Topic: BitFloor Customer Reviews (Read 6630 times)

BitFloor has reported a security breach.  No coins were kept in cold storage, and all coins from the hot wallet are now spent.  


 - https://bitcointalksearch.org/topic/bitfloor-needs-your-help-105818
 - https://bitcointalksearch.org/topic/bitfloor-coin-theft-details-105819

Ah ... title shows customer reviews, not customer support.  Sorry.

E-mail is a horrible communications method though.  A ticket-based support tool might be something to prioritize.

Such a question is better first sent to support In either case, please try to login again as the issue should be resolved.

Trying to login I get:

Ah, I see. Thanks for the quick reply, Shtylman

It is a glitch with the limit order calculator interface which happens when you tab out of the field instead of clicking out of it. I will get the issue resolved. Liquidity rebates are indeed in USD as you are expecting.

I'm not sure which thread to ask this question but....

While testing Limit Order entries on the website an additional .4% is added to the trade size. For example, a "Sell: 1 @8.50" changes to "Sell: 1.004 @8.50". How does this work exactly?
I thought the liquidity rebates where in USD and if so, why is the order size increasing?

As previously mentioned multiple times, people don't need a Chase bank to wire money to Bitfloor. Your middleman services are redundant and carry unnecessary legal liability.

You won't know you have become a mule until it's all over and the fat lady sings.

You are correct.  Putting other peoples money through your own account is not a good idea.  But I don't launder money.  So If you don't have a chase bank just wire me some money and I'll deposit it for you!

Don't offer this.
1) Bitfloor accepts wires from any bank in the world
2) Most likely the only people willing to take you up on this offer would do so in order to launder money through your account.  When you get a knock on the door and some DEA agents want to know how/why $50K worth of funds related to a drug sting went through your bank account you will be saying "man that was stupid".

BitFloor is awesome.

While everyone whines and complains about their money being tied up at Gox and puts sellers here on hold waiting for funds.  I drive my happy *ss down to a chase bank, drive back to the office and spend the freshly purchased credit on BTC...  Which then immediately gets spent on hardware.  It's a vicious cycle.

If for some strange reason I want USD the process is even easier, I sell BTC and transfer the funds to my Chase account.


If you don't have a chase bank just wire me some money and I'll deposit it for you!

Didn't remember reading that when I first saw the change was made a few days ago. Thanks.

Yes. Please read the deposit instructions carefully as they clearly say you will be credited the exact amount you deposit and that you MUST deposit the amount shown on the webpage or you WILL NOT be credited.

Users who follow these instructions are credited instantly and without problems. If you do not follow the instructions then you WILL NOT be credited.

Still kinda wondering about the Chase cash deposit system that adds an extra amount to what you enter on the site. Does the extra amount also get deposited along with the base amount you entered?

From ING Direct's website
"What are the eligibility requirements for Electric Orange checking?

You must be a U.S. citizen or permanent resident with a valid Social Security number and be at least 18 years old. As part of the account opening process, we may or may not obtain information about you from a consumer reporting agency (a "hard pull"). If we do, we may or may not open Electric Orange for you based on that information.

You are not required to keep your other checking account after your Electric Orange is opened. You do not need to have another ING DIRECT account in order to apply for Electric Orange."

+1

is this only for customers in the USA?
TIA

Shtylman saw and heard nothing You are technically only supposed to send funds to yourself, however I realize that there is nothing that stops you from giving away your account info (granted we reserve the right to limit the number of accounts we see you creating or otherwise slow down the account creation process). Bitcoin challenges the way we normally think about "sending" funds and, as such, systems will need to adjust accordingly. Or official policy is currently to not allow user to user transfers or facilitate this in any way, however we are looking into what it would take to make this happen since we do know it is a feature users want. It would be better to allow it in a "legitimate" fashion rather than having users do weird things with their accounts which could potentially put them at more risk.

I am very much a believer in doing the right things technically that make processes work. When something is technically possible to accomplish I do not believe it right to say you "can't" do it or that it is somehow "illegal". If you wish to prevent people from doing something you have to either make it advantageous not to do it (i.e. easier to do the "right" think) or otherwise impossible to do. Since Bitcoin business are still very much in the early stages, making things impossible is both technically and logistically difficult so I favor the approach of seeing why users wish to do something and work to make that happen.

Edit: I will also add that these types of things do not really go against AML policies or such. Since you would still be required verify before moving large amounts out of your accounts. You also take the risk of us detecting irregular access and looking closer at your activities. However, there are plenty of completely legitimate reasons to move funds and one reason I am a part of Bitcoin is that I believe people should have these abilities.

