gog1
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March 06, 2014, 05:35:52 AM |
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@BFX: Kraken is gaining momentum slowly by the way (though mostly in EUR, not USD) - please re-consider adding them as alternative to Bitstamp and start trading a little bit there too! I think Kraken is off the table unless BFX somehow gets a EUR banking partner and switches to trading in EUR and I don't think that's likely. I really would like to see BFX ditch USD, though, but I'm not convinced EUR is a good alternative and I also think a whole lot of BFX users would be unhappy if they suddenly switched to CNY (which would be a much better choice than USD or EUR). And RUB is off the table now that mother Russia basically banned everything to do with cryptocurrencies. There is no reason they could not support multiple fiats as well as cryptos and all the crosses of these. This is how most currency trading works and should be workable here too ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Check out Oanda or IB's fx service for how it can be done. Both of these let you convert physical fiat at typical FX spreads of a couple of pips. kraken is in the States, I know they are licensed and have a decent running exchange, but I don't think it's worth the risk at the moment. Maybe one day, BFX will be like Interactive Brokers of stock / options trading.
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HairyMaclairy
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Degenerate bull hatter & Bitcoin monotheist
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March 06, 2014, 05:36:27 AM Last edit: March 06, 2014, 05:46:44 AM by HairyMaclairy |
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I'm against crypto exchanges doing forex. I realise the code is the same but forex is a totally different game. I don't want Soros in my sandpit.
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johnny211
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March 06, 2014, 05:48:56 AM |
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Trading profits are subject to your local capital gains tax. This means that you must pay the capital gains tax on your trading profit - just like you would if you were trading EUR/USD. You can also deduct any losses you had. All that money you obviously had at MtGox when they closed down would, for example, be a deductible loss. You agree to comply with your local tax laws in the Bitfinex TOS.
It also says that "Suspicious transactions will result in a Suspicious Activity Report being submitted to the relevant regulatory and compliance bodies applicable in the registered members' verified country of origin.". This means that you will be reported if you are the money launderer who is doing the suspicious transactions. You also agree to this in their TOS.
Your question indicates that you do not want to follow your local fascist governments laws. That would be against Bitfinex TOS and you should not use it if that is the case.
Some places you only have to file once a year. Why not just open a new account every tax season, that would solve the bfx tos issue. Also some countries do not levy tax on currency trading profits, yet others may only consider fiat transactions (how many EUR tax to pay for a CAT vs DOGE trade, how do you pick the rate dates, what happens if there is not enough liquidity to move the tax obligation into fiat, does the taxable profit actually exist then? Questions go on and on, and pretty much none of them have been tried in court in a cryptocurrency context. Paypal, while not the tax man, prohibit bitcoin and other virtual currency trading. But apparently they are completely fine with virtual world currencies such as the Linden Dollar.. Lawyers make no sense. Another thing to think of is that at least if you are in the EU, count on each and every major exchange to be hit with requests from your tax man a few years from now. Treat it as you would any semi-legit offshore destination (ie. they're not broadcasting your transaction volume and balances, but may very well be volunteering info on interest paid / per year / account holder, as I believe quite a few of the EU <-> tax haven reporting agreements look like that.
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gog1
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March 06, 2014, 05:55:58 AM |
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Trading profits are subject to your local capital gains tax. This means that you must pay the capital gains tax on your trading profit - just like you would if you were trading EUR/USD. You can also deduct any losses you had. All that money you obviously had at MtGox when they closed down would, for example, be a deductible loss. You agree to comply with your local tax laws in the Bitfinex TOS.
It also says that "Suspicious transactions will result in a Suspicious Activity Report being submitted to the relevant regulatory and compliance bodies applicable in the registered members' verified country of origin.". This means that you will be reported if you are the money launderer who is doing the suspicious transactions. You also agree to this in their TOS.
Your question indicates that you do not want to follow your local fascist governments laws. That would be against Bitfinex TOS and you should not use it if that is the case.
