[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[btcva]

I have a question about the new way that Bitfinex integrates the Bitstamp order book.  Raphael has said that now Bitstamp orders are augmented by between 0.15% and 0.25% before being displayed on the Bitfinex order book.  However, take a look at these images of Bitstamp and Bitfinex order books taken at the same time earlier today:

Bitstamp's order book - http://imgur.com/D8TqTks
Bitfinex's order book - http://imgur.com/AKh049t

Based on what Raphael said about price augmentation, the lowest ask on Bitfinex's order book should be no greater than $706.91 ($705.15*1.0025) - the lowest displayed is $709.41. And the highest bid should be no lower than $706.06 ($705*1.0015) - the highest displayed is $704.34. So either what Raphael told us about integration of the two order books is wrong, or the process is error-prone. And I have observed this phenomenon very often. This, to me, is very troubling.  Does anybody have an explanation for this?

Since the update, I never see bitstamp orders being executed. I had a limit order at 702.35, price drops below 702 and still the order was not executed..

By the way, it seems that bitfinex solved the 'issue' where you could put 10 orders in the order book that are way higher than what you have in your account. I was not allowed to put another in.. had to remove the old one first.

Based on my understanding, if the price fell to $702 on Bitstamp, you'd actually have to place an order on Bitfinex at $703.755 ($702*1.0025) to ensure execution, based on the price augmentation I discussed.  The problem that I see, however, is that I'm not sure what is actually occurring in the integration process, given the errors I described.  Are Bitstamp orders being integrated into Bitfinex's order book and executed, just with augmentations other than the 0.15% to 0.25% Raphael mentioned?  Or are Bitstamp orders not being integrated at all?  Or are they being integrated based on what Raphael said, but with errors?  I don't know.

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[urwhatuknow]

You seem very upset with BFX because you didn't profit from trades that shouldn't have happened in the first place and only happened because someone was trying to exploit to a bug. Exactly how much money are we talking about here? Is it a huge amount you believe BFX owes you? three or four or five figure range?

And no, it's not a huge amount

It's actually a low 2 digits number.... as I said much ado for nothing


Giancarlo
Bitfinex Team

[Sukrim]

3 - MT4 rocks. It's stable, it has very nice capabilities (although sure, the candle graphs suck... but at least they have candle graphs), and it's tested and used everyday by professional traders all around the world (major forex exchanges use this platform and you bashing it) . Now if you want to compare that with the half-baked buggy solution BugFinex provides, I'll just rest my case.

MT4 sure is a nice piece of software - BUT as far as I read about the integration of it on BTC-e there seems to be constantly issues with depositing/withdrawing to and from the MT4 interface to BTC-e. If you could trade oh so professionally there, why did you go to Bitfinex in the first place? Anyways, enjoy your loss, be happy that it was less than a single bank note in the US and either make up for it (there is VERY easy money to grab right now) or move to your professional EU based MT4 enabled professional platform.

[CambioBTC]

Listen, sent a PM and a EMail also:

I know you are not "Santa Clause",
But BitFinex system seems really different at times,
for instance:



Hey Giancarlo,

I made a bad trade that was purely my fault,
took a long position and did not have time to
set the stop because the market went against
me before having time to set the stop, before that
my balance was:

$XXXXXXXXXXXXXXX

I wanted to set the stop at 699
but as soon as I entered the market the market
started diving, O.k., grant it, that was my own fault,

however after exiting that order, I was concerned
about how to place a Buy stop at BitFinex in the Margin Trading
section, at the time my balance was

$XXXXXXXXXXXXXXX

At that time not having any active orders,
I was under the impression that testing if I placed a buy stop
at 300 for 11 btc that their would be no charge and that it would just
show a buy stop at 300 for 11 btc, like a limit order, but before placing
the stop it asked me "Are you sure you want to place a Buy Order
below Market Price", and I pressed the button "Yes" and instead of
placing a single buy stop at 300 for 11 btc alone it actually filled the
buy stop request for 300 at market price ranging from 670's to 680's.

