the process.

Nowhere in your quote does it say AURUM CAPITAL HOLDINGS can hold funds in any case. It only says "AURUM CAPITAL HOLDINGS INC. is legally bound to report such misdemeanors to the Dominica’s authorities, and as such you may be the subject to a criminal investigation". So... a report goes to whatever authorities they are bound by, but funds go back to where they came from.

How about reading: https://www.aurumxchange.com/content/terms

User may be asked to provide additional documentation for the purposes of verifying the user's identity at the sole discretion of AURUMXCHANGE.COM.

Verification documentation must be sent within 5 calendar days from the time of the order to the email address provided on the order verification email. If the user does not provide the requested documentation within the aforementioned time period, the order will be voided and funds for the order in question returned as explained on paragraph 5.

5. AURUMXCHANGE.COM may at its sole discretion return the received funds less fees and administration costs (Minimum of 20 EUR) in the following cases:

Purpose of payment (Memo, Payment info) in the bank wire is missing or incorrect.

Funds were sent from an account under a different name (name does not match user's name).

3rd party payment (user had someone else send funds from their bank account to user's e-currency account or vice versa as explained in paragraph 2).

There is a reasonable suspicion that received funds are fraudulent.

User refuses to submit verification documents (as explained in paragraph 4).

There is a reasonable suspicion that verification documents are counterfeit.

The order in question has been placed from an anonymous IP address (as explained in paragraph 3).

User failed to provide verification documentation on a timely manner as explained on paragraph 4.

6. All gathered information about the user will be handed to the user's local law enforcement authorities if there is a reasonable suspicion of money laundering, attempt to defraud, attempt to send fraudulent funds, or attempt to counterfeit personal documents.

All what is handed to local law enforcement authorities is information. Not funds. The only entity that can allow or request for an exchange to do something different with the funds from either executing the customers order or returning it where they came from is a local court order. Not some staff of a financial company - but a judge of the local jurisdiction. Even the police can not hold a person more then 48 hours without a court order issued by a judge.

[repentance]

CryptoXchanges website states that it is compliant with FAFT recommendations.  As a bullion dealer, it is both a KYC and a STR covered entity for the purposes of AML/CFT requirements.

You can download a copy of those recommendations here.

http://www.fatf-gafi.org/topics/fatfrecommendations/documents/fatfrecommendations2012.html

Dominica is substantially non-compliant or partially compliant with the recommendations.  It is non-compliant with 4 out of the 6 core recommendations and is therefore deemed by the FATF to have "significant AML deficiencies".  It is compliant or largely compliant with only 7 of the 40 + 9 recommendations and still classified as an offshore finance jurisdiction.  It is absurd to compare how AML/CFT requirements are applied in largely non-compliant nations with how they are applied in nations which are largely compliant.

You can actually check on the overall compliance status of various nations here.

http://www.knowyourcountry.com/index.html

[miernik]

Useful links, thanks, will read in free time.

Maybe I'll create my own organisation with a nice acronym, with "recommendations", etc, and encourage exchanges to implement them, and blacklist those non-compliant.

Its all politics.

Freedom-minded people vs. authoritarians.

Innocent-until-proven-guilty vs. everybody-is-suspect.

I already have my own rating of exchanges, with levels of trust how much of my BTC worth of Bitcoin+fiat at once I'd let under their control.

I have 5 levels: 10 BTC, 30 BTC, 100 BTC, 300 BTC and 1000 BTC.

By default a new unknown exchange gets 30 BTC, and based on what I find out gets rated up or down.

Very few have 300 BTC, none have 1000 BTC.

At the moment CryptoXchange has 10 BTC, lets see where it goes.