[ANN] bitfloor cash deposit, ACH withdraw, and wire transfers

[shtylman]

Bitfloor is pleased to begin offering cash deposits to fund your Bitfloor account. We are also offering ACH (direct deposit) withdraw options to customers who wish to withdraw money directly to US bank accounts without going through a 3rd party.

ACH withdraw and cash deposits are FREE!
https://bitfloor.com/docs

please contact support@bitfloor.com for more details or to setup any of these transfer methods.

International customers can request wire deposits and withdraw for USD. The fees will depend on your origin or destination bank.

edit: changed url for documentation

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[toffoo]

Great news!  Thanks for the announcement, I look forward to trying this out.

[rjk]

Sweeeet, no more Dwolla for ACH withdrawals. <3 Bitfloor.

[Stephen Gornick]

With BitFloor, there is a UX issue I run into.   When I am entering a Limit order, I'll enter my Quantity and then the Price.  But as soon as I tab and hit the Total field (which is calculated) the form basically because useless if I then want to edit either the Quantity or Price.  It is like the Total field then drives the other two fields.  If I'm editing Quantity, then I would assume the Price would stay the same and the Total would recalculate based on the Quantity I entered.   Or if I'm editing Price, I would assume the Quantity would stay the same and the Total would recalculate.

The way it works now, the Total field is like the third rail. Once I touch it the order is final and I submit, or I need to clear everything and start over (by hitting reload page).

The other question I have has to do with fees.  I see the fees are 0.4% for the liquidity taker and -0.1% (yes, negative 0.1%) for the liquidity provider.  Is a limit order that executes immediately considered a liquidity provider or is that only for market orders?  That negative fee is interesting, as it gives price, at current exchange rates, a half-cent improvement over the level shown on the book. 

[miernik]

International customers can request wire deposits and withdraw for USD. The fees will depend on your origin or destination bank.

Can you tell me your fees for US domestic wires to/from Bank of America?
Not ACH, but a wire. Both incoming (if any fee) and outgoing.

Also please tell me your fee for incoming international wires coming through Bank of New York Mellon: http://www.bnymellon.com

Thanks.

[shtylman]

International customers can request wire deposits and withdraw for USD. The fees will depend on your origin or destination bank.

Can you tell me your fees for US domestic wires to/from Bank of America?
Not ACH, but a wire. Both incoming (if any fee) and outgoing.

Also please tell me your fee for incoming international wires coming through Bank of New York Mellon: http://www.bnymellon.com

Thanks.

Incoming wire fees into Bitfloor are 15$ for both domestic and international incoming and outgoing wires.

[Matthew N. Wright]

@OP: I have never used BitFloor before but I keep seeing Bruce Wagner trying to spam your service everywhere and I wonder-- what is your relation to him? Are you aware that businesses that associate themselves with Bruce Wagner typically -lose- potential customers, not gain them? And that the last business he publicly supported was a major fraud that he had ties to?

[Clipse]

I would consider moving a huge amount of my volume over to you as soon as you accept mtgoxUSD vouchers at either free or low deposit fee.

Also, as Matthew noted, how is Bruce involved because if he is in any way part of bitfloor you can ignore my first sentence.

[shtylman]

@OP: I have never used BitFloor before but I keep seeing Bruce Wagner trying to spam your service everywhere and I wonder-- what is your relation to him? Are you aware that businesses that associate themselves with Bruce Wagner typically -lose- potential customers, not gain them?

FYI He's mostly spamming his own private phone number as a bitcoin exchange now.

I don't think this message is relevant for this thread but I will answer it since it appears here.

We have no official relation to Bruce, he uses our exchange to buy and sell bitcoins like every other user. He has been a well established user of our exchange for some time and has shown himself to be trustworthy in his dealings with us and as such posts about his positive experience. From what I know, Bruce wants to see more dependable and solid exchanges and promotes various ones he has found to be reliable.

I have not found it to be the case that we are losing customers nor would I post on these forums as a company commenting on such matters. Bruce operates his own businesses and website to help users buy Bitcoins. These are not related to us and it is not our place to talk about them.

Our goals our to provide reliable USD Bitcoin exchange for our users and to that end, we have some loyal clients who promote us as a viable alternative to other larger exchanges.

[shtylman]

I would consider moving a huge amount of my volume over to you as soon as you accept mtgoxUSD vouchers at either free or low deposit fee.

Also, as Matthew noted, how is Bruce involved because if he is in any way part of bitfloor you can ignore my first sentence.