I did not want to place a market order for any btc at that time, I was
just testing the system for how to place a stop in margin trading, but
it actually filled an unwanted order, my balance after the unwanted
market order is:

$XXXXXXXXXXXXXXX

I immediately closed the position, you can check because it was not,
Can you at least set my balance back to:

$XXXXXXXXXXXXXXX

That was a pure mistake of not being familiar with how the BitFinex
system works, is it a bug to not be able to place a stop before placing
an order ?

Thanks,
CambioBTC

[johnny211]

At that time not having any active orders,
I was under the impression that testing if I placed a buy stop
at 300 for 11 btc that their would be no charge and that it would just
show a buy stop at 300 for 11 btc, like a limit order, but before placing
the stop it asked me "Are you sure you want to place a Buy Order
below Market Price", and I pressed the button "Yes" and instead of
placing a single buy stop at 300 for 11 btc alone it actually filled the
buy stop request for 300 at market price ranging from 670's to 680's.

What were you expecting the order to do?

A "stop buy" is a market buy that trigger when price is ABOVE the stop price, a "stop sell" obviously the other way around. You can use this to either stop yourself into or out of positions.

From your wording I suspect you were looking for something like a "stop limit" order, but this is not available on Bitfinex afaik.

PS. You would do well to try out the features with much smaller orders, good luck!

[CambioBTC]

At that time not having any active orders,
I was under the impression that testing if I placed a buy stop
at 300 for 11 btc that their would be no charge and that it would just
show a buy stop at 300 for 11 btc, like a limit order, but before placing
the stop it asked me "Are you sure you want to place a Buy Order
below Market Price", and I pressed the button "Yes" and instead of
placing a single buy stop at 300 for 11 btc alone it actually filled the
buy stop request for 300 at market price ranging from 670's to 680's.

What were you expecting the order to do?

A "stop buy" is a market buy that trigger when price is ABOVE the stop price, a "stop sell" obviously the other way around. You can use this to either stop yourself into or out of positions.

From your wording I suspect you were looking for something like a "stop limit" order, but this is not available on Bitfinex afaik.

PS. You would do well to try out the features with much smaller orders, good luck!

I was under the impression that testing if I placed a buy stop
at 300 for 11 btc that their would be no charge and that it would just
show a buy stop at 300 for 11 btc, like a limit order


Interesting,
There is really not a clear explanation of all the order types on the site,  


I understand what you're saying now, that Buy Stop would be used to stop out a short position,
Damm, I feel really stupid now, but still it was a honest mistake, just testing,
A simulated sandbox site would also be nice for testing purposes.

[CambioBTC]

I asked support about this but I did not get a reply so I will take it up here.

> Bitstamp orders no longer appear in the book
> Orders are now randomly filled on BFX or Bitstamp
> No way to route orders anymore
> Fee of 0.35% is applied if orders happen to be filled in Bitstamp
> Now way to know if I will be charged my BFX fee or 0.35% Bitstamp fee when orders are filled
> Total scandal
> Saturday night home alone looking at charts, no girlfriend
> 2014


Example:

- Position #84544 closed @ 703.0 on wallet trading 168.5622529    
- Trading fees for 17.2366 BTC @ 703.0 on BSTP (0.35%) on wallet trading 42.41062896

That's like a gallon of milk or a whole liter of salt for my oatmeal charged extra compared to if BFX fee was applied.

TOTAL SCANDAL, WHAT IS GOING ON HERE, I DEMAND AN OFFICIAL EXPLANATION

I'm no pro here,
but what I've noticed,
is that one can only see the difference
in the history after the order has been placed
as to where it's been routed, BFX or Stamp.

[johnny211]

- Position #84544 closed @ 703.0 on wallet trading 168.5622529    
- Trading fees for 17.2366 BTC @ 703.0 on BSTP (0.35%) on wallet trading 42.41062896

Didn't they just change it to always charge 0,15% and doing the price padding thing to cover up the difference?

[CambioBTC]

- Position #84544 closed @ 703.0 on wallet trading 168.5622529    
- Trading fees for 17.2366 BTC @ 703.0 on BSTP (0.35%) on wallet trading 42.41062896

Didn't they just change it to always charge 0,15% and doing the price padding thing to cover up the difference?

