Shortages

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  3. General
  4. Shortages

 

 

Why can’t I place a live order / Why do I have to submit a custom coin order form?

o  We have switched over from live ordering to a quoting system. We do this when stock levels are low. We only sell cryptocurrency that we currently have in stock.

 

 

Why are stock levels so low?

o    With prices being so low buy volumes are outstripping sell volumes 6:1. With an imbalance so large our stocks can be exhausted very rapidly when panic buying occurs.

o    We buy the shortfall on the overseas wholesale market. However, the settlement is in USD, and by having to use the antiquated banking infrastructure (SWIFT), it can take up to 3 days to receive a settlement.

o    With settlements taking three days and our customers being able to exhaust our reserves in hours, something has to give.

 

 

When will my order/quote request be processed?

o    Unfortunately, we can’t give you an exact timeframe for responding to a request for a quote and neither can our support team on live chat. It’s on a first in first served basis. Quotes will be sent out for buy orders as more sell orders come in. With low prices, very few people are selling

o    Once you have accepted a quote, the normal order and delivery process will apply – the price will be locked upon acceptance and you will be taken to the payment options page. You will receive the coins once we receive your payment. Accepting a quote is legally binding as per usual.

 

 

You have had a number of shortages recently. When will there be a long-term solution?

o    The situation will improve somewhat with changes being implemented by our banking partner to speed-up settlements are completed.

o    It won’t be completely resolved until we have received additional capital through our current series A capital raising event. Unfortunately, we are a victim of our success, and we require more capital to service the increased demand. Investment is only open to preregistered wholesale investors only, not to the general public.

 

 

Please don’t open a live chat if your question has already been covered here. Otherwise, it means that the operator will be unable to assist someone else with technical support. If your issue is discussed here, but you would like to talk about it further with a manager, then please email us instead: hello@bitprime.co.nz with escalation in the subject line or via our contact form. – Ross Carter-Brown, CEO

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4 thoughts on “Shortages

  1. I like using BitPrime but it is very frustrating to place a Custom Order , then recieve an email stating :

    Thank you, We Received your message!

    Thanks for contacting us! We will get back to you as soon as possible with a quote and further instructions.

    and then recieve no quote, or further instructions, or information, or another e mail, stating the order will not / cannot be filled due to …….. whatever reason.

    Then on your chat feature i am told that BitPrime stock is sold out and no stock is available to fill orders.

    I have five open orders currently and CHAT stated the orders would not be filled till Wednesday… maybe..

    If i had been informed earlier i would have tried to purchase elsewhere.

    In the past i have only had good experiences dealing with BitPrime.
    Wish that was the case today and it would have been if i had been informed my orders were not going to be filled.
    Not providing information is bad customer service.
    I hope this is rectified.

    • Hi there,

      Firstly, thank you for taking the time to send us some feedback. You have been a loyal customer of ours for a long time now, and we appreciate your honesty. I’d like to sincerely apologise for the inconvenience and frustration you have been experiencing currently.

      As per your conversation on live chat with our customer service team, the best estimate we could provide as to when you would receive a response to your requests for quotes was Wednesday, as that was when we anticipated receiving more stock. We couldn’t provide you with a quote when we didn’t have the coins you were requesting.

      We are working to resolve this situation as quickly as we can and appreciate your patience with us during this challenging time. We will post an update via a banner at the top of our site once we have further information.

      Once again, thank you for your feedback.

      Kind regards,
      Victoria

  2. Hi Victoria,

    Thanks for responding to my comment.

    The issue i had was there was no information available on the site on how a Custom Order works and as i had not used this feature before i was at a bit of a loss as to what to expect.

    Therefore when i recieved the “BitPrime – Your request was successfully sent!” e mail i assumed all was good and shortly i would recieve another e mail containing the quote and pproceed from there..

    When it did not arrive i got in touch, via live chat, and was informed you were basically out of stock.

    It would be good if when there will be a considerable delay in sending a customer their quote, BitPrime actually e mails the customer and states their will be a delay.

    Anyway, all good, i got it now.

    I will still be using BitPrime.
    I like BitPrime..

    regards

    monjere

    • Hi Monjere,

      I can understand where you are coming from; it’s a very different process to normal purchases.

      You’ve raised an extremely good point about not knowing what to expect from a custom quote so, what I will do today, is look at changing the email wording to explain the process more clearly. Hopefully, this will avoid anybody else being left uncertain in the future!

      Sometimes, things like this can be overlooked as we are so used to how it works that we don’t realise it might not make sense to someone requesting a quote for the first time.

      I know I sent you one quote yesterday, hopefully, we can get the remaining ones out to you today!

      Thank you for your patience with us during this time!!

      Regards,

      Victoria

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