Topic: Intersango Exchange - page 30. (Read 82101 times)
Since Mt Gox currently has over 95% of all BTC/USD volume, they don't need to change anything. If it ain't broke, don't fix it. But all the other BTC/USD exchanges need to try some way to capture some of the volume from Mt Gox. I think trading rebates for orders that add liquidity are the way to go.
Intersango is trying, but BitFloor has the right formula.
At Intersango liquidity takers PAY 0.95% and liquidity providers PAY 0.35%.
At BitFloor liquidity takers PAY 0.4% and liquidity providers RECEIVE 0.1%
I trade BTC/USD at Mt Gox, Crypto X Change, Intersango, CampBX and BitFloor. Each one has their advantages, but when it comes to commission structure, BitFloor has shown the way.
At Intersango liquidity takers PAY 0.95% and liquidity providers PAY 0.35%.
At BitFloor liquidity takers PAY 0.4% and liquidity providers RECEIVE 0.1%
I trade BTC/USD at Mt Gox, Crypto X Change, Intersango, CampBX and BitFloor. Each one has their advantages, but when it comes to commission structure, BitFloor has shown the way.
Heh. Sure, we all want lower fees. BitFloor makes substantially less per transaction. It's their choice.
Intersango is trying, but BitFloor has the right formula.
At Intersango liquidity takers PAY 0.95% and liquidity providers PAY 0.35%.
At BitFloor liquidity takers PAY 0.4% and liquidity providers RECEIVE 0.1%
I trade BTC/USD at Mt Gox, Crypto X Change, Intersango, CampBX and BitFloor. Each one has their advantages, but when it comes to commission structure, BitFloor has shown the way.
At Intersango liquidity takers PAY 0.95% and liquidity providers PAY 0.35%.
At BitFloor liquidity takers PAY 0.4% and liquidity providers RECEIVE 0.1%
I trade BTC/USD at Mt Gox, Crypto X Change, Intersango, CampBX and BitFloor. Each one has their advantages, but when it comes to commission structure, BitFloor has shown the way.
Not sure this extra complexity is actually worth it. I usually place lowish orders and wait until someone takes them, so this effectively lowers my fees, but now I think it will take longer to get orders matched and it will only happen when mtgox is far ahead anyway...
My argument would be that Intersango's problem is lack of liquidity. The order book is too small, making it look like it's not worth trading there. With this discount system, there is an incentive for capital holders to supply that liquidity... and with it an incentive to keep their price current meaning both liquidity and accuracy. Have a think about what that means: the spread will be smaller, and the discount allows traders to move closer to "the current" price -- so much so that in theory the amount you lose from the liquidity bonus is exactly what you gain from having a better price available.
(What does "far ahead" mean? There are two sides to an order book.)
Not sure this extra complexity is actually worth it. I usually place lowish orders and wait until someone takes them, so this effectively lowers my fees, but now I think it will take longer to get orders matched and it will only happen when mtgox is far ahead anyway...
Another suggestion:
In place price editing. When you see that the market has moved away from a price you've put as a limit it's a pain to go through the cancel-enter-execute cycle again when all you want is the same order placed at a new price.
Why not offer an interface to let me do that cycle with a single click... if I click "edit" on an outstanding order it is cancelled and I'm sent to the order entry page, already filled in just like the previous order.
In place price editing. When you see that the market has moved away from a price you've put as a limit it's a pain to go through the cancel-enter-execute cycle again when all you want is the same order placed at a new price.
Why not offer an interface to let me do that cycle with a single click... if I click "edit" on an outstanding order it is cancelled and I'm sent to the order entry page, already filled in just like the previous order.
First off, I have to add my +1 for Intersango as an exchange. Their trade execution is flawless and I find them both reliable and trustworthy even in the face of the banking problems they've been having recently. GBP transfers are free too!
I totally recommend them to anyone who hasn't yet signed up.
Looks like Intersango have taken my idea. (Although they've done it in a way that makes the uncomfortably high fees even more uncomfortable)
Still; this is a move in the right direction... A USP for Intersango versus Mt.Gox.
+1 on being uncomfortable with the new fee structure. Agreed, its a step in the right direction however but trading bitcoins off the orderbook which is what a lot of people normally tend to do (myself included) is gonna get very expensive!
Interesting structure though, very imaginative. I speculate that it will lead to tighter spreads but a lower trade volume. I'm keen on seeing how this'll affect their orderbook after the new fee structure is in place.
