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EC Exchange Opening In April
Exchanger Speculation, Ecurrency, Ecurrency NewsTags: All EC Exchange, Compumatrix, PointShareXtreme PSX.
There is a new exchange site on the horizon. Compumatrix announced the opening of their subsidiary, All EC Exchange. Here is the update:
All EC Exchange will be launched soon
Written by Administrator
Tuesday, 27 March 2007Another Project of Compumatrix and Networks Interactive, Inc. is set to launch this April. AllEC-Exchange.com - An Exchange Site that converts various e-Currencies and other electronic monetary credits into CASH.
This is the ONLY site that will allow you to centrally exchange your e-Currencies, or Virtual Money, and receive it via Bank Wire, Direct Deposit, Corporate Check, or directly load it to our Prepaid Credit Card, with access to over 16 Million ATMs worldwide, in addition to POS at any location that accepts MasterCard™ or MasterCard Electronic™.
E-Currencies planned to be integrated on AllEC-Exchange.com include Paypal, e-Gold, e-Bullion, AlertPay, AsianPay, PointShareXtreme.com euros, SwissCash, 1MDC, GoldMoney, Pecunix, Web Money, V-Money, and more.
WOW! No other exchange has successfully linked the listed e-currencies. For example, PayPal has distanced themselves from E-Gold as far as possible. IF the launch in April, it’s going to be huge. IF they pull this off, it will be a giant windfall for them! IF they make it as easy and safe as they proclaim, I speculate that people with e-currencies will flock to them. IF their exchange rates are reasonable, it may devastate the already faltering exchange industry by a domino effect.
All of these “ifs” are yet to be seen. There have been many promises delayed by them in the past. However, months ago they said that they would hold off on the exchange site announcement until it was definite. In addition, they are located in the Philippines, so I am unsure of licensing regulations. I do know that MasterCard will not allow illegal transactions. Both VISA and MasterCard have very strict anti-fraud policies.
Since I have PointShareXtreme e-currency and no where else exchanges it, I will be using EC Exchange as soon as it opens. I will test as many of the options as I can and will report my experience here.
Stay tuned…
JMO - Sharon
P.S. I will not be posting any more about PSX. I do not wish to violate their new rule.
Edited to add: All EC Exchange will not be available until after Easter.
Popularity: 4% [?]
Interesting, I for one will be waiting to see what you report.
(1) I read you items everyday and love your point of view and info.
(2) Generally agents in the Philippines do a great job and are out to help their clients, there are a few of them which are really good and this one sound good also….
(3) I’m not out to knock your post.
However,
PayPal as we all know has a policy against exchanging their units for anything other than their clients account. I don’t care who you are, you can’t swap with PayPal. You may get away with it for a few transactions but the account will be frozen and seized.
Also GoldMoney has a policy now of not allowing exchanges between currencies like e-gold, its similar to PayPal so that one is out also.
Now I don’t have time to run through all of them, you know them as well as me but any web that proclaims to be opening and exchanging these without knowledge of these problems may be inexperienced.
Mark
E-Currencies planned to be integrated on AllEC-Exchange.com include Paypal, e-Gold, e-Bullion, AlertPay, AsianPay, PointShareXtreme.com euros, SwissCash, 1MDC, GoldMoney, Pecunix, Web Money, V-Money, and more.
Hi Mark!
Thank you for your kind words. You’re not knocking my post at all by voicing your own concerns. All opinions are welcomed and comments enhance a post, even when they are different from the original author.
However, your comments aren’t even different. I have the exact same concern. I just didn’t voice my concern as eloquently as you did. I’m not entirely convinced that they are going to pull off their grandiose plans. That’s why I wrote the many “IFs”.
You bring up some really good points. If your favorite e-currency is being offered as an exchange and you know they don’t do exchanges and/or no one else has an exchange for them, then it’s good to question it.
Once All EC Exchange is open for business write to them and to your e-currency questioning the validity of the exchange. If both, especially your e-curency, agree that it has been approved, then go for it. If either doesn’t agree, then stay away from using that e-currency at the exchange site.
IMO, PayPal’s acceptable use policies are some of the strictiest out there. They play well with merchants and what they deem to be legitimate services, but they don’t play well with others. (I know nothing about GoldMoney.) I’m not sure if AsianPay and AlertPay allow exhanges, either.
JMO,
Sharon
any concern that this is going to be run by PSX? I mean, they have promised things in the past and their program is now limping along….
I agree with mark. I have personally spoken with representatives at paypal and they do not for any reason allow any exchanging between currencies to happen. your account will get locked up and your ip blocked.
