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Author Topic: How do no fee exchanges make money  (Read 2979 times)
lomalio
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August 21, 2014, 05:07:20 PM
Last edit: August 21, 2014, 05:41:15 PM by lomalio
 #1

So I came across bitvc, it asks no fees.

I said they must make money from advertising. Now I haven't used it so I don't know.

However!! How can you make advertising money if the members use bots to trade? Bots do not visit webpages. It almost sounds too good to be true. No fees = bot heaven.
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RodeoX
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August 21, 2014, 05:14:28 PM
 #2

Build up a user base and then run away with everyone's coins.
lol, that may be right. Or perhaps there are fees. For example they mean no fees on transactions, but a fee to deposit or withdraw.

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August 21, 2014, 05:21:52 PM
 #3

If there are really NO fees then it really screams something is wrong as the adiversments don't pay out that mutch.
They could easily run with user's  profits and that would cover all their expenses lol.
lomalio
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August 21, 2014, 05:26:05 PM
 #4

Made by the guys at Huobi http://www.reddit.com/r/BitcoinMarkets/comments/28u7w2/bitvc_a_new_trading_platform_from_huobi/


Seems a bit too good to be true. Must be a catch somewhere.
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August 21, 2014, 05:26:46 PM
 #5

BitVC is owned by HUOBI, the order book shown in BitVC are actually order book of HUOBI exchange. Thus, don't worry BitVC will run away with your money.
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August 21, 2014, 05:56:42 PM
 #6

BitVC is owned by HUOBI, the order book shown in BitVC are actually order book of HUOBI exchange. Thus, don't worry BitVC will run away with your money.
But wait...doesn't huobi have 0% fees also?
lomalio
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August 21, 2014, 06:44:20 PM
 #7

BitVC is owned by HUOBI, the order book shown in BitVC are actually order book of HUOBI exchange. Thus, don't worry BitVC will run away with your money.
But wait...doesn't huobi have 0% fees also?

How does Huobi make money?
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August 21, 2014, 07:16:44 PM
 #8

Build up a user base and then run away with everyone's coins.

was the case of share coin and many other, some of them make some profit with coin named after them(like sharecoin) or vote
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August 21, 2014, 07:19:56 PM
 #9

So I came across bitvc, it asks no fees.

I said they must make money from advertising. Now I haven't used it so I don't know.

However!! How can you make advertising money if the members use bots to trade? Bots do not visit webpages. It almost sounds too good to be true. No fees = bot heaven.


hi! be wary. sometimes these sites will scam you and say they were created by someone who is trusted when it turns out they are lying.

gotta due your due diligence and loko things up!

sounds like a scam to me, dont send your coins to somewhere that even seems shady.



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lomalio
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August 21, 2014, 08:18:47 PM
 #10

Okay I sent them a small amount of BTC for trading. Amount that I can lose for experimentation. They seem to do rounding down to 4 decimals when depositing. So 0.000523 will become 0.0005. I don't know if that rounding is for display only, but I can't find any evidence that I still have it.
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August 21, 2014, 08:24:37 PM
 #11

I only use sites I've read positive reviews of my members of this forum so I can avoid being scammed.  This is something I've recently heard about and I like the sound of no fee's I worry how safe my coins are on the exchange.  I'd recommend that you don't leave coins on the exchange for lengthy amounts of time if your going to use the site.  I've read all types of complaints of funds getting tied up so I'd be very cautious of the amount of trading on a site that offers no fees until it has shown it is not scam.  
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August 22, 2014, 04:20:59 AM
 #12

So I came across bitvc, it asks no fees.

I said they must make money from advertising. Now I haven't used it so I don't know.

However!! How can you make advertising money if the members use bots to trade? Bots do not visit webpages. It almost sounds too good to be true. No fees = bot heaven.

