Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 220. (Read 723903 times)

Bistamp, Bitfinex, Bit-whatever.... do you even ever read your posts before pushing the "post" button?

@arepo: I was among those who kept the "legacy" 4:1 leverage longer than it was offered in the options/settings. It was reduced for me to 2.5:1 about 2 months ago, if I remember correctly. Right now I definitely can't trade 4:1 anymore.

@giancarlo:

I was thrilled to read about the new OCO option, as this makes it a lot easier to follow a clear trading plan without having to watch the market all the time to have some peace of mind.

However, one thing is unclear to me. The FAQ says "...if one order is executed fully or partially, then the other order is automatically canceled." In case of partial filling, will the other order be canceled entirely or just get its amount reduced to still match the partially filled order?

The former is what I read from the FAQ text, the latter is what would make sense IMO...

Are you saying that if we are already "Verified" with Passport that now we have to provide another Photo I.D. also ?

How about 1 free deposit and 1 free withdrawal per month for example then (or at least waiving the minimum fee of 20(!) USD)? Now a customer can also withdraw 300 USD and will be charged 20 USD... I guess that is the bigger concern here, not that withdrawing 100k USD costs 100 USD extra (everything below 20k(!) USD is charged a higher than 0.1% fee, an amount that would likely even cause my bank to start asking questions).

Wow, that's really wonderfully !
Thanks for this great service you provide.

1) nobody is being offered 4:1 leverage as far as I know.
2) this is not due to us, we use Incapsula antiddos attack software and this can be the cause.

have a good day

Giancarlo
Bitfinex Team

we have no problem with japanese, chinese and russian documents

have a good day

Giancarlo
Bitfinex Team

that's exactly what I wrote.
The fact that they audited our bank accounts was just your assumption.

Have a good day

Giancarlo
Bitfinex Team

Bitfinex team, what if ID and paper documents required showing other than English such as chinese, japanese, russian etc. ?

If other languages documents accepted ok, then it is convenient for people to submit these documents.

Maybe I just overlook to your statement, you might not mean that Custom and Excise Department had performed audit on Bitfinex account. Maybe you just mean that they have audit the AML/KYC compliance procedures...

1. I found that the fee schedule is now mentioned 0.1% deposit wire. Thanks a lot. Even better to mention on deposit page. I can still see the following statement on deposit page which lead to confusion, I guess you don't want customers to argue with your customer support for this ( for your own good)


0.1% deposit / withdrawal fee is at least not a problem on me. We always have alternatives. But please try to play fair, not mentioning 0.1% deposit fee on the fee schedule page was definitely not a good intention.


2. Custom and Excise Department of HK government will NEVER audit your account. They are ONLY to perform to check your KYC Compliances and investigate any money laundering activities.

Please use precise wording and don't use government authority to prove your account. If you want to audit, use accounting firm instead.

i know the new KYC/AML implementations are forefront right now, but could someone comment on the above? i would really appreciate some clarification.

--arepo

Guys

a few replies to your questions:

1) Deposits - withdrawals fees:  To put things into perspective a customer can now withdraw or deposit 30,000 usd and be charged a fee of 30 usd.
I frankly speaking don't believe this is even a problem to talk about in case you move money in and out once in a while.
Bitcoin is not a treasury bond yielding 3% a year, it is highly volatile and I believe we are making much ado for nothing.
Please understand our current financial system is based on checks and parameters.
The more we move in and out of our accounts, the more banks will be likely to notice our flows, the more attention we will get.
What we are trying to discourage here is not an occasional deposit or withdrawal, it's people moving money in and out daily as there was no tomorrow.
This behavior is putting our system under stress and is representing a potential threat to our security.  

2) KYC-AML:  Once again, we didn't suddenly get crazy or bought up by the Big Brother.
If you don't have a passport, you surely have a driving license, if you don't drive you can go to a public notary and have your identity verified on a piece of paper with your picture and your name and address written on it (auto declaration of identity).
For any exception I'm sure we will find a solution.
 
