SpikeToSpike No-KYC Exchange | Bitcointalksearch.org

Pmalek

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Quote from: LoyceV on October 14, 2024, 01:45:26 PM

Lol. They must be very afraid their "business policies" are discussed in public. I'll never use them, and I recommend anyone else to stay away from them.
I guess I earned my first 10% financial penalty now Cheesy

I think you are fine. The rules only mention that defamation over social media isn't allowed. Technically, you are allowed to defame them on the Bitcointalk forum without breaking their rules. Grin

I wonder if the argument will hold up in court.

Quote from: examplens on October 14, 2024, 03:08:09 PM

They have a higher earning potential from penalties than from trading fees.

What a revolutionary business model. Reach set goals with involuntary help from your customers.

examplens

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Quote from: LoyceV on October 14, 2024, 01:45:26 PM

Quote from: Pmalek on October 06, 2024, 02:49:12 AM

- 10% financial penalty for defamation on social media prior to trying to resolve the matter.

Lol. They must be very afraid their "business policies" are discussed in public. I'll never use them, and I recommend anyone else to stay away from them.
I guess I earned my first 10% financial penalty now Cheesy

Send it to them ASAP. But wait, you should send 10% of 0 here, or there is some minimum when it comes to penalties.
They have a higher earning potential from penalties than from trading fees.

LoyceV

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Quote from: Pmalek on October 06, 2024, 02:49:12 AM

- 10% financial penalty for defamation on social media prior to trying to resolve the matter.

Lol. They must be very afraid their "business policies" are discussed in public. I'll never use them, and I recommend anyone else to stay away from them.
I guess I earned my first 10% financial penalty now Cheesy

Pmalek

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Activity: 2730

Merit: 7065

Quote from: dkbit98 on October 11, 2024, 01:14:03 PM

I don't like that I need to have telegram account and install and use some bot for trading with SpikeToSpike.

It's unfortunate that they require that you use Telegram, but there is no need to install a bot. They are working on a mobile app, which will hopefully not have anything to do with Telegram.

Quote from: dkbit98 on October 11, 2024, 01:14:03 PM

I also think that fees are very high especially for people who want to trade lower amount of coins, and if I understand correcty it's not even available for trading below 500 USDT.

Their fees page mentions that trading starts at 500, regardless your choice of currency. However, I just tried to initiate a trade with a low amount and it seems you can deposit lower sums.

These seem to be the correct minimum amounts:
- USD, EUR, GBP, USDT - 200
- BRL - 500

Quote from: hugeblack on October 12, 2024, 01:47:34 AM

...and their mention that they do not accept illegal money indicates their compliance in one way or another with AML restrictions.

That part might just be their attempt to seem compliant in the eyes of a regulator or government body that could accuse them of money laundering, financing terrorism, and the usual mumble jumble. We have no idea what kind of checks they carry out (if any) because they don't mention any details.

hugeblack

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The reason they use Telegram might be because of what is mentioned in the KYC policy:

Quote

KYC Policies and Responsibility:
As we are not a financial institution, we do not require KYC from users to use our platform.

Such responsibility is tied to the banks that allow their clients to have an account and use it; our role is merely to ensure that negotiations between the parties are conducted properly, as a marketplace for the free exchange of values.

I don't think this is accurate, as the platform acts as an intermediary and holds the clients' money, and therefore it must complete the identity verification procedures, and their mention that they do not accept illegal money indicates their compliance in one way or another with AML restrictions.

The good side is that it is P2P, so if it works as a liquidity provider, there is a good chance of making a profit if there is growth in the user database, and 5% for cashing is not bad (if there are no hidden fees)

dkbit98

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I don't like that I need to have telegram account and install and use some bot for trading with SpikeToSpike.
I also think that fees are very high especially for people who want to trade lower amount of coins, and if I understand correcty it's not even available for trading below 500 USDT.
There are much better non-kyc options available.

Pmalek

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Quote from: examplens on October 07, 2024, 06:43:50 AM

This sounds to me like the trade can last indefinitely and you must not be complacent, because their policy does not allow it and they will charge you a penalty.

Their terms state that trades can take up to 72 hours. If you still haven't received your money, you should open a dispute. Dispute resolutions take 7 to 30 days or more if 3rd-party banks and payment providers block the funds. Sadly, users are required to stay patient during that time and not talk bad about the service. Roll Eyes

Quote from: examplens on October 07, 2024, 06:43:50 AM

How are they going to charge someone 125%, will anyone voluntarily agree to pay extra for their fine?

