This video is over 2 months old.
And why would Kevin O'Leary use such a small exchange?
And why would Kevin O'Leary use such a small exchange?
cavirtex is first class, deposited funds can clear in less then 10 mins. Its the best exchange for canadians
So? If I have many thousands of dollars worth of buying to do, why take such a small exchange?
Not only the slippage would kill you, but so would their 3% fee.
1 reason to take your fiat to smaller exchanges would be to buy up as many coins as you can , and not directly affect the mtgox price
The fees are 0.5% only if you have already done transactions for at least 2500 BTC.
You don't affect the MtGox price, but you do affect even more the local exchange price.
truth is his bid will fill, and its not like he would of gotten ALOT more bitcoin if he had when through the trouble of sending to MtGox, and sending money to mtgox doesn't take 10 mins, but at cavirtex it does
First, you don't know if the bid will fill.
It might, if the market goes down.
One thing is certain: they can't buy at market without an insane slippage.
Second, no it doesn't take 10 mins!
Use E-interac like I used to? No, they stopped that.
Deposit money into their RBC account... oh wait no that's closed.
So, using other banks and options:
Online Bill Payment ---> 3 to 5 days, Daily Limit: $10,000.00
Direct Withdraw ----> 3 to 5 days, Daily Limit: $10,000.00
Both assuming you are already verified.
You could still use
Cash deposit ----> Processing Time: Same day, Daily Limit: $3,000.00
But then you aren't such a big player...
So yes, I'm still wondering WTH is happening there.
And BTW, 0.5% fee is still outrageous.
I have something in between of 0.3% and 0.36% at Gox, and I consider it very expensive (and is still quite cheaper than the "default" 0.5%). With the current BTC price and volume, Gox should lower A LOT the fees.