We will not be offering MtGox USD vouchers for deposit due to the delays of moving USD funds out of MtGox. We are a US based exchange and will accept your cash deposits or bank checks. Our USD deposits are kept in US banks and are FDIC insured.

[Matthew N. Wright]

@OP: I have never used BitFloor before but I keep seeing Bruce Wagner trying to spam your service everywhere and I wonder-- what is your relation to him? Are you aware that businesses that associate themselves with Bruce Wagner typically -lose- potential customers, not gain them?

FYI He's mostly spamming his own private phone number as a bitcoin exchange now.

I don't think this message is relevant for this thread but I will answer it since it appears here.

We have no official relation to Bruce, he uses our exchange to buy and sell bitcoins like every other user. He has been a well established user of our exchange for some time and has shown himself to be trustworthy in his dealings with us and as such posts about his positive experience. From what I know, Bruce wants to see more dependable and solid exchanges and promotes various ones he has found to be reliable.

I have not found it to be the case that we are losing customers nor would I post on these forums as a company commenting on such matters. Bruce operates his own businesses and website to help users buy Bitcoins. These are not related to us and it is not our place to talk about them.

Our goals our to provide reliable USD Bitcoin exchange for our users and to that end, we have some loyal clients who promote us as a viable alternative to other larger exchanges.

I do not believe he ever promotes anything other than BitFloor however which is why it has raised a few red flags with me.

Thank you for your prompt and professional response though.

Good luck with your exchange!

[Clipse]

I would consider moving a huge amount of my volume over to you as soon as you accept mtgoxUSD vouchers at either free or low deposit fee.

Also, as Matthew noted, how is Bruce involved because if he is in any way part of bitfloor you can ignore my first sentence.

We will not be offering MtGox USD vouchers for deposit due to the delays of moving USD funds out of MtGox. We are a US based exchange and will accept your cash deposits or bank checks. Our USD deposits are kept in US banks and are FDIC insured.

Welll that answered it for me, you dont seem to have interest in catering for rest of the world. Not offering mtgox voucher will also not see you grow much within the next year if ever.

re: Bruce, sorry I dont buy that answer at all. He is as verbal about bitfloor atm as he was about mybitcoin and his other scams, I expected a less conceiling and open answer than that.

Good luck

[rjk]

re: Bruce, sorry I dont buy that answer at all. He is as verbal about bitfloor atm as he was about mybitcoin and his other scams, I expected a less conceiling and open answer than that.

My guess is that Bruce promotes him because he was the most recent exchanger to come on his show and chat him up. No other reason. As soon as another exchange comes along and shows up on Bruce's show, that's who he'll start promoting next.

Side note: The episode where Shtylman was on the show was creepy. Bruce was acting really fucking weird, like more weird than usual.

[Clipse]

re: Bruce, sorry I dont buy that answer at all. He is as verbal about bitfloor atm as he was about mybitcoin and his other scams, I expected a less conceiling and open answer than that.

My guess is that Bruce promotes him because he was the most recent exchanger to come on his show and chat him up. No other reason. As soon as another exchange comes along and shows up on Bruce's show, that's who he'll start promoting next.

Side note: The episode where Shtylman was on the show was creepy. Bruce was acting really fucking weird, like more weird than usual.

If thats the only reason I feel sorry for bitfloor to even go on his show. Anything Bruce "touches" turns to crap eventually, directly or indirectly.

[Matthew N. Wright]

If thats the only reason I feel sorry for bitfloor to even go on his show. Anything Bruce "touches" turns to crap eventually, directly or indirectly.

I advised Zhou Tong a trillion times to ignore Bruce's requests for interviews. I'm so glad I did or else people would be saying that Bitcoinica was MyBitcoin 2.0.

[Steve]

We will not be offering MtGox USD vouchers for deposit due to the delays of moving USD funds out of MtGox. We are a US based exchange and will accept your cash deposits or bank checks. Our USD deposits are kept in US banks and are FDIC insured.

Well that answered it for me, you dont seem to have interest in catering for rest of the world. Not offering mtgox voucher will also not see you grow much within the next year if ever.

Lately, MtGox has been having issues moving money internationally.  In some cases, large withdrawals have taken quite a few weeks to process.  A MtGox voucher isn't worth much when it takes that long to process a withdrawal.  It's not surprising to me that the other exchanges are discontinuing their support for MtGox vouchers.  Does BitFloor support deposits via international wire transfer?

[shtylman]

We will not be offering MtGox USD vouchers for deposit due to the delays of moving USD funds out of MtGox. We are a US based exchange and will accept your cash deposits or bank checks. Our USD deposits are kept in US banks and are FDIC insured.