The 125% penalties are not for users. They are for liquidity providers. Perhaps in the background, the extra money gets locked by SpikeToSpike in some sort of escrow that guarantee that they will respect their part of the agreement.

examplens

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Quote from: Pmalek on October 06, 2024, 05:18:47 AM

The penalties are for those who are still waiting on their deposits. If a trade was finished, you as a trader wouldn't have a reason to complain or defame (as they say) the service on social media and elsewhere. The penalties are for those waiting on trade completion and going to social media writing that the exchange is a scam because they have been waiting for x amount of time and still not received their coins/fiat.

This sounds to me like the trade can last indefinitely and you must not be complacent, because their policy does not allow it and they will charge you a penalty. Quite a twisted business policy, punishing your clients. How are they going to charge someone 125%, will anyone voluntarily agree to pay extra for their fine?

Quote from: BitcoinGirl.Club on October 06, 2024, 03:48:48 PM

Are they serious in business? The website skin looks like a gaming interface and designed for kids LOL.

I am also quite convinced that it is child's play.

Pmalek

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Quote from: BitcoinGirl.Club on October 06, 2024, 03:48:48 PM

The website skin looks like a gaming interface and designed for kids LOL.

It does look like something you would create in PowerPoint or Paint at the beginning of the 2000s in less than two minutes. But I would care little for the design if their offer was attractive.

Quote from: BitcoinGirl.Club on October 06, 2024, 03:48:48 PM

I get it that it's no KYC but for that this much?

It gets only slightly better if you enter a referral code. That brings the trading fees down to 4-8%, depending on the exchanged amount.

BitcoinGirl.Club

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Farewell LEO: o_e_l_e_o

Are they serious in business? The website skin looks like a gaming interface and designed for kids LOL.

Then you discover the fees.

I get it that it's no KYC but for that this much?

Pmalek

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Quote from: bitmover on October 06, 2024, 06:56:15 AM

When fiat is envolved your identity is always exposed.

I see no reason to use spiketospike over binance for example .as both will have your identity information

To pay someone via Wise (I assume it's the same for Revolut), you only need their email associated to their Wise account or their username or Wise tag. The service (SpiketoSpike) doesn't see your name if you are buying bitcoin because you are paying their liquidity provider. This would be different if those liquidity providers are SpiketoSpike themselves or share information with them for whatever reason. The exchange also doesn't keep copies of your documents on file like Binance does, since you brought them up.

Quote from: bitmover on October 06, 2024, 06:56:15 AM

Additionally, you need a wise/revolut account. I don't know if other banks will work

Those are the only two payment methods for now. Users from Brazil have some more.

NeuroticFish

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Quote from: OmegaStarScream on October 06, 2024, 10:52:46 AM

Quote from: NeuroticFish on October 06, 2024, 06:35:32 AM

With this kind of fees and rules, they may not get past the early stages.
-snip-

Actually, I wouldn't be so confident about this. The rules are absurd for sure but for the fees... Virwox is a good example here. They used to support pretty much every reversible payment method you can think of, while charging a lot in fees, and they managed to stay up and running for I don't know, almost a decade?

Of course, I may be wrong. But there is imho a difference: Virwox have been here when there weren't so many options. And now people do trust them.
For a new platform it's more difficult, I think. Nowadays there are quite a good number of options, for both KYC and KYC-less exchanges.
I've swapped coins at 10% fee in .. what, 2017? I would not do that in 2024 though. I know I can do better.

OmegaStarScream

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Quote from: NeuroticFish on October 06, 2024, 06:35:32 AM

With this kind of fees and rules, they may not get past the early stages.
-snip-

Actually, I wouldn't be so confident about this. The rules are absurd for sure but for the fees... Virwox is a good example here. They used to support pretty much every reversible payment method you can think of, while charging a lot in fees, and they managed to stay up and running for I don't know, almost a decade?

bitmover

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Quote from: Pmalek on October 06, 2024, 06:28:51 AM

Quote from: bitmover on October 06, 2024, 05:20:44 AM

I see no reason to use this service at all. They are expensive (5-10% fee) and very few coins.. much better just to use godex or exch

They are more expensive and have unfair rules, but you won't be able to use Godex and eXch for deals involving fiat. If you want to swap bitcoin to tether and vice versa, Godex and eXch will do. However, both exchanges don't support fiat currencies. SpikeToSpike does, so the use case is different.

