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

[capoeira]

would be nice to be able to see more orders on margin trade tab

I agree, 6 orders don't tell you much - specially if they are all 0.2 BTC or something, you have to check https://bitfinex.com/pages/ll_order_book to see what's where.

But I'm not entirely sure what number of orders would be ideal. It's 6 now. 9 perhaps? Something like 15 or 20 would be too much.

Long-term, though: I'd love to see something like goxtool for Bitfinex at some point. That doesn't just require an API, though, BFX would have to provide the full orderbook (including bitstamp) using socketio or websocket or something like that.

level II order book doesn't update without refresh

and having Bitfinex open in 2 tabs seams to slow it down.


Best way would be a scrolling window on margin tab

[Tamis]

I'm about to transfer all my btc to bitfinex, can you guys confirm they are reliable ?

[mccoyspace]

I have moved a lot of money and coins in, out and through them. Never a single problem. I think they are good.

[Faraday]

I don't think bitfinex will steal your money, they are trustworthy in that regard.

You may lose money due to bugs in their system, but I have been using the past few days and haven't experienced any of the issues that made me leave last time.

[joesmoe2012]

In the past they have had some allegations regarding shady business going on such as the borrowing of customers money and fake crediting money to customers accounts.

That being said, I've used them for months now, and never had a single issue with anything. They seem to be a stand up operation to me. I've used all their features as well, including lending a good amount of money on their exchange.

[joesmoe2012]

You may lose money due to bugs in their system, but I have been using the past few days and haven't experienced any of the issues that made me leave last time.

I've used them since April and I have never had any issues.

They have had some small bugs in their software. I reported them to support and they (usually R) respond very quickly, mostly within hours. Just contact them and ask if you have any worries or anything seems unclear.

You won't loose money because of "bugs in their system" but they do allow you to margin trade with 2.5x leverage - and you can get burned badly doing so if you are not careful / bad trader.

I think they even allow 4x leverage these days, adjustable in your settings.

[capoeira]

You may lose money due to bugs in their system, but I have been using the past few days and haven't experienced any of the issues that made me leave last time.

I've used them since April and I have never had any issues.

They have had some small bugs in their software. I reported them to support and they (usually R) respond very quickly, mostly within hours. Just contact them and ask if you have any worries or anything seems unclear.

You won't loose money because of "bugs in their system" but they do allow you to margin trade with 2.5x leverage - and you can get burned badly doing so if you are not careful / bad trader.

I think they even allow 4x leverage these days, adjustable in your settings.

yea, they could have anounced that though

[Ente]

I'm about to transfer all my btc to bitfinex, can you guys confirm they are reliable ?

Same here. I do trades, lending and cashing-out with substantial amounts for several months now. I am especially pleased with their fast, friendly and competent customerservice.

When I was all new to Bitcoin I was all new to trading, speculation and all this too. So I read a bit, got newsletters and observed the market. And lost a lot of money on MtGox doing bad trades. I thought I then had learned how this game goes, and then I lost more. Then I made some profit. Then I lost even more. Then I stopped. This was my best trading decision ever. :-)
I only traded with a part of my Bitcoins. Enough to hurt, but not enough to really hurt.

I don't know how experienced you are, Tamis. I would suggest to trade with 10% of your Bitcoins only, for a start. And maybe with a token amount only until you figure out how all those functions work. They are all well documented, but you still has to wrap your head around them. And then there are details, like for example "what lending gets automatically closed when I sell?" which you simply have to try out. With 0.01 BTC for example.

So, no, I don't see BitFinex as the risk here, we ourselves are the risk for our Bitcoins ;-)

Ente

[ninjaboon]

I'm about to transfer all my btc to bitfinex, can you guys confirm they are reliable ?

Never had problems with them. Deposits in Fiat were also confirmed in less than 36 hours.

[Ente]

On another note:
Here we go again! Currently 87% yearly interest is paid for USD lendings.
This will rise even more soon.
People, get your USD in here! :-)

Ente

[Tamis]

Thank you all, I don't think I have any reason to not trust Bitfinex.

I don't know how experienced you are, Tamis. I would suggest to trade with 10% of your Bitcoins only, for a start. And maybe with a token amount only until you figure out how all those functions work. They are all well documented, but you still has to wrap your head around them. And then there are details, like for example "what lending gets automatically closed when I sell?" which you simply have to try out. With 0.01 BTC for example.
So, no, I don't see BitFinex as the risk here, we ourselves are the risk for our Bitcoins ;-)

Seeing how bullish the market is I don't think I really risk anything at the time being !  I went to Bitfinex to get stop orders I couldn't use on Bitstamp.
I entered at 86$ stop is a 123ish.