Yes, very clever. Kind of scary too (from an AML POV)

Very clever koin.  Be curious to hear shtylman's response to this.

thanks to the liquidity bonus, there is a way to inexpensively transfer funds.  

create a new, second account and fund it with enough bitcoins (from an external wallet) about half a percent over the dollar amount you want to transfer.
then in your account where you have too many dollars, place a bid above whatever level anyone else is at, and above what price any bots would list at.
then hit that bid with a market sell using the secondary account.  this secondary account will now have dollar proceeds from the sale of bitcoins plus the liquidity rebate.
then from your primary account, return the bitcoins just purchased to the external wallet.

the end result is that essentially you have transferred dollars from your primary account to a secondary account.  the transfer cost is less than half a percent in total, assuming no other unwanted trades occurred.  you can then sell or trade this secondary account by itself.  (by giving the login credentials to the buyer.)

obviously, there are risks to this but this is one way of passing control of some dollars from one party to another.

Been around since Fall 2011.

How long has BitFloor been around?  The founding date or month/year is not on the about page.

If Bitpay backs it, it's gotta be good...

Not currently.

Is it possible to change one's email address?

My wishlist:

Modify Order: so we don't have to cancel and enter a new order
Account Profile: other than simply the email
Last Trade(s): on the Market Data page for those not using the API, the last 3-10 trades is fine imo.

Edit: Also more transparency

Thanks 

Just put some limit orders out there and the buyers like yourself will chip away at them. The buyers are there, they just don't always keep orders on the books.

No way to transfer user to user. We believe this falls under Money Transmitting in the USA and has other requirements that we are not yet ready to tackle (maybe one day).

I have also been loving Bitfloor.  I have used it twice now for fast (like 5 min after I email them a pic of my receipt) free, cash deposit.  And to top it off both times the coins have been cheaper than Gox's price.

I only wish there were more buyers so I could also sell some coins there and withdraw the USD from there too.

Is there anyway for Bitfloor users to transfer USD between accounts?

Do you have a Chase branch nearby?  Cash deposit.  No fee.


Unfortunately, BitFloor no longer supports the POPMoney deposit method.

 - http://en.bitcoin.it/wiki/Bitfloor#Adding_Funds

I have a US Bank checking account and my ACH withdrawls are running around 48 hours from request at bitfloor to avaliable in my checking account. 

I can't comment on ING deposits, as I'm primarily a miner/seller.  But withdrawls are awsome, and not dependant on an ING account.

(just clarifying in case someone other than me misses that all important "into" in the above quoted statement.)

Sigg

I used POPMoneyto fund my account, I was surprised my credit union has it.  $2 fee for standard (took me 4 days), $10 fee for next day but there's a $500 daily limit

Been very happy with bitfloor.

"ING Direct" bank is an internet bank and is separate from ING Bank. In fact, Capital One has purchased ING Direct and may at some point rename it. ING Direct does offer ATMs "Access your cash for FREE through the Allpoint™ network, America's largest surcharge–free ATM network, at over 35,000 ATM locations." Go to ING Direct dot com to see the requirements for opening an account.

Wish I could figure out how to get money into bitfloor though.. I don't have an ING bank anywhere close to where I live (I'd like to have a way to get cash in hand), and I'd rather not pay fees for wire. The free ACH withdrawal is nice though; i'm assuming ach is what dwolla uses to get money from them into your own personal bank.

I am just a customer of BitFloor. I do not have any vested interest in BitFloor. If other exchanges had these 2 major characteristics:
1) a net rebate commission structure for adding liquidity to the order book
2) ways to transfer USD to/from my checking account at an American bank that are convenient, safe, cheap and relatively quick

then I'd use them and promote them as well, perhaps more than BitFloor if I thought they were better. If it appears that I'm a BitFloor fanboy (and currently I am), it's only because they are the only BTC/USD exchange that currently has both of these 2 major characteristics. None of the other top 8 BTC/USD exchanges, see the market page at bitcoincharts dot com for a list of BTC exchanges, offer a net rebate for adding liquidity to the order book. Depending on your style of trading and how often you trade a rebate commission structure may or may not make a big difference. For me, it does make a big difference. Intersango does offer a rebate for adding liquidity to the order book, but it just reduces the amount of commissions you pay. You still pay 0.35% of the value of the trade at Intersango for adding liquidity. At BitFloor you receive a net rebate of 0.10% of the value of the trade for adding liquidity.