Some places you only have to file once a year. Why not just open a new account every tax season, that would solve the bfx tos issue. Also some countries do not levy tax on currency trading profits, yet others may only consider fiat transactions (how many EUR tax to pay for a CAT vs DOGE trade, how do you pick the rate dates, what happens if there is not enough liquidity to move the tax obligation into fiat, does the taxable profit actually exist then? Questions go on and on, and pretty much none of them have been tried in court in a cryptocurrency context. Paypal, while not the tax man, prohibit bitcoin and other virtual currency trading. But apparently they are completely fine with virtual world currencies such as the Linden Dollar.. Lawyers make no sense. Another thing to think of is that at least if you are in the EU, count on each and every major exchange to be hit with requests from your tax man a few years from now. Treat it as you would any semi-legit offshore destination (ie. they're not broadcasting your transaction volume and balances, but may very well be volunteering info on interest paid / per year / account holder, as I believe quite a few of the EU <-> tax haven reporting agreements look like that. people are afraid of theft and lawsuits, and regulators. Linden Dollar is not big enough to cause an issue. Last thing US wants to do is kill all game currency and potentially even store credits.
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GurungBoi
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March 06, 2014, 05:28:11 PM |
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So .. let's say that I short 50 LTC at $18.. and i do not wish to market close it. I wish to close the position at $17.. do i .. create a buy order of 50 ltc @$17 or do i create a sell order of 50ltc @$17? i wish they had a simplier systemm of just putting in numbers that you wish to close it for =/ Thanks if you reply ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Regards, I ask this as.. twice i market close my trades with a profit.. which was 90$ to a loss of $33 + fees =/
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Sukrim
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March 06, 2014, 05:38:19 PM |
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So .. let's say that I short 50 LTC at $18..
This means you SOLD 50 LTC. To close the position, you need to BUY 50 LTC again, e.g. at 17 USD per piece.
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GurungBoi
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March 06, 2014, 05:53:28 PM |
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So .. let's say that I short 50 LTC at $18..
This means you SOLD 50 LTC. To close the position, you need to BUY 50 LTC again, e.g. at 17 USD per piece. Awesome. So i will not hold anything after yes? and just to make sure.. What if i put a buy at 17 (50 ltc) and others are doing the same as well? Will i close my short and instead buy at 17?
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GurungBoi
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March 06, 2014, 06:15:21 PM |
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Awesome. So i will not hold anything after yes? and just to make sure.. What if i put a buy at 17 (50 ltc) and others are doing the same as well? Will i close my short and instead buy at 17?
On the "Margin Trade" page you will see something that is called "My active positions" near the top. If your active position is -50 LTC then you will close that position if you buy 50 LTC. If you buy the 50 LTC below the "Base price" then you win. If you buy above it then you loose. If you sold at 18 and buy at 17 then you get $50 minus 0.3% (0.15% fee when you buy and sell). The same applies if you take a long position, if you buy 50 LTC then you close the position by selling 50. The "close" button under "My active positions" will also close your position by doing a market buy or sell depending on you being long or short, never click that "close" button. Just don't. Not even once. I don't even know why it's there but the good news is that you can remove it with stylish so you don't accidentally click it. Nice ty
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gog1
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March 07, 2014, 12:06:49 AM |
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The thing I really don't like about leverage trading is you have to close the trade at bitfinex. You cannot simply return the borrowed coin / usd by depositing.
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whatthesith
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simply getting the job done
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March 07, 2014, 01:07:16 AM |
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The thing I really don't like about leverage trading is you have to close the trade at bitfinex. You cannot simply return the borrowed coin / usd by depositing.
You can open another opposite position in exchange with the same amount. And then close the margin position in market order. But slippage may occur if your opposite position is filled by others. It would be nice to have a button to "Close position with BTC" for short position "Close position with USD" for long position given that the user have that amount of BTC or USD in trading wallet Of course, the user should pay 0.15% x 2 = 0.3% fee for closing such position.
