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Good or bad experiences at bx.in.th

davidst01

By davidst01
in Cryptocurrency News

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jesimps Gold Member

jesimps

Posted
Posted
6 hours ago, Dario said:

Not long ago I was also looking for a reliable Bitcoin exchange in Thailand and I chose the largest: https://bx.in.th/. I do not regret. Support is lightning fast. I made another deposit this morning. 8 minutes after I sent proof of payment, the money showed up in my account. That is service! Trading is absolutely great with them. I can recommend this company.

I heartily agree, I can't find any fault with them so far, and their customer support sorting out two of my cock-ups, has been second to none. This I think is incredibly important when you're a newbie because mistakes are inevitable.

 

 

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cookai Rookie Member

cookai

Posted
Posted
On 11/29/2017 at 9:32 AM, davidst01 said:

Bad advice! You can get your bitcoin hacked / stolen from any mobile device very easily. You are better off with a hardware wallet for large holdings of bitcoin. I suppose a mobile device is ok for small holdings as its not a big issue if its stolen. 

 

If you want an cold storage wallet for free the best is 

https://www.bitcoinarmory.com/

 

 

 

Bad advice?  Let's think this thru. 

 

Firstly - iOS security is much more well known than hardware wallet security. Breaches are more likely to be known, and fixed quickly.  I have no clue who these hardware wallet companies are, and how they implement their security.  I know Apple, and the usability of the OS is going to give me reliability that a hardware wallet does not have.

 

Second - iPod is going to be off and air gapped most of the time.  No threat of hacking / stealing if it's not running.  (keep it in a faraday cage if need be)  Turn it on only for updates and transactions here and there.   Hardware wallets are vulnerable as they have to connect to a host machine. Unless you have a clean host machine, you're taking a risk using USB connections. 

 

Third - Hardware wallets an obvious target for financial hackers.  iPods.. not so much.

 

Fourth - Hardware wallet requires a laptop to be useable, so you miss out on mobility. 

 

Fifth - iOS wallets like Blockchain.info and Bread get security updates all the time.  Much easier to keep iOS up to date than hardware wallet firmware upgrades. 

 

Not saying and iPod is perfect - but it's a valid choice for people who want an alternative to the hardware wallets.   Agree a cold storage wallet is best.

More on the iPod as a secure device:

https://www.wired.com/2015/08/secure-way-communicate-ipod-touch/

 

 

 

 

 

 

 

 

 

 

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davidst01 Silver Member

davidst01

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14 hours ago, cookai said:

 

Bad advice?  Let's think this thru. 

 

Firstly - iOS security is much more well known than hardware wallet security. Breaches are more likely to be known, and fixed quickly.  I have no clue who these hardware wallet companies are, and how they implement their security.  I know Apple, and the usability of the OS is going to give me reliability that a hardware wallet does not have.

 

Second - iPod is going to be off and air gapped most of the time.  No threat of hacking / stealing if it's not running.  (keep it in a faraday cage if need be)  Turn it on only for updates and transactions here and there.   Hardware wallets are vulnerable as they have to connect to a host machine. Unless you have a clean host machine, you're taking a risk using USB connections. 

 

Third - Hardware wallets an obvious target for financial hackers.  iPods.. not so much.

 

Fourth - Hardware wallet requires a laptop to be useable, so you miss out on mobility. 

 

Fifth - iOS wallets like Blockchain.info and Bread get security updates all the time.  Much easier to keep iOS up to date than hardware wallet firmware upgrades. 

 

Not saying and iPod is perfect - but it's a valid choice for people who want an alternative to the hardware wallets.   Agree a cold storage wallet is best.

More on the iPod as a secure device:

https://www.wired.com/2015/08/secure-way-communicate-ipod-touch/

 

 

 

 

 

 

 

 

 

 

jesus wept. Are you trying to tell me that its better to put bitcoin on a ipod instead of a dedicated hardware wallet. I think you are joking right. I can tell that your amateur at crypto currencies and have no idea. 

