Topic: Announcing a new bitcoin exchange with UK banking - www.bit121.co.uk - page 3. (Read 6699 times)

email address was taken from your so called exchange. so this error is only thanks to who ever made that school project.

and NO u not competetive. if I want to pay 20 quid extra I will choose okpay and currency conversion to usd and then btc-e. or even better I will choose localbitcoins.

From Jim Iddiols (CEO - bit121)

Please excuse my delay in getting back to you all. There is a lot of nervousness in the Bitcoin market and that is understandable and we need to do more to give confidence to our users. I will get more information to you through this thread and you are welcome to contact me at [email protected].

Let me try and tackle your points one by one.

1. Firstly the order book has been requested many times and you are right that our order book was not strong to start with. This is understandable with a new exchange. It is now much stronger and we hope you will add to it. Because of the requests, we plan to put this in the next release. This is scheduled for the end of February. In the
meantime you can use the current method of buying and selling using the best available price displayed on the site. You will note that there is normally a small spread, showing a competitive market.

2. We have many customers that are happily trading and some have agreed to us posting their comments on our site. They are available on the news section of our home page now.

3. The note about cash payments not being allowed being a bit scary. It is supposed to be. If we take cash then we leave ourselves open to accusations of Money Laundering and that could put us out of business. Many exchanges have failed this way. It is for everyone's protection. However, perhaps we could explain this a little better and I will look into that. If you don't use cash, then there is no problem.

4. The deposit and withdrawal fees cover our costs of banking, anti-money laundering checks and administration. You will note that we do not hold your funds, they are held by a trusted Payment Services Provider. We pay for this service. This means that we cannot abscond with your money, as has happened with other exchanges. Some of you
have noted that. All in all I think we are very competitive, but we will continue to review our charges and will try and reduce fees, when we can.

5 Bank transfers into us are not instant. We are notified overnight and thus it can take us 36 hours to update.

6. We have no immediate plans for trading LTC, although we may well start providing this service in the future. We are concentrating on giving the best possible service for Bitcoins first, but your comments are helpful.

7. I note that one of you has had a problem with email but unfortunately you have made a typo error in the email address. Our email is [email protected] and NOT [email protected].

8. We use Hushmail and Cloudflare to improve our security against hacking, although we do not keep bitcoins on the site (they are held in cold storage). We appreciate that this may not be the most convenient security method, but we will not take risks with our customers security.

9. We understand that we need to make our address more visible (although all you need to know about Bitcoin Exchange Limited is in the public domain).  We will, but we are about to move, more anon.

10. We will publish our VAT number, when we receive one.

11. None of us has been involved with any other exchanges of any type and in any way.

Please email us with any questions and thanks for your help. I will get back sooner next time.

Jim Iddiols
CEO

as I do understand that you may have some bad feelings related to the founder of exchange, but can u provide anything which will prove your words? my first posts.are full of scepticism and.it seems they have been exposed but without solid evidence u cannot call anyone a scammer.  I really think this is another.dodgy site but I'm trying stay away to see where this going.

GUYS,

THIS GUY IS A FKIN SCAMMER. He also own the site bitcoin2pocket which has robbed me effectively of close to 700 quid. Suddenly the website has shut down, it's all a scam. This guy is bad don't go near him. You will never see any money again. Plus his website looks crap and the 'service' it looks to provide is bullcrap.

Signed up to have an investigate, As the site fills a massive gap for the uk.

Some comments:
 
At first glance things seem ok, I would like to be able to see the order book for me that is an essential for an exchange, further as your new i'd say you really need to help the liquidity along (with the amount of exchanges open these days, there is almost no reason not to do almost an instant arbitrage and keep the price at least close to the US$ price on GOX)

It would probably be wise to reduce the fees to almost zero for say the first 6 months. customers must surely be the priority at first not profit.

As mentioned above the buy sell tabs are very similar I see people making mistakes.

for an exchange that is "Fanatical About Security" I haven't been automatically logged out once yet today

I would also add its been nearly a month since you posted here. how about some customer interaction.

keep up the good work and wish you all the best.

Yep Limited Liability. We take your money (via Faster Payments which cant be recalled) we spend it, we go bust. You get nothing back.

Im sure once the FCA gets wind of this new outfit they'll be shut down, which explains why Barclays wont comment either way.


Another thing which ive noticed, is that the site is in breach of Chapter 6 of the (UK) Companies Act 2006, which states, among other things, that a physical registered address must be listed on documents or websites. Furthermore the site is in breach of the Electronic Commerce (EC Directive) Regulations 2002 in that, again, a physical postal address is not provide and nor is a VAT number provided. I suspect they will have to have a VAT number as they will be dealing with more then mandatory registration limit.

It all adds up to a dodgy website.

Well spotted,

This is their big chance to instill trust and confidence.

LTD is good only for...them. means nothing to us. its just limited laiability if anything will go wrong.
they even abandon their thread.

Digging further into Mr James Richard Iddiols (https://www.duedil.com/director/917690493/james-richard-iddiols/directorships) he was also a Director of Capital Key Club Limited which was dissolved.

