Topic: CryptoXChange.com - Be cautious and check before if you get out your BTC or USD (Read 3809 times)

Some info from aurumxchange that could be interesting for some people.

I wrote the support of aurumxchange first because i was angry. The only told me after i put in all details what exchange i want to do that its not possible. Shortly after the mail i went back and they already changed the following:
* the feelist now shows N/A
* when you chose crypto to mtgox you get a message on top that it doesnt work

So that should be save now.

So i wrote them again to applaude them for their fast reacting and they wrote:
"Crypto has been VERY slow to pay their partners, that is why both Bitinstant and ourselves are not taking it at the moment. If the situation normalizes, we will gladly accept it again.

Best regards,"

So thats the reason why they wont work with crypto. So you now decide for yourself what you do or not do.

Thats not necessary. You could block all access to the server as long as the last transaction isnt fulfilled. And when you withdraw money your available money is zero in the same moment. The same goes for created orders. A cpu is fast enough to secure this. No peeps needed.

That actually sounds more like a problem with a delay between the site and the trade engine especially if this is as you say something that happens within minutes. I've seen that happen several times there as I run a bot on the exchange that logs the orderbook at the time of trading and occasionally have to fix unexecuted orders that should have executed. However if you miss that vital few seconds due to lag and there is a lot of it with cryptox   then yes it can cost money or missed trades. If the problem were caused by what you're describing you'd have to have peeps sitting there deliberately messing with the exchange and frankly there are much more effective ways to do so.

No, i see this in the same line as other broken promises. You can easily think arbitrage would work but you cant get your money out and with this flaw the offers maybe even arent existing.

If they know that and didnt fix it in months then thast not correct. I think the header of this thread is fair enough now. Users are warned when they search google in some time and its justified because problems exist that will hurt users for sure.

And no... i want use that platform again. Too risky in my opinion. At least now.

No, you will not be charged with the order that doesn't fill. It simply disappears and is cleared from the book.

It is a problem, though, if seeing these orders entices you to move funds to this exchange.  It will also be a problem if you do not set a limit order and you end up paying too much or receiving too little for your order.

When it first happened to me (twice, remember, within minutes) I suspected the site of fraud and charged them with it in my help ticket.  I later realized in this case they were probably merely incompetent.  (I updated my help ticket with this as well as a sufficient description of the bug which would allow them to easily fix it.  shamefully it has not been fixed nor acknowledged since July ... 2 1/2 months)

If that's good enough for you to trade on, it's your call.

Ah thats what you are saying. So what happens if someone fills that order? Will he get nothing but paid for? If not then the problem is that there are orders that cant be filled. Thats a problem serious enough in my opinion. Other markets avoid that by having "available balances". So you cant withdraw money bound in an offer.

@Bigpiggy01 I already changed the header of this thread. People still feel scammed when they cant take their money out. I know at least one guy that still has money in there and no way to take it out. You know what? He feel scammed. And the website is still claiming you can take out money with bitinstant, mtgox or aurumxchange. Nothing is true. So no... its justified to warn before someone puts anything on this site.

this is actually what I said.  a user can create an order that has no backing (unfunded).  I understand how the way I phrased it led to confusion and I apologize for that, but the bigger point remains:  orders on the order book can not be trusted to be valid.  Add this to the various other issues, and there's a lot to consider before trusting this exchange to do business on.

Note: I had not called them a scam, simply added what I think is very relevant information to consider.

Agreed this is shitty but still a far cry from what you were saying initially.

straight facts: you can fund your account, place an order, remove your funds. 

the order is erroneously on the books.  this is bad.  I told them about this in late July.  they no fix.   confidence = 0.

summary:  this is bad.

this is in addition to various other issues with the site (services not offered as advertised).  these are also bad.

No they're not as this is not what you're claiming here:


Since you're into screenshots please try placing an order that exceeds your current balance and see what it tells you. Yes it is annoying that you have to clean up after yourself and I agree it shouldn't be like that however it is no more misleading than what is going on in plenty of other places.

Now if this were true you should be able to place a bid now with your 0 USD balance and create an order or say create a 100$ order with a 10$ balance both of which won't work.

