Coin.mx has a new payment processor -- new limits.

Coin.mx recently switched to a new payment processor and now has limits of $250US PER payment method for Visa/MC. These limits do not reset.

Thought this might be useful information to people who use the service.


Comments


[2 Points] None:

What does it mean that they do not reset? You can only buy 250 dollars worth of btc one time only and never again are you are allowed to make another 250 dollar purchase from them?


[2 Points] nczreviewer:

localbitcoins FTW 30,000$ trade limit here 20000$ trade limit there.


[2 Points] CoinMX:

Hi guys, this is Jen from Coin.mx.

I wanted to take a moment to address a few issues.

Yes, Coin.mx does have a new lower credit card maximum for newer users, and we do understand that this is inconvenient for some members.

Due to the fraudsters...now we must have even more strict limitations

One of the main reasons for the decrease in our credit card maximum are the time and costs associated with fighting fraudulent chargeback claims - as several posters in this thread have admitted to filing. You could thank "cannabishash" personally, but he has already deleted his Reddit profile - about 5 minutes after we posted that we would be pressing charges. Dishonest members like him and "fakestepchild" are the reason that our max has been lowered.

This industry will not flourish until people take these issues seriously and file info with authorities and press criminal charges for fraud. It is a shame that we have to go to these lengths, but as you can see, we have no alternative.

We hope that the honest members of the Bitcoin community can understand where we are coming from, and will be just as vigilant in their efforts to fight back against fraud as well.


[1 Points] sharpshooter789:

Wait is there $250 limit or is that minimum amount.


[1 Points] None:

I'm blocked due to me buying 2k worth of bitcoin then reporting it as fraud :p