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

[urwhatuknow]

I know, but the yesterdays missing....

your missing interests will be credited in a few hours together with the ones of today (when this happens the interests are always coming cumulated the next day).

We apologize for the inconvenient.

Thanks and have a good day

Giancarlo
Bitfinex Team

[richardweiming]

How too keep my brought BTC in margin trading?

I brought BTC in margin trading. But I can only close the transaction by sell it out. I want to keep the BTC I bought. How to do that? I click claim button, but I only get the warning message "You can only claim your position once you have enough profit to cover the borrowed margin and the swap",  I have money in my trading wallet. Why can't I take some loose to keep the brought BTC?


How to do that?

[8fold]

How too keep my brought BTC in margin trading?

I brought BTC in margin trading. But I can only close the transaction by sell it out. I want to keep the BTC I bought. How to do that? I click claim button, but I only get the warning message "You can only claim your position once you have enough profit to cover the borrowed margin and the swap",  I have money in my trading wallet. Why can't I take some loose to keep the brought BTC?


How to do that?

See here and here how claim function works. Hope it helps!

[urwhatuknow]

Changes on Bitfinex

Dear Customers,

In our ongoing effort to deliver the very best in cryptocurrency trading, Bitfinex is pleased to announce several changes and enhancements that will be effective on March 15th 2014 at 24:00:00 UTC.

New Commission Structure:

We have decided to adjust the commission structure to reward traders that “add liquidity” to the order book. This so-called “maker/taker” pricing strategy is a common feature in capital markets around the world and we believe that implementing such a strategy is in the interests of Bitfinex and its traders. We consider this change to be somewhat experimental and we will act quickly to make any necessary adjustments should it prove to be disruptive. The new fee structure will be as follows:

BTC/LTC Executed in Last 30 Days ******* Current Fee **** New Add Fee ***** New Remove Fee

Less than 500 ******************************* 0.15% ********* 0.10% ************ 0.20%
500 or more, but less than 2,000 ************ 0.14% ********* 0.08% ************ 0.20%
2,000 or more, but less than 5,000 ********** 0.13% ********* 0.06% ************ 0.20%
5,000 or more, but less than 15,000 ********* 0.12% ********* 0.04% ************ 0.20%
15,000 or more, but less than 25,000 ******** 0.11% ********* 0.02% ************ 0.20%
25,000 or more ****************************** 0.10% ******** 0.00% ************ 0.20%

Please note the following:

Our highest applied fee (0.2% for liquidity removers) is the lowest in the market.
Traders in the top tier trade commission free when adding liquidity.
This change in pricing structure is designed to be revenue neutral to Bitfinex on an average per BTC basis.
We will be revisiting the 30 day volume brackets in the coming weeks in an effort to create a smoother tier system.

New Banking Fees:
We have resisted making changes to our fiat banking policy, but we can no longer continue to absorb the increasing costs of maintaining multiple banking relationships around the world. As such, we are imposing a 0.10% fee on all withdrawals and deposits, subject to a $20 minimum. These fees are still amongst the lowest in the industry and we believe that this new fee structure represents a sustainable fiat banking model as we continue to grow. We are also proud to be one of the fastest platforms in withdrawals, with an average waiting time of 2.37 working days for our customers. This will remain unchanged. Express withdrawals fees (within 24 hours) will stay at 1%.

Removal of Notify Option:
The “notify” feature available when placing orders or liquidity offers is being removed as it is almost never used and doesn’t actually work very well in certain circumstances. We are, in general, always looking to simplify our interface and prune features that no one uses or may no longer be relevant, paving the way for us to add new features to a clean and uncluttered interface.

Removal of Swap Insurance Option:
We are eliminating the swap insurance options for traders offering liquidity. The model of an insurance “pool” only works if the pool size is significant relative the size of the swap market itself, which, at ~$54k it is not.

Change in Swap Policy:
Another reason for removing swap insurance is that we have decided to effectively insure all swaps on the platform. Our order book depth and increased volume over the last several months has created an environment where we are comfortable in managing the risks associated with forced liquidations. Although we have a greater comfort level, it does not mean that such insurance is not without risks to the firm’s reserves. As such we are increasing our fee on the swaps from 10% to 15%. We believe that this is a small price for liquidity providers (instead of the previous 30% insurance option) to have greater certainty and comfort during times of increased volatility.

