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Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 286. (Read 723903 times)

member
Activity: 102
Merit: 10
Hello,
My withdrawals #56158 and #55780 have not yet been processed. Please ! I need it asap ! I withdrawed many times at bitfinex before. It used to be very fast. ( If I withdraw at Sunday night, It often processed at Monday afternoon) Details:

USD    -x    WIRE    19 Jan (Sunday) 23:32    Processing NOT YET PROCESSED
USD    -x    WIRE    20 Jan (Monday) 22:43     Processing NOT YET PROCESSED

Now, It's Wednesday, none of them have been processed yet !
PS: You said "Express wire withdrawals: Processed within 1 business days after approval". I want "Express wire withdrawals" but I don't know how to.
Best regards,
member
Activity: 65
Merit: 10
Very nice! They added a new feature, where you can see what range of lending days, the offered loan has:

USD Liquidity offers
   Swap time range (days)    Rate (% per day)    Amount    Offer count
   10    0.3497%    1349.35    2
   2 - 10    0.35%    84392.79    3
   3 - 4    0.37%    6158.04    2


seems can't set the range of lending days like x - y , just the max days of lending.

don't know how to do it.

Got it ! when offer count >1, then range of lending days like x - y automatically being set.
member
Activity: 65
Merit: 10
Very nice! They added a new feature, where you can see what range of lending days, the offered loan has:

USD Liquidity offers
   Swap time range (days)    Rate (% per day)    Amount    Offer count
   10    0.3497%    1349.35    2
   2 - 10    0.35%    84392.79    3
   3 - 4    0.37%    6158.04    2


seems can't set the range of lending days like x - y , just the max days of lending.

don't know how to do it.
newbie
Activity: 6
Merit: 0
I wish there was more volume :\ love the ability of margin trading though!
legendary
Activity: 1680
Merit: 1001
CEO Bitpanda.com
Very nice! They added a new feature, where you can see what range of lending days, the offered loan has:

USD Liquidity offers
   Swap time range (days)    Rate (% per day)    Amount    Offer count
   10    0.3497%    1349.35    2
   2 - 10    0.35%    84392.79    3
   3 - 4    0.37%    6158.04    2
legendary
Activity: 2618
Merit: 1007
It is easily accessible online from the authorities in HongKong for ~1 USD that you can pay via credit card even. I am actually quite amazed how smooth everything went there...
legendary
Activity: 1199
Merit: 1047
How do we know that this company isn't using fractional reserve?
They could publish or disclose audits. So far they didn't, just like nearly any other company out there dealing with Bitcoins/fiat. If you require more info, just contact them, don't ask on bitcointalk.

Actually, they will soon need to submit a "Annual Return" prepared by registered accountant to "Companies Registry of HKSAR" (Law required registered limited company to file a "Annual Return" within 42 days after the first anniversary of the date of its incorporation)


Personally, I trust Bitfinex for the way they response in this forum and the determination to provide a good Bitcoin trading platform with unique features.

However, I think Bitfinex should post any new announcements in the website also, not just posting on this forum. I guess not every customers are keeping watching this forum thread. By posting new announcements in the website, this gives confidence to potential customers. They will know Bitfinex is up and running normally, and it is not a scam. This helps the growth of the Bitfinex.

That kind of information should be more accessible is they want to attract more customers.
member
Activity: 93
Merit: 10
For margin trading, is "open+close" a position consider 1 single transaction or 2 transactions? for example, I open margin buy then close the position.

I know that for exchange, buy is 1 transaction, sell is 1 transaction, so commission is charge on 2 transactions subject to the trading fee.

Thanks for answering, I apologize if this has been asked 1000000x before.

Hi,
you pay the trading fee each time you buy and sell. It does not matter if you buy or sell using own money on exchange or margin when it comes to those trading fees. Each buy and sell is a "transaction".

You buy 10 BTC on margin and open a position then you pay trading fees fees for 10 BTC. If the market goes against you and you say "What the hell, I'll buy a couple more" then you pay trading fees again.

When you sell those BTC to close your position then you pay trading fees on the sale. You'll be paying interest on the USD loan to back the position along the way.

what you say is, when i open margin buy i pay a fee, when i close ( or open margin sell to close) position there's another fee charged? Same like when trading in exchange? Am i get it right?
copper member
Activity: 301
Merit: 10
simply getting the job done
How do we know that this company isn't using fractional reserve?
They could publish or disclose audits. So far they didn't, just like nearly any other company out there dealing with Bitcoins/fiat. If you require more info, just contact them, don't ask on bitcointalk.

Actually, they will soon need to submit a "Annual Return" prepared by registered accountant to "Companies Registry of HKSAR" (Law required registered limited company to file a "Annual Return" within 42 days after the first anniversary of the date of its incorporation)


Personally, I trust Bitfinex for the way they response in this forum and the determination to provide a good Bitcoin trading platform with unique features.

