-

[akaman]

I am sure my monet left the bank on friday because they are gone from my account.
Why would transfers WITHIN norway take 2-3 days? Thats just absurd.

Congratulations! You have just discovered one of the great advantages of bitcoin, where international transfers are (almost) free and typically happen within the hour.

I am not a banker but I assume the delays occur because individual banks approve SEPA transfers manually and shoots them out in batches perhaps just once a day. This probably also applies to wire transfers (which is not the same thing as a SEPA transfer). Again, I am not really knowledgeable on this area. Just my 2 microBTC....

Note that I am talking about SEPA transfers, not regular inter-bank domestic transfers (which usually takes 1 working day or less).

[thedarksun]

Yeah alright, the important part is that i am not scammed then? My money surely will arrive this week?

[sturle]

SEPA transfers *within* Norway takes 2-3 working days and you should expect at least that long for payments to arrive from Sweden.

If that is the case for you, I advice you to file a complaint with the Norwegian Financial Authority (Finanstilsynet).

SEPA is required by EU regulation to take maximum D+1.  If you make the transfer before your bank's cut-off time for the day, normally 14-ish, the money shall arrive no later than the day after.  In my experience SEPA transfers are often faster (hours) if your bank is a direct participant in the European interbank clearing system TARGET2.

Justcoin may spend a couple of days doing their own checks, of course.

Another protip: If you trade privately via SEPA, and the transfer takes longer than the expected D+1, it is probably fraud or phishing.  I reported two such cases to my bank upon reception of the money, before sending any bitcoins of course, and I was right both times.

[thedarksun]

I received my credit today so I guess i wasnt scammed.
However, I had lost approximately 12 euros when the deposit says it takes only 2.5 and on my bank's website, transferring money to eu-countries and norway is charged with nothing. So i have no idea where they went. I mean the currency value cannot have dropped that much over the course of 4 days to make me go back 10 euros right?

[akaman]

SEPA transfers *within* Norway takes 2-3 working days and you should expect at least that long for payments to arrive from Sweden.

If that is the case for you, I advice you to file a complaint with the Norwegian Financial Authority (Finanstilsynet).

SEPA is required by EU regulation to take maximum D+1.  If you make the transfer before your bank's cut-off time for the day, normally 14-ish, the money shall arrive no later than the day after.  In my experience SEPA transfers are often faster (hours) if your bank is a direct participant in the European interbank clearing system TARGET2.

Interesting, I had no idea. I assume Justcoin is guilty of some of the delay. Can Andreas or Klaus comment on this? But, I will test the my banking delay directly by performing a domestic SEPA transfer to/from accounts I control. That should give me an idea of the actual SEPA related latency only.

I would like to emphasize that minimizing these banking delays is important to anyone trading in bitcoins.

Another protip: If you trade privately via SEPA, and the transfer takes longer than the expected D+1, it is probably fraud or phishing.  I reported two such cases to my bank upon reception of the money, before sending any bitcoins of course, and I was right both times.

I don't understand. You received the money, but it was still fraud?

I don't trade privately via SEPA, for the reason that I am under the impression that SEPA transfers are reversible and subject to possible chargeback (and for quite a long time after payment was received). Do you know if that is correct? What is the risk of accepting SEPA payments vs a wire?

[sturle]

Another protip: If you trade privately via SEPA, and the transfer takes longer than the expected D+1, it is probably fraud or phishing.  I reported two such cases to my bank upon reception of the money, before sending any bitcoins of course, and I was right both times.

I don't understand. You received the money, but it was still fraud?

Yes.  There are many ways to trick other people into paying, and you probably get a phishing e-mail or two every week yourself.  I will not go into all the details here.  Just be careful.

I don't trade privately via SEPA, for the reason that I am under the impression that SEPA transfers are reversible and subject to possible chargeback (and for quite a long time after payment was received). Do you know if that is correct?

This is one of the few properties which vary depending on your local regulations and the terms of your bank account.  In some countries the bank will reverse the payment and usually close your account.  In other countries they can't do that, but will call and ask you if it is OK to reverse the payment.  If you decline, the bank may go to the police and claim you must have been involved in the fraud because you received the money.  This may get you into a lot of trouble, so be careful.

[thedarksun]

I have another question. Can I sell bitcoins for USD or NOK instead of EUR to have them withdrawn to my swedish account?
The reason for that is that there is a difference between BTC/USD and BTC/EUR on exchanges. For example, at some point the difference between BTC/EUR between Justcoin and another exchange is 5 but the BTC/USD might be 20 in which case I would get out more withdrawing to USD.

[akaman]

I have another question. Can I sell bitcoins for USD or NOK instead of EUR to have them withdrawn to my swedish account?
The reason for that is that there is a difference between BTC/USD and BTC/EUR on exchanges. For example, at some point the difference between BTC/EUR between Justcoin and another exchange is 5 but the BTC/USD might be 20 in which case I would get out more withdrawing to USD.

