eXch - instant exchange BTC / LN / XMR / LTC / ETH / ERC20 - page 8.

Igebotz

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Quote from: examplens on November 16, 2024, 02:59:02 PM

eXch officials have already emphasized that they will provide proof of reserve if necessary. They have already proven their seriousness many times, I guess they don't need to do it just to satisfy someone's curiosity. It is also written on their website.

In crypto, do not trust but verify! Or have we changed the standard Bitcoin community phrase? Cheesy

I believe eXch are not dodgy, however the total amount you called is a little too high to believe without verification.I understand they offer a Non-KYC service and that posting their own address publicly would violate their privacy, but if they could send it via PM, it would greatly benefit my curiosity and our business together. If that isn't too much to ask.

@BitcoinGirl.Club- just feeding my curiosity as a potential customer. Every cent is important to me.

BitcoinGirl.Club

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Quote from: Igebotz on November 16, 2024, 01:26:13 PM

Quote from: examplens on November 16, 2024, 08:02:24 AM

Currently available ETH 10472.78
Look at the whole thing in the simplest way. The total reserves held by eXch are over 400 BTC ($36+ million currently) one

This is huge! Anyway to verify this?

I would not bother to verify [unless my amounts are larger or nearly large to the showed amount] but will at least put some trust. eXch is in the forum from long time and they already created a sense of positive influence. The only thing I will worry about is the authority and in such type of case the service has no hand. Other than that, the service itself earned the trust to believe a number that they put on their portal.

examplens

legendary

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Quote from: paid2 on November 16, 2024, 02:34:39 PM

Quote from: Igebotz on November 16, 2024, 01:26:13 PM

Quote from: examplens on November 16, 2024, 08:02:24 AM

Currently available ETH 10472.78
Look at the whole thing in the simplest way. The total reserves held by eXch are over 400 BTC ($36+ million currently) one

This is huge! Anyway to verify this?

Yes, https://etherscan.io/address/0xf1da173228fcf015f43f3ea15abbb51f0d8f1123

eXch officials have already emphasized that they will provide proof of reserve if necessary. They have already proven their seriousness many times, I guess they don't need to do it just to satisfy someone's curiosity. It is also written on their website.

Quote from: exch.cx

All the listed reserves belong to us and are currently allocated on our wallets/nodes. We do not depend on any third-party liquidity providers. We can provide a proof of reserves on request.

@Igebotz, absolutely all the ambiguities you mentioned here in the last few posts are quite transparently expressed on their website. Wink

paid2

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Quote from: Igebotz on November 16, 2024, 01:26:13 PM

Quote from: examplens on November 16, 2024, 08:02:24 AM

Currently available ETH 10472.78
Look at the whole thing in the simplest way. The total reserves held by eXch are over 400 BTC ($36+ million currently) one

This is huge! Anyway to verify this?

Yes, https://etherscan.io/address/0xf1da173228fcf015f43f3ea15abbb51f0d8f1123

Quote from: Igebotz on November 16, 2024, 01:26:13 PM

Yes, we've seen a lot of Non-Kyc exchanges like this one disappear or be targeted by the government, making it too dangerous to remain in the queue. Every one second in a system like this is dangerous. My initial thought.

I think many more could fall before eXch needs to worry. I haven't known any other exchange operator that takes its operational security as seriously as eXch does. By the way, if you're genuinely worried about your funds, you could use the guarantee offered by OrangeFren which insures your deposits.

I'd share your concerns if I had to deposit coins on a crap service like ChangeNOW or FixedFloat, but I don't see anything with eXch that would justify it, even after so many years of service.

Igebotz

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Quote from: examplens on November 16, 2024, 08:02:24 AM

Currently available ETH 10472.78
Look at the whole thing in the simplest way. The total reserves held by eXch are over 400 BTC ($36+ million currently) one

This is huge! Anyway to verify this?

