Topic: WANTED - Bitcoin Sellers! Many Open Orders Needed to Be Filled (Read 1970 times)

OK right now current bids:

Sell cryptoAUD @  5.82, buy Gox USD @ $5.55 = WIN 0.27 per coin

Doesn't work like that, but sometime you get lucky.

There are already bids at 5.70 USD now.

No what I mean is, you can sell at cryptoxchange for anywhere in the range 5.55-6.16 USD. Even at 5.80 people will still probably buy. Then take that money to MtGox and buy at 5.54 there.

ATM the gap in price is too humongous.

In USD adjusted rates:
Sell cryptoAUD @ 5.54, buy Gox USD @ $5.55 = loss 0.01 per coin
Buy cryptoAUD @ 6.16, sell Gox USD @ $5.50 = loss 0.56 per coin

Currently price on mtgox is 5.55 USD and lowest sell order on cryptoxchange is 5.8 AUD which is about 6.16 USD. That's at 11% difference. Surely somebody wants to take advantage of this and sell some bitcoins.. Doesn't anyone want my money? 

$4.50, IMHO, is still a good deal to buy bitcoin.  $10 is still a good time to buy.  This is the calm before the bitstorm.

Edit: and join Crypto people!!  Come buy my namecoins!

Took some time to update the tool I use to track exchanges and rates and Crypto is showing a nice selling premium, but not the best one out there.  Currently telling me I have a 6% trade opportunity, but not worth the effort for a $60 return, but there is another one hiding that I might do tomorrow (only $100 of depth, but over 10%).  I don't trade bots/apis etc, takes away too much of the fun.

The time taken to move funds around, and the fees still serves as a deterrent, but I have some AUD sitting in an account doing nothing, but transferring across into USD is still a pain.  Might wait until the New Year banking holidays pass.

If you consistently have a wide price differential from the other exchanges I'm surprised you haven't attracted more arbitrage traders.  I took a quick look at your API and one thing that I didn't see was a way to get the account's current trading fee rate.  If you have a floating rate like Mt. Gox based on trade volume, or you regularly do promotions that change your rate, if you have no way for trading bots to get the current rate from your API this will discourage arbitrage traders from including your exchange in their bots because it is difficult to calculate the cost of a trade without manually updating your exchange's rate whenever it changes.

I had not tracked the difference the other way, but will start to keep an eye on it.  I'm usually happy to arb exchanges when that happens, and it adds to that very important aspect called liquidity.  However, I have most of my coins/funds tied up elsewhere so would need to shift some new $$ across.  Something to look at tomorrow.

Patrick, we are seeing that in both USD and AUD markets, especially our AUD market. Usually we are $0.20 above Gox etc, that's why we need sellers as we have plenty of buyers, just the problem we faced is the $15 Fees, which is now down to $5 for anyone going from USD, Euro, GBP or any other 25 currencies we support for deposits into our AUD market, and $5 withdrawals to USD, Euro and 120 currencies we can pay out to.

Still waiting, until 1st / 2nd week of January before our Currencies to our USD market are down from $15 to $5. But Anyone anywhere can buy / sell in our AUD market with the $5 deposit, $5 Withdrawal fee's, that $5 replaces any bank wire or other bank costs as all of our Client Deposits are to local banks in all of our supported Countries & Currencies.

BitInstant will be online any moment now also, so that will be great for both our AUD / USD BTC Markets.

So the buyers are there, just need more sellers and with the Fee's for AUD market at $5 + BitInstant coming online this should help that situation, then in January when our costs are lowered per transaction from $15 to $5, that will make everyone much happier. With the $5, fee etc we simply charge what it costs us, for example atm it actually is costing us $17 per transaction for our USD market, so we loose $2 by charging $15. But some banking changes etc are fixing this in January. The reason there is even a $5 charge is because we have that cost per transaction to remain 100% legal in all countries with our money transmittal partners.

Regards

Crypto X Change

Supply and demand - if people want BTC, then they have to increase price.  Lots of people want cheap coins, but seeing a $4 price when others are at $4.20 is't going to result in sellers moving exchanges.

Maybe if CryptoXchange buyers bid $4.50 they would get filled.  (definitely tongue in cheek)

Hi, Yes you can transfer from any Currency Euro, USD, GBP or any of the 25 Incoming currencies we support, into our AUD market, not our USD market.

So just make sure you select what ever currency your going from and be sure to select AUD, as going into and out of our aud market costs us $5 now, so the fee is now only $5 to our clients.

Any currency into our USD market will be $15 in and $15 withdrawal until about 1st or 2nd week of January, then we will have our costs there down to $5 in and $5 out as well, so it's a great chance to start building up volume and Trade our AUD BTC market, with our system once you verify with ID, you can transfer in and Withdraw Unlimited amounts of money or BTC.

If anyone needs any assistance please don't hesitate to ask.

Thank you very much!

Regards

Crypto X Change

I tried to set up an account, but your registration page didn't work correctly.

I have signed up, but it still says $15 for USD accounts under your fees tab.  Is it $5 now for US bank accounts??

Hi,

At Crypto X Change, we have hundreds of buy orders but need Bitcoin sellers! Sell your Bitcoin and have your local currency sent to you for $5 Bank transfer anywhere in the world and unlimited amount withdrawals for verified customers.

Also high volume traders please contact us for special rates PM us and we will negotiate special rates.

We have hundreds of buyers and lots of clients wanting to purchase Bitcoin Urgently. We can payout to 120 Different currencies! Withdraw to bank is $5 per transaction to any account in the world.

www.cryptoxchange.com

Regards

The Crypto X Change Team