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

[BitBits]

Lets have a bEEr and just go with the flow, what else?

[1714866655]

1714866655

[Ente]

Lets have a bEEr and just go with the flow, what else?

I'm all in for that!

Ente

[0x3d]

Hey fellow traders,

I've already mentioned this in the Wall observer thread about a week ago but obviously that's not quite the place for some sort of advertising.

Today I improved my Bitcoinsounds-tool even more so I thought I might as well share it in the official BFX-thread as it's using their data exclusively:

http://bitcoinsounds.0x3d.lu/

It makes a customizable sound whenever one of 3 conditions is given:
- When price changes by an absolute value of n dollars
- When volume during the past n seconds passes a threshold of m BTC
- When the number of executed trades during the past n seconds passes a threshold of m trades

I'm going to add some more (less annoying ) sounds this evening or during the next days so stay tuned.

If you have any other suggestions feel free to contact me using the email at the bottom of the page.

Added new sounds, a history function and some more minor tweaks...

[Helix]

Feature Request,

I'm wondering if the Bitfinex team would ever consider an "unclaim" function? What I mean by this is being flat and then "unclaiming" say 100 litecoins... The margin wallet would create a -100 litecoin position and simultaneously add 100 litecoins to the wallet... The scenario I'm thinking about here is if I want to move those 100 litecoins to another exchange but not be subject to any volatility while in transit... This can be done manually off course but requires two separate transactions now and thanks to the damm bots your gonna incure significant slippage... This would be my number one feature request, is such a thing in the pipeline???

[kb24mvp]

hey guys...was wondering if anyone could help me out here:

let's say I have $3000 USD in my account and I want to trade on margin

If I want to open up a short position lets say 10 BTC @ 455

But I want to set a stop loss at 475, but I also want to take profit at 400. And then I also want to use these proceeds to open a long position of 12 BTC @ 400.


What is the proper trade I need to input?

1. Margin sell 10 BTC @ 455
2. Stop buy 10 BTC @ 475?
3. Limit buy 10 BTC @ 400?

And then what about creating a long position of 12 BTC @ 400 after taking profit at 400?

Thanks

[trilogy456]

hey guys...was wondering if anyone could help me out here:

let's say I have $3000 USD in my account and I want to trade on margin

If I want to open up a short position lets say 10 BTC @ 455

But I want to set a stop loss at 475, but I also want to take profit at 400. And then I also want to use these proceeds to open a long position of 12 BTC @ 400.


What is the proper trade I need to input?

1. Margin sell 10 BTC @ 455
2. Stop buy 10 BTC @ 475?
3. Limit buy 10 BTC @ 400?

And then what about creating a long position of 12 BTC @ 400 after taking profit at 400?

Thanks

I'm no expert, so maybe someone can correct me.
Edited:
I believe you need to open your 10btc short first (that's a margin sell 10btc).  Create a 22 BTC limit Buy at $400, and separate Stop buy at $475 for 10 BTC.

[kb24mvp]

I'm no expert, so maybe someone can correct me.
I believe you need to open your 10btc short first (that's a margin sell 10btc).  Then create an OCO buy order (clicking tick box on OCO opens up the options) for 10btc, with a stop at $475, and a limit of $400.  (All these options will be on the left hand side, BUY side of the window). I don't think you can include the extra 2BTC you wanted in that specific order, but you can add a separate limit buy at $400 for 2 BTC (Untick the OCO). When the take profit hits, it should then queue up, and have enough profit for, buying those extra 2 at $400.

Thanks Trilogy,

However With the limit @ 400 for 10 BTC, that just cancels out my original short of 10 BTC right? I would need to buy 12 BTC @ 400 and not 2 is that correct?

I think ive tried doing something like this in the past but it said not enough funds or something of that sort so I wanna make sure whats the proper way to do it

Thx

[trilogy456]

I'm no expert, so maybe someone can correct me.
I believe you need to open your 10btc short first (that's a margin sell 10btc).  Then create an OCO buy order (clicking tick box on OCO opens up the options) for 10btc, with a stop at $475, and a limit of $400.  (All these options will be on the left hand side, BUY side of the window). I don't think you can include the extra 2BTC you wanted in that specific order, but you can add a separate limit buy at $400 for 2 BTC (Untick the OCO). When the take profit hits, it should then queue up, and have enough profit for, buying those extra 2 at $400.

