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Author Topic: [ANN] KRAKEN.COM - Exchange with USD EUR GBP JPY CAD BTC LTC XRP NMC XDG STR ETH  (Read 610300 times)
Dargo
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September 13, 2013, 03:11:05 PM
Last edit: September 13, 2013, 03:36:14 PM by Dargo
 #101

First of all I'd like to say I love the basic concept of this exchange. The whole regulatory compliance and customer validation is slowing the launch, but I think most of us understand it is very necessary. We don't want to see a Mt. Gox like fiasko here... I personaly have no problem waiting a couple weeks more before I can start trading with you.

Transparency, honesty and promptness is what we want (for trades, deposits/withdrawals and support requests). If you can deliver, we will bring our business to your site.

That being said I do have suggestion. The BTC/LTC and EUR/LTC pairs should in my opinion be switched to LTC/BTC and LTC/EUR. Simply because ALL the other exchanges have them like that and it's much more convenient as those are the numbers we are used to (2€ per LTC, 0.02 BTC per LTC). Better to do it now while the trade volume is low. I don't think anybody will mind, but a lot of us will support the change.

I hope you guys keep up the good work and get this thing started properly.

Cheers Smiley

Thanks Totscha - we are considering switching the pairs, and it carries a lot of weight when people let us know they'd prefer this. There probably will be some altcoin pairs where we have btc/ac, eur/ac, etc. because we want to avoid the situation where ac/btc price is really low, requiring a lot of decimal places. But that's just not an issue for LTC.

It's great that you don't mind waiting a few weeks to get started trading, but others mind quite a lot and we're working hard to speed up the process. It's frustrating to have to wait to get verified so you can get your funds into an exchange, but that's minor compared to the frustration you'd experience if you couldn't get your funds out because accounts were seized or the exchange was unbanked. In short, a little regulatory friction going in is far better than lights-out friction coming out.  
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Dargo
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September 13, 2013, 10:31:09 PM
 #102

We've decided to switch from EUR/LTC to LTC/EUR. However, we're going to stick with BTC/LTC (since LTC/BTC could potentially get very low in price and we want to avoid having too many decimal places). We've had to cancel all open EUR/LTC orders in order to make the switch.  We've emailed the users who had orders on to let them know. We apologize for any inconvenience this may have caused and hope that you'll find LTC/EUR easier to work with going forward.
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September 14, 2013, 01:09:10 AM
Last edit: September 14, 2013, 01:40:43 AM by Dargo
 #103

Here's another announcement: We've gone through all the accounts that didn't verify at level 2. There were some we didn't pass, because we still couldn't confirm the address. So if you submitted for tier 2 verification, but don't have it yet, please contact us by creating a support ticket (and give us your public account ID - found under Account > Settings). We're planning on contacting people who didn't pass anyway, but it might go faster if you contact us.  

Edit: Also, if you are still waiting on Tier 1 verification, it might be best to contact us with a support ticket at this stage. If you are still waiting on Tier 3, hang in there, we'll get to you soon.
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September 14, 2013, 06:14:49 AM
 #104

One of the things that are missing on all Bitcoin exchanges, including MtGox is a market maker. No Bitcoin exchange has that and it's one of the factors that contributes direly to the volatility. A market maker would ensure there will always be someone there to buy or sell to you, even if users themselves are not.

If you could partner with a business to provide such service or do it yourselves, you'd soon become the exchange of choice for everyone.

Informative video on the topic: http://www.youtube.com/watch?v=IbSOHwCOnG0


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xchrix
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September 14, 2013, 11:43:21 AM
 #105

We've decided to switch from EUR/LTC to LTC/EUR. However, we're going to stick with BTC/LTC (since LTC/BTC could potentially get very low in price and we want to avoid having too many decimal places). We've had to cancel all open EUR/LTC orders in order to make the switch.  We've emailed the users who had orders on to let them know. We apologize for any inconvenience this may have caused and hope that you'll find LTC/EUR easier to work with going forward.

thank you for the switch
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September 14, 2013, 05:26:10 PM
 #106

I have noticed that currently there is NO margin available. This applies for all available pairs (BTC/EUR, BTC/LTC and LTC/EUR). Anyone has information on this topic???

EDIT: Also send support the following ticket:
I can only select None in Advanced order. 1,2,5 and 10 are disabled. How is this possible? There are enough funds available. I did a test to buy 0.1 BTC when >90 eur available in account. How can I select 1,2,5 or 10 as leverage in advanced order?
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September 14, 2013, 05:29:59 PM
 #107

One of the things that are missing on all Bitcoin exchanges, including MtGox is a market maker. No Bitcoin exchange has that and it's one of the factors that contributes direly to the volatility. A market maker would ensure there will always be someone there to buy or sell to you, even if users themselves are not.