I can understand that an advertized service being out of action is annoying as hell but seriously crying scam over it after 24hours is pretty ridiculous as well. I work for a competing exchange and have no reason to back this one in particular I just like to see that people have their facts straight.

invalid order that I placed, unbacked by any funds, as seen in 'Dashboard', taken just minutes ago.  it is still there. it is still a problem.




the order as seen in the Market (bids), which could potentially entice someone to put in an order thinking they were getting a good deal, taken just minutes ago




btc I tried to purchase in July 2012 (the 2nd of 2 sets of 199 that I tried and failed to purchase, after transferring funds expressly to buy these btc), taken July 2012 and included in my help ticket with cryptox




my trade history on that date, unfortunately not showing timestamps which would show that these orders (one limit order at around 8.22, one at around 8.32, a few minutes apart) went through simultaneously, missing the blocks of 199 I intended to buy.  There was no time for anyone to cancel those blocks and no one else bought those btc. this image was taken minutes ago




these are facts.

and


I tried to get all btc out but it didnt work even though it should be free. I was able to get out 6btc now but not the rest. Then i saw there is a fee of 0.0005btc for each withdraw. After calculating that in i could get the rest of it out. I guess it will get to the target now. Some less then before because i had to buy the btc back but at least i have them back.

I will change the header to "be cautious" because other customers still are mislead to think they can get their money out with bitinstant, aurumxchange or mtgox while when trying it its not possible. Maybe with wire but then it would take days, not good for arbitrage.

@Bigpiggy01

Sorry... in no way i try to trade there anymore because i dont know if he only refilled the wallet now to get my thread here away. The offers there should have warned me anyway. Who sanely should let the orders there at this price when the bitcoinprice is crashing?
And... this messages above came 5 minutes after you wrote here. So you did speak before with the support and not 5 mins before now or you are from there.
Anyway... i lost my trust and wont say that this platform is all fine.

I got their support guy on SKYPE

[10/9/2012 11:19:44 PM] Mahin: yeah.. the hot wallet dried.. refilling it

I'm not claiming that others do worse I'm stating that others do exactly the same thing, misrepresent their orderbook. If you want check that the FUD fbastage was initially spreading is 100% incorrect please try to place a bid in the USD or AUD market, see what the exchange tells you and post that back here.

 

Bigpiggy01... like i said... thats the balance i have at them:
I tried to withdraw the following: and it told me i dont have enough btc. So it cant be a rounding error.

Regarding the orderbookproblem... if such bids can still be set and users trying to accomplish them lose money then its a problem i think. It could have been fixed but wasnt. Or is it fixed already?
Claiming that others do worse thing isnt an excuse. You have to trust an exchanger. If you cant you shouldnt use it for your own security.
And i dont see what you said about not being arbitrage. When he can sell high at crypto and buy low at mtgox then that meets exactly the definition of arbitrage. How could he proof before if an offer is a fakeoffer?

the system fails. it can't be trusted. it costs user's money. the operator's don't care, don't address it, don't fix it.  this is bad.

furthermore, I have a clue.  furthermore what I presented is absolutely correct.  and verifiable.

this is worse than darkpools in that darkpools do not falsely claim there is an order at price X.  the faulty order book at cryptox does.

No it is not irrelevant when you're presenting things incorrectly like above. And how is this worse than iceberg orders or darkpools etc elsewhere? Furthermore stuff like this only costs you money if you haven't got a clue in the first place about what you're doing. Why do you think people run bots on MT Gox that consistently prob in one direction or the other with 0.01 btc etc? Grow up and stop whinging.

irrelevant. it's a flaw. it costs people money. it has an easy fix. it has not been fixed. for months.

Ken has been ill so there have been banking delays etc. Which I'm willing to bet is why there are issues with Bitinstant and Aurumnexchange. MT Gox has had the exact same issue when being slow on wires or Aurumn has passed their limits on Gox USD and I don't see anyone moaning that they should be tagged etc.

I do a fairly decent volume through them on a monthly basis and have no problems except for the occasional delay with a wire that gets sorted out all in good time.

As to your balance not available try dropping the last decimal point or reducing it by one as it may be a rounding error it has been in the past for me and yes it's annoying as hell, it's either that or their hotwallet is empty.


Dude A that isn't arbitrage as you have funds in place to execute instantly if you're seriously trading arbitrage what you're describing is at best dicking around and doing so will get you burnt one way or the other.
B I will bet you dollars to doughnuts that you can not login to your account with 0 balance and go create orders so CUT THE FUD.
C Yes you can leave an order on the book after withdrawing funds and no that doesn't disappear like it should but that is a far far cry from the FUD you're describing above.

Before you start posting stuff in a a scam accusation thread have your facts straight.