Thanks Trilogy,

However With the limit @ 400 for 10 BTC, that just cancels out my original short of 10 BTC right? I would need to buy 12 BTC @ 400 and not 2 is that correct?

I think ive tried doing something like this in the past but it said not enough funds or something of that sort so I wanna make sure whats the proper way to do it

Thx

Right. OK. So set a limit buy (not OCO) for 22BTC at $400.  And a separate stop at $475 for 10.
Edit: but I don't think you'll have enough margin available to set a 22 BTC buy, even at 2.5x. Maybe enough for 20BTC after profit, but that'd be close to being maxed out on margin, which I wouldn't recommend.  Maybe just do a 15 BTC buy.
$3000x2.5=$8000.
$8000+10*$55=$8555
$8555/$400=21.3875BTC.  That's why you can't do a 22btc buy, plus there's fees and swap. Can't do 22btc buy starting with $3000.

[kb24mvp]

I'm no expert, so maybe someone can correct me.
I believe you need to open your 10btc short first (that's a margin sell 10btc).  Then create an OCO buy order (clicking tick box on OCO opens up the options) for 10btc, with a stop at $475, and a limit of $400.  (All these options will be on the left hand side, BUY side of the window). I don't think you can include the extra 2BTC you wanted in that specific order, but you can add a separate limit buy at $400 for 2 BTC (Untick the OCO). When the take profit hits, it should then queue up, and have enough profit for, buying those extra 2 at $400.

Thanks Trilogy,

However With the limit @ 400 for 10 BTC, that just cancels out my original short of 10 BTC right? I would need to buy 12 BTC @ 400 and not 2 is that correct?

I think ive tried doing something like this in the past but it said not enough funds or something of that sort so I wanna make sure whats the proper way to do it

Thx

Right. OK. So set a limit buy (not OCO) for 22BTC at $400.  And a separate stop at $475 for 10.
Edit: but I don't think you'll have enough margin available to set a 22 BTC buy, even at 2.5x. Maybe enough for 20BTC after profit, but that'd be close to being maxed out on margin, which I wouldn't recommend.  Maybe just do a 15 BTC buy.

hmmm yea thats the problem im facing. It's saying I dont have enough funds if I want to do a 22 BTC order, but it can't recognize that 10 of the 22 BTC are used to close out the short position?

I tried setting in a buy limit order for 10 BTC first to take profit from the short and then another 12 BTC buy limit but says not enough funds as well

[kb24mvp]

Right. OK. So set a limit buy (not OCO) for 22BTC at $400.  And a separate stop at $475 for 10.
Edit: but I don't think you'll have enough margin available to set a 22 BTC buy, even at 2.5x. Maybe enough for 20BTC after profit, but that'd be close to being maxed out on margin, which I wouldn't recommend.  Maybe just do a 15 BTC buy.
$3000x2.5=$8000.
$8000+10*$55=$8555
$8555/$400=21.3875BTC.  That's why you can't do a 22btc buy, plus there's fees and swap. Can't do 22btc buy starting with $3000.

I understand the 3000x 2.5 is the max I can margin, but what is the + 10*$55?

[trilogy456]

Right. OK. So set a limit buy (not OCO) for 22BTC at $400.  And a separate stop at $475 for 10.
Edit: but I don't think you'll have enough margin available to set a 22 BTC buy, even at 2.5x. Maybe enough for 20BTC after profit, but that'd be close to being maxed out on margin, which I wouldn't recommend.  Maybe just do a 15 BTC buy.
$3000x2.5=$8000.
$8000+10*$55=$8555
$8555/$400=21.3875BTC.  That's why you can't do a 22btc buy, plus there's fees and swap. Can't do 22btc buy starting with $3000.

I understand the 3000x 2.5 is the max I can margin, but what is the + 10*$55?

That is the profit on 10*($455-$400).
Recommendation: practice with a very small amount (0.01BTC) first, so you can get used to how the platform works.

[kb24mvp]

Right. OK. So set a limit buy (not OCO) for 22BTC at $400.  And a separate stop at $475 for 10.
Edit: but I don't think you'll have enough margin available to set a 22 BTC buy, even at 2.5x. Maybe enough for 20BTC after profit, but that'd be close to being maxed out on margin, which I wouldn't recommend.  Maybe just do a 15 BTC buy.
$3000x2.5=$8000.
$8000+10*$55=$8555
$8555/$400=21.3875BTC.  That's why you can't do a 22btc buy, plus there's fees and swap. Can't do 22btc buy starting with $3000.