Well that answered it for me, you dont seem to have interest in catering for rest of the world. Not offering mtgox voucher will also not see you grow much within the next year if ever.

Lately, MtGox has been having issues moving money internationally.  In some cases, large withdrawals have taken quite a few weeks to process.  A MtGox voucher isn't worth much when it takes that long to process a withdrawal.  It's not surprising to me that the other exchanges are discontinuing their support for MtGox vouchers.  Does BitFloor support deposits via international wire transfer?

We do, however the fees for such wires are generally high (15-30$ range). Anyone who wishes to send us a wire is welcome to do so, just contact support@bitfloor.com and we will provide you with the relevant bank information.

[Stephen Gornick]

We do, however the fees for such wires are generally high (15-30$ range). Anyone who wishes to send us a wire is welcome to do so, just contact support@bitfloor.com and we will provide you with the relevant bank information.

Why doesn't your deposits or withdrawals page mention wire deposit, wire withdrawal and check deposit methods?

[shtylman]

We do, however the fees for such wires are generally high (15-30$ range). Anyone who wishes to send us a wire is welcome to do so, just contact support@bitfloor.com and we will provide you with the relevant bank information.

Why doesn't your deposits or withdrawals page mention wire deposit, wire withdrawal and check deposit methods?

I will add a note about wire deposit. We do not offer wire withdraw at this time. Nor do we offer regular check deposit methods.

[Jake]

Great news to see this, will be using in the future... a lot.

[eliale]

I realize you utilize ACH for withdraws.

What about deposits? Do you accept ACH?

Thank you

[shtylman]

I realize you utilize ACH for withdraws.

What about deposits? Do you accept ACH?

Thank you

We do not. Deposits using ACH are reversible and thus unsafe to use at this time.

[shtylman]

We also support ING Person2Person payments for those that want to transfer funds that way.

Additionally, we have changed our cash deposits to No Fee (free!!!). As long as our banks allow us to make deposits for free, we will pass the savings on to you.

[Stephen Gornick]

I will add a note about wire deposit.

Is that domestic bank wire only or are international wire transfers accepted as well?

[shtylman]

I will add a note about wire deposit.

Is that domestic bank wire only or are international wire transfers accepted as well?

Both.

[EuSouBitcoin]

I'm happy to see that BitFloor has added support for deposits of USD via ING Direct Bank's Person to Person payment service. I opened an ING Direct account to send USD to ExchangeBitcoins.com back when they were in business. Now that BitFloor is offering deposits via this P2P service I sent a deposit to BitFloor and was very pleased with the transfer. I have used BitFloor extensively and ING Direct's P2P service a little bit and highly recommend both.

[gabbynot]

I must say I'm very pleased with this service; took cash to Chase, emailed receipt to BitFloor, & I had my account credited within 30 minutes.

Very professional operation - I'll certainly be using you guys again!

[DeathAndTaxes]

Anyone having problems placing orders on Bitfloor?

I get this gem:

Property 'detective' of object #<Object> is not a function

[Inaba]

My automated order placing seems to be working.  Liquidity / volume is non-existent though.. ugh.

I wish more people would check out Bitfloor, it's pretty nice and ACH is awesome.

[rjk]

My automated order placing seems to be working.  Liquidity / volume is non-existent though.. ugh.

I wish more people would check out Bitfloor, it's pretty nice and ACH is awesome.

I bet they would, if incoming ACH was an option, but it's too easy to charge that back.

I would love to use the outgoing ACH option, but I suspect that Bitinstant will produce something awesome pretty soon, just wish I knew when. At that point I'd have to determine whether their inevitable fee is greater than the loss of depth here.

[DeathAndTaxes]

Yeah it is a nice little exchange.  I will try using the API to see if that resolves my problem.

Hey OP an idea for expansion.  Allow "Post only" orders.  Post order is one which either adds liquidity or is canceled.

[rjk]

Is that the same as an Intersango IOC order? (Instant-or-cancel, if it isn't filled immediately, it gets deleted)

They also have another interesting order type - FOK (fill-or-kill, if the order can't be completely filled immediately, it gets deleted)

[DeathAndTaxes]

Is that the same as an Intersango IOC order? (Instant-or-cancel, if it isn't filled immediately, it gets deleted)

They also have another interesting order type - FOK (fill-or-kill, if the order can't be completely filled immediately, it gets deleted)

It would actually be the exact opposite.  IOC will always take liquidity because if there isn't a matching order it will be canceled.  Post Only will always add liquidity because it will only add to the order book if there isn't a matching order.

