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

[whatthesith]

Maybe I just overlook to your statement, you might not mean that Custom and Excise Department had performed audit on Bitfinex account. Maybe you just mean that they have audit the AML/KYC compliance procedures...

[tsay]

The updated requirement is:

A – 2 X photo ID (passport and national ID card copy)
B - recent electrical bill / property tax / telephone (no other type accepted)
C - copy of a bank statement / bank account in your name - should be the same account from which you receive / send funds
D - occupation detail and source of income explained on the form

Bitfinex team, what if ID and paper documents required showing other than English such as chinese, japanese, russian etc. ?

If other languages documents accepted ok, then it is convenient for people to submit these documents.

[urwhatuknow]

Maybe I just overlook to your statement, you might not mean that Custom and Excise Department had performed audit on Bitfinex account. Maybe you just mean that they have audit the AML/KYC compliance procedures...

that's exactly what I wrote.
The fact that they audited our bank accounts was just your assumption.

Have a good day

Giancarlo
Bitfinex Team

[urwhatuknow]

The updated requirement is:

A – 2 X photo ID (passport and national ID card copy)
B - recent electrical bill / property tax / telephone (no other type accepted)
C - copy of a bank statement / bank account in your name - should be the same account from which you receive / send funds
D - occupation detail and source of income explained on the form

Bitfinex team, what if ID and paper documents required showing other than English such as chinese, japanese, russian etc. ?

If other languages documents accepted ok, then it is convenient for people to submit these documents.

we have no problem with japanese, chinese and russian documents

have a good day

Giancarlo
Bitfinex Team

[urwhatuknow]

been trading BFX for awhile now, through TorBrowser. recently i noticed that the site would return a "security error" every now and again, citing my IP and forcing me to reconnect with a different identity. why is this?

also, i know some traders who are being offered 4:1 leverage. why is my highest option 2.5:1?

thanks

i know the new KYC/AML implementations are forefront right now, but could someone comment on the above? i would really appreciate some clarification.

--arepo

1) nobody is being offered 4:1 leverage as far as I know.
2) this is not due to us, we use Incapsula antiddos attack software and this can be the cause.

have a good day

Giancarlo
Bitfinex Team

[tsay]

The updated requirement is:

A – 2 X photo ID (passport and national ID card copy)
B - recent electrical bill / property tax / telephone (no other type accepted)
C - copy of a bank statement / bank account in your name - should be the same account from which you receive / send funds
D - occupation detail and source of income explained on the form

Bitfinex team, what if ID and paper documents required showing other than English such as chinese, japanese, russian etc. ?

If other languages documents accepted ok, then it is convenient for people to submit these documents.

we have no problem with japanese, chinese and russian documents

have a good day

Giancarlo
Bitfinex Team

Wow, that's really wonderfully !
Thanks for this great service you provide.

[Sukrim]

1) Deposits - withdrawals fees:  To put things into perspective a customer can now withdraw or deposit 30,000 usd and be charged a fee of 30 usd.
I frankly speaking don't believe this is even a problem to talk about in case you move money in and out once in a while.
Bitcoin is not a treasury bond yielding 3% a year, it is highly volatile and I believe we are making much ado for nothing.
Please understand our current financial system is based on checks and parameters.
The more we move in and out of our accounts, the more banks will be likely to notice our flows, the more attention we will get.
What we are trying to discourage here is not an occasional deposit or withdrawal, it's people moving money in and out daily as there was no tomorrow.
This behavior is putting our system under stress and is representing a potential threat to our security.  

How about 1 free deposit and 1 free withdrawal per month for example then (or at least waiving the minimum fee of 20(!) USD)? Now a customer can also withdraw 300 USD and will be charged 20 USD... I guess that is the bigger concern here, not that withdrawing 100k USD costs 100 USD extra (everything below 20k(!) USD is charged a higher than 0.1% fee, an amount that would likely even cause my bank to start asking questions).

[CambioBTC]

The updated requirement is:

A – 2 X photo ID (passport and national ID card copy)
B - recent electrical bill / property tax / telephone (no other type accepted)
C - copy of a bank statement / bank account in your name - should be the same account from which you receive / send funds
D - occupation detail and source of income explained on the form

Bitfinex team, what if ID and paper documents required showing other than English such as chinese, japanese, russian etc. ?

If other languages documents accepted ok, then it is convenient for people to submit these documents.

we have no problem with japanese, chinese and russian documents

have a good day

Giancarlo
Bitfinex Team

Are you saying that if we are already "Verified" with Passport that now we have to provide another Photo I.D. also ?

