The Bitcoin Exchange of Montreal - Not the Most Organized Operation...

in #blog4 years ago (edited)

In trying to sell some bitcoin for cash, I tried localbitcoins.com. The first two people I contacted yesterday gave me no reply, so eventually I went for the lower paying "EchangeDeMontreal", the Bitcoin and Foreign Exchange of Montreal.

As some of you might recall, last weekend on Saturday I went out on the Québec birthday holiday to try to find a mattress, only to find that the mattress stores were closed. So yesterday was another Saturday, but this time it was Canada's birthday one week later. To make sure that the exchange was actually open, I called from the number listed on localbitcoins.com. They told me they were open.

Yesterday was a rainy day, so I couldn't use my rollerblades. I went downtown in public transportation, paying over three dollars for only one way.

Upon arriving at the exchange, I had to wait outside as there were several people inside. Once you open the door you end up in like a 4 ft. by 7 ft. room to speak to a teller behind glass. It's basically a hole in the wall, but you don't need much to just exchange currencies.

Although the exchange was open, the teller had just gotten back from vacation and didn't have a localbitcoin password in order to buy bitcoin from me. So I couldn't sell any bitcoin because this company was not very organized. This was when bitcoin was around $2500.

She admitted this was not good business practice and suggested that I could come back and maybe, maybe, get a discount or something for having gone to the exchange when they were unable to actually buy my bitcoin. The teller gave me her card and wrote a little explanation that I came but she wasn't able to use the localbitcoin, and that tomorrow someone would be in that would have access to localbitcoin.

I was not very pleased to say the least. Spend money on public transportation to arrive at the place that I had verified was open, only to find out that they couldn't actually by my bitcoin because they didn't have their operation and proper functioning order.

So back home I went, ready to go back Sunday morning (they open at 10AM).

Today, Sunday, I left at 9:30 AM and arrived exactly at 10 AM at the Bitcoin Exchange of Montréal. It was closed. I waited five more minutes without anyone showing up. I then called the number the teller had left on the card from yesterday, and asked her if she could call her boss to see if someone was coming in or if I would just be waiting for nothing. She was going into the Metro and would let me know after she called her employer.

I waited a bit, then went across the street and put my rollerblades on, ready to go back to the mattress store without any bitcoin sold just to verify another mattress that I was interested in. As I was putting on my rollerblades, she called back and told me the news: the person that was scheduled to work today was not coming in, so the bitcoin exchange would not be open today, but that it would be open on Monday once again.

Two days in a row I am prevented from selling bitcoin because the Bitcoin Exchange of Montréal has a poorly organized operation.

Yesterday I was fairly upset, having spent money to use public transportation for nothing, and the fact that they are listed on localbitcoins.com that didn't even have their account access that day. I had even asked the teller to call her boss and asked to gain access to the company's localbitcoin account in order to buy bitcoin. Her boss told her that it wasn't possible. Imagine that, employees who don't have access can't even be given the access by phone. It was ridiculous. They couldn't even provide their employee with access in order to purchase bitcoin which is what they are supposed to be doing.

Today I was less upset because I already had the experience of how unreliable this operation was. Unlike other businesses -- where someone else comes in one another person can't make it -- the way that the Bitcoin Exchange of Montréal is organized is that if no one comes in then the store stays closed even though it's supposed to be open... what the hell...

So...

Tomorrow -- for the third time -- I will be going to the Bitcoin Exchange and will try to sell some bitcoin... again. I say try because so far I have been unable to do so at this location.

Wish me luck :P Because apparently I need it when dealing with these guys lol.


Have you sold bitcoin for cash?
Have you ever had trouble selling your bitcoin for cash?
Have you ever encountered a physical exchange organization that is disorganized like the one I experienced?


Thank you for your time and attention! Take care. Peace.

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This place hyped adding ETC and not Ethereum late last year. Partisans called it a major exchange and a big win for ETC. When I looked it up and did some diligence on it, I just laughed, clownish operation altogether.

There were plenty of people hyping ETC from the rooftops. They all shut up pretty quickly.

Like your posts eek, just started following.

Thanks for the kind words and the follow.

You are correct @eeks and gald you did a constructive due dilligence...unfortunately most people will blindly proceed without a due dilligence, thanks for your comment, upvoted.

Hehe, thanks for the feedback. They tend to have the worst prices while boasting of having the best. I'll try to find a personal seller, but I was in a hurry and it didn't work out in time. But maybe today I'll find one.

well etc still made a whopping 2k %. Its not a "fail" :)

Look at a chart of ETC/ETH sometime. It's a fail relative to its competition.