I totally recommend them to anyone who hasn't yet signed up.
Another suggestion for intersango...
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Looks like Intersango have taken my idea. (Although they've done it in a way that makes the uncomfortably high fees even more uncomfortable)
Quote
Current site-wide fees are a flat 0.65%. The Taker fee will be an extra 0.30% which is given directly to Makers.
Example:
John places an order to sell 10 BTC @ 1.0 USD. His order is not immediately matched.
Beth places an order to buy 10 BTC @ 1.0 USD. Her order is immediately matched against John's order.
John pays a fee of 10 BTC * (0.65% - 0.30%) = 10 USD * 0.35% = 0.035 USD
Beth pays a fee of 10 BTC * (0.65% + 0.30%) = 10 BTC * 0.95% = 0.095 BTC
Beth's Taker-fee of is given to John as a Market Maker Bonus.
Example:
John places an order to sell 10 BTC @ 1.0 USD. His order is not immediately matched.
Beth places an order to buy 10 BTC @ 1.0 USD. Her order is immediately matched against John's order.
John pays a fee of 10 BTC * (0.65% - 0.30%) = 10 USD * 0.35% = 0.035 USD
Beth pays a fee of 10 BTC * (0.65% + 0.30%) = 10 BTC * 0.95% = 0.095 BTC
Beth's Taker-fee of is given to John as a Market Maker Bonus.
Still; this is a move in the right direction... A USP for Intersango versus Mt.Gox.
+1 on being uncomfortable with the new fee structure. Agreed, its a step in the right direction however but trading bitcoins off the orderbook which is what a lot of people normally tend to do (myself included) is gonna get very expensive!
Interesting structure though, very imaginative. I speculate that it will lead to tighter spreads but a lower trade volume. I'm keen on seeing how this'll affect their orderbook after the new fee structure is in place.
Never had a security compromise??
This is from when they had some silly problem where it allowed your balance to go into negatives while putting multiple bitcoin buy orders on. It would of been possible for someone to do this hundreds of times until the entire balance of bitcoins were depleted and moved else where. And that would be the bitcoins belonging to the customers. Whats more is he couldnt even understand what was going on, and i had to set up team veiwer to show him.
I wouldnt be supprised if there were more problems elsewhere.
Quote
On 09/23/11 22:24, Patrick Strateman wrote:
Hey,
Sorry if i didn't thank you, I honestly thought I had, I was kind on the
verge of just falling asleep (think pass out from exhaustion on my desk
heh).
So since I didn't say it before, thank you. Really thank you ALOT.
As for the flaw, I fixed it so that others cant do it, but since you
already had the orders were processed normally.
If you're interested I can explain to you exactly what went wrong on IRC.
Patrick
Hey,
Sorry if i didn't thank you, I honestly thought I had, I was kind on the
verge of just falling asleep (think pass out from exhaustion on my desk
heh).
So since I didn't say it before, thank you. Really thank you ALOT.
As for the flaw, I fixed it so that others cant do it, but since you
already had the orders were processed normally.
If you're interested I can explain to you exactly what went wrong on IRC.
Patrick
This is from when they had some silly problem where it allowed your balance to go into negatives while putting multiple bitcoin buy orders on. It would of been possible for someone to do this hundreds of times until the entire balance of bitcoins were depleted and moved else where. And that would be the bitcoins belonging to the customers. Whats more is he couldnt even understand what was going on, and i had to set up team veiwer to show him.
I wouldnt be supprised if there were more problems elsewhere.
I'm using this, and it works well 
Another suggestion for intersango...
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Looks like Intersango have taken my idea. (Although they've done it in a way that makes the uncomfortably high fees even more uncomfortable)
Quote
Current site-wide fees are a flat 0.65%. The Taker fee will be an extra 0.30% which is given directly to Makers.
Example:
John places an order to sell 10 BTC @ 1.0 USD. His order is not immediately matched.
Beth places an order to buy 10 BTC @ 1.0 USD. Her order is immediately matched against John's order.
John pays a fee of 10 BTC * (0.65% - 0.30%) = 10 USD * 0.35% = 0.035 USD
Beth pays a fee of 10 BTC * (0.65% + 0.30%) = 10 BTC * 0.95% = 0.095 BTC
Beth's Taker-fee of is given to John as a Market Maker Bonus.
Example:
John places an order to sell 10 BTC @ 1.0 USD. His order is not immediately matched.
