Dear Intersango Customers,
A week from now, on Sunday 26th February 00:00:00 UTC (midnight 25th), we will modify the fee schedule to reward Market Makers. This change is designed to improve liquidity.
The average fee users pay will not change.
Orders are either fulfilled right away by 'taking' a current order or they sit on the orderbook before fulfilling another order. Takers will pay an extra fee that is given to Makers as a Market Maker Bonus.
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 USD * (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 is given to John as a Market Maker Bonus.
New bonuses and a VIP system to be announced shortly. By developing the service to reward market makers, users will benefit from having quick access to a more liquid marketplace.
Patrick Strateman, CTO
Intersango
Compliant with our site terms of notifying users 1 week in advance for fee changes, we are announcing a new fee schedule.
Topic: Intersango exchange (formerly Britcoin) - page 2. (Read 75373 times)
I have found a complete work around to lloyds technical troubles.
UK bank transfers will now work smoothly.
UK bank transfers will now work smoothly.
You could buy bitcoins for USD, then sell bitcoins for EUR.
Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?
Would be nice, even if it was via user-to-user transfers. I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform. Something similar to "gox codes" would be helpful here.
vouchers constitute eMoney and require licensing by the FSA in the UK
Whats a bitcoin classified as then?
As far as I can tell (which includes inquiring with the FSA) a bitcoin is not classified as anything.
I hope they won't take it too far. If the FSA starts to pick it apart, then I doubt it'd be good news for all us bitcoiners. The Uk finance industry and all those associated are over regulated, the last thing we want is them becoming curious about what they should dictate when it comes to bitcoins.
Are inter-account transfers legally classified or restricted? Doesn't need to be via a voucher, just an option to "Send €###.## to account ######".
As far as I can tell (which includes inquiring with the FSA) a bitcoin is not classified as anything.
Thankfully. Let's call a bitcoin just a bitcoin. No regulation at all > a world of massive regulation to justify banks and government agencies.
You could buy bitcoins for USD, then sell bitcoins for EUR.
Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?
Would be nice, even if it was via user-to-user transfers. I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform. Something similar to "gox codes" would be helpful here.
vouchers constitute eMoney and require licensing by the FSA in the UK
Whats a bitcoin classified as then?
As far as I can tell (which includes inquiring with the FSA) a bitcoin is not classified as anything.
You could buy bitcoins for USD, then sell bitcoins for EUR.
Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?
Would be nice, even if it was via user-to-user transfers. I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform. Something similar to "gox codes" would be helpful here.
vouchers constitute eMoney and require licensing by the FSA in the UK
Whats a bitcoin classified as then?
You could buy bitcoins for USD, then sell bitcoins for EUR.
Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?
Would be nice, even if it was via user-to-user transfers. I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform. Something similar to "gox codes" would be helpful here.
vouchers constitute eMoney and require licensing by the FSA in the UK
You could buy bitcoins for USD, then sell bitcoins for EUR.
Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?
Would be nice, even if it was via user-to-user transfers. I'm in the opposite position (would like to exchange some EUR and/or GBP for USD) but there's currently no way to do that on the platform. Something similar to "gox codes" would be helpful here.
You could buy bitcoins for USD, then sell bitcoins for EUR.
Good idea... don't know why I didn't think about that in the first place. Anyhow, wouldn't it be a good idea to implement such a conversion system?
My guess would be that that would open Intersango up to a whole new set of legal requirements.
You could buy bitcoins for USD, then sell bitcoins for EUR.
Good idea... don't know why I didn't think about that in the first place.[...]Keep in mind that you pay double fees doing this.
Dose anyone know if it's possible to convert US dollars to EURO within Intersango? I need to convert some USD to EURO for a SEPA withdraw, and I'd like to avoid a transfer to paxum just to excange the money and then deposit again in Intersango as euro... Any help is appreciated.
You could buy bitcoins for USD, then sell bitcoins for EUR.We will be switching to a new bank soon. Banking with Lloyds is not a sustainable situation. We have 2 bank accounts ready, and we're going to go ahead with those. The Lloyds account will be closed by the end of this month. More details once I know more.
Is this why my transfer from yesterday isn't fulfilled yet?
Yes, essentially the Lloyds backend is not capable of handling queries as simple as "show me the last 150 transactions on the account"
It is capable of finding results for specific amounts on specific days... but only sometimes.
Basically the result set is too large and the backend server timesout.
Charge only for fiat withdrawals.
I had this idea too. It would encourage people to trade more, and encourage people to hold bitcoins. I'm going to ask the others why they decided against this (can't remember).
