Topic: Announcing a new bitcoin exchange with UK banking - www.bit121.co.uk (Read 6701 times)

Looks worse still as they have now closed shop.

Still nothing lost as far as I'm aware.
Sad to see an exchange fail, good to see it fail gracefully without loss of trust or coin.
Bet THAT won't make the news.

Banks in the uk really hitting hard.

Oh No 

I can see an orderbook when I log in now. Its a bit spares though   

Any news on this? An orderbook visible to everyone will attract volume and help make a success of the exchange.

Please see this definitive warning about www.bitcoinexchangeltd.com from the Administrator of Bitcoinukforum. They are a scam. BUT NOT AFFILIATED OR ASSOCIATED with Bitcoin Exchange Ltd in any way. http://bitcoinukforum.com/index.php?PHPSESSID=e5ecc8f8a8b5d4fe5b74b3a15b52310a&topic=86.msg100#msg100

One more for he ignore button I think.

Btc-e done more on this forum to promote than 123456bit.whatever. maybe because they legit. OP on this thread doing fu$%k all. He doing this because he knows if people would take this "exchange" for spin- and trust me there is couple of guys here acting like bitcoin scam police. They would be exposed quick.
Btc-e done for promotions more than this whatever you calling exchange.
If this is exchange for everyone, there should be no limitaion-minimum etc. Because not only there is minimum for trades, there are charges for such basic stuff like deposits and withdraw, so yeah dosnt look shady.
It looks like exchange for elite with 20k in pocket.

BTC-E has been in operation since 2011 and bit121 has been open for about two months. Is that a supposed to be a big surprise? I think you should do as you said you would do last time and stop posting on this thread.

You might be right, I don't need to pay £10 to get in as I mine, trade / hold; I exit crypto for costs only so no need to bring fiat into the exchange for me.
From my point of view the trading fees are in line with others, exit to GBP is faster, and when dealing with amounts over my experimental £750 it's cheaper cheaper in fees.

If I was a small investor I'd be put off by the £10 deposit and the BTC 0.1 trade minimum so they should review those if the plan is for a vibrant GBP exchange.
I've been mining for some time and my biggest issue is getting a near instant ~3-£5k volume exit at a sensible price / hassle factor.

The landscape is changing fast but in mid Dec 2013 this put a smile on my face.
If they take on customer suggestions and volumes rise Bit121 would be ideal for me if past experience proves the norm.

So you saying that bit12345.whatever is cost effective? Really? I dont see the point paying extra 10+10 just for benefit buying in gbp. I can easily buy btc or other coins using gbp, usd or any other fiat.

True, thats my opinion but lets see how many people using btc-e and how many 123bit.whatever?
If market graph and order book is for you something which is not needed in exchange i can see you are no more than just kid in front pc. Again this is my opinion...

No evidence of a scam at bit121 from where I'm sitting.

I tested the site early Jan and transferred ~ £750 out to my UK bank
Flawless next day deposit - I prefer a flat rate to a % for the volumes I'd likely be trading out anyway.
I'll still complain about the £10 though


Before I traded there I had some issues with TFA which support was quick to reply and offer assistance on. Turned out it was my laptop anyway.

There is much to be done with improving the site -
Bit121 sent out an user input email couple of weeks back asking for suggestions / improvements to raise trade volumes.
I'm sure they got hit with a loud and clear message regards order book and associated data. Anyone else get that one ?
Some things seem to be being implemented as now there is an order book of sorts.

Communication with the community seems a bit lax as I wasn't aware of any updates being done to the site until I looked.

Anyway I'd use them again, other options all take longer and cost benefit is debatable as far as I can tell.

I think BTC-e looks like crap. So, your opinion isn't in very high regard with me.

Ohh, yeah. im lying. If you read instead posting crap without reading you would see why i mention about email, and funny way of contacting them.
You right, i have to send money to see if its scam or not. That does make sense.
i would complain if i had to pay the fees. but because i stay away from this so called exchange writing about fees and pointing that only idiot will pay for something which is free is my point of view and more than one(me) mention this in this thread.

As i said, obviously your balls are bigger than brain so go ahead and make few trades.
I will stay with BTC-e which is much better(look,usability etc) than school project called 121-whatever.

I will not answer any more to bump this crappy thread higher and to give free advertisement to 234bit.im.a.scam so dont bother explain me how legit they are.

You've already admitted that you've never done business with them. Therefore you have no idea if it's a scam or not.


If it's a scam then why are you complaining about the fees?

EDIT: I just got an email from bit121 so either you're lying or confused. I suggest you check your facts.

If you have big balls enough, send them some money. I want to see your face when in return you will big NOTHING.

I will stay safe and will make sure people are aware that this is nothing more than just shady way of making money.
Besides, ceo newer reply about money transfers and cash deposits. As all transfers between uk accounts are free how you can justify charge of 10gbp for transfer in and 10gbp for out?

If you so sure about them please use them, and dont try to change the way i think about them and how this looks to me.

Fact is:
contact by email, saulty fees for deposits and withdraw, crap looking school project, abandoned thread and silly billy answers at the beggining of this post from CEO just shows how crappy scam this is.