@krnel, you should not go through this unfair procedures especially if you want to change your hard earned bitcoin. Why not try wallets that use credit and debit card.
See if this Xcoins can help :
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with Xcoins , you can use credit and debit card. Check out other wallets too example Xapo , however check if they operate in North America..good luck and success to you. Upvoted

Thanks for the suggestions, I appreciate it ;) I will look into it.

You are welcome, lets me know if it went well, success

I am Canadian and I had a very similar experience in Ottawa. So I sell my bitcoin on coinbase to Quadriga website, which located in Vancouver as I understand one of the most prominent in Canada, then send my Cash to Pay Pal, sometimes it can take a day for all the transactions to occur and sometimes 3 days but no more than that. I wish you luck. But when in Montreal you can always stay at the Sandman Hotel and pay with your Bitcoin.

Yeah I've done online 2x before without hassle, except the first was a foreigner and papal took 60$ as a fee lol. Cash might be harder to setup a exchange with someone.

Cant you just use coinbase? or buy a bitcoin debit card and just use it to pay for your stuff? I am thinking about getting a bitcoin card ....

I don't want to go back to coinbase. I was buying my BTC there at first, then moved to other exchanges to buy with debit transfers. Do you have any bitcoin debit card suggestions?

This youtuber britvr is using a card called Bitpay ...I am thinking about getting this.

Nice, it seems they still sell to Canada, but the currency is all USD. Does this work in Canadian businesses since its not CAD?

Hey krnel,

I live in montreal too and use a similar service with no problem. The company issuing the card does the usd-cad conversion for you. Which turns out pretty good with the current value of the loonie.

Thanks for the info, what card/service do you have?

To be honest, in India (my motherland) Bitcoin thing is still controversial. Bureaucrats are standing up for legalising, while some Politicians are disagreed. The whole account produces credibility to the confused state of the virtual wallet startup Exchanges to think before they act.

So, I've a ZERO experience of Offline Bitcoin Exchanges. But I'm sure it will become true, in near future.

Thanks a lot adding that value by sharing your experiences... sad 😔though

Do you have places to use bitcoin in India? Thanks for the feedback.

I have never tried to sell bitcoin for cash... pretty much for the precise reasons you're describing here, which match the majority of experiences I have had people tell me.

At this point, I'm quite content with the Steemit ► Bittrex ► Coinbase ► PayPal ►cash (ATM) route, which I can generally run through in about 90 minutes, beginning to end. Only problem is withdrawal limits from ATMs, but most of the time I use my PayPal debit card, anyway. Yeah, there are some fees involved...

Good luck, going forward!

Yeah that's easier, but I like to pay everything in cash. I'm trying to keep cash alive and prevent a full digital spending world... Have a read on Spychips. I also don't want things in paypal and government linked hands. I've used localbitoins for paypal and then bank transfer. You have a paypal card?

That really sucks! You should give them a negative review on localbitcoins for having such a badly organized business.

I may just do that... And they say they have "the best bitcoin prices", but they charge like 300$ more to sell and $100 less to buy lol.

That sounds like a business that doesn't like doing business. Very bad customer service. Isn't there an alternative way to cash out your btc? Hopefully, you'll succeed tomorrow. Mighty good luck. I really hope they dont end up wasting both your time and money.

Well I did paypal before, then bank transfer. But I wanted direct BTC to cash. Trying to contact people didn't go so fast, so I went to the business. Yeah, hopefully tomorrow goes better lol. Thanks.

Well third time's a charm they say. Good luck and hope you make it this time.. it is so annoying when people waste your time like that..

Yes, it pissed me off yesterday... today somewhat but less so, it was less of a shock lol.

Haven't sold any bitcoins yet but hopefully I can do it soon. I'm a bit scared to screw something up and lose my money though :D

Well if you cash them out, just make sure you use an escrow feature like localbitcoins has for online exchanges, or in cash you're with the person so you can tend to trust getting cash in hand hehe.

Thanks for the advice !

I didn't know it has so much hassle to convert this currency. I can't even imagine in my country. I saw bitcoin accepted in some restaurant. But i doubted.

Yeah it can be a hassle. It's new, so it's not like you can use it anywhere ;)

Ive had similiar experiences....especially since local bitcoins is actually banned in my country haha, it can be...difficult to find a proper way to buy and sell sometimes , but that situation just sounds a bit out of hand haha

Yeah it's pretty lame for a business/organization to operate that way...

