Is e-gold risky?

I found this article on egold from last year and seems they have been in somewhat of a trouble every once in a while. Can some tell me their experiences with egold.

Not sure if its wise to be processing your transactions with a processor that can be shut down for processing shady stuff. Thoughts anyone?


http://news.cnet.com/E-Gold-charged-with-money-laundering/2100-1017_3-6180302.html

 

Of course, it is going to be risky. Even on its own, the sender/buyer has zero level of protection. eGold is also known to close accounts without reasons and without providing you any means of recourse. It is also trouble to exchange currency and you may have to content with shady characters in doing so at high rates.

 

I agree with Eddy, even i have read lot about egold and they can close your account without any reason,also u need to use 3rd party exchanger to convert it into your own currency.

 

Yes it is risky.

 

Every once in while I'll see a thread asking for good processors and people suggest egold. If theres so many problems with how they do business why do people use them. Its crazy i just wanted some other people prospectives or experiences in case i was wrong.

 

all these companies are dubious including paypal try paypalwarning.com

 

Egold is quite shady these days , there was a time when egold was most popular processor.
Egold themselves is under going investigation for money laundring case in US.

 

E-gold is not reliable anymore.

 

e-gold is actually quite safe if you are careful with your account - not reveal your password to anyone, use online keyboard to enter your password, etc. There are millions of egold accountholders and egold has been around since 1996, so 12 long years.

So many online programs use egold and many just egold alone, so you will missed out joining many programs if you don't use egold. you can even buy domains using egold.

 

So far egold is good for high risk transaction to seller..And i have no problem with them

 

Its not risky to use, its risky when you wanna use a different party to get cash to your bank.

 

Show me a single business within the Alexa 500, that accepts e-gold. None.

E-gold is GHETTO. It is used by sketchy websites, short lived pyramid/ponzi schemes, etc.

Yeah, sketchy get rich quick "programs", and other "programs" being run by people in 3rd world countries.

When you want to accept credit cards for a high risk website, you need to have good credit and a good history, so people who fail to get a merchant account because they themselves are sketchy, they goto e-gold.

 

You do know there are countries where paypal is not accepted and e-gold is one of the main options used?

So, they are (fair to say) forced to use e-gold, because other services have outrageous fee's, or not able to send money from different countries.

I used e-gold for a while now, I never had any problems

 

If you don't have the background to get accepted by Visa/Mastercard, you shouldn't be doing business. Visa/Mastercard are worldwide, and if you can't pass their verification, then something about you or your business is seriously flawed.

If someone claims they DID get accepted, but just don't want to pay their "outrageous fees", well, you're not bullshitting me, the 1.9% they charge is far less than PayPal, or using a 3rd party e-gold converter.

 

Some people, I should say a lot of people, especially online, do NOT like giving their credit card numbers out online.

I know the charge is less than paypal, I said where paypal ISN'T accepted...

 

Fraudulent use of a credit card is credited back to your account within 24 hours. They will then investigate it(yes, they give you the money FIRST), and if what you say is true, you keep your money, otherwise, they take it back.

Also, 90% of banks and credit card companies let you generate temporary credit card numbers to use online.

E-gold is sketchy, your money is uninsured, unprotected, heck, your money isn't even "Money", technically, no one has ever seen the gold that is supposedly under their control, which is why they are under investigation.

 

If you think when paypal limits or freeze your account is bad, wait till e-gold freezes yours. In paypal you have the chance to have your account back if you provide the documents they need. In e-gold you won't have a chance of ever seeing your money ever again.

 

Cool_78 is correct.

Neat little fact:: ~10-12% of visitors to e-gold are from Nigera, internet scam capital of the world.

 

Stay very far away from eGold

 

Alright thanks guys my confidence was a little tipsy on them and figured i could get some answers here.