One would think that you need to actually trade bitcoins to say that you "tried" an exchange.

So what u think trying is? Sending them btc? Sending them money?
Registration plus attempt of contact is enough to say "Yes i tried them".
I wouldn't use them even if they would have private details posted on website.

For some reason there is no info about this exchange. Complete oposite of Btc-e or gox.
Now when Okpay allowing uk gbp to use for BTC this project is not needed any more.

So, in other words, no you haven't tried it.

If you look at the beggining i did register myself, i did have little walk about on their school project and thats it. im not that stupid to transfer any money to someone whos only contact was email address and it was wrong at the beginning.

No thank you, for advice about something from new created account which involves my money.

If you so succesful please use it and profit from it as much as u like.
Not only me question owners and others in thsi thread about this so called exchange.

And to many !!! signs in one sentence means buisness...which is nothing else than scam.
Even OP abandon his post so not that great after all.

the website works !!!

Have you tried it yourself ?

as newbie posting info about exchange which looks like school project ,means that 121bit must be legit. so u saying u paid 165 us dollars to UK account by exchange?

okpay allow now GBP to buy btc so this exchange is not needed anymore. close that scam and.move on...

I used bit121 to trade 0.38 bitcoin and got paid my £165 very quickly into my UK bank account

website bit naff, no order tables , needs to trade other coins too

other than that very honest !!!

good for us UK residents

If you send GBP from your bank to a EUR denominated account (SEPA transaction), you will get the banks GBP-EUR exchange rate which will be around 3%-5% above that of the actual exchange rate.

So, you will find that you are paying a hell of a lot more than just the 10GBP deposit fees!

As for bit121, I have registered but haven't used it yet. I want things to be much more transparent with the site layout than the 'bidding' into the dark thing that they got going on at the moment. Also this 'security' feature whereby coins are held in offline wallets and require a waiting period in order to allow a human to release them is bs. With something as volatile as Bitcoin, if I buy Bitcoins, I want control of them immediately! I don't want them sitting in some buggers offline wallet whilst their spending power possibly plummets.

....even Intersango was better than this ffs.

If the Bitcoin Exchange Ltd - https://bitcoinexchangeltd.com - has stolen your BTC I would urge you to also file your own Action Fraud report:

• online at http://www.actionfraud.police.uk/home
• or phone 0300 123 2040 within UK, +44 161 234 9230 elsewhere

Action Fraud are now well aware of this scam, but adding your report to those already filed further raises its profile and likelihood of being stopped sooner.

You'd best get that fully resolved before using your otherwise unestablished identity to ask that people trust in your business. Not that it was going much of anywhere to begin with. Go back and read the linked piece in my first comment. There are specific safeguards you can take against identity theft in BTC. That you are unaware of this bodes poorly for you whether we believe you're the victim here or not.

Post added to r/bitcoin reddit: http://uk.reddit.com/r/Bitcoin/comments/1upeaa/bitcoin_exchange_ltd_possible_scam_be_warned/

Michael Harris the guy appearing on https://bitcoinexchangeltd.com/order.php online chat support when its up claims he is just a chat operator unable to make decisions when challenged to rectify issues. However, http://www.whois-search.com/whois/bitcoinexchangeltd.com shows he is the registrant of this domain.

Will keep you posted of developments.

This is a great shame that a decent UK centric btc exchange is being screwed with by fraudsters. James, is there any news on your fraud report to the police?

Doubt mods here will help much 'we don't take down posts of known scammers' is the usual line. Until you can get their website shutdown. Your best bet is to alert the community, and hope no one else falls for the them. Perhaps stick a post on r/bitcoin reddit with some proof of fraud too.

To be fair bitcoinexchangeltd.com. looks scammy as hell I wouldn't trade there with two condoms on.

To Tort, James Murrell and anyone else involved with Bitcoin2pocket and the website https://bitcoinexchangeltd.com

Bitcoin2pocket are carrying out a FRAUD. And, I believe the same people are now carrying out a FRAUD with a website called https://bitcoinexchangeltd.com.
I suggest nobody goes near them and sends a report to the police.
These two companies are carrying out an Identity Theft of my name and my company's business address. 

My name is James Richard Iddiols and I am the CEO of Bitcoin Exchange Ltd, the owners of bit121 with a website address of www.bit121.co.uk which is our only website address.
We do NOT have a website called bitcoinexchangeltd.com.

My name (James Richard Iddiols) is plastered all over the bitcoin2pocket website and in blogs.
It is highly unlikely that the owner of bitcoin2pocket has the same name. They certainly do not trade from our address, nor does he run Bitcoin Exchange Ltd. He has damaged my good name and that of my company and our exchange. I have notified the police by calling the number on this site www.actionfraud.police.uk. and I suggest that anyone else involved with either bitcoin2pocket or the website bitcoinexchangeltd.com do the same asap. 

Anyone who are being scammed by these two companies can contact me via the bit121 email address ([email protected]) and we can arrange to talk by telephone. I can also provide anyone with the Fraud Report Reference Number.