 

Anyone else reading comments from cookai should ignore his advice. 

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speedtripler Gold Member

speedtripler

Posted
Posted
On 07/12/2017 at 9:32 AM, cookai said:

@davidst01 I've held cryptocoin since it was called  e-gold.   I'm not saying it's better, I'm saying unless you're protecting a stash of 1m plus, a iPod will do just fine - esp for the hordes that are new to crypto.      

Do they still make Ipods?  

Haven't seen one in about ten years lol

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WorriedNoodle Star Member

WorriedNoodle

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Posted
22 hours ago, speedtripler said:

There was a warning the night before they would be upgrading their systems at 8am

There was a warning night before, then they decided to change the time with next to no warning from 8am to 7am, then they came back and went completely off without warning for two hours from 10am-12am during one of the busiest trading sessions of the year. I expect some punters lost out due to their service. Imagine Schwab or Etrade pulling this off? I'm not saying I expect any better out of these crypto services, just punter beware.

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speedtripler Gold Member

speedtripler

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Posted
5 hours ago, WorriedNoodle said:

There was a warning night before, then they decided to change the time with next to no warning from 8am to 7am, then they came back and went completely off without warning for two hours from 10am-12am during one of the busiest trading sessions of the year. I expect some punters lost out due to their service. Imagine Schwab or Etrade pulling this off? I'm not saying I expect any better out of these crypto services, just punter beware.

CryptoCurrency brokerages are not at that level yet 

It's as undeveloped as  the Internet in 1994

It will improve going forward but the crazy gains and volatility  will taper down from what we have grown accustomed to in these early days.... 

Only people with experience should day trade, most people should just buy and hold (hodl) 

 

 

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davidst01 Silver Member

davidst01

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1 hour ago, speedtripler said:

CryptoCurrency brokerages are not at that level yet 

It's as undeveloped as  the Internet in 1994

It will improve going forward but the crazy gains and volatility  will taper down from what we have grown accustomed to in these early days.... 

Only people with experience should day trade, most people should just buy and hold (hodl) 

 

 

I agree. Its better to just HODL

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how241 Platinum Member

how241

Posted
Posted
30 minutes ago, jesimps said:

It isn't because they dislike spams, it's a financial regulation, the details of which escape me.

Thanks....I wrote them and they answered back in 10-15 minutes...Great customer service but they said No USA accepted by the software...Many Thai banks won't open accounts  for Americans anymore due to the financial reporting required....I guess I could open the account in a thai lady's name.

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speedtripler Gold Member

speedtripler

Posted
Posted
3 hours ago, how241 said:

Thanks....I wrote them and they answered back in 10-15 minutes...Great customer service but they said No USA accepted by the software...Many Thai banks won't open accounts  for Americans anymore due to the financial reporting required....I guess I could open the account in a thai lady's name.

The land of the free are not allowed to use it... Such freedom

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how241 Platinum Member

how241

Posted
Posted
1 minute ago, speedtripler said:

The land of the free are not allowed to use it... Such freedom

In my opinion, America has gone way overboard with all this financial reporting stuff...They claim it's about controlling money laundering and anti-terrorism  but at a $10,000 reporting limits, exactly how much terrorism stuff can you buy...You can't even sell you older car for $10,000 cash and deposit it without the bank filing papers and making a fuss...Do that 2 times in one year and the bank will close out your account, even if you have been with them for 15 years....It happened to me.

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how241 Platinum Member

how241

Posted
Posted
23 minutes ago, davidst01 said:

put it in your wifes name

Yes,  good idea....from their website:

Prohibited Nationalities

Any customer holding citizenship, permanent residency, or who has been a tax resident in any of the following countries is prohibited from using any of the services provided by the company: American; USA, Bosnia and Herzegovina, Ethiopian, Iranian, Iraqi, North Korean, Syrian, Ugandan, USA; American, Vanuatuan, Yemeni

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Calach Senior Member

Calach

Posted
Posted

I use them as my gateway to crypto, I don't trade on it except to convert THB into crypto which I then transfer to other platforms, then to convert my gains (transferred in crypto from other platforms) into THB which I have then transferred to my bank account. 