Either a bucket shop where the exchange trade against their own customer. Or they are trying to capture the market first and charge small fee after reaching certain threshold. The same method whatsapp used before it is popular.
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August 22, 2014, 05:41:05 AM
 #13

it's shady deal without a doubt.
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August 22, 2014, 07:04:03 AM
 #14

I only use sites I've read positive reviews of my members of this forum so I can avoid being scammed.  This is something I've recently heard about and I like the sound of no fee's I worry how safe my coins are on the exchange.  I'd recommend that you don't leave coins on the exchange for lengthy amounts of time if your going to use the site.  I've read all types of complaints of funds getting tied up so I'd be very cautious of the amount of trading on a site that offers no fees until it has shown it is not scam.  

Well to be honest you should always worry about your bitcoins on someone else's private keys....always. Never store your bitcoins in any wallet but your own, otherwise you run the risk of getting "goxed" whether they intentionally run with  your bitcoins or they get hacked and they are gone.

Put coins/money on the exchange -> execute the desired exchange -> send coins back to your personal wallet. Even if you're a day trader, at the end of every day I'd still move all the coins off the exchange....as far as fiat goes, well that would be stuck until you execute another buy order.

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DubFX
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August 22, 2014, 07:04:36 AM
 #15

So I came across bitvc, it asks no fees.

I said they must make money from advertising. Now I haven't used it so I don't know.

However!! How can you make advertising money if the members use bots to trade? Bots do not visit webpages. It almost sounds too good to be true. No fees = bot heaven.


hi! be wary. sometimes these sites will scam you and say they were created by someone who is trusted when it turns out they are lying.

gotta due your due diligence and loko things up!

sounds like a scam to me, dont send your coins to somewhere that even seems shady.

"BitVc is a new trading platform which allows margin trading of Bitcoin and Litecoin. Like Huobi, there will be zero trading or withdrawal fees. BitVc is based on Huobi's API and will support BTC/LTC derivatives and financial instruments. Bitvc will be focused on margin trading, derivatives, and other financial instruments, while Huobi will continue to be mainly a spot trading platform. The API will be opened later for other developers to create applications on it. BitVc was created by the people behind Huobi, which has an impeccable security and performance record.

BitVc will feature a new product/service called Yubibao, which is an interest-bearing BTC/LTC account within BitVc. You can move your BTC/LTC into your Yubibao and withdraw into your normal account instantly and at any time. Yubibao gives risk-averse people a safe, easy way to put their coins to work for profit. Interest will be derived from traders who borrow to trade on margin. BitVc pools all the deposits in Yubibao and offers the same market rate to savers.

BitVc is currently in invitation-only mode, but you can send me a message if you want an invitation code. Your feedback would be much appreciated."

https://www.bitvc.com/

http://newsbtc.com/2014/06/16/chinese-bitcoin-exchange-huobi-launch-virtual-currency-based-derivatives-platform-bitvc/"

Source: http://www.reddit.com/r/BitcoinMarkets/comments/28u7w2/bitvc_a_new_trading_platform_from_huobi/

It was posted by Huobi so i doubt it's an scam, it's just their another exchange and you probably don't have to worry about scamming guys Smiley
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August 22, 2014, 09:23:56 AM
 #16

killing all opponent with free fee, and then cut wool form users

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August 22, 2014, 09:29:46 AM
 #17

There's obvisouly a problem there something is coming out right or correct. I'd check up on the end results of everything before hand
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August 22, 2014, 10:30:36 AM
 #18

Okay I sent them a small amount of BTC for trading. Amount that I can lose for experimentation. They seem to do rounding down to 4 decimals when depositing. So 0.000523 will become 0.0005. I don't know if that rounding is for display only, but I can't find any evidence that I still have it.

Did you try trading those? Are you able to trade all 0.000523 or just 0.0005 BTC?
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August 22, 2014, 05:17:59 PM
 #19

Maybe thanks to adviertisements.
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August 22, 2014, 07:17:34 PM
 #20

They let you nicely put your deposits there, then after a while they run with your deposits.
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