USD and EUR for sure. Your bank will do the conversion to SEK (or EUR, depending on the denomination of your account) using their current exchange rate.

Just note that you cannot withdraw USD with a SEPA transfer. You'll have to pay the additional fee for sending a wire. I think its about 10 EUR.

I'm not sure about NOK. Ask Justcoin directly by clicking on the contact icon when you're logged in.

[thedarksun]

Yeah, I am not looking to withdraw to USD, just that I have funds in EUR on the website when I withdraw.
Another question, if I use greater amount of money for instance +3000 dollars, will it take longer times to fill orders? At market price.

[akaman]

Yeah, I am not looking to withdraw to USD, just that I have funds in EUR on the website when I withdraw.
Another question, if I use greater amount of money for instance +3000 dollars, will it take longer times to fill orders? At market price.

Again, market price refers just to the last trade on the market (or another market). ~3000 USD is in the order of the daily BTC:USD volume on Justcoin, so there's a chance you might be able to trade that amount in a day or two. Its unlikely you'll be able to get the order filled immediately. Obviously, the 'market price' might fluctuate while you wait for your order to fill. You might then end up trading below the initial market price, or not trade at all.

[thedarksun]

Oh yeah, I wasn't thinking about that it's a lot smaller volumes on the norwegian site. But can I expect that it fills in 3-4 days?

[klausbl]

Interesting, I had no idea. I assume Justcoin is guilty of some of the delay. Can Andreas or Klaus comment on this? But, I will test the my banking delay directly by performing a domestic SEPA transfer to/from accounts I control. That should give me an idea of the actual SEPA related latency only.

I would like to emphasize that minimizing these banking delays is important to anyone trading in bitcoins.

Minimizing delays is important, and therefore we always credit users once payments are recorded/booked (bokført) in our account. Payments are recorded primarily in two different batches. One around 15.30 Norwegian time (solely payments from customers using DNB) and one batch in the morning including all other payments.

It should be noted that a major part of the delay is the time our bank uses to record/book our accounts. We do actually receive the payments up to a day before they are recorded. The reason we cannot credit users before payments are recorded is because of incomplete information about the sender (no name or reference number...) and a higher possibility of chargebacks.

Bottom line is that Justcoin does not cause any additional delays in this process, and we see huge differences in transaction times depending on which banks and countries payments are sent from.

[klausbl]

Oh yeah, I wasn't thinking about that it's a lot smaller volumes on the norwegian site. But can I expect that it fills in 3-4 days?

It is not possible to give any definite answer to such questions as it depends on several independent factors. Remember that you may always cancel an unfilled order if you want to reset the price.

I would also recommend as akaman pointed out to contact our support team through the on-site support system. It is easier to follow up users this way and we would also like to keep this thread as a channel to tell about new features and receive feedback on these.

[Taborresen]

Dere har nå XRP, LTC og BTC ikke sant? (Har det kommet fler?)

Vurderer dere å adde flere coins? Tenker ikke på Crpsty eller bter tilstander, men flere?

[MayDee]

“Maker-taker” is a system whereby those posting multiple buy/sell offers and increase liquidity in the market (“makers”) are paid a fee, whereas those who take the offers and remove market liquidity (the “takers”) are charged a fee.

http://www.coindesk.com/btc-china-bitcoin-volume-bounces-back/

Kanskje noe å tenke på. Man trenger ikke gå så langt som BTC China. Hva med at for eksempel maker må betale 0,3% i kurtasje og taker må betale 0,7%?

[klausbl]

“Maker-taker” is a system whereby those posting multiple buy/sell offers and increase liquidity in the market (“makers”) are paid a fee, whereas those who take the offers and remove market liquidity (the “takers”) are charged a fee.

http://www.coindesk.com/btc-china-bitcoin-volume-bounces-back/

Kanskje noe å tenke på. Man trenger ikke gå så langt som BTC China. Hva med at for eksempel maker må betale 0,3% i kurtasje og taker må betale 0,7%?

Vi vurderer å endre oppsettet vårt slik at market makers får redusert handelsavgift. Samtidig er det viktig for oss at vilkårene våre forblir enkle, slik at alle forstår premissene.

[Charlotti]

* 0,5% avgift ved handel

[TPN]

How often does the site update the current price?

[akaman]

How often does the site update the current price?

Prices are updated after each trade. Justcoin does not sell coins; they match buyers and sellers. The prices updates whenever ask/bid offers match and trades are made between exchange participants.

[TPN]

How often does the site update the current price?

Prices are updated after each trade. Justcoin does not sell coins; they match buyers and sellers. The prices updates whenever ask/bid offers match and trades are made between exchange participants.

Thanks for clearing it up