July Update - Singapore-based E-gold Exchangers

I know I've been dragging my feet in mud updating this blog. The reason being that there's nothing really noteworthy to write about.

However, after reading the latest entry in Digital Money World on the e-gold exchangers still in business, I feel that it's time for another update on the local scene. I've not gotten much feedback in the recent months so I'm not entirely sure if some of the exchangers are even alive anymore. Much of it is probably due to the fact that most of the local readers of this blog have already moved away from Hyips and Autosurfs, hence have little or no use for e-gold anymore.

Anyway here are the 'updates', as well as a new exchanger that recently emerged.

Entelnova - Possibly the oldest in Singapore and still working.

Snapgold - Probably has the best rates in the market for Singaporeans. Definitely still exchanging.

Wyngold - Still around.

JR Exchange - Probably still working. No recent feedback.

SG Exchanger - Probably still working. No feedback.

Active Gold - Very new, a few days old. No feedback.

NSFG Trades Up Another Stinker

NSFG
Plain awful if you ask me. They conveniently went on a holiday after another pathetic showing. The month of May brought up a stinker to the tune of -15.04%.

To make things worse with all the on-goings with e-gold, there would be no deposits (like anyone in the right mind would do so) and no withdrawals. Wonder what happened to the bank wire option?

Infinity Shares
After changing brokers and getting used to the new brokers, they have finally started trading again. Nothing much to divulge here since they have gone mostly private. Now, in order to join them, you would have to post in their forum and let them know who introduced you to them.

Again with e-gold and, generally, the US government acting the goat, now is not a good time to join them. Nothing wrong with the trading here, just no deposits until the whole e-gold crap sorts itself out....if ever.

Local Exchangers
Nothing much to report here except the rates to sell are crap. I've more than triple my e-gold hoard with no place to sell them. Any Singaporeans with a UOB or OCBC account (sorry no DBS) is welcome to take it off my hands. I guarantee better rates than the local exchanges out there, only problem is while stocks last (and I don't have alot on hand).

Scam Warning
Stay far far away from this program called PrivateFin. I was conned about $200 almost a month back. The bastards deleted my account and refused to respond to any of my mails. I usually don't give crap, but this one is growing as more ponzi pushers are appearing and promoting this one. Even some of the bad blogs are jumping on the bandwagon for some referral commission. Shame on you guys. So don't get conned.

This brings me to another fine whine from me. Monitors have gotta be the biggest ponzi pushers around. If you have been visiting and voting in monitors (which I haven't), you'd notice that it's so easy to make a 'good' post, while they make you jump thru hoops to make a 'bad' one. No wonder these blatant scams get away with murder.

Rates for Local E-Gold Exchangers Improve.....Slightly

Since the last update, prices have gone southwards, until I checked today. Prices for select exchangers have improved slightly but it's still at cut-throat rates. Major exchangers around the globe have been waiving all around and charging ridiculous rates for people willing to take a huge discount. Perhaps the word 'profiteering' is more appropriate here. I understand the current situation is not rosy at all, but still does not justify such low rates.

Given the circumstances, I'd rather pour whatever e-gold I have into some hyips, which I have for the past 2 weeks. And frankly I've been doing pretty well. Looks like scammers might also be having trouble cashing out their money, hence 'returning' some of it back to those who are willing to take a risk (well, one can always dream).

Anyway before I digress further, there is some semblance of good news related to local exchangers. Entelnova has resumed purchasing e-gold. Their rates are similar to Snapgold, who is low anyway. WynGold and SgExchanger have the lowest rates in the market so far. Of the four, I'm currently biased towards SnapGold. Bear in mind the rates are still what most people consider 'daylight robbery'. But if you're desperate or scared, it's still an option.

There is good news however. JR Exchange hasn't gone anywhere, just taking this opportunity to upgrade the site. Their problem however lies with being unable to communicate properly.

Of course when there's good news, it's always followed by some not so good news. Goldert has biten the dust. The site is current being parked, which means....well....it means it's no longer around. Probably wouldn't bother very many people anyway, since the site's never updated, so no one knows anything.