However, I think Bitfinex should post any new announcements in the website also, not just posting on this forum. I guess not every customers are keeping watching this forum thread. By posting new announcements in the website, this gives confidence to potential customers. They will know Bitfinex is up and running normally, and it is not a scam. This helps the growth of the Bitfinex.
newbie
Activity: 29
Merit: 0
I am pretty sure it is:

Exchange = 2
Margin = 1
Uh. Who is going to pay the fees for the transaction that's going to cancel your position?
legendary
Activity: 1680
Merit: 1001
CEO Bitpanda.com
Hi,

I want to ask;
For margin trading, is "open+close" a position consider 1 single transaction or 2 transactions? for example, I open margin buy then close the position.

I know that for exchange, buy is 1 transaction, sell is 1 transaction, so commission is charge on 2 transactions.

Thanks for answering, I apologize if this has been asked 1000000x before.

I am pretty sure it is:

Exchange = 2
Margin = 1
member
Activity: 93
Merit: 10
Hi,

I want to ask;
For margin trading, is "open+close" a position consider 1 single transaction or 2 transactions? for example, I open margin buy then close the position.

I know that for exchange, buy is 1 transaction, sell is 1 transaction, so commission is charge on 2 transactions.

Thanks for answering, I apologize if this has been asked 1000000x before.
legendary
Activity: 1067
Merit: 1000
How do we know that this company isn't using fractional reserve?

I guess you can't be sure they are not. I am sure they are not but I've been using BFX for a very long time and I mailed back and forth with R back when they had less users (I don't want to waste his time these days unless it's very important) so I have a fair idea of what kind of person he is and so on.

Consider this: A lot of BFX trades (about 40%) are matched on Bitstamp not Bitfinex. Bitstamp requires customers, even big ones like BFX, to actually have the funds to buy (or sell) at the exchange. If Bitfinex really was running a fractional reserve then that would cause problems: If you borrow 100k USD and buy a big Bitstamp ask then that money needs to be at Bitstamp - and you'd see that you could not buy that big ask if it wasn't.

I trust Bitfinex more than my local Swedish bank and therefore I use them. If you don't trust them then don't use them. Smiley

BFX do have a viable business model. Judging from the way they raise the commission fee, I am pretty sure they are running a very lucrative and profitable business, as oppose to scammer offering free service or making unrealistic promise to potential investor.


 
legendary
Activity: 2618
Merit: 1007
How do we know that this company isn't using fractional reserve?
They could publish or disclose audits. So far they didn't, just like nearly any other company out there dealing with Bitcoins/fiat. If you require more info, just contact them, don't ask on bitcointalk.
full member
Activity: 532
Merit: 100
Raphael, couple of questions if I may ask:

  • I asked a little earlier in the thread, how often is it acceptable to poll the API for information?
  • You have a policy of the name matching the verified customer name on the wire transfers in. Is this the same for wire withdrawals? I was hoping I might be able to use a FX broker for a preferable exchange rate over my bank?

Thanks

Mark
legendary
Activity: 1199
Merit: 1047
How do we know that this company isn't using fractional reserve?
legendary
Activity: 2618
Merit: 1007
Is Bitfinex a registered company? Where can I find more information?
https://www.bitfinex.com/pages/contact

They are registered as LLC in HongKong afaik, check company registers there for more information (I hope you speak chinese).

Edit:
http://www.cr.gov.hk/docs/wrpt/RNC063_2013.03.04-2013.03.10.pdf
http://www.cr.gov.hk/docs/wrpt/RNC063_2013.05.20-2013.05.26.pdf

Not THAT hard to find, hm? Getting more info on the 2 companies seems to cost money that you have to send to the registry though. (http://www.icris.cr.gov.hk/csci/)
It seems you can pay with credit card though, so if you got a few HKD around for your research, feel free to give it a try (it is actually quite cheap...).
legendary
Activity: 1199
Merit: 1047
Is Bitfinex a registered company? Where can I find more information?
legendary
Activity: 2618
Merit: 1007
Ok, thanks for the clarification! Smiley

It's just weird (and slightly annoying) if you get less than 10 USD on the second payment (you'd need to lend out ~80k+ USD for that not to happen probably) and then it isn't caught by Autorenew.

Oh another request (besides the ones a bit back about improving the ledger display) - could we set a wallet in the settings where deposits are being credited? I have my account set to "trader" and now get BTC deposits as well as affiliation payments in the trading wallet, which means I create some extra entries just for periodically shifting the money back to deposit from there. As I don't want to risk loosing my 1:4 leverage, I don't want to set the account type to "deposit".
hero member
Activity: 868
Merit: 1000
Same thing again... and no info whatsoever anywhere.

But don't worry, Mr. Giancarlo will tell you soon that they still are very professional and no cent has been lost, ever! Cool

Hello everyone,

Swap payment is not the same as swap returns calculation. Swap return are calculated each hour.
Then, normally once per day a task looks at returns pending, and credits it in your account. But actually this task can run more than once, and if 1 hour of return is already pending will credit it on your account. However those extra returns will be deducted from the next day payment.

All in all, from an accounting point of view, it is EXACTELY the same thing: you're not getting any extra returns or missing any returns. NEVER. We try to be competitive, but do not offer free money Smiley

Hope this was more clear
Best regards
Raphael
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