Change in Claim Position Feature:
In an effort to create greater interoperability between swap and cash positions, we will be allowing greater flexibility in the “Claim Position” feature for open swap positions. Previously, this feature allowed a trader to convert an open swap position into the underlying cash position only if the open P&L in the position was in excess of the swap balance, which essentially limited the use of this feature to positions with enormous positive open P&L. Going forward, this feature will also check for any excess balance in the trading wallet, effectively allowing a trader to “de-lever” their swap into the underlying fiat and cryptocurrency balances, provided, of course, that the trading wallet has sufficient funds to allow for this. This change will be particularly useful for traders would normally prefer to trade on the cash exchange, but are waiting for additional funds (wire transfer) to credit before they can trade. Now that same trader has the ability to temporarily trade on a leveraged basis and subsequently “de-lever” the position when the funds are credited to the account. This change will also allow traders to “fix” their positions, who may have inadvertently opened a position in the trading wallet instead of the exchange wallet. Please note that cost of using this feature (trade commission on underlying position) remains unchanged.

Best regards
The Bitfinex Team

[Arthur Randolph]

Overall, I like these changes, which sound like a platform evolving into maturity.

One thing: would you be open to capping the transfer fee at, say, 100$/transfer?

[zero3112]

I thought cloudflare is more of a cdn (content delivery network) then it is for ddos. Which mirrors your content on servers across the globe great for news sites but doesn't help much for a realtime interactive site with a database.

[trilogy456]

Please do not remove the Notify feature. If you want a clean interface, how about a drop down menu with multiple options: Cancel, Notify, Etc.?

I use the Notify feature all the time and it works perfectly for me.  It's great to know when a Limit order hits, or when I receive the swap I want.

Also, when I want to trade with funds that are being provided in swap, it is nice to know when the money becomes available to trade with.

I doubt I am the only one that thinks the Notify feature is highly useful, and unique.

I know I don't "get a vote", but anyone else, please comment if you use/like the (awesome) Notify feature.

Thanks.

Removal of Notify Option:
The “notify” feature available when placing orders or liquidity offers is being removed as it is almost never used and doesn’t actually work very well in certain circumstances. We are, in general, always looking to simplify our interface and prune features that no one uses or may no longer be relevant, paving the way for us to add new features to a clean and uncluttered interface.

[medicine]

Overall I also like the changes, but as with the poster above, I would also request you do not remove the notify feature as I use it on all big swaps I offer.

Look forward to see how the changes effect trading and swaps.

Peace.

[wilfried]

Changes on Bitfinex
...

BTC/LTC Executed in Last 30 Days ******* Current Fee **** New Add Fee ***** New Remove Fee

Less than 500 ******************************* 0.15% ********* 0.10% ************ 0.20%
500 or more, but less than 2,000 ************ 0.14% ********* 0.08% ************ 0.20%
2,000 or more, but less than 5,000 ********** 0.13% ********* 0.06% ************ 0.20%
5,000 or more, but less than 15,000 ********* 0.12% ********* 0.04% ************ 0.20%
15,000 or more, but less than 25,000 ******** 0.11% ********* 0.02% ************ 0.20%
25,000 or more ****************************** 0.10% ******** 0.00% ************ 0.20%
...

??
new add fee=??? --> is it a fee for placing a limit order? is it applied to market orders too? or is it a fee for a buy beeing executed?
new remove fee=??? --> is it a fee for canceling a limit order?  or is it a fee for a sell beeing executed?

is the current fee removed alltogether? so that the new fee for the lowest volume traders per "pair" (as you call it) would be 0.3%??
if it is 0,3% wouldnt it be logical to re-enable the "route to bitstamp" feature? cause that way it means: no routing, but the higher fee that used to be applied for routed orders?

if above=yes:
 doesnt this fee structure lead to high volume traders beeing able to trade smaller spreads than lower liquidity traders, though making it possible for whales to leech on
smaller fish?


you really DOUBLE your fees ?? do we see 1:8 leverage  too ?

[glavmey]

I doubt I am the only one that thinks the Notify feature is highly useful, and unique.

I know I don't "get a vote", but anyone else, please comment if you use/like the (awesome) Notify feature.

I use the notify feature every time when i trade or offer swaps! To be honest, I can't imagine that someone is not using it.
Especially for providing liquidity via swaps it's vital! Example: I place an offer, duration 3 days. It gets taken.
How can I know that my swap is still running if there's no notification and without checking the site constantly?
This wouldn't be such a problem if swaps couldn't get canceled any time. Don't get me wrong, liquidity takers should be able to
cancel their swaps! But the person that offers the swap should know about that! Otherwise it's not unlikely that I check the site
after 3 days to renew my swap, but I notice that the swap only ran 5 hours because it got canceled 
I could of course check the site constantly, but that would be very tedious. Another option would be to use the autorenew feature.
But I avoid using it, because I think it's only useful if you use it with Flash Return Rate - which gives much less return.