Local Exchangers Taking E-Gold

Have not really been monitoring the situation. There is a flurry of activity in the rumour mill and no one knows who is right or what to believe. The prudent thing is to exchange your e-gold out to cash and see where to go from there.

As of typing this entry, only SnapGold and WynGold are accepting your e-gold and are certified reliable. As far as I know, SGExchanger is doing so too. However, don't expect good rates from any of them. These are uncertain times and you should be glad that someone is willing to shoulder the risk on your behalf.

As for the rest of the exchangers, JR Exchanger has probably kicked the bucket, which is just as well. Never did feel good about them. The rest like Entelnova and Ecurrenz are not buying e-gold at the moment.

NSFG, IS updates

NSFG
They posted a 10.94% gain for the month of April. While good, still goes a long long way to replenishing what's been stolen.

They also announced that there would be no trading during the last week of May, due to another holiday they are taking.

Just thinking aloud here, but I'm still kinda curious just how many managed accounts they still have. You would expect having a handsome commission on those managed accounts (which allegedly are 90% of the pooled accounts) would go a long way filling the hole that's been dug in our pockets.

Infinity Shares
Looks like they found a new broken and doing the necessary to switch brokers. Trading would resume once the switch is done.

Due to the e-gold situation, deposits have currently been disabled.

Local Exchanges
Speaking of the e-gold situation, it seems the big 3 exchangers in Singapore are going on a profiteering run. The rates to sell e-gold has dropped drastically in the last couple of days, while buy rates remain somewhat still on the high side.

Of course this can be reasonably explained by, what I would expect, a sheer amount of people selling their e-gold.

E-Gold Trouble?

I've recently got alot on my plate and haven't been actively monitoring the 'industry' on the whole. There are things that I've wanted to comment on but haven't had the time to cohesively put my thoughts together. However this e-gold situation is something that can't wait.

1mdc which has been a strong bastion for e-gold users had their accounts blocked via court orders. Not much is known with regards to the details and speculation, as usual, is rife. You can visit the 1mdc website for more inform on them.

IceGold, a major exchanger in Europe has also changed their e-gold account. Again, speculation as to why they are doing it, is running wild.

Of course more information of this can be found in DigitalMoneyWorld.com.

Chances are that all these are going to amount to nothing as the US government is weeding out all the illegal transactions and money laundering schemes going on. On the other hand, hitting on the exchangers may have more servere reprecussions for those of us with money in e-gold.

I've been a firm supporter of e-gold and all the previous rumours pertaining to e-gold have not hit such levels of magnitude nor seriousness. Somehow one plus one here doesn't seem to add up. I'm personally not advocating panic, but at the same time I'm not getting good vibes here and have cashed out most of my holdings in e-gold with the local exchangers. Time will tell how this one will unfold.

If it all goes wrong, this entire 'industry' will sink faster than Atlantis, signalling the end of the ponzi-pushing days. All in all, might not be such a bad thing afterall.

For Singaporeans looking to cash out, I would strongly recommend snapgold.com at this juncture.

Another Local Exchanger : ECurrenz

Ok, this one's pretty well recommended. And the rates are probably some of the best I've seen in town. I haven't used them yet, but if you're looking for good rates, this one's definitely the place.

The only downside for me is that OCBC is not represented yet. But if you have other local bank accounts, then this one should be alright. As with all unfamilar exchanges, go small and go slow.

New Local Exchanger

Just a quick update here. Looks like there's another new kid on the block.

SgExchanger

Haven't used them yet, and probably might not in the near future. The usual suspects are still working well for me. Moreover nothing really outstanding about the rates provided.

This new one has a wide banking option to purchse and sell e-gold. It also provides 'instant' exchangers via YIM or MSN.

The thing that raises my eyebrows here is the impending use of paypal. We all know the chargeback function of paypal, and the horror stories of exchanging paypal with e-gold. Will monitor how this develops if I have the time.