I understand the 3000x 2.5 is the max I can margin, but what is the + 10*$55?

That is the profit on 10*($455-$400).
Recommendation: practice with a very small amount (0.01BTC) first, so you can get used to how the platform works.

ah right sorry I was just confused myself.

but anyways - by the time it factors in the profit of 10 btc @ $400, then it's really only a 12 btc buy which is why I am confused on how I can't put this order on BFX

Thx for the help though

[trilogy456]

Right. OK. So set a limit buy (not OCO) for 22BTC at $400.  And a separate stop at $475 for 10.
Edit: but I don't think you'll have enough margin available to set a 22 BTC buy, even at 2.5x. Maybe enough for 20BTC after profit, but that'd be close to being maxed out on margin, which I wouldn't recommend.  Maybe just do a 15 BTC buy.
$3000x2.5=$8000.
$8000+10*$55=$8555
$8555/$400=21.3875BTC.  That's why you can't do a 22btc buy, plus there's fees and swap. Can't do 22btc buy starting with $3000.

I understand the 3000x 2.5 is the max I can margin, but what is the + 10*$55?

That is the profit on 10*($455-$400).
Recommendation: practice with a very small amount (0.01BTC) first, so you can get used to how the platform works.

ah right sorry I was just confused myself.

but anyways - by the time it factors in the profit of 10 btc @ $400, then it's really only a 12 btc buy which is why I am confused on how I can't put this order on BFX

Thx for the help though

You would need a higher margin balance to have all those orders in at once, or wait until (and if) the price goes in your direction. Then when it's closer to $400, you could set a larger buy limit order (I believe).

[kb24mvp]

thanks trilogy, been a great help

[suyvv]

Hey guys, I have some questions about margin trading and need clarifications urgently, please help! Thanks in advance!

1. If it's possible to close some of the unused swaps? Let's say I have used 100 btc swap and I want to close 10 of them, how do I do this? I tried the claim option but it seems it requires me buying 100 btc first.

2.  If it's possible to do margin trading without reserving swaps first? If so how will the interest calculated?

3. If I have 50 btc in the trading wallet, then I use margin sell, will it sell my 50 btc directly, or it will still borrow 50 btc swaps? How will the interest calculated in this case?

4. When reserving swaps, sometimes it display 2-30 days, but these different contracts have different number of contract too, how will I be able to reserve the swaps for the best result? For instance, I want to reserve contracts for 7 days, then will the '2 days' contract be received automatically? What's the most effective way to reserve certain amount of contract within a range of days?

5. If I close the swaps used in the margin position directly at the 'total resturn swaps' page, without placing any orders at the margin trade to close the position, what will happen? I tried this and found the selected used swap will be removed, but I didn't notice any difference on my account's balance.

[Ente]

Hey guys, I have some questions about margin trading and need clarifications urgently, please help! Thanks in advance!

1. If it's possible to close some of the unused swaps? Let's say I have used 100 btc swap and I want to close 10 of them, how do I do this? I tried the claim option but it seems it requires me buying 100 btc first.

You can close unused swaps when clicking on the blue tab. Then a list opens, where you can close individual loans. If you only have one fat 100BTC loan, it's more complicated to close a part of it. Ask here if that's the case.

2.  If it's possible to do margin trading without reserving swaps first? If so how will the interest calculated?

Yes! You then automatically take the cheapest loans/liquid available, both from fixed and variable rates. When you reserve swap yourself, you can regulate better what loans exactly you use, but it's not mandatory.

3. If I have 50 btc in the trading wallet, then I use margin sell, will it sell my 50 btc directly, or it will still borrow 50 btc swaps? How will the interest calculated in this case?

All three wallets are completely independent from each other. Margin stuff only happens in context of the "trading" wallet. This separation is strict, so you won't be using funds from other wallets, and will take loans instead.
When you do "margin sell", in your case with funds in the "trading" wallet, you still take up loans and work with borrowed money. If you want to avoid that, you should use "exchange" and not "margin trade" :-)

4. When reserving swaps, sometimes it display 2-30 days, but these different contracts have different number of contract too, how will I be able to reserve the swaps for the best result? For instance, I want to reserve contracts for 7 days, then will the '2 days' contract be received automatically? What's the most effective way to reserve certain amount of contract within a range of days?

