Topic: Magnr - World's First Bitcoin Savings Account - page 2. (Read 4928 times)

Its interesting to know you guys pay interest with trade fee. It is good way to generate some additional income without risking your customers bitcoin in trade.

Correct ranlo. I'm Joe, the founder of Magnr. Trust to us is more then a badge on this forum as we tend to notice a lot of trolling here which is unfortunate.

Trust for us is giving full and public visibility to everyone of all of our team members through their LinkedIn profiles. Trust is us using our real names, and real identities. We publicly display our incorporation details and office address on our site. If any forum members would like to come in and meet the team, then feel free to reach out to us directly (message us on our support email).

We also work with UK regulators and push for a positive regulatory stance here in the UK with agencies such as the FCA.

When individuals choose to deposit with us, yes, we will become a risk-counterparty to our client. It is important for everybody to understand this and it is something we do not hide. As with all things in finance there is risk everywhere, practically speaking I would ask every customer to do their own due-diligence on us as a company. For those comfortable with the risks involved in depositing with Magnr.com, then we aim to serve you to the best of our ability and thank you for the trust you place with us.

If you are uncomfortable with third parties controlling your coins, then a personal wallet where you can control your own private keys is your best bet.

The same reason people trust exchanges... the reward is worth the risk.

Why would anyone trust anything coming from a newbie account, much less trust literally anyone besides themselves with full control of their money.

i tried this site a few months ago ,it seemed fine, but i had to leave because they barely paid anything.

Anyone happen to compare earnings on here with offering swaps on Bitfinex? Wondering how different they would be. I've been finding BFX to be volatile lately.

Thanks for letting us know +Bitcoin, this was reported by another user and fixed immediately.

The bug was caused by ongoing integration work as we begin merging btc.sx and magnr.com under one domain name.

I have trouble logging into my account. I can login, but I can't see my earnings. Any info on this?

August interest has been paid out.

Changes in September include increasing deposit limits from 10 BTC to 20 BTC.

Sure, for those that are investment smart and able to trade and guarantee returns, this may not be the product for you.

If you are sitting on a bunch of bitcoins and are not interested in the risks involved in trading them, then Magnr will give you a stable predictable rate of return for a lower risk. The closest analogy would be like a 'managed' bitfinex swap.

I'm guessing the idea is: if they get more people to deposit btc it will give them more to trade/loan with, hence (if they trade/loan well) offer higher interest rates. If they are not loaning/trading the btc then I would be lost as to what they stand to gain.

Hi there armouretpaix, 2.18 is the annual equivalent rate, so each month you will receive roughly ~ 0.018167 BTC interest on a 10 BTC deposit.

Deposits are paid on a pro-rata basis as well from the first deposit. When you deposit mid-month, on 1st of next month, you will get paid interest for the number of days you had savings in your account.

Our payouts are calculated daily but the payout is done monthly (usually on the last day of each month).

They payout interest weekly though. Looking really good!

Daily interest rate would be 0.0216/365=0.000592%

What does the daily interest rate work out to?
From the screen capture on $25 worth of btc he received $0.01 worth in 5 days.
After the promotion period ends, what will the interest rate be? Will it be variable or fixed as it is now at 2.18% until 2016?

Yes there are alot of login bugs currently, such as having to type a letter and then delete it, in order for it to see your password as correct, and the capcatcha thinking it isnt done

June interest payments have been made for over 200 btc worth of Assets Under Management. Welcome to the new era of digital currency asset management

Bitcoin +1
Traditional Finance -1

mh, makes sense. thanks for answering my questions

Hi favdesu,

Not at this stage. Our reason behind it is that firstly we do not want to run hot wallet infrastructure to maximise our security of client funds. Second to that we are keen not to promote the use of this investment service as a wallet. There are plenty of great wallet services out there and we would recommend our customers to treat the funds invested separate from a transactional balance and wallet. (much like you would in the fiat investment world)