BitFloor also has some other smaller advantages
3) BitFloor is one of the better designed websites for trading BTC
4) good customer service with quick responses
5) a phone number (what a concept!)
6) an open attitude for receiving suggestions and giving BTC/USD traders what they want

Mt Gox built a good mousetrap. In my not so humble opinion, BitFloor has built a better one. Will someone else build an even better one than BitFloor? Time will tell.

+1 for BitFloor! 

BitPay uses Bitfloor on a daily (sometimes hourly) basis, and we are very happy with the service and support.  For customers in the USA, its a great place to trade.

Hello EuSouBitcoin,

Just out of curiosity, what is your relationship and/or vested interest with BitFloor.com?

If you don't have an ING Direct Electric Orange checking account and want one, PM me and I'll send you a referral where you can get a $25 bonus if you open your account with $250 or more. (Disclaimer, I would also get a $10 bonus). I do have to have your first name, last name and email address in order to send you the referral. If you prefer not to give out that info, I understand. But open an ING Direct Electric Orange checking account, you won't regret it.

++1 ING Direct p2p.  I also use is with other member of the boards. 

To use ACH into Bitfloor, you need an ING account. It allows you to send ACH payments to people's checking accounts without them giving you their account number.

If you don't have an ING account - just get one. ING is awesome. It's free checking with a $50 signup bonus. Also, their site is great.

As a bonus they allow free instant P2P payments amongst ING members. I use this as much as possible...so much nicer than Paypal's highway robbery fees. I wish everyone in the US had an ING account.

BitFloor only offers ACH transfers for withdrawals from BitFloor. For USD deposits to BitFloor they offer cash deposits, bank wire transfers and (my favorite) ING Direct Bank's P2P payment service. To send USD using the ING Direct P2P service you will need an account at ING Direct and the USD that you are sending will have to be coming from that account (unlike some other person to person payment services).

Got me there but don't let the candy requests distract you from other features and stuff.  I probably don't need any more candy.

48hr ACH for real? both ways?

Have you ever asked?

+ Site loads fast and executes quick.  I like the minimalist style.  

+ You can actually get money off the site in a timely manner (whoda thunk it)

+ Sometimes I east all the buy side liquidity (hint hint if you are looking to buy coins you can buy them cheaper than MtGox here)

+ whole penny pricing.  No stupid I out bid you 0.000000001 BTC games.  If anything I could see going to 1/10th penny (like gasoline) but having 8 decimal places for orders serves no purpose (hey ma I got an extra $0.22 on $5,000,000 sale of bitcoins).

+ liquidity rebates ("mmm love them negative fees").

Negatives and these are minor:
- Wish there were more buyers.  I would sell every coin we acquire through this exchange if there were enough buyers.  Hint, hint.  Oh and I don't mind paying a little below MtGox hint, hint.

- Would prefer market depth, open orders, and trading input be on a single page I do a lot of click dancing getting info from three different places.

- The depth chart and table should go "deeper" or make it user customizable.  It should also show cumulative depth in table (it is on the chart but not the table)

- I wish 2 factor auth was limited to withdrawals only.  Sometimes I would like a quick login to view my orders.

- It has never given me free candy.

TL/DR:
honestly if you haven't tried this exchange you are missing out.

what's wrong with that?
(seriously asking; I don't know.)

THIS !!!  and just to add to it.. Fast, free 48 hours funds avaliable in my account ACH transfers   

AAA+

Sigg

Excellent customer service.

Immediate replies to questions.

The fact that Bitfloor doesn't accept Mtgox codes or Dwolla makes me feel more secure.

Convenient (I also use ING.)

Fast, free ACH transfers.

Excellent order matching.

Easy-to-use, well designed website.

Lowest fees I know of.

Liquidity rebate.

A++

++1 for bitfloor.com

I agree!

plus

One of my goto exchanges.

Good pricing

Good funds flow in and out.

Good customer service.

This thread is for people who have traded at BitFloor.com to post comments about their experience, likes, dislikes, wishlists, etc.

I've traded BTC/USD at BitFloor for awhile. The 2 things I like best about BitFloor are
1) their methods and ability to transfer USD quickly to/from my checking account at ING Direct bank
2) their commission structure (includes rebates and only totals 0.3%). You either pay 0.4% or get a 0.1% rebate.
For me, BitFloor does everything better than the biggest exchange except for trading size and hopefully that will change over time. I'm just a small BTC/USD trader but I'm taking my trades to BitFloor. Test out BitFloor yourself with a small amount of BTC or USD. If you are like me, you'll like it and come back for more.