Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your Digital Currency Exchanger shopping experience:
1. Compare - without doubt the biggest advantage that the Digital Currency Exchanger offers shoppers today is the ability to compare thousands of Digital Currency Exchanger at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.
2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about
3. Testimonials - don't know anybody that has bought a Digital Currency Exchanger? Wrong! If the Digital Currency Exchanger is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.
4. Questions - Got a question about Digital Currency Exchanger then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....
5. Reputation - Never heard of the company selling Digital Currency Exchanger? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about Digital Currency Exchanger and build up a picture of their reputation for sales, returns, customer service, delivery etc.
6. Returns - still worried that even after all of the above your Digital Currency Exchanger wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.
7. Feedback - happy with your Digital Currency Exchanger then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.
8. Security - check for the yellow padlock on the Digital Currency Exchanger site before you buy, and the s after http:/ /i.e. https:// = a secure site
9. Contact - got a question about Digital Currency Exchanger, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.
10. Payment - ready to pay for your Digital Currency Exchanger, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.
Digital currency exchangers (
DCEs,
independent exchange providers or
e-currency exchangers) are market makers which exchange
fiat currency for
electronic money, such as
digital gold currency (DGC), and/or convert one type of digital currency (DC) into another, such as WebMoney into
e-gold. Exchangers apply either a commission or
bid/offer spread to transactions.
Some digital gold currency accounts, such as
e-gold, do not provide an in-house service to purchase their
private currency so it is necessary to use a third-party
digital currency exchanger. According to e-gold's website the reason they do not provide an in-house exchange service is so there can be no debt or contingent liabilities associated with the business, making e-gold Ltd. absolutely free of any financial risk. They claim e-gold Ltd. does not possess currency of any nation or even have a bank account.
Risks
There are no specific
financial regulations governing DCEs, so they operate under self-regulation. However the Global Digital Currency Association, founded in 2002, are a non-profit association of online currency operators, exchangers, merchants and users. On their website they claim their goal is to "further the interests of the industry as a whole and help with fighting fraud and other illegal activities, arbitrate disputes and act as escrow agent when and where required."
It is possible for clients to purchase DGC by credit card, and therefore receive consumer protection from their credit card company. Various exchangers offer this service, although the exchange fees are typically higher than using a wire transfer .
Exchangers
Comparison of
Digital Currency Exchangers (DCEs) as of 01 October 2006:{]
member! Telephone !! Telefax !! email! Digital gold currency accepted! Fiat currencies accepted! Fee buying DC !! Fee selling DC !! Fee exchanging DC to DC|-| CurrEx ] || 2006 || No || No || || || 6 || 14 || 1.5% || 1% - 3% || 1% - 3%|-| Euro Gold Sales ] || 2004 || No || Yes || || || 5 || ? || ? || ? || ?|-| GoldExchange.eu ] || 1999 || Yes || Yes || || || 4 || 9 || 5% || 5% || 5%|-| Goldtotem| 2000| Yes| Yes || ||| 1| 9| 2%| 2%| N/A|-| [London Gold Exchange || 2001 || No || No || || || ? || ? || ? || ? || ?|-| [OmniPay ] || 2002 || Yes || Yes || || || 14 || 0 || N/A || N/A || 1 - 5%|-| SpeedyExchange || 2003 || Yes || No (answerphone) || || || 7 || 3 || 8 - 13% || 1.5 - 9% || 0.3 - 4.4%|-
Regulatory issues
In September 2004 several Australian based e-gold currency exchangers voluntarily ceased operation as they did not hold an Australian Financial Services licence (AFSL) .Australian based DCEs that elected to close, due to the Australian Securities and Investments Commission (ASIC) licencing requirements, included:
- goldex.net
- sydneygoldsales.com
- ozzigold.com
In July 2006 Gold Age was closed down by US government authorities following the arrest of the owners, Arthur Budovsky and Vladimir Kats, on account of not having a New York state "money transmitters" licence.