You won't see directly what offers are combined into one line. You can use http://charts-bfxdata.rhcloud.com for more info.
When you want only the 7 days offers, you simply enter "7 days" as lending time. The shorter ones will be ignored, the 7 days and longer ffers will be taken - all at 7 days length.
Your workflow will depend on what your priority is. If you want to always have the maximum length that is offered, you more or less have to pick up each offer individually.

5. If I close the swaps used in the margin position directly at the 'total resturn swaps' page, without placing any orders at the margin trade to close the position, what will happen? I tried this and found the selected used swap will be removed, but I didn't notice any difference on my account's balance.

I'm not sure if I understand exactly your scenario. I would guess this would close your position, and buy/sell at market rate to level out your books?

And, as always, people here suggest to start with small amounts, play around, explore, and learn the behavior of the platform and the market! :-)

Ente

[Pruden]

5. If I close the swaps used in the margin position directly at the 'total resturn swaps' page, without placing any orders at the margin trade to close the position, what will happen? I tried this and found the selected used swap will be removed, but I didn't notice any difference on my account's balance.

After a few minutes new swaps will be taken as if you had just opened a position.

You would want to do this if you noticed current interest rates were lower than your swaps. You would then close your expensive swaps and the system would automatically replace them with lower interest swaps.

[MustMan]

Received this today.

--------------

Dear Mr.


We at Bitfinex continue to work hard to provide you with the best and most secure Bitcoin trading platform. On April 4, 2014 Bitfinex was nominated the “Best Bitcoin Trading Platform 2014” by The European Magazine and we are working hard to make your investment experience even better.


As part of our drive to ensure a secure trading platform we are working with regulators to enhance our customer due diligence as required under official anti-money laundering (AML) and counter terrorism financing (CTF) regulations. We have recently reviewed your customer information and noticed the following additional information is required;

1.       Second form of identification with picture (both sides) such as a national ID or driver licence

2.       Bank Statement with your name and address – not older than 3 months

 

Please gather and collect the outstanding information and return to Bitfinex via email to compliance@bitfinex.com within 30 days or we will be forced by law to suspend your account.


We also require you to complete, scan and return to us the attached “Source of Funds and Trading Experience” questionnaire. This information is a legal requirement under AML/CTF regulations.


We apologize for any inconvenience in gathering the required information noted above.

 

Best Regards


Adam Clarke and Matt Tremblay

Bitfinex Compliance Team

[whatthesith]

Received this today.

--------------

Dear Mr.


We at Bitfinex continue to work hard to provide you with the best and most secure Bitcoin trading platform. On April 4, 2014 Bitfinex was nominated the “Best Bitcoin Trading Platform 2014” by The European Magazine and we are working hard to make your investment experience even better.


As part of our drive to ensure a secure trading platform we are working with regulators to enhance our customer due diligence as required under official anti-money laundering (AML) and counter terrorism financing (CTF) regulations. We have recently reviewed your customer information and noticed the following additional information is required;

1.       Second form of identification with picture (both sides) such as a national ID or driver licence

2.       Bank Statement with your name and address – not older than 3 months

  

Please gather and collect the outstanding information and return to Bitfinex via email to compliance@bitfinex.com within 30 days or we will be forced by law to suspend your account.


We also require you to complete, scan and return to us the attached “Source of Funds and Trading Experience” questionnaire. This information is a legal requirement under AML/CTF regulations.


We apologize for any inconvenience in gathering the required information noted above.

 

Best Regards


Adam Clarke and Matt Tremblay

Bitfinex Compliance Team

I received this email last week. Bitfinex need to do this for complying the following guidelines issued by Hong Kong Customs for money service operator

https://eservices.customs.gov.hk/MSOS/download/guideline/AMLO_Guideline_en.pdf

This would prevent Bitfinex to have a unfavourable outcome by law enforcement of Hong Kong.

[bjornw]

did you apply for verification already (and get your account verified?), or were you using bitfinex as an "anonymous" user? if already verified an official announcement from bitfinex might be in place here, just a suggestion