Topic: BTC-E Exchange Review (Read 2476 times)

Sorry I think this is in the wrong place now. Please move and delete this comment.

Recently I went about buying some currency with BTC-E and I just wanted to share my experience. Some people think that BTC-E is a scam (everything is a scam in Bitcoin!) but it isn't and my experience was quite good. I've never used an exchange so this was new to me.

The ease of use is very good. You deposit your funds by getting the address and then they appear quite quickly. Once they're in you just buy from the homepage using the currency pair you're interested in. This was simple to do. I was buying NMC. I found that the precision on the numbers for this is a bit weird. For instance you can get 246 = 1BTC but you can get 247 = 1 BTC. But then if you try to buy 247 it wont let you for the 1 BTC you have as it pushes it over 1BTC by a very small amount. Afterwards you just wait for the % to increase on the order which took around 8-10 hours I think. You then just click on withdraw and give it your address. I found this was practically instant. You loose a small amount of currency to withdraw but it's acceptable. It then sends a confirmation email to you. When I clicked this on a different pc I got an error which was worrying but then it turns out it was because I wasn't already logged into the site so they need to fix that. After logging in a retrying it worked fine and my currency appeared in the wallet immediately.

The security does worry me a bit. For starters they're only using RC4 on the login for SSL which is low and needs improving. Not that this saved Bitcointalk (AES-256 I think it was before) but it's just something I noticed. The two-factor authentication is also difficult to figure out and I think it uses Google Authenticator and I just don't trust Google at all anymore (re: Snowdon). But nothing bad happened to me. I wish they'd add two-factor like blockchain as it's easy to use.

So they were pretty good on the whole. I had no reason to contact them so I don't know what their customer services are like but I've heard reports that they don't get back to you. For this reason i was hoping everything would go right and it did.

I'd probably use them again but I really felt as though getting the transaction done asap and getting the funds out was a real priority as account security bothers me on there.