If you could partner with a business to provide such service or do it yourselves, you'd soon become the exchange of choice for everyone.

Informative video on the topic: http://www.youtube.com/watch?v=IbSOHwCOnG0

I agree.  We're looking for a partner to help us out with market making. If you know anyone, send em my way!

thank you for the switch

You're welcome!

I have noticed that currently there is NO margin available. This applies for all available pairs (BTC/EUR, BTC/LTC and LTC/EUR). Anyone has information on this topic???

EDIT: Also send support the following ticket:
I can only select None in Advanced order. 1,2,5 and 10 are disabled. How is this possible? There are enough funds available. I did a test to buy 0.1 BTC when >90 eur available in account. How can I select 1,2,5 or 10 as leverage in advanced order?

As stated in the original post of this thread, margin trading is disabled for now but we plan to enable it around the end of the month.

Bitcoin, Ethereum, Litecoin, Namecoin, Dogecoin, Ripple, Stellar, US dollar, euro, British pound, Canadian dollar and Japanese yen exchange:  https://www.kraken.com
MykelSilver
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September 14, 2013, 05:30:43 PM
 #108

Thanks for sharing this info.
btcx
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September 15, 2013, 12:27:36 AM
 #109

Congratulations to Jesse and team! I participated in the beta and I have been following Kraken's progress over the months with great interest. It would be great if Kraken used the XBT designation for bitcoin.

BTC is now XBT.  If you've been using the API, XBTC will continue to work for a while but please switch over to using XXBT as soon as possible to avoid any problems later.

Bitcoin, Ethereum, Litecoin, Namecoin, Dogecoin, Ripple, Stellar, US dollar, euro, British pound, Canadian dollar and Japanese yen exchange:  https://www.kraken.com
RationalSpeculator
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September 15, 2013, 01:18:01 PM
 #110

Congratulations to Jesse and team! I participated in the beta and I have been following Kraken's progress over the months with great interest. It would be great if Kraken used the XBT designation for bitcoin.

BTC is now XBT.  If you've been using the API, XBTC will continue to work for a while but please switch over to using XXBT as soon as possible to avoid any problems later.

Isn't XBT also referring to a lower decimal?
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September 15, 2013, 07:51:02 PM
 #111

Isn't XBT also referring to a lower decimal?

Not that I'm aware.  XBT is used by XE.com, Bloomberg.com, CoinDesk.  Some discussion on the topic here:  https://bitcointalk.org/index.php?topic=148229.0

Bitcoin, Ethereum, Litecoin, Namecoin, Dogecoin, Ripple, Stellar, US dollar, euro, British pound, Canadian dollar and Japanese yen exchange:  https://www.kraken.com
Dargo
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September 15, 2013, 08:11:45 PM
 #112

Update: If you are still eagerly waiting for tier 1, 2, or 3 verification, the speediest solution at this point might be to contact us through support. We will be contacting people we need further information from, but this will take some time as each case is different.

Here are some tips for getting through the verification process smoothly.

Tier 2 (Address verification):

  • Take some time to find out what the standard international format for your address is. The best way to do this is to consult with your national post office, or (maybe not as good, but easier) consult an online search engine such as Google.
  • Abbreviations tend to be problematic (i.e. "Strada" is preferable to "Str.")
  • Double-check your spelling, and entertain the possibility that things like your street name may have alternate spellings that are more recognized internationally (again, your post office or Google might help here).
 

Tier 3 (ID and proof of residency):

  • We need crisp, clear, glare-free images.
  • Images should be full color.
  • Some government IDs, especially passports, have a special machine readable zone. If you have a government ID with a machine readable zone, this is preferable since, well, it's easily read by machine. For more info: http://en.wikipedia.org/wiki/Machine-readable_passport
  • Proof of residence docs must have your full name, the same address you gave us in tier 2, and a date showing that the document is no more than 3 months old.
  • Documents in some languages, such as Hebrew or Greek, may pose a problem. If in doubt, upload the document then contact support to see if it will be an issue.