Announcement story as indicated on https://www.bitfinex.com/pages/announcements is:

"Going forward, we will no longer be showing “Bitstamp” orders on our book, but rather regular “BFX” orders reflecting Bitstamp liquidity, but priced and grouped in such a way that BFX commission rules can be applied uniformly to all trades on the platform."

This story does clearly NOT hold water as shown by the fee applied to the short I closed at $703 four hours ago. It also did not hold water regarding the trades I did yesterday.

What I am annoyed with isn't really the extra fee equivalent of a milk or two that I've been charged today and yesterday, it's that there is now no way to know what fee will be applied and no way to route orders in order to ensure that the BFX fee will apply (I used to route all my orders BFX when that was possible).

(I used to route all my orders BFX when that was possible)


Me too,
Never had a problem with routing 100% BFX on limited orders,
Only Market Orders would also get filled by a mix of BFX and Stamp,
I rather enjoyed knowing that all my limit orders were going through BFX,

But even then if one ever forgot to check that "Route To"  Box,
the order would default to the way it is now, a mixture of BFX and Stamp.

It was really nice to just route to BFX and only be charged .15%,
Lower than anyone in the Market.

Felt like routing to BFX was actually helping BFX to wean itself away
from needing Stamp.

[Indamuck]

Bitfinex - Please contact me IMMEDIATELY - there is unaccountable activity in my account.

I have 'auto-renew' on, but funds have been sent to the exchange wallet and BTC bought. Also, I couldn't login, had to change the password ... wtf?? Auto-renew is still on, but I'm holding BTC that I never traded ...

It looks like someone was preparing to make a withdrawal .... omg. Damage right now is that I own BTC at a bad price ... but can be reversed. But we need to figure out what has happened ...

[CambioBTC]

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Wow

[Drabla]

Bitfinex - Please contact me IMMEDIATELY - there is unaccountable activity in my account.

I have 'auto-renew' on, but funds have been sent to the exchange wallet and BTC bought. Also, I couldn't login, had to change the password ... wtf?? Auto-renew is still on, but I'm holding BTC that I never traded ...

It looks like someone was preparing to make a withdrawal .... omg. Damage right now is that I own BTC at a bad price ... but can be reversed. But we need to figure out what has happened ...

Did you try to contact them by e-mail?
Sorry if your account was highjacked : / No 2-Factor-Auth enabled?

[Indamuck]

Bitfinex - Please contact me IMMEDIATELY - there is unaccountable activity in my account.

I have 'auto-renew' on, but funds have been sent to the exchange wallet and BTC bought. Also, I couldn't login, had to change the password ... wtf?? Auto-renew is still on, but I'm holding BTC that I never traded ...

It looks like someone was preparing to make a withdrawal .... omg. Damage right now is that I own BTC at a bad price ... but can be reversed. But we need to figure out what has happened ...

Did you try to contact them by e-mail?
Sorry if your account was highjacked : / No 2-Factor-Auth enabled?

Looks like my password was compromised - someone got access to the account and was accumulating BTC in preparation for attempting a withdrawal. No withdrawals were made, but due to buying BTC/LTC during the market decline, my account is down about 5% in value. Clear evidence they were trying to gain authorization to make a withdrawal - fortunately that failed.

Not Bitfinex' fault ... but I'd like them to have a look, in case they can spot a pattern across other accounts and/or advise me on improving security.

For the record I've been traveling heavily these past several weeks and logging in at multiple airports / unsecured networks. My password could have been snagged anywhere, in retrospect.

[the_viper]

Right now I can't withdraw BTC from Finex at all.

Tried three times and here is how it went.

I requesed withdrawal of 0.5 BTC and got standard e-mail saying "If you did not approve this withdrawal, please respond to this email to cancel the withdrawal request."
From there it goes nowhere though. No follow up e-mail to confirm the withdrawal and when I check my acocunt on finex it's still pending.

Tried this three times and never worked.