(By the way ... the moderators who run this website ... do you do anything to stop this sort of thing. In effect, you are advertising scammers. When I press the report to moderator. What happens? What action do you take?) 

Just to clarify please see earlier post by the owner James Richard Iddiols (bit121 here):

No these 2 companies have the same owner, registered at the same UK address.

Until I get my money or my BTC back both are suspect.

My experience so far with just one of this guy's business isn't one I'd wish on anyone - just think people should be made aware of the risk here.

Think your in the wrong thread ^ ?

edit: missed that

I recently had a very nasty experience with the https://bitcoinexchangeltd.com

I placed an order to sell BTC expecting this to be honoured at the advertised rate on their order form or at least something approaching this.

A day after receiving my BTC the trade still hadn't happened.

I tried emailing and phoning them but no response.

Eventually their chat box popped up so I used that to query what was up. I was told:

• They hadn't responded because it was an unannounced company holiday (in the middle of a standard UK working week ?!?)
• That my BTC couldn't be refunded without them taking a loss because the rate had since dropped - which of course is nonsense since it would be cheaper to buy back

I said fine, then credit me the funds for which it was traded less your fees. This they refused to do, offering a lower price instead. Initially I refused insisting on the refund. Then they said they could pay me a better rate if I sent them more BTC. Which I refused.

Finally in exasperation I agreed to the lower rate offered. At which point they promptly withdrew their offer claiming the market rate had changed. I queried if in fact my BTC had been traded, because if they had what would it matter where the rate was subsequently and if they hadn't why not issue me the refund as requested? This they refused to answer.

They then offered me an even lower rate which they again withdrew the moment I accepted and promptly closed down both their chat and support boxes.

So now they have my BTC and I still have nothing.

It seems very much as if they have no intention whatsoever of refunding my BTC or paying me for them.

They claim to be partners of BTC-e and Bitstamp. I'm now checking if this is the case.

Unless I get my BTC soon, or the offered cash payment credited I'll have no option but to conclude they are indeed a complete scam - in which case I'll be reporting them to Action Fraud with the police.

I'll keep you updated here as to what happens.

To Mr James Murrell,

I am sorry to have to confirm to you that you have been the subject of a fraud. My name is James Richard Iddiols and I am the CEO of Bitcoin Exchange Ltd, the owners of bit121. It is highly unlikely that the owner of bitcoin2pocket has the same name. They certainly do not trade from our address, nor does he run Bitcoin Exchange Ltd. He has damaged my good name and that of my company and our exchange. I have notified the police by calling the number on this site and I suggest that you do the same asap, www.actionfraud.police.uk.

You will note by clicking on my ID that I joined this forum 8th November, while the other James Richard Iddiols (owner at bitcoin2pocket) joined on 13th December and was last active on 18th December. Please contact me via the bit121 email address ([email protected]) and we can arrange to talk by telephone. I can also provide you with the Fraud Report Reference Number. 

so u saying , someone stole your name and used in scam. now u acting as ceo of so called exchange which looks like school project, is expensive(not competitive), have no history what so ever, have no info on webpage apart from email address, is ltd company, cannot disclose who acctually is operator for transfers and all this upset you NOW because one user accused you of scamming him from 650gbp? I have to admit you got a point(sarcasm) and I feel your pain. obviously bitcoin business which become scam and this business which defacto is bitcoin business again have nothing to do with your name what so ever? so some one randomly picked your name and used in scam just like that? if quacks like duck...and u know the rest.

An update to Mr Murrell's comments.

Having done a search of bitcoin2pocket, I am now as upset and angry as Mr Murrell. Bitcoin2pocket is obviously a scam to which Mr Murrell has been a victim. The so-called company have used my full name as the owner (I assume they picked this up from bit121), so I suppose I am also a victim. I can categorically say I am NOT the owner of bitcoin2pocket. I'm obviously angry as this is potentially damaging to my professional and personal integrity. Naturally, I have reported this to the moderator.

I have to respond to Mr Murrell.

None of us engaged in bit121 have had anything to do with bitcoin2pocket.com. I have never ever heard of them. It is sad that someone has stolen £650 from you - but please ascertain facts before accusing innocent parties. And please be bothered to find details ... you won't find any. Now, you have also supplied a webpage: http://www.ccdni.com/director-james-richard-iddiols. All the facts on here are true (of course there is no mention of bitcoin2pocket). I will advise of the three companies listed. Bitcoin Exchange Ltd is the company of which I am CEO; Mizaco is "dormant" - we were thinking of using this name but decided against it. bit121 is "dormant" also - we registered the name as protection against our website brand.

So, I 100% reiterate - None of us has been involved with any other exchanges of any type and in any way.

 

I am gonna call you out here, Mr. Iddiols. That is complete rubbish right there. You have been involved in bitcoin2pocket.com and one other website. They both use the same name as you, James Richard Iddiols, and come from the same address. Now becuase I have accpeted that you have already stolen £650 from me then I will not bother to supply the details. But you can all check it just by googling the name on the internet. Here's the webpage: http://www.ccdni.com/director-james-richard-iddiols Now you tell me that doesn't say you are at 3 different very new companies.

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. 

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