Thanks!
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September 17, 2013, 10:30:53 PM
 #113

Update: We're pretty well caught up with verification. If you're still waiting on verification, check the email associated with your account to see if we've contacted you about it. If we haven't contacted you, then contact us through support. We're pretty sure we've contacted everybody, but in case we missed someone, please let us know. 
BKM
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September 18, 2013, 08:54:24 PM
 #114

Update: We're pretty well caught up with verification. If you're still waiting on verification, check the email associated with your account to see if we've contacted you about it. If we haven't contacted you, then contact us through support. We're pretty sure we've contacted everybody, but in case we missed someone, please let us know. 

Level 3 verified TY - any update on CDN$$$?
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September 19, 2013, 12:41:04 AM
 #115

Update: We're pretty well caught up with verification. If you're still waiting on verification, check the email associated with your account to see if we've contacted you about it. If we haven't contacted you, then contact us through support. We're pretty sure we've contacted everybody, but in case we missed someone, please let us know. 

Level 3 verified TY - any update on CDN$$$?

NP, thanks for signing up! CDN could happen any day, but unfortunately we don't have a definite date. We're waiting on others at this point, so it's not something we have control over. Hopefully no more than a few weeks though.
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September 19, 2013, 01:35:29 AM
 #116

Pre-Verified – you’ve passed verification but your account activity is limited to a lower tier pending regulatory approval in your jurisdiction.  For example, if you live in California, you may be Pre-Verified to Tier 3 but your account will be functioning at Tier 0 until we have clearance for CA, at which time your account will be automatically upgraded to Verified Tier 3.

I made the steps for tier 2 a week ago. But it's still "Pre-Verified".
So it means, that u don't have clearance for germany?

Edit:
ah sry , I see
There are a few countries, including Germany, that have shown a particular interest in DC recently where we have opted not to operate until we have explicit regulatory clearance.

So I have to wait, correct?

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September 19, 2013, 03:40:35 PM
 #117

[...]
There are a few countries, including Germany, that have shown a particular interest in DC recently where we have opted not to operate until we have explicit regulatory clearance.
[...]

Can someone explain what 'DC' stands for?
epetroel
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September 19, 2013, 04:02:11 PM
 #118

[...]
There are a few countries, including Germany, that have shown a particular interest in DC recently where we have opted not to operate until we have explicit regulatory clearance.
[...]

Can someone explain what 'DC' stands for?


Digital Currency I believe
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September 19, 2013, 04:34:16 PM
Last edit: September 19, 2013, 04:48:20 PM by RationalSpeculator
 #119

One of the things that are missing on all Bitcoin exchanges, including MtGox is a market maker. No Bitcoin exchange has that and it's one of the factors that contributes direly to the volatility. A market maker would ensure there will always be someone there to buy or sell to you, even if users themselves are not.

If you could partner with a business to provide such service or do it yourselves, you'd soon become the exchange of choice for everyone.

Informative video on the topic: http://www.youtube.com/watch?v=IbSOHwCOnG0

I agree.  We're looking for a partner to help us out with market making. If you know anyone, send em my way!

I don't understand how a market maker would operate?

The necessity for a market maker seems to be build on a false premise that there are not always users willing to buy or sell. This is never true, there are always users that want to buy from or sell to you, just not for the price that you like.  

So you don't like the price...

How can a market maker change that?

How can a market maker buy or sell bitcoins for the price that you like (which is always a better price than the users are willing to offer)?

Let's say he always puts up the most competitive bids and asks. 

From what I see when the price goes up he would end up selling btc cheaper as he can buy them back, going broke. Correct?




I have noticed that currently there is NO margin available. This applies for all available pairs (BTC/EUR, BTC/LTC and LTC/EUR). Anyone has information on this topic???

EDIT: Also send support the following ticket:
I can only select None in Advanced order. 1,2,5 and 10 are disabled. How is this possible? There are enough funds available. I did a test to buy 0.1 BTC when >90 eur available in account. How can I select 1,2,5 or 10 as leverage in advanced order?

As stated in the original post of this thread, margin trading is disabled for now but we plan to enable it around the end of the month.

How will Kraken protect themselves from default when offering margin?

While we are at it, what's the current financial strength of Kraken before going broke? I'm asking as to estimate how safe funds are with you.
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September 19, 2013, 05:30:44 PM
 #120

...
While we are at it, what's the current financial strength of Kraken before going broke? I'm asking as to estimate how safe funds are with you.

Regarding your last point, Kraken has stated they are in for 'over 7 figures' -- https://bitcointalk.org/index.php?topic=290799.msg3126507#msg3126507

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MtGox API v2 Unofficial Documentation: https://bitbucket.org/nitrous/mtgox-api/overview
MtGox API v2 Unofficial Documentation Forum Thread: https://bitcointalk.org/index.php?topic=164404.0
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