In April 2007, the US government ordered e-gold administration to lock/block approximately 58 e-gold accounts, owned and used by The Bullion Exchange, AnyGoldNow, IceGold, GitGold, The Denver Gold Exchange, GoldPouch Express, 1MDC (a Digital Gold Currency, based on e-gold), and others, and forced G&SR (owner of OmniPay) to liquidate the seized assets . In addition, a few weeks later, e-gold themselves were indicted with 4 indictments. However, e-gold are still in business, and are growing at the rate of approx. 95,000 new accounts per month, see http://www.e-gold.com/stats.html
Here is the DoJ release;http://www.usdoj.gov/opa/pr/2007/April/07_crm_301.html
and here is the rebuttal by Douglas Jackson, CEO;http://www.e-gold.com/letter3.html
See also
External links
- Global Digital Currency Association
- Digital Gold Articles
- Ecurrency Directory
Digital currency exchangers (DCEs, independent exchange providers or e-currency exchangers) are market makers which exchange fiat currency for electronic money, such as digital gold currency (DGC), and/or convert one type of digital currency (DC) into another, such as WebMoney into e-gold. Exchangers apply either a commission or bid/offer spread to transactions.
Some digital gold currency accounts, such as e-gold, do not provide an in-house service to purchase their private currency so it is necessary to use a third-party digital currency exchanger. According to e-gold's website the reason they do not provide an in-house exchange service is so there can be no debt or contingent liabilities associated with the business, making e-gold Ltd. absolutely free of any financial risk. They claim e-gold Ltd. does not possess currency of any nation or even have a bank account.
Risks
There are no specific financial regulations governing DCEs, so they operate under self-regulation. However the Global Digital Currency Association, founded in 2002, are a non-profit association of online currency operators, exchangers, merchants and users. On their website they claim their goal is to "further the interests of the industry as a whole and help with fighting fraud and other illegal activities, arbitrate disputes and act as escrow agent when and where required."
It is possible for clients to purchase DGC by credit card, and therefore receive consumer protection from their credit card company. Various exchangers offer this service, although the exchange fees are typically higher than using a wire transfer .
Exchangers
Comparison of Digital Currency Exchangers (DCEs) as of 01 October 2006:{]
member! Telephone !! Telefax !! email! Digital gold currency accepted! Fiat currencies accepted! Fee buying DC !! Fee selling DC !! Fee exchanging DC to DC|-| CurrEx ] || 2006 || No || No || || || 6 || 14 || 1.5% || 1% - 3% || 1% - 3%|-| Euro Gold Sales ] || 2004 || No || Yes || || || 5 || ? || ? || ? || ?|-| GoldExchange.eu ] || 1999 || Yes || Yes || || || 4 || 9 || 5% || 5% || 5%|-| Goldtotem| 2000| Yes| Yes || ||| 1| 9| 2%| 2%| N/A|-| [London Gold Exchange || 2001 || No || No || || || ? || ? || ? || ? || ?|-| [OmniPay ] || 2002 || Yes || Yes || || || 14 || 0 || N/A || N/A || 1 - 5%|-| SpeedyExchange || 2003 || Yes || No (answerphone) || || || 7 || 3 || 8 - 13% || 1.5 - 9% || 0.3 - 4.4%|-
Regulatory issues
In September 2004 several Australian based e-gold currency exchangers voluntarily ceased operation as they did not hold an Australian Financial Services licence (AFSL) .Australian based DCEs that elected to close, due to the Australian Securities and Investments Commission (ASIC) licencing requirements, included:
- goldex.net
- sydneygoldsales.com
- ozzigold.com
In July 2006 Gold Age was closed down by US government authorities following the arrest of the owners, Arthur Budovsky and Vladimir Kats, on account of not having a New York state "money transmitters" licence.
In April 2007, the US government ordered e-gold administration to lock/block approximately 58 e-gold accounts, owned and used by The Bullion Exchange, AnyGoldNow, IceGold, GitGold, The Denver Gold Exchange, GoldPouch Express, 1MDC (a Digital Gold Currency, based on e-gold), and others, and forced G&SR (owner of OmniPay) to liquidate the seized assets . In addition, a few weeks later, e-gold themselves were indicted with 4 indictments. However, e-gold are still in business, and are growing at the rate of approx. 95,000 new accounts per month, see http://www.e-gold.com/stats.html
Here is the DoJ release;http://www.usdoj.gov/opa/pr/2007/April/07_crm_301.html
and here is the rebuttal by Douglas Jackson, CEO;http://www.e-gold.com/letter3.html
See also
- Bureau de Change
- Digital gold currency
- Gold as an investment
External links
- Global Digital Currency Association
- Digital Gold Articles
- Ecurrency Directory
