Alan"s Money Blog

Aug 11, 2007

Review: Open2exchange P2P Gold Exchange

Greetings everyone. I am back with another review. This one is geared towards those of you who are interested in e-currencies and trading gold-backed digital currencies. The name of the site that I am going to review is called Open2exhange (aka O2E). O2E is basically an e-currency bourse ("stock" exchange). It allows you to buy or sell your gold currencies on an open market 24/7. This will no doubt save you the hefty commission fees charges by most e-currency exchange businesses.

Now let's get into some commonly asked questions about Open2exchange (O2E).

How much is the membership fee?
Membership to Open2exchange is free.

How much are the brokerage fees?
Each time a trade is executed, Open2exchange automatically calculates a brokerage fee. This fee is exactly .40% of the value of the trade in if the trade is in PCX (Pecunix) and exactly .40% of the value of the trade if the trade is in any of the other supported Internet golds. This brokerage fee is divided equally between the buyer and the seller, so each party in the transaction pays 0.2% of the transaction value for PCX trades and 0.2% of the transaction value for the others.

How do I add funds to my account?
You can fund your account directly with e-gold, Pecunix, Webmoney Gold (WMG) or Loomster O2E-$. Open2Exchange does not accept ANY direct national currency funding. No account holder can withdraw national currency directly from Open2Exchange, its not possible. USD account withdrawals can be done via Loomster O2E-$. Example: If you have $100USD you can withdraw it and receive 100 O2E-$ on the Loomster system. To fund your account with digital currencies other than those we accept, please visit an exchange agent and convert to an accepted digital currency. Open2Exchange is not an exchange agent and does not sell digital currency.

Does Open2exchange protect my privacy?
Open2exchange will never divulge any of your information to any third party without a court order from a court of suitable jurisdiction. All your information in the Open2exchange database is encrypted with extremely strong AES encryption to ensure your protection.

Why can't I cash out my balance of gold?
For security reasons, we only allow your account to cash out to your verified gold account. To load your verified gold account into the Open2exchange system, simply upload some gold from your gold account to the Open2exchange account using the "balances" page. Once you have uploaded gold, your account number will be saved by the Open2exchange system and all future cashouts will be made to that account.

Do I pay the brokerage fee if I cancel an open trade?
No, brokerage is only charged by the exchange as a trade is closed.

In addition to offering you the ability to trade digital gold currencies you can also exchange between e-gold and pecunix as well as exchange between metals (such as e-gold silver, palladium, platinum, etc).

To join this innovative site simply click on any of the Open2exchange links dispersed throughout this review (all of link open up in a new window)

I hope this site will be of service to you and I'd like to thank you for visiting my blog. Take care!

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