[Inaba]

I'm getting the same error trying to do a manual trade, D&T.  Looks like a problem with the site.

[DeathAndTaxes]

I'm getting the same error trying to do a manual trade, D&T.  Looks like a problem with the site.

Funny. I was coming back to confirm I got no errors using automated trade.

Also to the OP.  THANK YOU THANK YOU THANK YOU THANK YOU for not requiring JSON encoding.  A worthless step IMHO.  The API is nicely implemented.  HMAC (w/ key & signature in the header) and nonce value to avoid replay attack.  It was very easy to write something up using .NET in a matter of minutes.

[Inaba]

Manual orders seem to be fixed now.

[shtylman]

Yeah it is a nice little exchange.  I will try using the API to see if that resolves my problem.

Hey OP an idea for expansion.  Allow "Post only" orders.  Post order is one which either adds liquidity or is canceled.

I will look at doing that as well as some of the other common order types. Thanks for the suggestion.

[DeathAndTaxes]

Yeah it is a nice little exchange.  I will try using the API to see if that resolves my problem.

Hey OP an idea for expansion.  Allow "Post only" orders.  Post order is one which either adds liquidity or is canceled.

I will look at doing that as well as some of the other common order types. Thanks for the suggestion.

No problem and thanks for starting up this nice exchange.  I am dedicating about 20% of my volume to this exchange.  

I know most people likely use API for orders but can you add a bid, ask, and last to the manual order screen (or to a header so it is visible from all pages)?  

Usually when I am placing an order I want to know what the spread is and that requires clicking to market data and then back to orders.

[Inaba]

Same request here... and a link to the different Overview/Market/Trade on the top, non-moving bar instead of scrolling off the top of the page when I scroll down.

[runeks]

I would definitely be using this exchange to fill at least some of my BTC needs if it allowed a cheaper way to transfer funds internationally. The last time I tried an international transfer of USD I was charged $30 (I'm in Denmark), which is an unacceptably high fee for me. I see that BTC is trading for $5.15 at Bitfloor right now, while Mt. Gox is charging around $5.23, so there's no doubt I would move some orders to this exchange if it had a cheaper way to deposit funds for EU residents.

[miernik]

I would definitely be using this exchange to fill at least some of my BTC needs if it allowed a cheaper way to transfer funds internationally. The last time I tried an international transfer of USD I was charged $30 (I'm in Denmark), which is an unacceptably high fee for me. I see that BTC is trading for $5.15 at Bitfloor right now, while Mt. Gox is charging around $5.23, so there's no doubt I would move some orders to this exchange if it had a cheaper way to deposit funds for EU residents.

Next time you need some coin, you can drop me a message if you like, I might be able to do some deal through a local Danish account.

Anyway there are plenty of exchanges with accounts in the EU, why would you want to transfer funds to US?

[dave3]

Has anybody done a wire transfer into bitfloor?

They say they process international and domestic wire transfers, but the only wiring instructions on their deposit page is basically their account name, account number, and a SWIFT code.

All of the US domestic wire transfers I've ever done have used an ABA number.  The only times I've used a SWIFT code have been for international wire transfers.

Also, my bank (and all the banks I've dealt with in the past) require a receiving account address and bank address to process the wire transfer, but these aren't included in bitfloor's wiring instructions.

Am I missing something, or maybe only certain banks are willing to process these sorts of wire transfers?

[DeathAndTaxes]

Has anybody done a wire transfer into bitfloor?

They say they process international and domestic wire transfers, but the only wiring instructions on their deposit page is basically their account name, account number, and a SWIFT code.

All of the US domestic wire transfers I've ever done have used an ABA number.  The only times I've used a SWIFT code have been for international wire transfers.

Also, my bank (and all the banks I've dealt with in the past) require a receiving account address and bank address to process the wire transfer, but these aren't included in bitfloor's wiring instructions.

Am I missing something, or maybe only certain banks are willing to process these sorts of wire transfers?

I have.  Send an email to support and they can provide you the ABA (routing #).  Not sure why it isn't listed on the website.

Anyways my wire in was easy.  I ended up sending it late (~3PM EST).  Got notification within the hour from the site that it was pending and the funds were in my account the next morning.

Too easy... except he should post the ABA.  My bank allows using SWIFT code but doing so makes it an "international wire" price even though it isn't leaving the US.

[shtylman]

Has anybody done a wire transfer into bitfloor?

They say they process international and domestic wire transfers, but the only wiring instructions on their deposit page is basically their account name, account number, and a SWIFT code.

All of the US domestic wire transfers I've ever done have used an ABA number.  The only times I've used a SWIFT code have been for international wire transfers.

