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Ingen Angiven
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Joined: June 16, 2011 06:34:58 UTC
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New Zealand website. Is it legit? Reputable? Good user experience? Decent liquidity?

This message was edited 1 time. Last update was at December 09, 2012 04:10:49 UTC

Chris57
Senior

Joined: June 27, 2008 20:52:37 UTC
Messages: 345
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When I looked a long time ago, it said New Zealanders only. Has that changed?
AlfonzoBSwanzo
Senior

Joined: October 21, 2007 18:32:12 UTC
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Ingen Angiven wrote: New Zealand website. Is it legit? Reputable? Good user experience? Decent liquidity?
I am having a BAD experience with iPredict right now. They haven't replied to multiple problem reports made over the last week or two. It seems their customer support mechanism is broken and there is no way to get in touch with them. I am having second thoughts about holding funds there - what if there is a problem with a deposit or withdrawal?
blazespinnaker
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Joined: August 23, 2008 22:13:41 UTC
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I wouldn't hold much more than play money there.

kylefishman
Junior

Joined: October 14, 2012 00:40:13 UTC
Messages: 93
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I opened an account with them just now.....

They have a max deposit limit of 2.5k per 6 months and 10k per lifetime.
(in New Zealand dollars) (i think 2.5k = 2k in USD)


It appears they accept visa and mastercard.
I don't recall seeing anything that specified restrictions on geographic areas.



They're not as good as Intrade. I still would rather see Intrade come back to the U.S.

But: They do seem to be on better 'legal ground' as they are licensed by New Zealand's legislature or something like that.

This message was edited 1 time. Last update was at December 09, 2012 20:50:45 UTC

kerzane
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Joined: August 08, 2011 16:11:06 UTC
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kylefishman wrote:
But: They do seem to be on better 'legal ground' as they are licensed by New Zealand's legislature or something like that.


I don't see how thats any better than intrade, which is perfectly legal in ireland. If enough US volume moves to NZ then the regs will go after them too.
Roestigraben
Director
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Joined: December 07, 2010 13:33:01 UTC
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I also opened an account there today, to check out possible alternatives. From what I can tell so far, the volumes are very low and the site architecture is a bit slow and unwieldy. Seems OK to place a few small bets on events that Intrade isn't covering (yet), but most likely unable and unwilling to handle the kind of action that used to be characteristic for Intrade. I still hope that they can find some way to continue to accomodate US customers...without them, this place will become Dullsville too.
theThirdMan
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Joined: December 15, 2010 03:14:57 UTC
Messages: 32
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Is it possible to even withdraw from iPredict? I sent multiple emails asking if it was possible to withdraw to a US account, but never received an answer. As it stands, the withdraw page is missing the information relevant to any US customer.

For those that deposited money, I'm hoping you got an answer, because it's just a donation to the site otherwise.
AlfonzoBSwanzo
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Joined: October 21, 2007 18:32:12 UTC
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theThirdMan wrote: Is it possible to even withdraw from iPredict? I sent multiple emails asking if it was possible to withdraw to a US account, but never received an answer. As it stands, the withdraw page is missing the information relevant to any US customer.

For those that deposited money, I'm hoping you got an answer, because it's just a donation to the site otherwise.
Let us know if you receive any response at all from them. I have been trying to contact them to reset my password for several weeks and they don't answer at all. This is why I am afraid to send them money - what if there is a serious problem such as an account discrepancy and they can't be reached? I gain a new appreciation for Intrade's customer support function.
bss
Senior

Joined: August 02, 2011 09:43:54 UTC
Messages: 126
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I have to agree with you there - Intrade's email support is far superior.
I emailed ipredict to point out an obvious typo in one of their contract descriptions over 2 weeks ago but they haven't responded.
As of today they still haven't corrected the description.
They are settling and adding markets however.

I have tried the following email addresses.
Does anyone know of an email address to which they have replied ?

help@ipredict.co.nz
admin@ipredict.co.nz
AlfonzoBSwanzo
Senior

Joined: October 21, 2007 18:32:12 UTC
Messages: 291
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There is no one there at iPredict - this is the craziest thing I've ever seen. I'm not going to fund.

This message was edited 1 time. Last update was at December 11, 2012 17:04:52 UTC

bss
Senior

Joined: August 02, 2011 09:43:54 UTC
Messages: 126
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The following info on their website gives me confidence in keeping my money with them:

https://www.ipredict.co.nz/app.php?do=about_us

iPredict Ltd is owned by Victoria Link Ltd, or “Viclink”, the commercial arm of Victoria University of Wellington.

iPredict is authorised as a futures dealer by the Financial Markets Authority.

Trader funds are held in a trust account in the name of Predictions Clearing Limited, a subsidiary of iPredict Limited.


Their not replying to emails is not good, but it's not necessarily a cause for concern. It could be that nobody is checking that inbox.
Perhaps the only way to communicate with them is on their forum. They have a user called admin who is posting regularly.

This message was edited 1 time. Last update was at December 12, 2012 17:35:05 UTC

theThirdMan
Novice

Joined: December 15, 2010 03:14:57 UTC
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I still don't understand how you are supposed to withdraw.
JustinB2011
Novice

Joined: October 16, 2012 06:15:48 UTC
Messages: 24
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theThirdMan wrote: I still don't understand how you are supposed to withdraw.


I had the same question. All it asks for is a name and bank account number.

Even if it does allow for proper withdrawals, I would be very cautious. They have been talking about upgrading their servers since July, but nothing has happened yet. The admin openly admits the service is currently awful and it sounds like he doesn't have much help at the moment. The latency is ridiculous and markets do not update dynamically... you have to refresh to see any changes.

Best hope is for Intrade to open the market back up to US customers. God knows why they couldn't just suspend trading for US customers and cash-out existing trades rather than give us the boot is beyond me. I mean if they are planning to open it back up to US customers in the not-too-distant future, why force us to close our accounts...

This message was edited 1 time. Last update was at December 13, 2012 09:35:52 UTC

bss
Senior

Joined: August 02, 2011 09:43:54 UTC
Messages: 126
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I haven't tried to withdraw yet but I took a look at the Withdraw Cash page and it's obviously designed for domestic customers only.
As they mention in the following blog post, they probably haven't had a pressing need yet to change the page to accommodate intl accounts. I guess if enough people ask they will realise it makes sense to change it.

US Cracks Down on Intrade
https://www.ipredict.co.nz/app.php?do=blog&page=%3Fp%3D1363

"The vast majority of our registered users are based in New Zealand."

Also their view on non-NZ accounts is in the same post (last sentence).
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