[LOADING.READY.RUN]

been trading BFX for awhile now, through TorBrowser. recently i noticed that the site would return a "security error" every now and again, citing my IP and forcing me to reconnect with a different identity. why is this?

also, i know some traders who are being offered 4:1 leverage. why is my highest option 2.5:1?

1) nobody is being offered 4:1 leverage as far as I know.

@arepo: I was among those who kept the "legacy" 4:1 leverage longer than it was offered in the options/settings. It was reduced for me to 2.5:1 about 2 months ago, if I remember correctly. Right now I definitely can't trade 4:1 anymore.

@giancarlo:

I was thrilled to read about the new OCO option, as this makes it a lot easier to follow a clear trading plan without having to watch the market all the time to have some peace of mind.

However, one thing is unclear to me. The FAQ says "...if one order is executed fully or partially, then the other order is automatically canceled." In case of partial filling, will the other order be canceled entirely or just get its amount reduced to still match the partially filled order?

The former is what I read from the FAQ text, the latter is what would make sense IMO...

[urwhatuknow]

Oh look at the time, it's time to FUD.

The yuan is currently collapsing along with stock and commodities:

http://www.zerohedge.com/news/2014-03-19/chinese-yuan-collapsing

Chinas largest steel maker just announced a default:

http://www.zerohedge.com/news/2014-03-20/dropping-flies-largest-steel-maker-chinas-shanxi-province-defaults-cny-3-billion-deb

There are currently 16,462,723.00 USD worth of swap contracts at Bitfinex but only 11,249,642 USD in the entire bid curve at Bitfinex. The USD is going up against everything and everyone in China is scrambling to get liquidity which means that they will be selling BTC and LTC and every other liquid asset. It's much easier to turn BTC into CNY compared to property and physical gold.

16,462,723.00 USD worth of swap contracts and only 11,249,642 USD at Bitstamp means that there is currently a very huge possibility that BTC will crash rapidly and start a chain of forced executions which till take the price at BFX down to $10.

Bistamp, Bitfinex, Bit-whatever.... do you even ever read your posts before pushing the "post" button?

[unclescrooge]

been trading BFX for awhile now, through TorBrowser. recently i noticed that the site would return a "security error" every now and again, citing my IP and forcing me to reconnect with a different identity. why is this?

also, i know some traders who are being offered 4:1 leverage. why is my highest option 2.5:1?

1) nobody is being offered 4:1 leverage as far as I know.

@arepo: I was among those who kept the "legacy" 4:1 leverage longer than it was offered in the options/settings. It was reduced for me to 2.5:1 about 2 months ago, if I remember correctly. Right now I definitely can't trade 4:1 anymore.

@giancarlo:

I was thrilled to read about the new OCO option, as this makes it a lot easier to follow a clear trading plan without having to watch the market all the time to have some peace of mind.

However, one thing is unclear to me. The FAQ says "...if one order is executed fully or partially, then the other order is automatically canceled." In case of partial filling, will the other order be canceled entirely or just get its amount reduced to still match the partially filled order?

The former is what I read from the FAQ text, the latter is what would make sense IMO...

Hello,

We have chosen the former option, ie as soon as your limit order is partially filled, the stop order is entirely cancelled.  Because you could chose to change your plan in case of partial fill.
Of course this is not set in stone and depending on further feedback we may change this behavior.

Please also note that at the moment, you have to place your stop price at least 1% away from the ticker price for OCO orders.

About the leverage I hear you, and hope we can enable higher leverage soon once we are more comfortable with our liquidity and volatility.

Thank you for the feedback, have a good day everyone
Raphael

[halcyon]

1) Deposits - withdrawals fees:  To put things into perspective a customer can now withdraw or deposit 30,000 usd and be charged a fee of 30 usd.
I frankly speaking don't believe this is even a problem to talk about in case you move money in and out once in a while.
Bitcoin is not a treasury bond yielding 3% a year, it is highly volatile and I believe we are making much ado for nothing.
Please understand our current financial system is based on checks and parameters.
The more we move in and out of our accounts, the more banks will be likely to notice our flows, the more attention we will get.
What we are trying to discourage here is not an occasional deposit or withdrawal, it's people moving money in and out daily as there was no tomorrow.
This behavior is putting our system under stress and is representing a potential threat to our security.  

if this is the reason behind the recent increase in fees there are much better solutions

pinnaclesports.com (one of the major bookmakers in the world) has a system where every customer gets 1 completely free withdrawal per month.
And because they also try to prevent people depositing/withdrawing excessively they have a policy where each additional withdrawal
is charged with a flat fee.