Due to the recent bankruptcy of MtGox we are facing increased attention by local authorities and regulators.
In the last days we went thru an audit performed by the Custom and Excise Department, which went well.
We always observed AML/KYC procedures, but we were kindly required to step up one notch due to the "particular nature" of Bitcoin.
I completely disagree upon the fact that Bitcoin or any other Cryptocurrency is the ideal mean for criminal actions (cash is a much safer mean for criminals) , but nevertheless we need to comply with the rules if we want our business to prosper and our customers' money to be safe.  

Platforms are centralized entities and they can either decide to comply with rules or end up like Liberty Reserve.
Not much we can do about it, at least for the time being.

I hope that this helps

Giancarlo
Bitfinex Team

two id's is hard. i think its just a measure to minimize the risk of forged id's. but if one forges one id, why not two..

the difficulty i suppose, is to find a balance between what the banksters impose on the exchange and what the customers are prepared to give, i dont believe the kyc terms of the platforms are made out of fun, there is surely some lawier in the background who is doing his research and who is also on a trial-and-error-trip, cause nobody knows, which kyc regulations are to be followed for a worldwide exchange! imagine you open a bank and from day one on youre doing business potentially in every country of the world, thats a legal nightmare..and above that you need fincen or what the fuck theyre called, registration and licence (which in europe cost a fortune).

i personally wont upload any id to any exchange NO MORE, since gox databases are out in the wild and supposedly there´s a version of the dump containing the id´s of verifyed people. furthermore i wont give away any personal info on my financial situation to a entity that could be hacked, UNTIL i get a certain degree of certainty that my info is securely stored. same applies to companies such as dropbox or other, imagine some super-rich-fuckup buying that companie and giving away the data stored there..

my 50c:

propose a free service (payed by the plattform) of a recognised lawyer or notary who is doing the kyc for you and who is the only entity storing the submitted infos in paper and who is acting on behalf of every verified customer (and with recognised,i mean european or U.S.). that would be a good thing ! the lawyer would only give the plattform a flag: veryfied or not customer. a lawyer is obliged to act in the interests of his clients (in most countries of the world..) and if authorities would ask for the kyc informations he would have to ask the client before that and so the client would have the chance to get involved in some legal-procedure where he could try to hinder the authorities to get the papers (not in the u.s. where you have those orders from secret-courts, against which nobody cant do shit..)

been trading BFX for awhile now, through TorBrowser. recently i noticed that the site would return a "security error" every now and again, citing my IP and forcing me to reconnect with a different identity. why is this?

also, i know some traders who are being offered 4:1 leverage. why is my highest option 2.5:1?

thanks

--arepo

yeah, but arent kraken the ones in cooperation with bifidus-bank?
https://bitcointalk.org/index.php?topic=510850.0;topicseen

Apparently not,
your statement is falling on deaf ears,
without a doubt what you are dealing
are guys from the Banking Industry, not "Coiners".




Yeah,

I like Jesse at Kraken,
This is what he had to say about the Mt.Gox situation,
Actually reached out to his fellow Coiners and asked them
If they "Had a Place To Stay",
That is a true Coiner, and as soon as Kraken gets their volume up I'm on board:

http://jesse.forthewin.com/blog/2014/02/unilateral-statement-regarding-fucked-up-shit-and-the-greater-good.html

Unfortunately other Exchanges beat him to the punch, but Kraken is gaining on their heels.

dun think u guys will pull more investors coming in with the 0.1 % withdrawal and deposits fee as well as a trading fees which are alot more expensive then BTCchina and huobi..
as their costomer base are huge and their security seems strong.. can u guys revise the fees? u are earning too much... dont u guys want more investors?

You've never experienced Kraken then (bitcointalk thread here). I don't want to sound like an unpaid advertiser for them here, but using Kraken is a revelation, a paradise compared to every other exchange i've used. What you say here is exactly what i'd say about Kraken. Their only problem right now is that their trade volume is still relatively low for euros and virtually nonexistent for usd (it's taking them a long time to get approved in all the states of the US). Once they have enough volume they'll activate their margin trading too and if/when that happens i expect an exodus from Bitfinex to Kraken. (Not that i'd like that, i lend money here and Kraken plans to provide the liquidity by itself).

Glad if Giancarlo would answer my inquiry.