Magnr - World's First Bitcoin Savings Account

[Seal]

Hello, thank you for your answer Seal.
So, not interesting for me, giving 10BTC to a website in order to win 0.218+BTC at the end of the year...not sure to see the advantage.

Even a poor/bad trader can win more by trading with only 1 BTC in one year on a trading platform and keeping his other btc safe in a personal coldwallet.

But still looking for "people point of view" ;
what are for you customers, the advantages to put 10BTC on the Magnr saving account ?
Thank you

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.

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.

[Seal]

August interest has been paid out.

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

[+Bitcoin]

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

[Seal]

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

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.

[ranlo]

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.

[Hugroll]

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

[RGBKey]

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

[ranlo]

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

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

[Seal]

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

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

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.

[mobnepal]

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.

[waterpile]

Is it 2.18% monthly and fixed?

I might put some of me monies here.

*
edit, just got my answers in my e-mail.

I noticed this:

The e-mails says: The maximum amount you can earn interest on is 10 bitcoins but in the Magnr website states: interest can only be earned on a maximum of 20 BTC. Deposits greater than 20 BTC will only earn interest on 20 BTC.

[ranlo]

Is it 2.18% monthly and fixed?

I might put some of me monies here.

*
edit, just got my answers in my e-mail.

I noticed this:

The e-mails says: The maximum amount you can earn interest on is 10 bitcoins but in the Magnr website states: interest can only be earned on a maximum of 20 BTC. Deposits greater than 20 BTC will only earn interest on 20 BTC.

It was just raised to 20 so probably hasn't been updated on the site yet.

[monbux]

I'm not sure if I asked this before, but is there some sort of insurance/warranty for the coins we deposit?

[Seal]

I'm not sure if I asked this before, but is there some sort of insurance/warranty for the coins we deposit?

Hey monbux.

Our storage partner BitGo provides a basic level of theft insurance, as detailed here:

https://www.bitgo.com/insurance

We currently do not provide additional insurance against default of our exchange partners but have limited measures in place to mitigate our client exposure to them. Please be aware of this.

Additionally, deposited funds are internally segregated by risk so that we are never taking more risks with our client holdings then we need to.

Hope that answers your question

[aakashsangwan]

I'm not sure if I asked this before, but is there some sort of insurance/warranty for the coins we deposit?

Hey monbux.

Our storage partner BitGo provides a basic level of theft insurance, as detailed here:

https://www.bitgo.com/insurance

We currently do not provide additional insurance against default of our exchange partners but have limited measures in place to mitigate our client exposure to them. Please be aware of this.

Additionally, deposited funds are internally segregated by risk so that we are never taking more risks with our client holdings then we need to.

Hope that answers your question

You are telling that on the theft of bitcoin you have taken insurance, but what about trading loss occurs, when you are going to trade with our Bitcoins deposited and you occur loss then who is going to bear that loss. you have taken only theft insurance.

and you are clearly telling that you havent taken additional insurance against default of our exchange partners, it means that if the default is being done and you lose you deposit bitcoins then we(depositor) are going to suffer the loss.

Then the key of profit is also very less and high risk loss. vey bad idea. better to keep my bitcoins in my cold wallet and i will trade if i gain profit ok even if i do loss , atleast i will be satisfied that i have done wrong trading and lost the bitcoins, instead of crying on invested scam.

[ranlo]

I'm not sure if I asked this before, but is there some sort of insurance/warranty for the coins we deposit?

Hey monbux.

Our storage partner BitGo provides a basic level of theft insurance, as detailed here:

https://www.bitgo.com/insurance

We currently do not provide additional insurance against default of our exchange partners but have limited measures in place to mitigate our client exposure to them. Please be aware of this.

Additionally, deposited funds are internally segregated by risk so that we are never taking more risks with our client holdings then we need to.

Hope that answers your question

You are telling that on the theft of bitcoin you have taken insurance, but what about trading loss occurs, when you are going to trade with our Bitcoins deposited and you occur loss then who is going to bear that loss. you have taken only theft insurance.

and you are clearly telling that you havent taken additional insurance against default of our exchange partners, it means that if the default is being done and you lose you deposit bitcoins then we(depositor) are going to suffer the loss.

Then the key of profit is also very less and high risk loss. vey bad idea. better to keep my bitcoins in my cold wallet and i will trade if i gain profit ok even if i do loss , atleast i will be satisfied that i have done wrong trading and lost the bitcoins, instead of crying on invested scam.

They aren't trading using the bitcoins, so I don't get how they can lose coins through trading losses.

The defaulting scenario is a good question, though, and really, there are two failure points for that (Magnr itself and their partner).

[tyz]

Site looks good, are there any positive or negative experiences so far? I consider to risk an little amount.

[cjmoles]

Hmmm....Will check it out.  I'm currently shopping around for a place to invest my unused coin at very little, to zero, risk.  This site will be on my "to research more" list.

[waterpile]

Site looks good, are there any positive or negative experiences so far? I consider to risk an little amount.

From my experience withdrawal takes some time to to be released.

[Seal]

Site looks good, are there any positive or negative experiences so far? I consider to risk an little amount.

From my experience withdrawal takes some time to to be released.

This is correct waterpile. Each and every withdrawal is subject to human audit to maximise security. Something we take very seriously.