Just Localbitcoins is banned, or bitcoin as well?

I wish we have something like this in our country :(

Not enough attraction to bitcoin where you are?

I sell my btc for cash to a local gold/silver/btc dealer. No problems ever. I trust him, he trusts me. It just takes a little bit of pounding the pavement to find that guy. Good luck.

Nice! Wish I could find a good source hehe.

Am still holding my bitcoin like anything bro.

Hold 'em eh... hehe. Well I can sell some gold or silver, but the prices are so low there that I'd prefer bitcoin :P

How much BTC were you trying to exchange? Some of these exchangers really manipulate the customers.. It's ridiculous! :D
bitcoin.jpg

Just 1 BTC.

don't you want to use an atm? or virtual credit card? - i use cryptopay.me and it's awesome, you can just transfer funds into your bitcoin wallet and then into different currencies.

Are there fees? I'm cheap :P I use cash for all my purchases, so I wanted cash. I don't use debit cards ;)

Geez wouldn't want to try to cash out there

Yeah I'm trying to contact people instead of that business lol. I was rushing myself and willing to take a below market cash return.

Could you use a bitcoin atm instead? According to the following list, there are seven in Ottawa:

https://coinatmradar.com/country/38/bitcoin-atm-canada/

And the atms allow you to sell as well as buy bitcoin

Hehe, 103 in Ottawa where I don't live (notice the post was about Montreal), Montreal has 2.

I use Coinbase to buy and sell BTC even though i had problems with the platform. By the way, don't change your 2FA on Coinbase. I upgraded my phone and followed the instructions perfectly when i disabled the 2FA on my old phone and set up the new phone. They blocked me which was annoying but ok but then they asked me to resubmit all my documentation which i refused. Took about a month to sort out.This exchange sounds worse than Coinbase good luck.
PS sorry for the rant.

Yeah well at least I don't need to give any personal info. You send bitcoin and they give you cash, so it's pretty anonymous :) No prob for rant, I asked for your experiences :P Thanks for the feedback ;)

Wow that sucks i hope you can trade it soon!

@krnel just send me your bitcoin and I will sell it for you. :p

Such a bad experience, did you try paxful, i never sold, im just curious, thanks, Laila XD

I have not heard of it. What is it?

You sell your bitcoins, it's like localbitcoins

Thanks for sharing!

I like it very much!!! Amazing post, this is something I'm looking for because I just know the crypto currency 💴 Thank you brother! I started my Steemit adventure! - Follow me @jakir as suggestions about my future posts will be amazing 👏 thank you very much

i think you can use coinbase

This is becoming too stressful to me...I hope I find an easy means when am ready to sell...

I thought bitcoin was a competitive market with good service, anyway good luck to you and have peace.

image
Good artikel..always be succes..
Follow me and vote
Thanks

I use quadrigacx for exchanging btc, they have option to withdraw in cash too , btw I reside in montreal too, would love a meetup :)

Think how widely accepted the US dollar would be if you had this much trouble trying to get hold of it. LOL

Why the desperate attempt to get Bitcoin ? No other way to complete some financial transaction ?

STEEM On !!

Dave

Why not? Instead of bank money, or selling metals, I will sell bitcoin for cash ;)

Shame it's so difficult in Canada to buy and sell bitcoin. Have you tried localbitcoin?

It's mentioned literally in the first sentence :P I have used paypal, but I wanted cash and not have to transfer to my bank. I tried to contact people but no response, so I went with the exchange.

Well MC Donalds started small as well :))) 🍔

peace regards

follow me and upvote my content and i will do the same just reply to this comment, thanks!

Please don't post like this on people's posts. It's irrelevant to the content. You're just spamming. Next time you will be flagged. Thank you.

He actually sound and smeel like a bug..

Great post ! Today i just lost my job...i worked really hard as a waiter for like 10 years in a restaurant...worked night after night shifts but still they decide they don't need my services anymore and that they don't have money to pay me so they just kick me out . It was really hard for me to find this job because i don't have much education....i did't go to college...
The real problem is that i have a debt of 759 $ to my apartment rent and if i don't pay till the end of the month they gonna kick me out from my own home. I don't have friends and my family won't lend me any money...
My only hope now to raise this money is steemit...i like it alot here and the community is very nice...

Please if anybody would like to help me , a upvote would be awesome and would help me tremendously to raise the money i need .

Thank you very much for your help and i hope you have a great day .