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Author Topic: Dont Use Bitfloor!!!  (Read 388 times)
Tal1m0n
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April 13, 2013, 02:09:34 PM
 #1

Their fee's for trading are EXTREMELY HIGH.

I thought it was convenient for transferring money from Bank Of America to Bitfloor and converting into bitcoin. Well $5,000 that I bought low and sold high. Was expecting to have around $8,000 and turns out they took nearly $2,000 in "fee's" for the 2 trades I made (plus the fee's for loading money from bank.)


What a complete rip off. For now on I'll be using OKPay - BTC-E for my transactions. Now it makes sense to me why Bitfloor's Buy price is always so high - because smart investors know to steer clear of their markets.


If the business has a profile here on this forum they need to be added to the scammers section.
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epixam
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April 13, 2013, 02:13:27 PM
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how long did it take you to make the money?
killerbread
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April 13, 2013, 02:21:06 PM
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How do you add funds on OKPay? Do you have to do that confirm identity first?
christop
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April 13, 2013, 02:26:43 PM
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Pics or it didn't happen (post a screenshot of your trade history).

Their fees are plainly listed on the site as 0.4% (taker) and -0.1% (maker). There is a small fee of 1-4% to deposit cash into the account, which would be no more than $200 to deposit $5000 in cash.

Also the buy price is determined by the buyers and sellers on Bitfloor. So the sell price is equally as high. And the price is not always higher than other exchanges--it's usually only about 1 to 2% higher than MtGox but sometimes is actually lower (BTCE-E is usually the lowest that I've seen, but its user interface is not very nice).

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DannyHamilton
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April 14, 2013, 06:54:12 AM
 #5

- snip -
Was expecting to have around $8,000 and turns out they took nearly $2,000 in "fee's" for the 2 trades I made (plus the fee's for loading money from bank.)
- snip -

Complete and utter poppycock.

You really shouldn't make up such nonsense.  Some newbie is likely to accidentally believe you.

If you funded the account with LocalTill, you paid at most a 4% fee. ($200)
If you placed a single $5000 buy order as a market order, you paid at most a 0.4% fee ($20)
If you placed a single $8000 sell order as a market order, you paid at most a 0.4% fee ($32)

All together you'd have paid $252 in fees.

That's $52 in "fees" for the 2 trades you made (plus the fee for loading money from bank).

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