The withdrawal fee is not so bad, i read it all and see how you really explained a lot about their exchanges. Since you have come across them physically through seminar, am really pleased and could have loved to give it a try but so painful is limited to Canada alone.
Interesting. I used QuadrigaCX a few months ago (okay... now that I think about it, maybe about 6 months ago at this point) and they processed within about 3 days, which I found surprising. That being said, we're talking pretty modest amounts (~$700 CAD), which may have had something to do with it.
Will take a peek at Bitvo. Thanks for the heads up.
Six months ago, they were still alright. In June, things started slipping. Seemed like was back on track over the summer, yet here I am again waiting over a month - which is pretty ridiculous, especially when it states 14 days on the website. Integrity...? Their customer service is shit, too. Either days to get a response, or no response at all.
Bitvo seems to have 24/7 chat support who are super helpful, though. UI is great. The fees aren’t lovable, but worth the peace of mind for sure...
Yeah that's pretty weird. You'd figure that since prices have generally stabilized (compared to how volatile things were previously, at least) that withdrawals would be at least as fast, if not faster.
From my (limited) understanding, it wasn’t so much related to prices as much politics - the banking industry not exactly embracing crypto and throwing up some resistance and obstacles, which slowed things down. But then again, who knows. I tried out ezbtc.ca which was even worse - and that just seemed like negligence, with BtC withdrawals taking almost a week!
In any case, Bitvo’s partnership with DC Bank seems pretty solid and smooth...
Hmmm... I don't know a lot about the drama / politics involved, but the only thing that pops in my mind when I hear "DC Bank" are ATM's outside of bars that cost $4.00 to get any cash. Puts a bit of a gross taste in my mouth (or maybe that's just a side-effect of usually having consumed a few drinks when I see a DC Bank logo).
But I suppose what you're saying about their partnership with Bitvo is inline with that. A (maybe not so) small fee for convenience.
“Thank you for your patience, I apologize for any delay experienced during this process so far. Below is an update on our current Cibc lawsuit, we are expecting to have withdrawals full resolved within the next two weeks.
Unfortunately the CIBC situation has impacted all transfers, as opposed to ones just to CIBC.
CIBC was the former bank of our payment processor, and they are currently witholding our funds that we use to process withdrawals. The specific reasons for this action aren't entirely known, however it is widely believed to be their attempt at hindering the Bitcoin industry in Canada while investing in blockchain technologies themselves.
We are also able to still have your withdrawal reviewed and refunded back to your account if you request this to happen.
On Friday, the Ontario Superior Court judge in the case issued a ruling on the interpleader motion.
While we were hoping for a straightforward and expedient transfer of the funds back to our accounts, the judge has decided to make it slightly more complicated. With that said, it is good news overall as the process is moving forward.
The judge ordered that CIBC transfer the full balance of the accounts to the superior court, for the purpose of distribution by the judge to the appropriate parties, which will be sorted out in a case management meeting directly with the judge asap.
The above process requires a bit of paperwork (such as a joint affidavit between us and Billerfy regarding funds allocation), however from our understanding it will not be problematic.
The judge also gave us the green light to sue CIBC directly for the damages that they have caused, a process which we will be commencing immediately.
All in all, we're in the final stages of this situation being wrapped up. Thank you for your patience and understanding as we have worked through our first major battle with the Canadian banking oligopoly that seems dete rmined to harm the cryptocurrency industry at any cost.”
I wish more exchanges do this. hopefully this is what we can look forward to. I know Binance was talking about linking up with banks in Malta but haven't heard any more on that subject.
I use ezbtc.ca. the most I paid was $25.00cdn and all my withdraws were large. Under a certain amount its free. And only takes a couple of days. You can even request a verbal conversation with Dave the CEO.
The most important thing is to use the service that gives peace of mind. A good customer service is everything, it aids in a better user experience. Your choice seems like the right one, since Bitvo gives you peace of mind.
The withdrawal fee is not so bad, i read it all and see how you really explained a lot about their exchanges. Since you have come across them physically through seminar, am really pleased and could have loved to give it a try but so painful is limited to Canada alone.
@rok-sivante
Interesting. I used QuadrigaCX a few months ago (okay... now that I think about it, maybe about 6 months ago at this point) and they processed within about 3 days, which I found surprising. That being said, we're talking pretty modest amounts (~$700 CAD), which may have had something to do with it.
Will take a peek at Bitvo. Thanks for the heads up.
Six months ago, they were still alright. In June, things started slipping. Seemed like was back on track over the summer, yet here I am again waiting over a month - which is pretty ridiculous, especially when it states 14 days on the website. Integrity...? Their customer service is shit, too. Either days to get a response, or no response at all.
Bitvo seems to have 24/7 chat support who are super helpful, though. UI is great. The fees aren’t lovable, but worth the peace of mind for sure...
Yeah that's pretty weird. You'd figure that since prices have generally stabilized (compared to how volatile things were previously, at least) that withdrawals would be at least as fast, if not faster.
From my (limited) understanding, it wasn’t so much related to prices as much politics - the banking industry not exactly embracing crypto and throwing up some resistance and obstacles, which slowed things down. But then again, who knows. I tried out ezbtc.ca which was even worse - and that just seemed like negligence, with BtC withdrawals taking almost a week!
In any case, Bitvo’s partnership with DC Bank seems pretty solid and smooth...
Hmmm... I don't know a lot about the drama / politics involved, but the only thing that pops in my mind when I hear "DC Bank" are ATM's outside of bars that cost $4.00 to get any cash. Puts a bit of a gross taste in my mouth (or maybe that's just a side-effect of usually having consumed a few drinks when I see a DC Bank logo).
But I suppose what you're saying about their partnership with Bitvo is inline with that. A (maybe not so) small fee for convenience.
Cheers.
Update from QuadrigaCX support:
“Thank you for your patience, I apologize for any delay experienced during this process so far. Below is an update on our current Cibc lawsuit, we are expecting to have withdrawals full resolved within the next two weeks.
Unfortunately the CIBC situation has impacted all transfers, as opposed to ones just to CIBC.
CIBC was the former bank of our payment processor, and they are currently witholding our funds that we use to process withdrawals. The specific reasons for this action aren't entirely known, however it is widely believed to be their attempt at hindering the Bitcoin industry in Canada while investing in blockchain technologies themselves.
We are also able to still have your withdrawal reviewed and refunded back to your account if you request this to happen.
All in all, we're in the final stages of this situation being wrapped up. Thank you for your patience and understanding as we have worked through our first major battle with the Canadian banking oligopoly that seems dete rmined to harm the cryptocurrency industry at any cost.”
I wish more exchanges do this. hopefully this is what we can look forward to. I know Binance was talking about linking up with banks in Malta but haven't heard any more on that subject.
Is this exclusive to Canada alone? asking for a friend
At this point, pretty sure, yes.
OKay, thanks.
I'm using Bylls.
I use ezbtc.ca. the most I paid was $25.00cdn and all my withdraws were large. Under a certain amount its free. And only takes a couple of days. You can even request a verbal conversation with Dave the CEO.
I tried them.
Was told withdrawals would take two weeks. Then when two weeks was up, they told me it’d be another month.
Then when cancelled and pulled out, it took six days for a BTC withdrawal.
Needless to say, that was the last I’ll ever give them any business.
The most important thing is to use the service that gives peace of mind. A good customer service is everything, it aids in a better user experience. Your choice seems like the right one, since Bitvo gives you peace of mind.