Bitcoin Forum

TradeHill is now accepting Euro deposits and withdrawals!

We will not be charging a fee for SEPA transfers. Incoming and outgoing transfers within the SEPA zone are both free.

Tell your friends in Europe and let the Bitcoin trading begin!

Follow this link for instructions and bank details:
https://www.tradehill.com/DepositOverview/EUR (https://www.tradehill.com/DepositOverview/EUR)


Jered

Nicely done, guys... let's see if this gets things moving a bit.

Awesome!Mt.Gox truly has a competitor now.
Now I don't have to care about their excuses.https://mtgox.zendesk.com/entries/20287558-euro-transfers-temporarily-frozen

Niiiice!

Bye MtGox!

If you get in early, you can enjoy the cross currency arb opportunities. It won't be long before the prices converge.

Thanks,
Adam 

And MtGOX SEPA transfers are frozen now... Do those events has something to do with one another and how could you prevent the same situation that MtGOX have?

Well done!

Just signed up. :)

FANTASTIC.

Now ready to move more of my business over to Tradehill, Euro trading here i come!!! ;D

I don't know the exact reason that Mt Gox's SEPAs are frozen at the moment. We've been working on this for a while and it is pure coincidence.
We do have multiple account redundancy to prevent something like that happening to us in the future.

Regards,
Jered

I have 2 questions:
- What are boxes E, F and G for?
- I am trying to make an online transfer, but my bank doesn't allow me to include dots ('.') in the notes so I can't type my email there... Is there an alternative way of doing this?

You don't need  . or @ out, it's just to connect it to your account.

Boxes E F G are for other forms. We used a generic form to build the site and will be releasing a new UI soon that will be a lot more user friendly.

Jered

Will the new UI require me to enter the BTC-amount I will be depositing?Don't see the point of specifying the deposit amount.

This is more of an internal issue than it has to do with the UI. We're looking at other options like a static address that you can always send to etc.
We would like to make a few changes to the system and announce that. If they are implemented first the UI will reflect it, if the UI is released first it will still require you to input your deposit.
The timeline isn't set in stone because we're outsourcing the UI and developing the other parts in house. I can't give you a solid ETA for the same reason unfortunately.

Jered

Excellent Development.

It looks like EUR and USD are completely separate systems, so that if I deposit EUR I can't buy in the USD market, and if I sell in USD I can't withdraw to SEPA. Is that correct? If so it severely limits the usefulness.

Yes, I believe you are right. It's good to have an EUR market, but on the other hand we loose liquidity...

We're talking about this right now. We really want to see an active EUR market but would like to provide a choice of USD / EUR and possibly others with your SEPA transfer.
Ideally you should be able to trade both equally. We will announce something very soon. It shouldn't be too complicated.

Jered

You can however just buy Bitcoins in USD and sell them in EUR... I guess the problem is here, that trading Bitcoins is not a currency exchange - if
Tradehill offers to directly exchange EUR to USD however, they might need different licenses etc.

Great to hear about the EUR market though, another currency to add to my referral income (and finally a useful one!)... Looking forward to it!

Thanks for the comments!

Yes, we are looking into the implications of allowing a direct conversion. Until then, you could buy in USD and sell in EUR.

Regards,
Adam

I think a native EUR market (and other currencies) is a very good idea. I hope it becomes succesful enough for people to stop thinking bitcoins are denominated in $$$ :)

Exactly. A native market for BTC/EUR will eventually provide the necessary liquidity. The Euro is the world's second largest reserve currency and it is used significantly in global trade. SEPA provides the speed and maintains the low cost for deposits/withdrawals to and from TradeHill. See http://en.wikipedia.org/wiki/Single_Euro_Payments_Area

Those wanting to fund for the thUSD trading platform can simply instruct their European-based bank to convert to USD and send outbound international wire (non-SEPA) to the USD deposit account https://www.tradehill.com/DepositOverview/USD

This is a positive development for TradeHill.

This exactly what I wanted to use TradeHill

We've updated the deposit info.
If your bank had requested more information it is now available.

Personally I'm really looking forward to the EUR/BTC pair.
We want a distributed system with multiple exchanges etc we shouldn't all be using USD as the benchmark.

It should also be faster / cheaper for Europeans to trade EUR/BTC than USD/BTC.

Jered

Hope you get the trade in $ and withdraw in € working quickly,otherwise I still have to put up with Gox.
Got excited for nothing!

--> USD to BTC ; BTC to EUR <--

 :D



 

Would work if anyone was bying with €.
Or am I missing something here https://www.tradehill.com/MarketData/EUR (https://www.tradehill.com/MarketData/EUR)

Most likely payments are still being processed by banks/tradehill...

