BitChanger is a user-to-user, auction based currency exchange. Sellers list their currency on the site, buyers will bid on the currency. The winning bidder is the highest bidder when the auction ends. All transactions are facilitated between buyer and seller. This eliminates the need for charging a fee and enables BitCoin users to take full control of their coins.
This is a fairly new exchange. The exchange does not use basic security (https) when authenticating, causing passwords to be sent across the internet in clear text.
This works similar to an exchange like Mt Gox or Tradehill, but you get to choose from whom you buy or sell. This also establishes a reputation system so that your transactions are secure. You can leave feedback for each user in the transaction to let others know who to trust.
The auction system is run by the members. If you are selling currency, you are able to set how long you wish to leave your listing active. You can also choose a buy-it-now option. Upon check-out, the winning bidder will be given a BitCoin receiving address (or whatever payment method was chosen to use to fund the transaction.)
Register an account at Bitchanger (browse for currency to buy) and select the currency you wish to purchase. Place a bid on the selected currency and wait for the auction to end. Once the auction has ended and the user has successfully won the currency auction, they will be presented with various payment options based on the currency. Complete the payment, once it has cleared the seller will release the funds.
- Adding bitcoins to the account balance incur no fees. Funds are available for trading once the payment confirms.
- Dwolla (instant, $0.25 fee that you pay to Dwolla during transfer)
- PayPal (use your Paypal balance to fund your BitCoin transactions; use with caution)
- Liberty Reserve USD (instant, 1% fee that you pay to LR during transfer)
- Bank Transfer (Domestic wire)
- International wire (to EU bank)
- Same as listed above
Register an account at Bitchanger ’List Your Currency‘ you want to sell. Enter the specific details of your sale. Make sure to list the date and time you wish the auction to end, in the right hand corner of the auction editor (or use the buy-it-now feature.) Wait for the auction to end and then the winning bidder will be presented the BitCoin address the user entered when they registered (or it can be edited in their profile.) When a payment is received, the user releases their funds!
- The only fee associated with withdrawing BitCoin are ones issued by the network itself. You can use any method to fund your payment (client; e-wallet)
- Dwolla Incurs Dwolla's $0.25 per-transaction fee.
- Paypal Depends on size of transaction
- Liberty Reserve (Fees 2%)
- Bank transfer (ACH)
- International bank transfer (USD converted to EUR and sent via SEPA transfer to EU banks)
- Same as above
Any fraudulent activity will result in immediate account suspension. Users are responsible for reporting any violations or suspect activity. Security issues will be dealt with swiftly.
Trades on the exchange incur no fees, unless required by the payment gateway.
The exchange was announced on July 15th, to compete with the other anonymous exchanges.
- BitChanger Official Site