They didn’t mention whether they can exchange Moneybookers. Anyone know of any other exchangers that will take them?
I am also highly skeptical whether they can pull this off for Paypal on the long run. Once Paypal realise what is going on, they will likely pull the plug.
It will be interesting to see if All-EC is able to do what they claim.
it is obvious they did not do any real research in to this, if they did they would not have even listed paypal. unless, they listed it to attract and entice unsuspecting members in to their vicious schemessss….
I lost money to a scamming exchanger (oforex.com).
I used PayPal. I tried to get PayPal to recover my money. I was never able to. PayPal didn’t block my account, close it, or otherwise told me never to do it again. Nothing, zip, nada.
I’m still using PayPal.
There are some great operations in the Philippines and good people working there, also I really value your ‘opinions’ so I’ll wait to see how the actual web business is going a few weeks into it. Thanks for the info.
I also lost some small funds trying out oforex.com with a PayPal spend for exchange. They never even wrote me back, ha
Moneybookers is just like PayPal they do not allow exchanges and I think they watch very closely for accounts doing it because they closed my account and I was not even acting as an agent. I still don’t know how they found out. They kept my money also. Moneybookers is a great system, but just don’t try exchanges with anything like e-gold.
GoldMoney changed their policy late last year and no longer allows or encourages transactions outside of their web or between other DGCs. Not everyone is aware of that new rule, I wrote about Gold-Cart and Open2exchange accepting GoldMoney and the owner of those webs wrote me back and said GoldMoney was no longer allowing them to use their currency in an type of ‘outside’ transactions as these two webs offer. Here was a recent blub about it.
Interview Questions by Volker M. Riemer regarding GoldMoney, 4 September 2006
V.R.: So there are now existing three or four companies which are dealing with these currencies, but is it possible to make a transaction between these different systems?
James Turk.: No, we have pretty much isolated us from companies like e-gold, because we are not satisfied with the policies e-gold is following. We have done this to protect our customers. So at this moment it is not ease to change from one currency into another. But please consider that we are still in the early days of these digital gold currencies business and we will see how it will evolve. We think that we are at the right path for greater growth in future and we are also right with our insurance of integrity. It is so important to consumers that they know that their gold and silver at GoldMoney is completely safe. They will not get the same insurances of integrity from the other companies on the market.
http://www.silver4india.com/silver4india/modules/news/article.php?storyid=216
That may be a real handy debit card, can I ask what country its issued from so I know what is required to get one?
I enjoy your blogs.
Mark
http://www.digitalmoneyworld.com
Plus, if they’re based off the Philippines, our paypal accounts here have only send-only capabilities. So I probably wouldnt know they would be able to use a Philippine paypal account in their service.
Also, going to be a pretty tall order, but should be interesting to watch.
I dont have a good feeling about this one.
Lot’s of very valid concerns here! I think they are going to have drop some of the e-currencies that they listed (PayPal is one of them.)
As far as this being run by PSX’s parent company, Compumatrix, I am on the fence. It could go other way. Yes, PSX members have been made many promises that were later changed and cancelled. However, I also have known that this was in the works for a long time and other things were quick stop-gap solutions. This is their long term solution that they’ve been working on since at least last Summer and been laying the ground work for since October 2006.
I’ve been following PSX every day and I do believe that they are serious about this. Whether that means they’ll succeed, is yet to be seen. I fully understand why most people, especially those that have been around the block in this industry, have misgivings. April is going to be an interesting month to watch Compumatrix.
JMO,
Sharon
So far they have said nothing about exchanging between ecurrencies, only from ecurrencies to cash or to their own credit card.
I’m waiting too..
I have more than 50 K euro in my pointsharextreme.com and don’t know where to exchange it. If someone need it PSX , you can contact me at email
I accept e-gold only, and of course, I’ll send PSX first.
$1 PSX = $0.75 e-gold.
I’ll make a phone call first with you before send you PSX cash.
John
HI John,
I changed your email to a link. Also, requesting e-currency exchanges is currently not allowed in PSX. If an administrator at PSX or the forum notices this, your account may be suspended for 45 days.
If you can hold out until the end of April to see if All EC Exchange really opens, you might be better off.
JMO,
Sharon
Well everyone seems to be careful about PSX’s Special Agent Enforcement Team!!! I mean they mean business. They could suspend your account, terminate your account and keep all “Your Cash”…………. OR do what they are so good at doing…….. NOTHING AT ALL!!!!!!!!!!!!!!!!!!!
Nuff Said????