 

I have no complain whatsoever, on the contrary, only praises. Nothing particularly fancy or exceptional about it, except perhaps how fast they are to process KYC documentation and deposits & withdrawals, it works and works well, all the functions commonly needed are there and easily reached, It is simple, straightforward, they require all the verification you'd expect from a serious platform (KYC, 2FA), the fees are very decent and transparent. I haven't tried with very large amounts but up to 250K all my withdrawals were completed and credited on my bank account in less than one or two hours, even during the weekend.

 

So, very satisfied on my end. 

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steelepulse Ruby Member

steelepulse

Posted
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What I can't understand is how they get away with their huge spreads?  Is there a barrier to entry so only the guys that run this exchange and coins.co.th are allowed to run?

 

Just checking right now, btc is around $15,500 which comes to 500K at 32.5 usd.  However, when checking coins.co.th they have a 31K spread, buy at 568K and sell at 537K.  From my math, you're already 6% down from getting in to getting out with these spreads.  

 

 

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Calach Senior Member

Calach

Posted
Posted
1 hour ago, steelepulse said:

What I can't understand is how they get away with their huge spreads?  Is there a barrier to entry so only the guys that run this exchange and coins.co.th are allowed to run?

 

Just checking right now, btc is around $15,500 which comes to 500K at 32.5 usd.  However, when checking coins.co.th they have a 31K spread, buy at 568K and sell at 537K.  From my math, you're already 6% down from getting in to getting out with these spreads.  

 

 

BX is a marketplace so the spread is just the one from the order book and only depends on what traders are offering. BX just takes 0.25% on each transaction, which is not the cheapest but still very decent for a local exchange (same as Bittrex). 

 

Coins.co.th does take a significant premium when selling bitcoin though, I wouldn't recommend buying there. 

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steelepulse Ruby Member

steelepulse

Posted
Posted
5 minutes ago, Calach said:

BX is a marketplace so the spread is just the one from the order book and only depends on what traders are offering. BX just takes 0.25% on each transaction, which is not the cheapest but still very decent for a local exchange (same as Bittrex). 

 

Coins.co.th does take a significant premium when selling bitcoin though, I wouldn't recommend buying there. 

Something is still off with bx.  Currently on tradingview.com btc is 14650 usd  (476K),  while bx shows latest 544K.  What am I missing besides a huge gouge from bx and coins.co.th compared to other exchanges outside of TH?

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Calach Senior Member

Calach

Posted
Posted
1 minute ago, steelepulse said:

Something is still off with bx.  Currently on tradingview.com btc is 14650 usd  (476K),  while bx shows latest 544K.  What am I missing besides a huge gouge from bx and coins.co.th compared to other exchanges outside of TH?

Trading View is just a tool that allows watching different market places (including BX). 

 

It's not abnormal to see discrepancies between regional exchanges. BTC often trades 10-15% higher on Korean exchanges, even between GDAX/Coinbase and Bitfinex there are differences, as far as BX is concerned the price of BTC is just the one Thai traders give it. 

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speedtripler Gold Member

speedtripler

Posted
Posted
1 hour ago, steelepulse said:

You're right about that  http://forex.gg/money/currencies/btc

 

I wonder how many people are arbitraging this, or is the network so slow and the fees so high that arbitrage isn't practical?

 

$13,800 at a low and $17,900 at a high depending on the exchange from above link.

Arbitrage doesn't work very well like that

Often coins are trading for 25% higher in Korea or Japan but unless you can get a verified account there is no way you can sell your coins in Korea and get the money back to USA to rebuy more

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speedtripler Gold Member

speedtripler

Posted
Posted
10 minutes ago, yabbra said:

So has anyone tried withdrawing out of the exchange to a bank account over 250k? Is there a maximum withdrawal limit per transaction or per day? Can't seem to find anything about this on the website.

Cheers

I have done over 3-5 million some days, no issues 

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