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kb24mvp
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March 07, 2014, 02:50:09 AM |
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Is anyone else experiencing delays with support (+2 days)
Yes, seriously I'm not sure why its so hard to get a reply via email I have tried to send in multiple emails but no responses to admin and support @ bfx
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dahongfei
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March 07, 2014, 07:02:55 AM |
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The thing I really don't like about leverage trading is you have to close the trade at bitfinex. You cannot simply return the borrowed coin / usd by depositing.
You can open another opposite position in exchange with the same amount. And then close the margin position in market order. But slippage may occur if your opposite position is filled by others. It would be nice to have a button to "Close position with BTC" for short position "Close position with USD" for long position given that the user have that amount of BTC or USD in trading wallet Of course, the user should pay 0.15% x 2 = 0.3% fee for closing such position. Exactly, we really need this feature. Please make it happen.
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MustMan
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March 07, 2014, 10:15:40 AM |
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[The Bitstamp bitcoin exchange has reported today that third-party auditors have verified the exchange’s bitcoin balance and confirmed that the exchange held 100 percent of validated bitcoin and USD funds.] Bitstamp Posts Results of Audit, No Problems to Report http://kculshare.com/2014/03/bitstamp-posts-results-of-audit-no-problems-to-report/Ok, when is it Bitfinex's turn to have third-party auditors verify their bitcoin balance ??
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arbitrage001
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March 07, 2014, 11:01:04 AM |
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[The Bitstamp bitcoin exchange has reported today that third-party auditors have verified the exchange’s bitcoin balance and confirmed that the exchange held 100 percent of validated bitcoin and USD funds.] Bitstamp Posts Results of Audit, No Problems to Report http://kculshare.com/2014/03/bitstamp-posts-results-of-audit-no-problems-to-report/Ok, when is it Bitfinex's turn to have third-party auditors verify their bitcoin balance ?? Have to agree with this. Bitfinex is one of the top 5 exchanges in the world right now. Would be nice to have a trusted and verified audit done and publish the report to put everyone at ease. Can also use the audit report as a marketing technique to gain trust.
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thatbluedude
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March 07, 2014, 12:03:55 PM |
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Would it be possible to implement some sort of lending termination request for lend out funds?
First: I fully understand that I don’t have a right to demand an early return off lend out money, but: Assume someone offers to lend at the same or a lower rate than what I currently get. Could I request a premature termination if the liquidity takers conditions won’t change or even get better?
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BitApparel
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March 07, 2014, 12:37:18 PM |
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Has anyone recently wired cash via international wire to bfx bank? How long did it take? What about cash outs?
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$@$@$@$$@$------------------->>> trade BTC/LTC leveraged @ bitfinex.com AND
get 5% lifetime rebate! use sign-up code -------> X1LTTXAjLV PM after sign up !!!
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johnny211
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March 07, 2014, 12:55:59 PM |
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get 5% lifetime rebate! use sign-up code -------> X1LTTXAjLV PM after sign up !!! special deal? isn't it usually 10% limited to 30 days?
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Sawadekub
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March 07, 2014, 01:07:55 PM |
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wired 1 working day.. withdrawal 3-5 days working
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Sukrim
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March 07, 2014, 02:45:54 PM |
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get 5% lifetime rebate! use sign-up code -------> X1LTTXAjLV PM after sign up !!! special deal? isn't it usually 10% limited to 30 days? He wants to pay you back stuff he gets via the reflink, hence the PM. This won't work for anything beyond USD though.
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DoubleSwapper
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March 07, 2014, 04:29:35 PM |
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As I am mainly operating as a liquidity provider on your platform I have noticed that a third column was added to the "offer swap" tab with the description of "Nb of swap contracts (of 1 $ each)".
Can you please explain what this additional feature does and whether it incurs any addtional costs to liquidity providing as I am a bit irritated by the "(of 1 $ each)" explanation. While you guys are doing a great job operating the platform it would be nice of Bitfinex to announce and explain any addtional features you are adding to the platform. I haven't seen any explanation for this feature anywhere so far.
Kind Regards.
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