Quote from: BitcoinGirl.Club on November 16, 2024, 10:14:11 AM

Imagine eXch gets a hammer hit like Chipmixer and you are waiting in the queue to receive your coin. With them you are finish too LOL

Yes, we've seen a lot of Non-Kyc exchanges like this one disappear or be targeted by the government, making it too dangerous to remain in the queue. Every one second in a system like this is dangerous. My initial thought.

BitcoinGirl.Club

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Quote from: LoyceV on November 16, 2024, 10:19:10 AM

Quote from: BitcoinGirl.Club on November 16, 2024, 10:14:11 AM

Imagine eXch gets a hammer hit like Chipmixer and you are waiting in the queue to receive your coin. With them you are finish too LOL

You can say that about every crypto accepting website.

Quote

When I do an exchange I always pick quickest trade. Perhaps I am paranoid to trust these third party centralized entity with my coins.

Sending smaller amounts at once makes more sense than relying on "speed".

When it's about exchange or sending coins to any centralized entity I always follow
1. Send not more than the percent that I am fine to lose
2. Do it as fast as possible.

It costs fees and additional hassle but at-least the chances to have an unwanted accident is less.

LoyceV

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Quote from: BitcoinGirl.Club on November 16, 2024, 10:14:11 AM

Imagine eXch gets a hammer hit like Chipmixer and you are waiting in the queue to receive your coin. With them you are finish too LOL

You can say that about every crypto accepting website.

Quote

When I do an exchange I always pick quickest trade. Perhaps I am paranoid to trust these third party centralized entity with my coins.

Sending smaller amounts at once makes more sense than relying on "speed".

BitcoinGirl.Club

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Quote from: Igebotz on November 15, 2024, 11:02:36 AM

Quote from: BitcoinGirl.Club on November 15, 2024, 10:43:11 AM

Why would you even send your coin when your desired coin that you want to receive has no reserve?

I was brave enough not to execute the trade after noticing. However, the system should not have been designed to function in this way.

Imagine eXch gets a hammer hit like Chipmixer and you are waiting in the queue to receive your coin. With them you are finish too LOL

Quote from: paid2 on November 15, 2024, 11:20:46 AM

Quote from: BitcoinGirl.Club on November 15, 2024, 10:43:11 AM

Why would you even send your coin when your desired coin that you want to receive has no reserve?

Because of this:

Quote from: paid2 on November 14, 2024, 11:11:44 AM

Yes, the site allows you to create an order when reserves are empty. If you do it, this order would then be placed in a waiting queue until eXch has sufficient liquidity to process it. (a refund is always possible if it's too long)

Some people just want their backorder to be executed once there are enough liquidity and are not in a hurry.
Alternatively, it's always possible to set an alert on the app to be notified of reserves status..

People have weird sense. When I do an exchange I always pick quickest trade. Perhaps I am paranoid to trust these third party centralized entity with my coins.

examplens

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Quote from: Igebotz on November 16, 2024, 04:03:49 AM

Man, what are you saying? The min and max do not reflect the balance in reserves; they are fixed requirements. When I initiated the empty ETH reserve swap, the min and max figures were not 0.000-0.000, and it doesn't look good if the system allows more than the maximum required. The system could be improved with time, but for me; the encounter I had was sufficient reason to never return, at least for the time being. Thanks everyone and GL eXch

Currently available ETH 10472.78
Look at the whole thing in the simplest way. The total reserves held by eXch are over 400 BTC ($36+ million currently) and it is quite normal that they do not always have the same ratio of each currency. Despite the lack of Ethereum in buy orders, the trading volume is 10,000 ETH /24h, which is 90% of the total eXch reserves. A few days ago, we had a similar thing and one user complained about the lack of XMR.
Honestly, I'm a little surprised that the exch operating system is so incomprehensible to you.

paid2

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Quote from: Igebotz on November 16, 2024, 04:03:49 AM

Man, what are you saying? The min and max do not reflect the balance in reserves; they are fixed requirements. When I initiated the empty ETH reserve swap, the min and max figures were not 0.000-0.000, and it doesn't look good if the system allows more than the maximum required.