Trading Address:
32 North Road
Bosham
Chichester
West Sussex
PO18 8NL

It was starting to sound encouraging.. until after registration..

Then you realise there is too much that is off-putting for now.

The flat fees for bank transfer charges - fine for large amounts (if there was sufficient to engender trust for large amounts), but definitely off-putting for even a small amount as a test.

And where is the order book?

Where are any kinds of graphics showing trade history and volumes, market depth, etc?

Come on James (& Mark?) - please give us some more functionality .. ideally like Kraken, but mixed with the BTC-e!

Feels like you're too scared to disclose how small your market is.

For what its worth.. The Companies House records indicate:
BIT121 LIMITED
THE LONG BARN DUNCTON MILL
DYE HOUSE LANE
PETWORTH
WEST SUSSEX
ENGLAND
GU28 0LF
Company No. 08600850

And the public records confirm Jim's statement:
Current Director: Mr James Richard Iddiols
Previous: Mr Nicholas Paul Dann

They're also both listed for two other companies started earlier this year:
MIZACO LIMITED 08600881
BITCOIN EXCHANGE LTD. 08459694

For all three:
23/10/2013   Mr N.P. Dann left the board

For BITCOIN EXCHANGE LTD:
19/09/2013   New Board Member Mr Mark Timothy Vickery appointed

Great to see a bitcoin exchange based in the UK.

Some comments about bit121:
Where are the charts showing price and trading volume over time?
Where can I see the order book?
I feel as if I am blind when I try to trade with this site.

Secondly, I don't like the separate "buy" and "sell" tabs which are similar to MtGox. I find it easy to get confused and enter a sell order instead of a buy order, or vice versa. I think btc-e has about the best user interface of any exchange--if you just replicated their interface and the level of reliability of their site, it would be great.

Hi Jim. See here.

Those unsure about whether to sign up/deposit/etc: your reading is here.

have you checked this article? http://www.coindesk.com/barclays-bank-uk-bitcoin-exchange-bit121/
apparently bit121 doesn't use barclays directly but barclays refuses to comment on this.
personally I am waiting for ZipZap next year to poor some money into bitcoin and litecoin.

for now the best option is to watch and just comment about this. personally I wouldn't risk put 50quid to this couple weeks old exchange. second worrie is lack of info. no address, no phone, no info who is the owner. if anything will happen who u gonna chase if email address fail when u trying contact them. this days anyone one can have site secured with SSL for few bobs. site itself looks really like school project. maybe.I'm wrong and it will be succesfull but will see. remember there was someone who tried setup exchange and failed big time. mtgox had account.closed in UK. btc-e not rushing to give UK green light for deposit in GBP. must be a reason.

Great news but, why would a legit exchange use Hushmail as their mail servers?


Don't get me wrong, this is exactly what I am looking for being a UK resident but with the high fees and above info I think I have good reason to be cautious?

I might be wrong, but I think they charging that because they know they will fail andoney must be made somehow.  joke is to pay for something which is free. if i want to buy BTC I can go to forum and pay that 20 more and get it without using expensive exchange with 0.25% fee.

Glad to hear of more exchange operators out there
Not so good to hear of steep withdrawal and deposit fees
Hopefully will settle down to be a good service

This is ridiculous...

Faster Payment transfers from UK banks to UK banks are FREE... how do you justify charging users £10.00 for all deposits AND withdrawls ?

Why should I a UK bitcoiner switch to using bit121 instead of just doing a SEPA transfer to Kraken which is also £10.00, but only 0.09 Euros to do a withdrawl?

Ok, so first look at the website and...look shit. Sorry, but to many signs which put you off trading with them.

After registration and confirming email everything looks alright.
Once i started reading TOS- deposit charge, minimum for withdraw and for deposit is 50gbp.
Warning about investigation if you will try to deposit via cash.

And about trading itself...no graphs only buying/selling option. Really-no volume, dosnt look like anything happening there.
site looks like build in rush.
Maybe its just me.

Will see how it will goes. For now:
Our fees are as follows:
£10.00 for all deposits
£10.00 for all withdrawals
0.25% fee on all trades. not that cheap if u really trading large amounts.

If u will send money via sepa to Btc-e u will pay no more than 20pound. which is 10 for deposit and 10 for withdraw with bit121.


Not really so good is it?

Contact option: Only email
Minimum trading is 0.1BTC

Not to positive for now.


Edit:
I tried to send email from gmail account to them, this is what i found few minutes after sending:

Delivery to the following recipient failed permanently:

     [email protected]

Technical details of permanent failure:
DNS Error: Domain name not found

Site is secured by cloudflare but this have nothing to do with them. So maybe founder or ceo will try to explain why main contact address dosnt work?

Hi

Good news.  I signed up today.  Still not worth my while transferring GBP there as prices are high and the £10 deposit fee is a little off putting.

I'm sure I will use it at some point in the future maybe against the arbitrage or for  a faster GBP - BTC conversion.  How long does tranfer take BTW is it instant UK - UK?

Any plans for LTC or more trading options in the future?

Great to see a UK bank to BTC route again it's been long overdue.