By that structure they incentive people to withdraw responsibly and minimize unnecessary transactions.

But I guess you won´t change it anyways, just wanted to mention there are other possible solutions for the problems you
experienced 

[LOADING.READY.RUN]

Hi Raphael,

We have chosen the former option, ie as soon as your limit order is partially filled, the stop order is entirely cancelled.  Because you could chose to change your plan in case of partial fill.
Of course this is not set in stone and depending on further feedback we may change this behavior.

What I don't like about this approach is that it still isn't "waterproof", you still can't use it properly in a hands-off fashion. A partial fill would mean that either the market bounces at your limit order but continues in the same direction (that would be fine), or that it has turned around precisely at the point of your limit order. In the latter case you'd really need the stop that got canceled, but your position now is without protection. This doesn't give you peace of mind, even when you're 100% clear about your trading plan.

The other approach leaves you only with the risk of slippage, which you always have.

If, as you say, you choose to change your plan in case of a partial fill, you could still do so in the second option. You'd just have to cancel both orders separately, if I understood correctly. I don't see any downside in this.

Edit: This brings me to a feature proposition: It would be nice if one day you could "edit" open positions, without having to cancel them and open a modified version. Like just changing the limit price of an open order...

About the leverage I hear you, and hope we can enable higher leverage soon once we are more comfortable with our liquidity and volatility.

I was just commenting on Arepo's allegation that traders could still keep their 4:1 leverage.

I don't have any problems with the lower leverage -- liquidity and market depth have to be adequate for higher leverage. Imagine how the flash crash on Feb 10 would've gone if  people had been long at 4:1... However, I enjoyed the 4:1 in the November bull run, but I agree, safety is the top priority here. Where would we be as traders if no one provided liquidity...

[GurungBoi]

I actually.. see alot of people being really unreasonable.
Overall, Bitfinex is really doing a good job giving a us leverage trading  (Thou it will become better with more volume in the future).
They have a system, it's decent and you and I as a trader/bag holder whatever have a choice to USE THIS system.
The ID checks and etc is a good thing why? Cause it protects them and us. I used to do forex trading and it was always a required step.
I got nothing to hide or lose as long as they have a strict confidentiality agreement on the documents that was given to them.
Overall a very good system.
it will be nice if I can insert buy/sell or maybe i should test out the OCO hahah

Thanks so far.

[CambioBTC]

I actually.. see alot of people being really unreasonable.
Overall, Bitfinex is really doing a good job giving a us leverage trading  (Thou it will become better with more volume in the future).
They have a system, it's decent and you and I as a trader/bag holder whatever have a choice to USE THIS system.
The ID checks and etc is a good thing why? Cause it protects them and us. I used to do forex trading and it was always a required step.
I got nothing to hide or lose as long as they have a strict confidentiality agreement on the documents that was given to them.
Overall a very good system.
it will be nice if I can insert buy/sell or maybe i should test out the OCO hahah

Thanks so far.

The updated requirement is:

A – 2 X photo ID (passport and national ID card copy)
B - recent electrical bill / property tax / telephone (no other type accepted)
C - copy of a bank statement / bank account in your name - should be the same account from which you receive / send funds
D - occupation detail and source of income explained on the form

Bitfinex team, what if ID and paper documents required showing other than English such as chinese, japanese, russian etc. ?

If other languages documents accepted ok, then it is convenient for people to submit these documents.

we have no problem with japanese, chinese and russian documents

have a good day

Giancarlo
Bitfinex Team

Are you saying that if we are already "Verified" with Passport that now we have to provide another Photo I.D. also ?

Just one problem with that,
they never answered the question above,
two of them came on-line and conveniently avoided the question,

But I'm use to them not answered my questions,
as they always tell the customers, "You are not obliged to stay",
I'm reviewing my options, searching for greener pastures, really don't even have to be so much greener.

These guys have some serious attitude problems, imho.

For me I only see that as problems down the road,
if they don't give a damm about how you feel now, then what's next ?
draw your own conclusions, it's every man for himself,
like those that stuck around for the Gox debacle,
in my opinion got just what they deserved,
the writing was all over the wall.

[gog1]

looks like the litecoin hot wallet went out of money.  I have my withdraw in pending approval.

[MustMan]

Are you saying that if we are already "Verified" with Passport that now we have to provide another Photo I.D. also ?