Not at all.

Take a look, right now the min and max limits are totally different than they were in my previous post:

LoyceV

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Quote from: Igebotz on November 16, 2024, 04:03:49 AM

The min and max do not reflect the balance in reserves; they are fixed requirements. When I initiated the empty ETH reserve swap, the min and max figures were not 0.000-0.000

Let's see:
BTC > ETH: Reserves ETH 0.650010790152804052
min: 0.00003397 max: 0.04596453

Try again:
BTC > ETH: Reserves ETH 1.353085920452379964
min: 0.00003397 max: 0.04596453

Again:
BTC > ETH: Reserves ETH 10.439616784145300699
min: 0.00003395 max: 0.67393891

As expected, the Reserves change quickly. But unexpectedly, the "Reserves" don't match the "Max". It's not even close.

Quote

it doesn't look good if the system allows more than the maximum required.

It's crypto: the user can deposit any amount they want, and there's no way for a site to set a maximum.

Igebotz

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Quote from: paid2 on November 15, 2024, 11:20:46 AM

2. Once you are on the order's page, you see the "min" and "max" amount possible to trade within their reserves, just after the deposit address:
---------
Of course if you send more coins than "max", you will have to wait until eXch has enough reserves, but it's quite clear on the order's page, so you should not be surprised. In any case if it happens and you don't want to wait you can just take a refund of your deposit.

Man, what are you saying? The min and max do not reflect the balance in reserves; they are fixed requirements. When I initiated the empty ETH reserve swap, the min and max figures were not 0.000-0.000, and it doesn't look good if the system allows more than the maximum required. The system could be improved with time, but for me; the encounter I had was sufficient reason to never return, at least for the time being. Thanks everyone and GL eXch

paid2

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Quote from: Igebotz on November 15, 2024, 11:02:36 AM

Quote from: LoyceV on November 15, 2024, 01:26:36 AM

I think there's even a warning for it.

There isn't; that is the entire point of this discussion. If a trade is initiated, there should be a warning tag and/or warnings for empty reserves. This is similar to a casino taking deposits while the hot wallet is empty for withdrawals, and clients are unable to withdraw. A simple warning tag for empty reserves should be implemented.

No there is a warning:

1. On the homepage, anyone can see the actual reserves before starting a new order:

2. Once you are on the order's page, you see the "min" and "max" amount possible to trade within their reserves, just after the deposit address:

Of course if you send more coins than "max", you will have to wait until eXch has enough reserves, but it's quite clear on the order's page, so you should not be surprised. In any case if it happens and you don't want to wait you can just take a refund of your deposit.

Quote from: BitcoinGirl.Club on November 15, 2024, 10:43:11 AM

Why would you even send your coin when your desired coin that you want to receive has no reserve?

Because of this:

Quote from: paid2 on November 14, 2024, 11:11:44 AM

Yes, the site allows you to create an order when reserves are empty. If you do it, this order would then be placed in a waiting queue until eXch has sufficient liquidity to process it. (a refund is always possible if it's too long)

Some people just want their backorder to be executed once there are enough liquidity and are not in a hurry.
Alternatively, it's always possible to set an alert on the app to be notified of reserves status..

Igebotz

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Quote from: LoyceV on November 15, 2024, 01:26:36 AM

I think there's even a warning for it.

There isn't; that is the entire point of this discussion. If a trade is initiated, there should be a warning tag and/or warnings for empty reserves. This is similar to a casino taking deposits while the hot wallet is empty for withdrawals, and clients are unable to withdraw. A simple warning tag for empty reserves should be implemented.

Quote from: BitcoinGirl.Club on November 15, 2024, 10:43:11 AM

Why would you even send your coin when your desired coin that you want to receive has no reserve?

I was brave enough not to execute the trade after noticing. However, the system should not have been designed to function in this way.

