Hello. This is Jim Iddiols, CEO of bit121.co.uk.

Our bitcoin exchange has been operating for nearly a week now and I would like to express my thanks to all who have registered and especially those of you that have started trading. We hope that you have had a good experience and will spread the word.

As a result of the much appreciated comments and feedback already received, we are pleased to advise that we have reduced our deposit and trading limits. Our minimum deposit has been reduced from £500 to £50 and our minimum trade has reduced from 1BTC to 0.1 BTC. We have also prioritised our plan to implement 2 factor authentication and hope to implement this soon. Just give us a little time.

We are very pleased with our first week of operation. We have received a very satisfactory number of new registrations of which a good number have gone through the verification process and have executed trades. To date, all deposits and withdrawals have gone through very quickly – all have processed within 48 hours. And we have received some very complementary comments about the layout, format and information provided for our customers in the Account Statement. In addition, our cold storage security procedures are working successfully just as we expected. The downside of this is that you may have to wait up to an hour, when you withdraw coins, while we take them out of cold storage.   

Finally, we do appreciate that our site may not be the most attractive, but our immediate priority was on functionality rather than looks, and so far we are very pleased. We hope you will join us.

Best Regards
Jim