[Ente]

Thank you all, I don't think I have any reason to not trust Bitfinex.

I don't know how experienced you are, Tamis. I would suggest to trade with 10% of your Bitcoins only, for a start. And maybe with a token amount only until you figure out how all those functions work. They are all well documented, but you still has to wrap your head around them. And then there are details, like for example "what lending gets automatically closed when I sell?" which you simply have to try out. With 0.01 BTC for example.
So, no, I don't see BitFinex as the risk here, we ourselves are the risk for our Bitcoins ;-)

Seeing how bullish the market is I don't think I really risk anything at the time being !  I went to Bitfinex to get stop orders I couldn't use on Bitstamp.
I entered at 86$ stop is a 123ish.

Nice! :-)

Question about stop-loss in general:
Lets say I have a large volume margin position, and enter a stop loss. When exactly is it executed? Like, for example, stop loss at 123, at a volume of 1000 BTC? There would not be enough volume at 123. Would the system start at 126 BTC/USD exchange rate, so it closed the position when reaching 123? Or would it start closing at 123, which might not finish selling until the exchange rate dropped to 120?

Ente

[Tamis]

Another stop order question, which order book is used ? the normal one or the lvl2 one ?
Sorry Ente I can't answer your question.

[capoeira]

Thank you all, I don't think I have any reason to not trust Bitfinex.

I don't know how experienced you are, Tamis. I would suggest to trade with 10% of your Bitcoins only, for a start. And maybe with a token amount only until you figure out how all those functions work. They are all well documented, but you still has to wrap your head around them. And then there are details, like for example "what lending gets automatically closed when I sell?" which you simply have to try out. With 0.01 BTC for example.
So, no, I don't see BitFinex as the risk here, we ourselves are the risk for our Bitcoins ;-)

Seeing how bullish the market is I don't think I really risk anything at the time being !  I went to Bitfinex to get stop orders I couldn't use on Bitstamp.
I entered at 86$ stop is a 123ish.

Nice! :-)

Question about stop-loss in general:
Lets say I have a large volume margin position, and enter a stop loss. When exactly is it executed? Like, for example, stop loss at 123, at a volume of 1000 BTC? There would not be enough volume at 123. Would the system start at 126 BTC/USD exchange rate, so it closed the position when reaching 123? Or would it start closing at 123, which might not finish selling until the exchange rate dropped to 120?

Ente

stopp loss is a market order executed after trigger, which is the top price in order book, so you would sell most of the 1000 under the price of 123

[Ente]

stopp loss is a market order executed after trigger, which is the top price in order book, so you would sell most of the 1000 under the price of 123

Makes sense, thank you.

Ente

[urwhatuknow]

Thank you all, I don't think I have any reason to not trust Bitfinex.

I don't know how experienced you are, Tamis. I would suggest to trade with 10% of your Bitcoins only, for a start. And maybe with a token amount only until you figure out how all those functions work. They are all well documented, but you still has to wrap your head around them. And then there are details, like for example "what lending gets automatically closed when I sell?" which you simply have to try out. With 0.01 BTC for example.
So, no, I don't see BitFinex as the risk here, we ourselves are the risk for our Bitcoins ;-)

Seeing how bullish the market is I don't think I really risk anything at the time being !  I went to Bitfinex to get stop orders I couldn't use on Bitstamp.
I entered at 86$ stop is a 123ish.

Nice! :-)

Question about stop-loss in general:
Lets say I have a large volume margin position, and enter a stop loss. When exactly is it executed? Like, for example, stop loss at 123, at a volume of 1000 BTC? There would not be enough volume at 123. Would the system start at 126 BTC/USD exchange rate, so it closed the position when reaching 123? Or would it start closing at 123, which might not finish selling until the exchange rate dropped to 120?

Ente

Ente

The stop loss would be triggered at 123 USD, more specifically if the bid is at 123 for a sell stop, if the ask is at 123 for a buy stop.
So yes, you can have some slippage if the order is large enough, because it's impossible to calculate the depth beforehand.

I hope that helps

Have a good sunday

Giancarlo
Bitfinex Team

[Ente]

Thank you for the confirmation, Giancarlo.

Ente

[capoeira]

Thank you all, I don't think I have any reason to not trust Bitfinex.