BitcoinGirl.Club

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Quote from: Igebotz on November 14, 2024, 05:25:59 PM

24 hours is too long for someone who needs an urgent swap to make a payment or pay bills; it would be preferable if the site declined trades if the X coin a client want to exchange for is empty, so we don't waste our time. Accepting my deposit when the reserve is empty does not make any sense to me. This is just my honest opinion on the project.

Why would you even send your coin when your desired coin that you want to receive has no reserve? If they were not mentioning the reserve before giving you the wallet address and status change after sending the coins then you have something to complain against them. You can always check their reserve of your desired coin just by scrolling down. They are not the only exchange. You always have other options.

LoyceV

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Quote from: Igebotz on November 14, 2024, 05:25:59 PM

Quote from: LoyceV on November 14, 2024, 11:09:43 AM

Every user who sells the coin you need is a liquidity provider Wink

The site says otherwise, it's provides it own liquidity

I think you're missing my point: their liquidity comes from users who exchange coins.

Quote

isn't what makes them different from usual swap exchanges we know?

Yep. Most instant exchangers don't even mention the fact they use third parties.

Quote

24 hours is too long for someone who needs an urgent swap to make a payment or pay bills; it would be preferable if the site declined trades if the X coin a client want to exchange for is empty, so we don't waste our time. Accepting my deposit when the reserve is empty does not make any sense to me. This is just my honest opinion on the project.

It depends on other users, it can take minutes, it can take a long time depending on the amount you need to exchange. I think most users appreciate the fact they can still exchange even though they'll receive their coins a bit later.
If you don't, then don't trade when reserves are empty. I think there's even a warning for it.

Igebotz

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Quote from: LoyceV on November 14, 2024, 11:09:43 AM

Every user who sells the coin you need is a liquidity provider Wink

The site says otherwise, it's provides it own liquidity, isn't what makes them different from usual swap exchanges we know?

Quote from: examplens on November 14, 2024, 12:10:07 PM

You always have the current balance of reserves on the page, so if you don't want to wait, you can always find which amount of currency can be swapped instantly.

Yes, glad I did, it saved me a lot of time. I often swap to USDT ( tron) but it's not available on the site, any reason on what?

dkbit98

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Just wondering if anyone ever tried to list eXch exchange to Coingecko, CoinMarketCap or other volume tracking websites?
All I can find is listing on Arkham website, but I can't find other exchanges there for comparison:
https://intel.arkm.com/explorer/entity/exch

examplens

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Quote from: Igebotz on November 14, 2024, 10:37:52 AM

The site reserves on most of assets are currently empty or lower; ETH is zero as of now, and I attempted to conduct a swap to ETH, but the system continues to allow given the fact that the ETH balance is empty. How is this feasible if the site does not use a third-party liquidity provider? Is it necessary for me to wait X days till reserves are topped before receiving my coins?

Precisely because exch does not use a third-party liquidity provider, but relies only on its own reserves, it happens that they do not have enough of certain currencies. This is currently happening with all currencies except Bitcoin, as there is significantly greater demand for ETH or USDT.
EXch has outgrown the basic status of an instant exchanger and is now widely used for trading purposes.

You always have the current balance of reserves on the page, so if you don't want to wait, you can always find which amount of currency can be swapped instantly.

paid2

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Quote from: Igebotz on November 14, 2024, 10:37:52 AM

The site reserves on most of assets are currently empty or lower; ETH is zero as of now, and I attempted to conduct a swap to ETH, but the system continues to allow given the fact that the ETH balance is empty. How is this feasible if the site does not use a third-party liquidity provider? Is it necessary for me to wait X days till reserves are topped before receiving my coins?

Yes, the site allows you to create an order when reserves are empty. If you do it, this order would then be placed in a waiting queue until eXch has sufficient liquidity to process it. (a refund is always possible if it's too long)

Topic: eXch - instant exchange BTC / LN / XMR / LTC / ETH / ERC20 - page 8. (Read 30008 times)