When fiat is envolved your identity is always exposed.

I see no reason to use spiketospike over binance for example .as both will have your identity information

Additionally, you need a wise/revolut account. I don't know if other banks will work

NeuroticFish

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Quote from: Pmalek on October 06, 2024, 02:49:12 AM

This is still in the early stages and SpikeToSpike is supposed to release a mobile app in the future.

With this kind of fees and rules, they may not get past the early stages.
At least with such terms I see nothing attractive enough for trying this service.

Quote from: bitmover on October 06, 2024, 05:20:44 AM

I see no reason to use this service at all. They are expensive (5-10% fee) and very few coins.. much better just to use godex or exch

This sums it up very good.
And, unlike SpikeToSpike, eXch already has mobile app.

Pmalek

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Quote from: bitmover on October 06, 2024, 05:20:44 AM

I see no reason to use this service at all. They are expensive (5-10% fee) and very few coins.. much better just to use godex or exch

They are more expensive and have unfair rules, but you won't be able to use Godex and eXch for deals involving fiat. If you want to swap bitcoin to tether and vice versa, Godex and eXch will do. However, both exchanges don't support fiat currencies. SpikeToSpike does, so the use case is different.

bitmover

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bitcoindata.science

Quote from: examplens on October 06, 2024, 04:02:16 AM

As far as I can see, they have certain services related exclusively to Brazil, so it seems that this service is from that country. Maybe one of the users from Brazil knows something more about this, I will mention bitmover, he is from there.

Thanks for calling me.

I never heard of them. They are not famous around here.

It is curious that they accept wise/revolut as payment methods, which are quite common around here.

Also, you can only buy usdt or bitcoin

I see no reason to use this service at all. They are expensive (5-10% fee) and very few coins.. much better just to use godex or exch

Pmalek

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Quote from: examplens on October 06, 2024, 04:02:16 AM

I'm not sure I understood how they will charge a penalty to anyone who has already received a deposit.

The penalties are for those who are still waiting on their deposits. If a trade was finished, you as a trader wouldn't have a reason to complain or defame (as they say) the service on social media and elsewhere. The penalties are for those waiting on trade completion and going to social media writing that the exchange is a scam because they have been waiting for x amount of time and still not received their coins/fiat.

OmegaStarScream

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Quote from: examplens on October 06, 2024, 04:02:16 AM

This should be called a communist-to-communist exchange.
This is very twisted, it seems that someone is angry and wrote these rules. I'm not sure I understood how they will charge a penalty to anyone who has already received a deposit.

It's Telegram based as mentioned by OP. You cannot do the trading on the site. I imagine they would require users to deposit a higher amount, and then deduct that... or, they will make sure to ban user's Telegram if they don't, although I'm not sure how effective the latter is.

I wouldn't be surprised if there is a demand on this though. Wise and Revolut are quite popular, I'm sure there will be a lot of interest from people who are not willing to verify their identity and trade on Binance P2P or similar platforms.

examplens

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Quote from: Pmalek on October 06, 2024, 02:49:12 AM

Here comes the worst part. The service has financial penalties based on your conduct before and during disputes.
- 10% financial penalty for defamation on social media prior to trying to resolve the matter.
- 20% financial penalty for defamation during the trade resolution period.
- 100% financial penalty for (attempted) fraud and chargebacks.
- 100% financial penalty for using funds from illegal origins (no further information what the service considers illegal).
- 125% financial penalty for the liquidity provider if they act in bad faith during the exchange.
- 125% financial penalty for the liquidity provider who doesn't send funds to the user after receiving payment and proof of it during the arbitration period.

This should be called a communist-to-communist exchange.
This is very twisted, it seems that someone is angry and wrote these rules. I'm not sure I understood how they will charge a penalty to anyone who has already received a deposit.

Quote

Let's see if any of this will change in the future.
Has anyone heard of or tried SpikeToSpike?

As far as I can see, they have certain services related exclusively to Brazil, so it seems that this service is from that country. Maybe one of the users from Brazil knows something more about this, I will mention bitmover, he is from there.

Topic: SpikeToSpike No-KYC Exchange (Read 227 times)