The problem with free trading is that allows people to open multiple accounts and trade with themselves in order to manipulate volume data, at practically zero cost.
Such a manipulator would still face the risk of another user snatching up one of their bids, but if they trade with extremely high frequency and keep their amount of currency in bids and asks at any given times as small as possible, this risk can be minimized.
Free trading also does nothing to prevent an arms race of spammy high frequency trading algorithms which would eventually overload the server.
That's why a minimal trading fee is a good idea, though it could be probably be smaller than 0.6% to prevent the above.
Agree with all including BTCurious. I'm not a fan of the suggestion to charge for Fiat withdrawals as I could see this adding up and also penalise low volume first time traders who just want to dabble (or cash out on their week's mining efforts). However everyone makes valid points. Lower trade fees (or zero) will encourage more liquidity which is a win win situation for everybody.
Going along with the suggestions, how about a fee structure where you charge a small amount for fiat withdrawals... and at the same time have a small (smaller than 0.6%) trading fee with a reduced fee for higher volume traders.
The problem with free trading is that allows people to open multiple accounts and trade with themselves in order to manipulate volume data, at practically zero cost.
Such a manipulator would still face the risk of another user snatching up one of their bids, but if they trade with extremely high frequency and keep their amount of currency in bids and asks at any given times as small as possible, this risk can be minimized.
Free trading also does nothing to prevent an arms race of spammy high frequency trading algorithms which would eventually overload the server.
That's why a minimal trading fee is a good idea, though it could be probably be smaller than 0.6% to prevent the above.
If that's the only reason to introduce fees, then a fee of 0.1% would prevent that, while regaining your previously very competitive pricing.Such a manipulator would still face the risk of another user snatching up one of their bids, but if they trade with extremely high frequency and keep their amount of currency in bids and asks at any given times as small as possible, this risk can be minimized.
Free trading also does nothing to prevent an arms race of spammy high frequency trading algorithms which would eventually overload the server.
That's why a minimal trading fee is a good idea, though it could be probably be smaller than 0.6% to prevent the above.
Alternatively you could just do throttling per account to a maximum of ~2 commands per second. This would prevent any high frequency trading bots from operating.
Charge only for fiat withdrawals.
I had this idea too. It would encourage people to trade more, and encourage people to hold bitcoins. I'm going to ask the others why they decided against this (can't remember).
The problem with free trading is that allows people to open multiple accounts and trade with themselves in order to manipulate volume data, at practically zero cost.
Such a manipulator would still face the risk of another user snatching up one of their bids, but if they trade with extremely high frequency and keep their amount of currency in bids and asks at any given times as small as possible, this risk can be minimized.
Free trading also does nothing to prevent an arms race of spammy high frequency trading algorithms which would eventually overload the server.
That's why a minimal trading fee is a good idea, though it could be probably be smaller than 0.6% to prevent the above.
We will be switching to a new bank soon. Banking with Lloyds is not a sustainable situation. We have 2 bank accounts ready, and we're going to go ahead with those. The Lloyds account will be closed by the end of this month. More details once I know more.
Is this why my transfer from yesterday isn't fulfilled yet?
Charge only for fiat withdrawals.
I had this idea too. It would encourage people to trade more, and encourage people to hold bitcoins. I'm going to ask the others why they decided against this (can't remember).
Can I make a suggestion with regard to fees?
Charge only for fiat withdrawals.
Depositing & withdrawing btc must be free - lack of fee is a huge selling point for the system.
Trading should be free - encourages use & liquidity.
Depositing fiat should be as close to free as possible, maybe with a minimum desposit - encourages money, and new users, into the system.
Withdrawing fiat can be taxed - discourage money leaving the system. This part has the least elasticity of demand, so is a good target.
I mainly use Intersango to sell btc for £ to pay electricity & hardware, so this schedule would disadvantage me, but advantage bitcoin generally.
Just my 0.076btc worth.
Charge only for fiat withdrawals.
Depositing & withdrawing btc must be free - lack of fee is a huge selling point for the system.
Trading should be free - encourages use & liquidity.
Depositing fiat should be as close to free as possible, maybe with a minimum desposit - encourages money, and new users, into the system.
Withdrawing fiat can be taxed - discourage money leaving the system. This part has the least elasticity of demand, so is a good target.
I mainly use Intersango to sell btc for £ to pay electricity & hardware, so this schedule would disadvantage me, but advantage bitcoin generally.
Just my 0.076btc worth.
We will be switching to a new bank soon. Banking with Lloyds is not a sustainable situation. We have 2 bank accounts ready, and we're going to go ahead with those. The Lloyds account will be closed by the end of this month. More details once I know more.
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