Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 203. (Read 723903 times)

i wont give my data unless its a trusred third party, such as a notary.

Agree.

1. I was already in verified status since last year
2. When I withdraw my money last month, they ask me to submit, passport copy and address proof using email
3. Last week, they ask me to fill in the source of fund questionnaire and copy of 2nd ID document using email


And this time the email is specific to a person. I guess Bitfinex has selected whose net worth exceed a certain threshold to send the email.


I suggest Bitfinex should state the AML/KYC requirements and policies CLEARLY in the announcement / FAQ section

1. Different levels of verification
2. Identification document requirement for each level
3. Net worth threshold for each level
4. Withdrawal limit (in terms of amount of fiat / BTC / LTC)  for each level


Now, It looks like that they just set an arbitrary threshold and demand documents from customers. And they don't let customers to choose what level of verification that customer is comfortable with.

I had trust in the correctness of the payments as well until the 10 % thing happened and I also know that the rate had been not correct/not paid before but was corrected later on so I try to at least estimate if the payment is plausible. Calculating it would be such a hassle and that's why I am asking before trying to calculate. Thanks for you opinion!

@MustMan: Thanks! That's pretty detailed although I would really like to hear the government reasoning behind that whole net worth checkbox thing. Looks at least a bit more formal than what bitstamp has been pulling with their 6-question questionnaires.

Ok.

BITFINEX_CLIENT AML SOURCE OF FUNDS QUESTIONAIRE

There is no real solid way to verify interest payments/amounts from log files other than that they do happen, especially with FRR loans. I did not try to parse these logs and have no intention to - I have to trust Raphy et.al. in that regard I guess. Recently payments actually seemed a bit higher than expected to me, but there might have been some churn (funds being borrowed for less than 1 hour and re-borrowed, so they paid twice or even more often for that single hour) that I wasn't aware of.

@ bitfinex team:

1. Why is the swap payment being paid out so late since some time? Wasn't it supposed to be paid out at like 1:00 am? At the moment it's more like 3:00 am? Why is that?

2. Some time ago the paid interest was like 10 % lower than expected and you made some consolidation payment 1 or 2 days later. Could it be that something similar has happened in the last days and the interest rate was calculated too low? Also asking this to other liquidity providers. Have you checked whether your swap payment was correct in the last couple days? At the moment lending is very, very volatile and swaps are taken and returned almost hourly so I am not able to keep track of every loan and it's duration but the last two payments at least seemed a bit low to me although I am not completely sure and it could just be the 15 % taking its dent.

That's very interesting. I feel I might be in for something like this as well very soon. Can you post the attached questionnarie or at least the most important questions? Is it simliar to what we've seen from Bitstamp for some time?

+1

yes, my account has been verified.

Nevertheless, I support these procedures for security reason.

Yes, I also received this a couple weeks ago.  I filled out the form and sent it in along with my comments about how angry I was about it.  They understood and I am still trading. 

They do need to be much more active by making announcements on their website and on Bitcoin talk I agree.  I hate these out of the blue changes they implement with absolutely no notice what so ever.

did you apply for verification already (and get your account verified?), or were you using bitfinex as an "anonymous" user? if already verified an official announcement from bitfinex might be in place here, just a suggestion

I received this email last week. Bitfinex need to do this for complying the following guidelines issued by Hong Kong Customs for money service operator

https://eservices.customs.gov.hk/MSOS/download/guideline/AMLO_Guideline_en.pdf

This would prevent Bitfinex to have a unfavourable outcome by law enforcement of Hong Kong.

Received this today.

--------------

Dear Mr.


We at Bitfinex continue to work hard to provide you with the best and most secure Bitcoin trading platform. On April 4, 2014 Bitfinex was nominated the “Best Bitcoin Trading Platform 2014” by The European Magazine and we are working hard to make your investment experience even better.


As part of our drive to ensure a secure trading platform we are working with regulators to enhance our customer due diligence as required under official anti-money laundering (AML) and counter terrorism financing (CTF) regulations. We have recently reviewed your customer information and noticed the following additional information is required;

1.       Second form of identification with picture (both sides) such as a national ID or driver licence

2.       Bank Statement with your name and address – not older than 3 months

 

Please gather and collect the outstanding information and return to Bitfinex via email to [email protected] within 30 days or we will be forced by law to suspend your account.


We also require you to complete, scan and return to us the attached “Source of Funds and Trading Experience” questionnaire. This information is a legal requirement under AML/CTF regulations.


We apologize for any inconvenience in gathering the required information noted above.

 

Best Regards


Adam Clarke and Matt Tremblay

Bitfinex Compliance Team

After a few minutes new swaps will be taken as if you had just opened a position.

You would want to do this if you noticed current interest rates were lower than your swaps. You would then close your expensive swaps and the system would automatically replace them with lower interest swaps.

You can close unused swaps when clicking on the blue tab. Then a list opens, where you can close individual loans. If you only have one fat 100BTC loan, it's more complicated to close a part of it. Ask here if that's the case.

Yes! You then automatically take the cheapest loans/liquid available, both from fixed and variable rates. When you reserve swap yourself, you can regulate better what loans exactly you use, but it's not mandatory.

All three wallets are completely independent from each other. Margin stuff only happens in context of the "trading" wallet. This separation is strict, so you won't be using funds from other wallets, and will take loans instead.
When you do "margin sell", in your case with funds in the "trading" wallet, you still take up loans and work with borrowed money. If you want to avoid that, you should use "exchange" and not "margin trade" :-)

You won't see directly what offers are combined into one line. You can use http://charts-bfxdata.rhcloud.com for more info.
When you want only the 7 days offers, you simply enter "7 days" as lending time. The shorter ones will be ignored, the 7 days and longer ffers will be taken - all at 7 days length.
Your workflow will depend on what your priority is. If you want to always have the maximum length that is offered, you more or less have to pick up each offer individually.

I'm not sure if I understand exactly your scenario. I would guess this would close your position, and buy/sell at market rate to level out your books?

And, as always, people here suggest to start with small amounts, play around, explore, and learn the behavior of the platform and the market! :-)

Ente

Hey guys, I have some questions about margin trading and need clarifications urgently, please help! Thanks in advance!

1. If it's possible to close some of the unused swaps? Let's say I have used 100 btc swap and I want to close 10 of them, how do I do this? I tried the claim option but it seems it requires me buying 100 btc first.

2.  If it's possible to do margin trading without reserving swaps first? If so how will the interest calculated?

3. If I have 50 btc in the trading wallet, then I use margin sell, will it sell my 50 btc directly, or it will still borrow 50 btc swaps? How will the interest calculated in this case?

4. When reserving swaps, sometimes it display 2-30 days, but these different contracts have different number of contract too, how will I be able to reserve the swaps for the best result? For instance, I want to reserve contracts for 7 days, then will the '2 days' contract be received automatically? What's the most effective way to reserve certain amount of contract within a range of days?

5. If I close the swaps used in the margin position directly at the 'total resturn swaps' page, without placing any orders at the margin trade to close the position, what will happen? I tried this and found the selected used swap will be removed, but I didn't notice any difference on my account's balance.

thanks trilogy, been a great help

You would need a higher margin balance to have all those orders in at once, or wait until (and if) the price goes in your direction. Then when it's closer to $400, you could set a larger buy limit order (I believe).

ah right sorry I was just confused myself.

but anyways - by the time it factors in the profit of 10 btc @ $400, then it's really only a 12 btc buy which is why I am confused on how I can't put this order on BFX

Thx for the help though

That is the profit on 10*($455-$400).
Recommendation: practice with a very small amount (0.01BTC) first, so you can get used to how the platform works.