Bitfinex, is this service acceptable?

alpha492

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Quote from: russokai on February 10, 2014, 07:43:28 AM

What other brokers allow you to short bitcoin? I know some people talk about using Metatrader 4 but what service is this through?

I have had some good experiences with Bitfinex but once you start to lose more and more money due to their site outages, you do have to consider other options.

MT4 runs through BTC-e when bitfinex first started to show some 'weaknesses' I migrated a majority of my funds to btc-e and started using MT4. As of today I'm pretty happy about that. Their official excuse now seems to be 'you should have seen it coming' which is....

I've tried to be patient but when an exchange losses me money due to their fault, then blames it on customers they have no business existing.

russokai

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Activity: 130

Merit: 100

What other brokers allow you to short bitcoin? I know some people talk about using Metatrader 4 but what service is this through?

I have had some good experiences with Bitfinex but once you start to lose more and more money due to their site outages, you do have to consider other options.

alpha492

full member

Activity: 195

Merit: 100

Quote from: hyphymikey on February 10, 2014, 07:33:38 AM

It is not their servers. THEY decided to halt trading. THEY made the wrong decision. THEY made people like you and me lose money.

Was just reading their official thread, that's a sickening revelation. Let's hope they come up with a reasonable solution to this.

hyphymikey

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Merit: 1000

It is not their servers. THEY decided to halt trading. THEY made the wrong decision. THEY made people like you and me lose money.

alpha492

full member

Activity: 195

Merit: 100

In a fast paced game like trading a few seconds can make all the difference between huge gains and immense losses. Almost invariable bitfinex has failed to provide adequate server support for their orderbooks, as a result the exchange has ended up frozen during almost every major trend.

Once again today bitfinex had to freeze trades during a downswing that at times touched 100 USD, I personally had a short from 615 with a trailing stop buy of 15. In all had gone well I would have expected the order to execute right after the upswing began but since the servers were frozen I was stuck watching the market reverse as I was powerless to close a short. I've now suffered 1,000 dollars in losses that I don't feel I am responsible for.

I'm curious if other traders had similar experiences today? In my opinion trades for the period in which their servers went down should be reversed, it's the only fair option I see.

Furthermore, given that the only real purpose of an exchange is to manage/run an orderbook and that this service is most essential during trending markets, does bitfinex have a responsibility to upgrade their servers?

Topic: Bitfinex, is this service acceptable? (Read 2026 times)