With that said, I would be very disappointed if the notify feature gets removed!

[glavmey]

??
new add fee=??? --> is it a fee for placing a limit order? is it applied to market orders too? or is it a fee for a buy beeing executed?
new remove fee=??? --> is it a fee for canceling a limit order?  or is it a fee for a sell beeing executed?

Correct me if I am wrong!

You place a limit order -> you "add" liquidity -> 0.1% fee if your order gets executed (BTC/LTC Executed in Last 30 Days < 500). No fee if you cancel your limit order.
(edit: As oyvinds said: 0.1% fee only if you don't place your limit buy order above or your limit sell order below the current price ^^)
You place a market order -> you "remove" liquidity -> 0.2% fee (BTC/LTC Executed in Last 30 Days < 500)

That means that limit orders are cheaper now, fee for market orders is 0.2%.

[urwhatuknow]

new add fee=??? --> is it a fee for placing a limit order? is it applied to market orders too? or is it a fee for a buy beeing executed?
new remove fee=??? --> is it a fee for canceling a limit order?  or is it a fee for a sell beeing executed?

In simple terms:

You hit an order that's in the book then you are the "maker" (you made the trade happen).

Your resting order gets hit then you are the "taker" (you just sat there waiting).

It doesn't matter if you hit a limit order already in the book with a market order or FOK order or a limit placed below last price. If you "make the move" then you're the maker.

If you place a limit order and I fok it you pay 0.2% and I pay 0.04%.

There is still no fee for canceling orders.

My impression is that the exchanges who use this system do it to encourage active trading and volatility. BFX point of view is that a trade where one pays 0.2% and another 0.04% gives them 0.24% profit - which is the same as if they charged both parties 0.12%. I guess how much you end up paying with this new fee structure depends on your trading pattern.

I think this is a good thing. However.. Huobi has zero fees for trading. That would be better. (The obvious question is: How do they make money, then?)

Definitions:

1) a market maker is anybody adding liquidity to the order book:

a)If the ticker price is 633 and I insert a limit BTC selling order at 635 I provide liquidity to the order book ( with my action I created an extra ask line on the order book)  

b)If the ticker price is 633 and I insert a limit BTC buying order at 631 I provide liquidity to the order book ( with my action I created an extra bid line on the order book)

2) a market taker is anybody subtracting liquidity to the order book:

c) If the ticker price is 633 and I insert a limit BTC selling order at 633 (or lower) or a market order,  I take away liquidity from the order book ( with my action I took away 1/or more bid lines from the order book)
  
d) If the ticker price is 633 and I insert a limit BTC buying order at 633 (or higher) or a market order,  I take away liquidity from the order book ( with my action I took away 1/or more ask lines on the order book)


With this move Bitfinex basically wants to reward people adding liquidity to our order book as this will provide a better service to our customers by avoiding slippage in case of big orders (liquidity a.k.a as thickness is good, slippage is bad).

The amount of fees generated by a trade (the sum of the 2 legs of a trade) remains unchanged for Bitfinex.

We are not making more money on trading fees, we are just rewarding book "thickeners" at the expenses of book "thinners".

It must be noticed that the worse case fee scenario at Bitfinex represent the best case fee scenario on other platforms (0.20%).  

We also believe that the market will find a balance and not decrease the volume of trades, but only time will tell if we were right in our assumption or not.

This new fee introduction has therefore to be considered an experiment that will only be confirmed if we see that no major negative changes will occur to our volume (we believe it will actually be beneficial as it will attract more traders and therefore generate more volume, but we are not 100% certain of that).

I hope this helps

Have a good day

Giancarlo
Bitfinex Team  
 
  

[wilfried]

thx for the clarification giancarlo, i better understand your explanations than the ones of your college, his way of writing doesnt seem to fit my synapsees well..

and when is the fee due? on making an order or on execution? (is oyvinds right with  his explanation?)

[urwhatuknow]

thx for the clarification giancarlo, i better understand your explanations than the ones of your college, his way of writing doesnt seem to fit my synapsees well..

and when is the fee due? on making an order or on execution? (is oyvinds right with  his explanation?)

as usual only when the order is executed

have a good day

Giancarlo
Bitfinex Team

[richmke]

Technically, whether you are a maker or not is not a reference to Ticker Price. Ticker Price is the last execution price, which may or may not be refelctive of current market.

Think of it this way: In general, if your order is not executed immediately, then you are a liquidity provider, and thus a market maker (although market maker in the real world has a more specific meaning that comes with rights and responsibilities). If your order is executed immediately, then you have taken liquidity provided by someone else.