Beth places an order to buy 10 BTC @ 1.0 USD. Her order is immediately matched against John's order.
John pays a fee of 10 BTC * (0.65% - 0.30%) = 10 USD * 0.35% = 0.035 USD
Beth pays a fee of 10 BTC * (0.65% + 0.30%) = 10 BTC * 0.95% = 0.095 BTC
Beth's Taker-fee of is given to John as a Market Maker Bonus.
Still; this is a move in the right direction... A USP for Intersango versus Mt.Gox.
I believe Intersango is the best kept secret in Bitcoin!
Did you know:
USA customers can send a direct deposit ACH transfer into Intersango, without going through Dwolla!
SEPA transfers to the Eurozone are fully operational and reliable!
what other gems am i missing?
I use these guys regularly and they are good. Their US order book needs to fill up though!
Did you know:
USA customers can send a direct deposit ACH transfer into Intersango, without going through Dwolla!
SEPA transfers to the Eurozone are fully operational and reliable!
what other gems am i missing?
I use these guys regularly and they are good. Their US order book needs to fill up though!
How would I go about initiating an ACH transfer to them? I thought the merchant was the one who did this. Also, I see that Intersango has an account with Chase. How much cheaper does this make the wire costs for Americans over wiring to mtgox in Hong Kong?
check with your bank on how to initiate a push ACH to another US bank account. I can do it very easily from our business accounts, in fact we do it every day to all of our merchants. ACH is free to receive, and costs from $0.00 to $0.50 to send. That's alot cheaper than an international wire, $40.00.
I believe Intersango is the best kept secret in Bitcoin!
Did you know:
USA customers can send a direct deposit ACH transfer into Intersango, without going through Dwolla!
SEPA transfers to the Eurozone are fully operational and reliable!
what other gems am i missing?
I use these guys regularly and they are good. Their US order book needs to fill up though!
Did you know:
USA customers can send a direct deposit ACH transfer into Intersango, without going through Dwolla!
SEPA transfers to the Eurozone are fully operational and reliable!
what other gems am i missing?
I use these guys regularly and they are good. Their US order book needs to fill up though!
How would I go about initiating an ACH transfer to them? I thought the merchant was the one who did this. Also, I see that Intersango has an account with Chase. How much cheaper does this make the wire costs for Americans over wiring to mtgox in Hong Kong?
Another suggestion for intersango...
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
I would move to your platform if you offered this. Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Another suggestion for intersango...
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Yes, do THIS
Another suggestion for intersango...
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Offer a liquidity discount for people using limit orders. I believe some forex brokers do this. It would kill two birds with one stone... fix your high fees and boost the orderbook.
Now that Tradehill tanked I hope to see their funds migrating to Intersango, BUT: I need to see more volume and most of all Stopp-Loss/Start-Buy orders before I will migrate my funds from MtGox.
Please be ahead of them to get some competition going in the exchange business!!
Please be ahead of them to get some competition going in the exchange business!!
Did you know:
USA customers can send a direct deposit ACH transfer into Intersango, without going through Dwolla!
USA customers can send a direct deposit ACH transfer into Intersango, without going through Dwolla!
oooo! Now that is tempting...
Quote
Paxum
Payments in within 10 minutes. Payments out within 10 minutes if funds are available. Currently we do not move funds to paxum, so they will only be available when other users use this.
Payments in within 10 minutes. Payments out within 10 minutes if funds are available. Currently we do not move funds to paxum, so they will only be available when other users use this.
Is that true? I thought Paxum refused to interface to Bitcoin businesses now?
I'm a happy customer. Payments take 4-6 office hours to get in from my experience but I guess this is par for the course. Everything works well and I appreciate the lack of flashy, bloaty javascript everywhere as is so fashionable these days.
I did some trades there and everything worked fine. The web ui could be more comfortable though, it's annoying that you cannot set a default trade currency.
SEPA transfer worked fine so far, but there seems to be some issue with execution times. My first SEPA withdraw took almost 12 business days while the second one only needed 4 days.
Now I'm waiting for the third transfer but after about 2.5 days it is still in "requested". Let's see what [email protected] is going to tell me.
SEPA transfer worked fine so far, but there seems to be some issue with execution times. My first SEPA withdraw took almost 12 business days while the second one only needed 4 days.
Now I'm waiting for the third transfer but after about 2.5 days it is still in "requested". Let's see what [email protected] is going to tell me.
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