As with all new exchangers, go small and go slow.

Getting Started - Part 5

Update : 20th July (Latest information)

Update : 15th December

Just thought I'd do a little write up on some of the local exchangers. Well, this section is actually meant for Singaporeans who are looking for a quick and safe way to exchange for e-gold. I've personally tried most of them, while the others come with a solid reputation.

The exchange rates given by these exchangers/companies are pretty competitive, so do scout around for the best rates. The service provided is usually prompt and polite. And probably most important for Singaporeans is that it is easy to make a purchase or out-exchange excess e-gold via internet banking. The convenience and the ability to stay anonymous is a major factor why most Singaporeans use local exchangers over their more recognised international counter-parts.

As a note of precaution, if you're exchanging large amounts of gold, it would be prudent to do so in batches of smaller amounts. Don't do everything at once. Always better to be safe than be sorry, even if the services mentioned come with glowing reputations.

Entelnova Global Service

This one's been around for eons and has a reputation solid as a rock. You can read about the company here. I love the fact they are a registered company with a real office address and a real phone number you can dial in.

I've personally not tried their service yet, but judging from the glowing testimonials, you probably can't go wrong with it.

SnapGold

SnapGold has been around since the beginning of this year. If you're making a purchase or a sale, it would be wise to do so when the operators are online, between 9pm -12am daily. The transactions are almost immediate in such instances.

If you can't get an operator online, you can still place an order and wait for the transaction to go thru. The wait shouldn't be more than 24hrs.

WynGold

I've been nothing but impressed with the couple of ladies running the show here. You place an order, and the transaction goes thru smoothly, usually within the hour, at ANYTIME of the day! They really live up to their motto of being there 24/7.

I tested out the system at 5am in the morning and received my e-gold by 6am. It probably should have been much quicker, but I had trouble on my side with the phone banking system. You can also speak to an operator via MSN, but judging from the service I received, the speed of the transaction and the time of the transaction, you really shouldn't need to use the live contact.

Bank2Gold

Another good service out there. It works almost exactly like SnapGold. If you get the live operator, the exchanges are instantaneous.

The operator is polite, and you shouldn't lose your way here. I certainly didn't.

Goldert

New kid on the block as far as Singaporean exchanges go. Well, they are not actually really that new. It's run by an old forumer, Apple. So far they do exchanges for Singaporean, Malaysians as well as interested parties from China.

The rates here are probably one of the best all around. Since their appearance, the other exchanges have been forced (whether by choice or competition) to reduce rates. Competition is always good for people like myself who constantly need e-gold.

However, the site doesn't have any chat options. While I doubt the exchanges would take too long, it sure would be more consumer friendly to have a live chat function that all the above exchangers have.

JR Exchange

Update : The site is back up. The rates have not changed since I've been introduced to this site. I'm frankly leery of it.

Another new kid on the block. The rates look good, but the plans look confusing at first glance. Well, to be honest I only took one glance at this one. The only reason why I put this one up was because someone mailed me about a successful exchange here.

A couple of things here that put me off. Firstly, there is live chat but I've never been able to get to anyone online. Secondly, popups, which don't think I need to elaborate more on it. Last but not least, needing to sign up before the real action starts.

While there are the negatives, the website does look pretty well designed and so far feedback has been positive (albeit only one so far). Let's hope there are improvements made in the near future. With their low rates, I might just do couple of exchanges here, when the time is right.

SgExchanger
New one. Worth a look if you're looking to buy or sell some e-gold. There's live chat via YIM or MSN. There's also a wide bank option.

The possible negative is they maybe using paypal.

ECurrenz
This one comes rather well recommended. The rates seems like one of the best in town. There's live chat via MSN.

The only downside is see is that while it's well supported with a bevy of local banks, the significant one missing is OCBC.


WARNING

Stay far far away from this company.

The Global Exchange

I doubt the company is in operation anymore, but no sense risking your money here when there are more trustable options. In any case if you're interested, you can read for yourself why this one is in the dumps.