On a side note:
Now I also got some 0.1 Australian cents from referrals - it seems though that the minimum trade amount is 1 unit of each fiat currency (1 USD, 1 AUD, 1 LR). How will I ever get anything for this AUD?! I can't buy BTC with it, I can't withdraw it and I can't transfer it to someone's account who might have some use for it... Please make commissions give BTC (and ONLY BTC!) either via a switch for each currency or by default really soon.

bitmarket.eu has some liquidity in EUR. I myself have sold a couple of dozen BTC on there. thing is - you need to process the payments, release the BTC yourself.. if youre a TRADER, it's not for you.

Yeah I checked them out a while ago.
I don't like it.My only hope now is for Gox to get their shit together.
 
On a side note:If Mark dies, are Gox users fucked?
Seems he's the one with the major strings.

SEPA transfers take a few days. Tomorrow you will probably start to see some activity

There is quite a bit flowing in. A few people have been credited and when they log back in will most likely place orders.
The liquidity should be there quickly.

I'm excited to watch this market grow.

Jered

Excellent!

Who is matonis, the EUR account holder? Is that a person or company?

USD is the benchmark, and any attempt to create separate markets for each fiat currency will only create needless friction and arbitrage opportunities, and lower total liquidity. It's like self imposed protectionism. Your timing could have been perfect with Mtgox loosing their Euro option, and I even exchanged everything I had there to BTC yesterday and transferred it to your site to try it out. It's disappointing to see that it was useless because of the lack of a fundamental feature like this. I'm still hoping that you are just making excuses, and that the only reason why it's missing is that it is hard to implement.

I don't see what this friction would be? More arbitrage opportunities means more liquidity not less.

Sorry, but the USD is just the leading currency because it's the only one traded at MtGox who have 10 times the volume than any other exchange at the moment. Would it have been Japanese Yen, you would send now foreign transfers to Japan or converting your USD to JPY...

You can trade USD on tradehill just fine and if you need USD, just pay out via a foreign currency transfer.

I will hopefully NEVER again have to trade in USD again (a currency which I currently try to get rid of as fast as possible, taking into consideration that there seem to be major issues currently cooking in the US) and would encourage anyone else too to just trade in your native currency (if available).

As a hint: the file hoster "uploaded.to" which is quite well known in Germany and the EU announced that they soon accept Bitcoin payments (~around next week). This alone could lead to a very substantial Euro <--> Bitcoin market - and having free SEPA wire transfers that are fairly fast helps too.

It's a business account.


We may add it soon. Technically it's not hard to implement. We want to be sure that we have sufficient funds on both sides of the Atlantic.  
The Euro needs it's own market and this allows you to use SEPA without paying a fee to change to USD. We would like to offer both if possible.


That's the way I see it as well. I see cross currency arb behaving similar to cross exchange arb. TradeHill and Mt Gox stay pretty close because of this. I see EUR and USD holding close as well because as soon as the gap widens someone jumps in and makes a profit. It will take a few days to ramp up as these deposits come in and get credited but after that it should be liquid enough.

Jered

What about getting rid of the "dead" currencies in the interface btw? (those without a way to pay in or get out money)

In the future I'd love to suggest that you just announce a date (could be for example on the 25.7. for the Euro) on which the market officially starts and ~1-2 weeks before open the deposit option (and display the currency in the interface). This would mean there is something to trade right from the beginning, people get anxious and put up first sell orders already and it will show how many currencies you really support (currently: CLP, EUR, LR (I guess USD?), USD, INR, AUD). I had to tell already quite a few people that it is NOT possible to get some british pounds for the holidays for example through Tradehill even though GBP is written there and you can also give sell orders.

You brought up a really good point. Let me see what I can do about that right now.
GBP should be along soon. Also most likely in the future we will have a market maker lined up ahead of time so when we go live it will be fully functioning.


Edit: making the changes to take the currencies that aren't being traded down.

Finally some buyers in the sepa market!

S. Matonis sounds like name of a person? Is there any connection with Jon Matonis from themonetaryfuture.blogspot.com?

This is just sad, but if you can see the obvious and needless problems with many separate small markets instead of one large I guess I'll just have to go back to MtGox when they fix their problem.

Jon Matonis of the monetary future economics blog, has no signature authority over this or any other TradeHill deposit account.
In short: nope not his account.


I respect your opinion but disagree on this one. There are few other things to consider.


There are people who would be interested in trading EUR but not USD.
If the US takes a hard stance on Bitcoin EUR trading could easily continue.
The EUR is the 2nd largest currency and a huge expansion for Bitcoin.


Without a doubt we would like to offer USD / EUR exchange on our site. At the very least an option to deposit via SEPA in USD or EUR.
It's not a matter of if we want to but the best way to go about it logistically and legally.

