Bet-IBC - Crediting Bitcoin deposit with a very low amount (Unscrupulous Practice)
I've decided to try Bet-IBC broker service, and I agreed to send them a Bitcoin deposit, which they would credit to an Orbit account.
According to their FAQ page - I am copy-pasting the text from their site:
Q41: How is crypto converted?
A: For express deposits, we take the lowest rate of the past 24 hours on coingecko.com. For normal deposits, the lowest rate of 48 hours is taken. Additional 5% is taken for conversion of the cryptocurrency into the currency of your account.
I was happy with these terms, and they asked me if I want an express deposit, and I said yes because the Bitcoin rate was pretty stable.
I've sent them 0.625 BTC on 16:10pm UK Time, 8th of July 2019.
In practice I was credited with only €5,505 in the account.
Now if you look at CoinGecko the lowest BTC/EUR rate between the 7th of July and 8th of July, even before 16:00pm UK time - it was €9,970 - Proof:
You know what? You can clearly see the graph wasn't even close to €9,500 !!
Now 0.625 multiplied by €9,970 is €6,231
Deduct 5% and you would get €5,920 - so €415 is missing.
Even if hypothetically you would calculate it based on €9,500 (which is non-existent based on this graph) - you would still get more than €5,505
The only thing Bet-IBC told me was replying the same answer twice:
The lowest rate of coingecko and 5% for exchange are applied. Fees for processing the deposit 1.5% and plus 5% for using express option.
They did not comment any further.
I honestly feel I was robbed ...
I don't mind them taking fees - but they should take it as indicated or take €50 as "slight deviation" at most but not €415 ... ($465!)
According to their FAQ page - I am copy-pasting the text from their site:
Q41: How is crypto converted?
A: For express deposits, we take the lowest rate of the past 24 hours on coingecko.com. For normal deposits, the lowest rate of 48 hours is taken. Additional 5% is taken for conversion of the cryptocurrency into the currency of your account.
I was happy with these terms, and they asked me if I want an express deposit, and I said yes because the Bitcoin rate was pretty stable.
I've sent them 0.625 BTC on 16:10pm UK Time, 8th of July 2019.
In practice I was credited with only €5,505 in the account.
Now if you look at CoinGecko the lowest BTC/EUR rate between the 7th of July and 8th of July, even before 16:00pm UK time - it was €9,970 - Proof:
You know what? You can clearly see the graph wasn't even close to €9,500 !!
Now 0.625 multiplied by €9,970 is €6,231
Deduct 5% and you would get €5,920 - so €415 is missing.
Even if hypothetically you would calculate it based on €9,500 (which is non-existent based on this graph) - you would still get more than €5,505
The only thing Bet-IBC told me was replying the same answer twice:
The lowest rate of coingecko and 5% for exchange are applied. Fees for processing the deposit 1.5% and plus 5% for using express option.
They did not comment any further.
I honestly feel I was robbed ...
I don't mind them taking fees - but they should take it as indicated or take €50 as "slight deviation" at most but not €415 ... ($465!)