So, if you are buying, if your price is below the ask price, then you are a market maker.
If you are selling, if your price it above the bid price, then you are a market maker.
In both instances, your order will be added to the order book and thus you become a liquidity provider.

The one possible exception is if there are hidden orders. In theory, the hidden orders should not be considered a liquidity provider, and you should get the benefit. Another exception is if your order and another order hit at virtually the same time. Whoever hits first is the market maker.

[halcyon]

Changes on Bitfinex


Removal of Notify Option:
The “notify” feature available when placing orders or liquidity offers is being removed as it is almost never used and doesn’t actually work very well in certain circumstances. We are, in general, always looking to simplify our interface and prune features that no one uses or may no longer be relevant, paving the way for us to add new features to a clean and uncluttered interface.

I really liked this feature and in my experience it always worked pretty reliable.
Sad to see you decided to remove it 

(that said I of course agree that a simpler interface is always an improvement)

[urwhatuknow]

urwhatuknow: You guys have at minimum once (twice?) put a big red banner on top of the screen/interface which said "Scheduled maintenance between whatever time and when we're done".

Perhaps you should place one of those there for 48 hours or so when you make announcements?

Other BFX users I have talked about this change with had no idea that it took place before I told them to look at the secret announcement page.

An alternative would be to send a spam e-mail to every BFX user when you make these changes. I like the notification on top of pages at BFX idea better than e-mail spam (perhaps with a button that says  "Read" or "yeah I know stop bugging me already" which makes it go away).

Most of us don't check the announcement page very often and a lot of people never heard of bitcointalk.

thanks for the good suggestion.....
working on it.....

Giancarlo
Bitfinex Team

[CambioBTC]

So that means that any market orders
will automatically be market takers and fee applied,

In addition to closing a position at market price
will automatically be market takers and fee applied.

Is this correct ?

Or in short this is to discourage the use of market orders
and promote the use of limit orders.

This also applies when using the blue "Close" position button
on the margin trading page which are closed at market price ?


Regarding the Withdrawals,
They are now $20 plus the 1%,

and the deposits are $20,


Is all of the above correct ?


Maybe you guys have not noticed lately,
but the btc market is sucking wind lately,
5-Point moves all day,
which fees already make cost-prohibited to trade,
and now more fees, great.

Thanks

P.S.:  Ighor, please add Huobi.com to Qt-Trader as fast as possible,
        Huobi has zero-fees, 0%, making it possible to trade the 5-point channels even.
        https://bitcointalk.org/index.php?topic=201062.msg5647822#msg5647822
        Meanwhile China is trading with zero fees, while we are having more fees piled upon us, oh well, whoever said the English speaking btc market is lucrative.

Just having our funds on deposit there is being a liquidity provider, with zero interest, but of course none of us are "obliged" to stay, geez Louise !

[F-bernanke]

Please do not remove the Notify feature. If you want a clean interface, how about a drop down menu with multiple options: Cancel, Notify, Etc.?

I use the Notify feature all the time and it works perfectly for me.  It's great to know when a Limit order hits, or when I receive the swap I want.

Also, when I want to trade with funds that are being provided in swap, it is nice to know when the money becomes available to trade with.

I doubt I am the only one that thinks the Notify feature is highly useful, and unique.

I know I don't "get a vote", but anyone else, please comment if you use/like the (awesome) Notify feature.

Thanks.

Removal of Notify Option:
The “notify” feature available when placing orders or liquidity offers is being removed as it is almost never used and doesn’t actually work very well in certain circumstances. We are, in general, always looking to simplify our interface and prune features that no one uses or may no longer be relevant, paving the way for us to add new features to a clean and uncluttered interface.

+1, I literally love the Notify function, i want her back.

Also the 50% raise in lending fee is a bit harsh.

[gog1]

Just check out the new fee structure,

International wire    0.100% of the withdrawal amount, with a minimum of $20.00
Charged on your existing swaps, paid by the liquidity provider   15.0% (of the swaps generated by active contracts)

If I'm wiring $100k, that will be $100 USD, which is a bit excessive, esp I know I'll be withdrawing to a local HSBC HK account!  In addition, the lending fee is now up to 15%, which is a huge increase.  I highly recommend removing the flash return rate to allow for more efficient rate discovery instead of having rate artificially manipulated (I know Ente has other opinion on this), as borrower always have option to return fund early but lenders can never recall.  Margin loan outstanding approach $16 million yet interest yet the FRR keeps declining.

lastly, there's no more mention of lender insurance, so I suppose that is gone completely, or are all lender funds now 'insured'?