Topic: Announcing a new bitcoin exchange with UK banking - www.bit121.co.uk - page 4. (Read 6699 times)

That would be crediting their account via depositing cash directly at a kiosk in the bank, which could result in a large aml/KYC migraine. Online bank to bank transfers from a persons account is required here I should say.

Sounds like a good notice rather than scary at least it shows their aware of their Know Your Client requirements.

Disclaimer : I've just signed up with them I haven't used their service so due diligence is required on your own part.

Just did some reading on the site

I don't get this statement, how would cash be accepted?

"IMPORTANT NOTICE: Cash payments will not be accepted and will not be credited to your account. They will be held, pending an investigation by the appropriate authorities. We must operate this rigorous Anti-money Laundering (AML) policy to prevent criminal activity on the site."

Quite a scary statement for a first time visitor, needs a better explination

I cannot find any reviews or people that have used this site.

Has anyone used this site, and is it LEGIT?

Regards  Scar

ill give it a look - worries that the poster only has a couple of posts

Hi,

Jim Iddiols again from bit121.

Thanks for the comments. Much appreciated.
Just to advise ... we have a number of people who have now used the exchange, traded bitcoins, deposited and withdrawn funds. We're pleased how things are going!
I'm not sure if you are aware, but we have also reduced our trading fees to 0.25% for everyone. (Home Page looks a lot better too!)

It would be great if some of our customers were to add a comment or two.

For anyone who want to know a little about me, please see my profile on LinkedIn. 
uk.linkedin.com/pub/jim-iddiols/2/113/875


 

Is this a nonrunner?

Unable to deposit please complete account verification form? The link didn't work for me?

How do I view the order book?

Hello. This is Jim Iddiols, CEO of bit121.co.uk.

Our bitcoin exchange has been operating for nearly a week now and I would like to express my thanks to all who have registered and especially those of you that have started trading. We hope that you have had a good experience and will spread the word.

As a result of the much appreciated comments and feedback already received, we are pleased to advise that we have reduced our deposit and trading limits. Our minimum deposit has been reduced from £500 to £50 and our minimum trade has reduced from 1BTC to 0.1 BTC. We have also prioritised our plan to implement 2 factor authentication and hope to implement this soon. Just give us a little time.

We are very pleased with our first week of operation. We have received a very satisfactory number of new registrations of which a good number have gone through the verification process and have executed trades. To date, all deposits and withdrawals have gone through very quickly – all have processed within 48 hours. And we have received some very complementary comments about the layout, format and information provided for our customers in the Account Statement. In addition, our cold storage security procedures are working successfully just as we expected. The downside of this is that you may have to wait up to an hour, when you withdraw coins, while we take them out of cold storage.   

Finally, we do appreciate that our site may not be the most attractive, but our immediate priority was on functionality rather than looks, and so far we are very pleased. We hope you will join us.

Best Regards
Jim