I don't know how experienced you are, Tamis. I would suggest to trade with 10% of your Bitcoins only, for a start. And maybe with a token amount only until you figure out how all those functions work. They are all well documented, but you still has to wrap your head around them. And then there are details, like for example "what lending gets automatically closed when I sell?" which you simply have to try out. With 0.01 BTC for example.
So, no, I don't see BitFinex as the risk here, we ourselves are the risk for our Bitcoins ;-)

Seeing how bullish the market is I don't think I really risk anything at the time being !  I went to Bitfinex to get stop orders I couldn't use on Bitstamp.
I entered at 86$ stop is a 123ish.

Nice! :-)

Question about stop-loss in general:
Lets say I have a large volume margin position, and enter a stop loss. When exactly is it executed? Like, for example, stop loss at 123, at a volume of 1000 BTC? There would not be enough volume at 123. Would the system start at 126 BTC/USD exchange rate, so it closed the position when reaching 123? Or would it start closing at 123, which might not finish selling until the exchange rate dropped to 120?



Ente

Ente

The stop loss would be triggered at 123 USD, more specifically if the bid is at 123 for a sell stop, if the ask is at 123 for a buy stop.
So yes, you can have some slippage if the order is large enough, because it's impossible to calculate the depth beforehand.

I hope that helps

Have a good sunday

Giancarlo
Bitfinex Team

one thing is not clear to me:



I have a stop loss at, let's say 120.00

when Bitstamp highest bid is at, let's say 120.20.....A Bitfinex order at 120.00 is above that, and so my stop will be triggered


now the question; If I route my stop to Bitfinex, in the case above my stop get's triggered? Or only once there is a highest Bitstamp bid at 120.00?

[Ente]

Thank you all, I don't think I have any reason to not trust Bitfinex.

I don't know how experienced you are, Tamis. I would suggest to trade with 10% of your Bitcoins only, for a start. And maybe with a token amount only until you figure out how all those functions work. They are all well documented, but you still has to wrap your head around them. And then there are details, like for example "what lending gets automatically closed when I sell?" which you simply have to try out. With 0.01 BTC for example.
So, no, I don't see BitFinex as the risk here, we ourselves are the risk for our Bitcoins ;-)

Seeing how bullish the market is I don't think I really risk anything at the time being !  I went to Bitfinex to get stop orders I couldn't use on Bitstamp.
I entered at 86$ stop is a 123ish.

Nice! :-)

Question about stop-loss in general:
Lets say I have a large volume margin position, and enter a stop loss. When exactly is it executed? Like, for example, stop loss at 123, at a volume of 1000 BTC? There would not be enough volume at 123. Would the system start at 126 BTC/USD exchange rate, so it closed the position when reaching 123? Or would it start closing at 123, which might not finish selling until the exchange rate dropped to 120?

Ente

Ente

The stop loss would be triggered at 123 USD, more specifically if the bid is at 123 for a sell stop, if the ask is at 123 for a buy stop.
So yes, you can have some slippage if the order is large enough, because it's impossible to calculate the depth beforehand.

I hope that helps

Have a good sunday

Giancarlo
Bitfinex Team

..one more question about training stop orders:

In case of a trailing stop, will the sell price be lowered when the exchange rate slowly goes down? Or will the trailing stop price be monotonous, like always rising or at least staying the same?

How fast, how often, when, is the price updated? With every trade, or the average of x minutes, or the high of y minutes?

And now the tough question:
With a trailing stop order, I am guaranteed to eventually catch a dib down. And, once I use a trailing stop, and it is executed, I can guarantee the price will rebound. If I don't use any "security net", the same dib will prove to be ste beginning of a ten-year downtrend. What do? 

Ente

[unclescrooge]

..one more question about training stop orders:

In case of a trailing stop, will the sell price be lowered when the exchange rate slowly goes down? Or will the trailing stop price be monotonous, like always rising or at least staying the same?

How fast, how often, when, is the price updated? With every trade, or the average of x minutes, or the high of y minutes?

And now the tough question:
With a trailing stop order, I am guaranteed to eventually catch a dib down. And, once I use a trailing stop, and it is executed, I can guarantee the price will rebound. If I don't use any "security net", the same dib will prove to be ste beginning of a ten-year downtrend. What do? 

Ente

Hello Ente,

So, no the price of a trailing stop sell order will never go down. It is updated with each tick: if the tick is higher than the previous, the trailing stop price is updated higher. If the tick is lower, the trailing stop price stays the same. Until the order is eventually triggered like a normal stop order.

For your last question, I would say the best thing to do is to set the price distance high enough to avoid small dip. Of course, it make the losses higher, but avoid you false dip. It is a balance that you have to find depending on what you are comfortable with.

On other news, you can see that recently we broke our record of lent dollars, and the rate is very high. Don't miss this opportunity, traders need your dollars!

have a nice day all
Raphael
Bitfinex team