Just one problem with that,
they never answered the question above,
two of them came on-line and conveniently avoided the question,

They did say this:

2) We just require extra documents to accounts that show abnormal patterns of withdrawals or any strange behavior.

My guess is that "strange behavior" means transactions that could look like money laundering and things like that.

I think your guess is right.
Although Bitfinex still much room for improvement,  I support them in this regard for security reason.

[urwhatuknow]

I actually.. see alot of people being really unreasonable.
Overall, Bitfinex is really doing a good job giving a us leverage trading  (Thou it will become better with more volume in the future).
They have a system, it's decent and you and I as a trader/bag holder whatever have a choice to USE THIS system.
The ID checks and etc is a good thing why? Cause it protects them and us. I used to do forex trading and it was always a required step.
I got nothing to hide or lose as long as they have a strict confidentiality agreement on the documents that was given to them.
Overall a very good system.
it will be nice if I can insert buy/sell or maybe i should test out the OCO hahah

Thanks so far.

The updated requirement is:

A – 2 X photo ID (passport and national ID card copy)
B - recent electrical bill / property tax / telephone (no other type accepted)
C - copy of a bank statement / bank account in your name - should be the same account from which you receive / send funds
D - occupation detail and source of income explained on the form

Bitfinex team, what if ID and paper documents required showing other than English such as chinese, japanese, russian etc. ?

If other languages documents accepted ok, then it is convenient for people to submit these documents.

we have no problem with japanese, chinese and russian documents

have a good day

Giancarlo
Bitfinex Team

Are you saying that if we are already "Verified" with Passport that now we have to provide another Photo I.D. also ?

Just one problem with that,
they never answered the question above,
two of them came on-line and conveniently avoided the question,

But I'm use to them not answered my questions,
as they always tell the customers, "You are not obliged to stay",
I'm reviewing my options, searching for greener pastures, really don't even have to be so much greener.

These guys have some serious attitude problems, imho.

For me I only see that as problems down the road,
if they don't give a damm about how you feel now, then what's next ?
draw your own conclusions, it's every man for himself,
like those that stuck around for the Gox debacle,
in my opinion got just what they deserved,
the writing was all over the wall.

Yawn

[CambioBTC]

I actually.. see alot of people being really unreasonable.
Overall, Bitfinex is really doing a good job giving a us leverage trading  (Thou it will become better with more volume in the future).
They have a system, it's decent and you and I as a trader/bag holder whatever have a choice to USE THIS system.
The ID checks and etc is a good thing why? Cause it protects them and us. I used to do forex trading and it was always a required step.
I got nothing to hide or lose as long as they have a strict confidentiality agreement on the documents that was given to them.
Overall a very good system.
it will be nice if I can insert buy/sell or maybe i should test out the OCO hahah

Thanks so far.

The updated requirement is:

A – 2 X photo ID (passport and national ID card copy)
B - recent electrical bill / property tax / telephone (no other type accepted)
C - copy of a bank statement / bank account in your name - should be the same account from which you receive / send funds
D - occupation detail and source of income explained on the form

Bitfinex team, what if ID and paper documents required showing other than English such as chinese, japanese, russian etc. ?

If other languages documents accepted ok, then it is convenient for people to submit these documents.

we have no problem with japanese, chinese and russian documents

have a good day

Giancarlo
Bitfinex Team

Are you saying that if we are already "Verified" with Passport that now we have to provide another Photo I.D. also ?

Just one problem with that,
they never answered the question above,
two of them came on-line and conveniently avoided the question,

But I'm use to them not answered my questions,
as they always tell the customers, "You are not obliged to stay",
I'm reviewing my options, searching for greener pastures, really don't even have to be so much greener.

These guys have some serious attitude problems, imho.

For me I only see that as problems down the road,
if they don't give a damm about how you feel now, then what's next ?
draw your own conclusions, it's every man for himself,
like those that stuck around for the Gox debacle,
in my opinion got just what they deserved,
the writing was all over the wall.

Yawn

A "Zebra Does Not Change It's Stripes",
Giancarlo of Bitfinex Team, as "Asinine" as ever,

Why does that not surprise me at all ?

[CambioBTC]

Check this, please
https://bitcointalk.org/index.php?topic=524429

These guys connected with Mt. Gox!
For the sake of all the robbed in cryptocommunity, highlight this, participate!

Why are you making reference to

BTC.sx

that's BTC.sx

not

BitFinex / BFX

Totally Irrelevant.