Jered

Just completed my first SEPA trade on TH.
I must say I like the transparency.They show you the status of your withdrawal!
I'll post again when my money is in my Bank account.
   

It appears to have already driven the price up slightly :D yay!

Well hopefully the prices will stay close between currencies and exchanges, I'm sure there are people that will make sure that happens but it may take a few days.
The idea and biggest benefit is that you won't lose on the conversion when you send it over.



Thanks for the update! Please let us know how it goes. All feedback is welcome.
We believe the Euro is ready for it's own market.

Jered

--> Euro to BTC ; BTC to USD <--

Inter-account BTC transfers also now available!

While at Microsoft, our CTO was asked to code the transfer of the : ) to the  :)

Adam
 

WTF!!!!! I was just about to deposit funds? What's up with this?!?!

I just deposited funds two days ago, and was already wondering why they wouldn't appear on my account... :( I mailed them, let's hope they can convert them to USD or something.

Only <10 days?

SEPA seems to be gone for a 50(!)USD per deposit "option" to have an "inexpensive, simple, and secure way" to fund our accounts. Free SEPA was free...

I made a deposit on 21th July via SEPA transfer and still waiting for the funds at TH. Since that day I can only see in the TH dashboard that it is in pending status.

I have sent 3 or 4 mails to TH support since then and the only thing they can say to me is to wait. At this point I am really worried for my money.

Anybody here has the same problem ?

Maybe you havent heard that the sepa account is frozen!?

It wasn't frozen at the time he did the deposit.

as a german user i just have to say:

paxxum is not an alternative. there fees are too high. PLEASE consider a bank account in europe. it does not cost very much and it could be done without ANY fees.

atm i'll stick to b7

Yes I have, but it is not my fault, and my money is not available for 20 days (at least), what I consider it is too much.

What I wanted to know is if I was the only one in this situation ore if there are more people with the same problem.

I'm in the same situation.

Jered asked if I preferred getting my money send via Paypal or something similar, but never heard from him after that.

But it's all because of the frozen account and the time it takes for their money to reach the bank accounts.

I just see that my deposit was returned through sepa... phew

Congrats. I have just checked my account and nothing new inside  :(

Now Tradehill is accepting (again) SEPA transfers but I don't know from what country nor how much time takes.

Germany. Should be 1-3 business days. We will see :-)

Dear Customers,

We are glad to announce that SEPA transfers are now once again available.

We have taken every precaution in reactivating SEPA transactions to ensure uninterrupted service. This includes setting up pre-funded backup accounts at independent banks. We have clearly discussed with each bank our business plan and all the implications of Bitcoin. They fully understand the nature of our business.

To ensure smooth operations, the banks require strict adherence to AML policies. Therefore, we will upgrade our complaince with European AML regulations. If you want to deposit or withdraw  large amounts we will need to know more about you.

All of the above will ensure that our customers will receive continuous service, regardless of shifts in external factors that which we do not control.

As always, please feel free to contact us directly in case you have any questions or suggestions.

Regards,
The TradeHill Team

Thank you soooo much! ;D
Just did a small withdraw.

Indeed great news!
I consider to switch to TH now.

About the AML rules:
What limit applies? I guess a certain amount per day per account (1000$ in USA?)?
Obviously this would then not apply if a sum was splitted up to several days or to several accounts?
What is the procedure when a sum over this limit is transferred at once?

Thank you, cant wait to finally get going!

Ente

Me too. It will be important regarding to use it again.

afaik in Germany they have a limit of 1000€ per transaction (I doubt that you can just request 1000*1000€ transactions to get around this) currently, dunno about time frames.

For smaller withdrawals of a few dozen Euros or so it should be OK I think - 4 digits and above will most likely require ID though.

It's still in  process :(

We are actively working with the bank to establish clear guidelines.

For now, the limit is set to 5,000 EUR per month. Anything beyond that will require ID.

-Francisco

We have a bit of a backlog, but all the funds are accounted for, so it should be processed today.

Please send us an email to info@tradehill.com so I can check your profile and give you more information.

-Francisco

Sounds good, thank you for clarifying, Francisco.

One more question: When I transfer Euro to my account, is it possible to trade that funds in US$? Similar to what MtGox does (automatically exchanging any currency to US$). The volume in other currencies than US$ is just too low..
(Yes, I know, hen-egg problem)

Thank you again,

Ente

@Ente
You would have to trade your EURs to BTC and from there you can go to the USD (or any other) market.

That's what I did but with other currencies. Bad thing is that in Tradehill there are few people trading other than USD. I think sometimes that this is a company fail, lack of marketing or somewhat.