Then setup two factor auth thinking the confirmation e-mail might now be coming through and by setting that up I should bypass the confirmation mail but no luck.
Still have a pending withdrawal going nowhere

[trilogy456]

- Position #84544 closed @ 703.0 on wallet trading 168.5622529    
- Trading fees for 17.2366 BTC @ 703.0 on BSTP (0.35%) on wallet trading 42.41062896

Didn't they just change it to always charge 0,15% and doing the price padding thing to cover up the difference?

Announcement story as indicated on https://www.bitfinex.com/pages/announcements is:

"Going forward, we will no longer be showing “Bitstamp” orders on our book, but rather regular “BFX” orders reflecting Bitstamp liquidity, but priced and grouped in such a way that BFX commission rules can be applied uniformly to all trades on the platform."

This story does clearly NOT hold water as shown by the fee applied to the short I closed at $703 four hours ago. It also did not hold water regarding the trades I did yesterday.

What I am annoyed with isn't really the extra fee equivalent of a milk or two that I've been charged today and yesterday, it's that there is now no way to know what fee will be applied and no way to route orders in order to ensure that the BFX fee will apply (I used to route all my orders BFX when that was possible).

Diddo. I too am being charge 0.35% on some orders and some not, when that fee was supposed to be integrated into the price.

[HairyMaclairy]

Referenced post has been deleted.

[richardweiming]

Insurance take 20% of swap income. I'm a newbie, I don't know exactly how big the risk is.So I can't calculate whether it worth it.
Any advice? Did you lost in swap because not buy insurance? I can see the insurance fund is only 50000 usd, it seems not very helpful if there is a big loss
Also  what is  Flash Return Rate ? Flash return means I can getback my lent out money at any time? If so, maybe useful

Thanks for your advice in advance.

[unclescrooge]

- Position #84544 closed @ 703.0 on wallet trading 168.5622529    
- Trading fees for 17.2366 BTC @ 703.0 on BSTP (0.35%) on wallet trading 42.41062896

Didn't they just change it to always charge 0,15% and doing the price padding thing to cover up the difference?

Announcement story as indicated on https://www.bitfinex.com/pages/announcements is:

"Going forward, we will no longer be showing “Bitstamp” orders on our book, but rather regular “BFX” orders reflecting Bitstamp liquidity, but priced and grouped in such a way that BFX commission rules can be applied uniformly to all trades on the platform."

This story does clearly NOT hold water as shown by the fee applied to the short I closed at $703 four hours ago. It also did not hold water regarding the trades I did yesterday.

What I am annoyed with isn't really the extra fee equivalent of a milk or two that I've been charged today and yesterday, it's that there is now no way to know what fee will be applied and no way to route orders in order to ensure that the BFX fee will apply (I used to route all my orders BFX when that was possible).

Diddo. I too am being charge 0.35% on some orders and some not, when that fee was supposed to be integrated into the price.

Hey guys,

Just wanted to confirm that these last 2 days some fees were indeed 0.35% while other were regular BFX fees.

Indeed, we reverse the internal trading engine to the "old" one during some investigation after the attacks we've been subject too.

Since 2 hours you will now have the same standard BFX fees applied on ALL trades (depending on your fee schedule of course).

Just one thing about it: From an accounting point of view (profit/loss wise), the old "0.35%" fees is built-in the new BSTP liquidity, so it don't change much actually.

Let me know if it's clear

Thanks
Raphael
Bitfinex team

[tolega]

You can read all my past comments here, always supportive of bitfinex.

But confirming higher rates after they are charged does not pass confidence or trust to you clients.

[trilogy456]

Hey guys,

Just wanted to confirm that these last 2 days some fees were indeed 0.35% while other were regular BFX fees.

Indeed, we reverse the internal trading engine to the "old" one during some investigation after the attacks we've been subject too.

Since 2 hours you will now have the same standard BFX fees applied on ALL trades (depending on your fee schedule of course).

Just one thing about it: From an accounting point of view (profit/loss wise), the old "0.35%" fees is built-in the new BSTP liquidity, so it don't change much actually.

Let me know if it's clear

Thanks
Raphael
Bitfinex team

Thank you for your reply. I had a feeling it was due to the rollback. Good to hear the feature is now fully implemented.