Also, my bank (and all the banks I've dealt with in the past) require a receiving account address and bank address to process the wire transfer, but these aren't included in bitfloor's wiring instructions.

Am I missing something, or maybe only certain banks are willing to process these sorts of wire transfers?

We have added a few more details to the website regarding wire transfer information (it can be found on your user deposit page). The bank address is not needed in many cases and in others you can just put USA or New York.

[dave3]

I did email support before to get the complete wiring instructions, but they just pointed me to the deposit page.

I checked the updated deposit page again today, but there's still no ABA number for a domestic transfer or bank address.  Oh well.

[Stephen Gornick]

I had trouble trying to enter a market BUY order earlier today.  I didn't keep a record of the error it showed -- something to the effect of "coins had already been sold or something to that effect".   I tried multiple times, multiple amounts.  I did then see my market order enter but it sat there and did not get filled.

I canceled and then switched so that it did a limit order BUY and the limit order executed just fine, as did all subsequent limit orders.

Was there an execution problem earlier or does this need more specifics to be able to troubleshoot?

[shtylman]

I had trouble trying to enter a market BUY order earlier today.  I didn't keep a record of the error it showed -- something to the effect of "coins had already been sold or something to that effect".   I tried multiple times, multiple amounts.  I did then see my market order enter but it sat there and did not get filled.

I canceled and then switched so that it did a limit order BUY and the limit order executed just fine, as did all subsequent limit orders.

Was there an execution problem earlier or does this need more specifics to be able to troubleshoot?

Usually it is better to email support (faster response times). But yes, there was an issue with market orders earlier today (limit orders did not have problems). The issue should be resolved now. In the future, if a market order fails, please consider trying a limit order. I will work on making the error message clearer and more helpful

[DeathAndTaxes]

A feature request.  Can 2 factor authentication be limited to just withdrawals? 

A "bug fix" request.  The deposit page STILL doesn't have routing (ABA) information.  Most domestic banks don't use SWIFT codes, don't have an option to enter SWIFT codes, and if they do charge higher international wire rates.  It is simply confusing to end user to not include routing (ABA) information. 

[shtylman]

A feature request.  Can 2 factor authentication be limited to just withdrawals? 

A "bug fix" request.  The deposit page STILL doesn't have routing (ABA) information.  Most domestic banks don't use SWIFT codes, don't have an option to enter SWIFT codes, and if they do charge higher international wire rates.  It is simply confusing to end user to not include routing (ABA) information. 

1) Not at this time. Although I do think that could be a useful feature instead of making a user enter a pin for withdraw.

2) I will look into this. The way US banking works unfortunately makes it quite annoying to provide the routing and account number publicly however we do understand many of our client need this for the wire deposit options.

[shtylman]

2) I will look into this. The way US banking works unfortunately makes it quite annoying to provide the routing and account number publicly however we do understand many of our client need this for the wire deposit options.

This information is public as far as I know. Unless business accounts have different routing numbers.

https://www.chase.com/index.jsp?pg_name=ccpmapp/smallbusiness/shared/page/routing_number

edit: since i've linked the business page, for chase the ABA is 021000021

I figured as much and wanted to double check myself. I will post that for the next release.

[TheButterZone]

Looks like Chase isn't fee-free anymore. Logged in, put $20 in the cash deposit form, and got this:
Visit any Chase branch location within 24 hours and fill out a deposit slip with the following information to be credited. The amount MUST be the exact amount listed.
Account name: Bitfloor
Account number: 467594151
Cash Amount: $20.31

On #bitcoin-otc they're theorizing that the .31 cents is a verification amount. Will that be credited along with the $20?

[drrussellshane]

Looks like Chase isn't fee-free anymore. Logged in, put $20 in the cash deposit form, and got this:
Visit any Chase branch location within 24 hours and fill out a deposit slip with the following information to be credited. The amount MUST be the exact amount listed.
Account name: Bitfloor
Account number: 467594151
Cash Amount: $20.31

No... that $0.31 is so bitfloor will know to which account they should deposit the funds.

[Stephen Gornick]

At one time the BitFloor signup page read:

Giving you access to your funds is very important to us.

To help ensure continued operation, we follow the US AML (anti-money laundering) practices outlined by FinCEN. USD withdraws are capped at $1,000 daily and $10,000 monthly. We reserve the right to ask for identifying information and to adjust these policies.

You will be notified of any policy changes via email.

I no longer see BitFloor's AML policy anywhere on the BitFloor site.  Is this published anywhere?

[shtylman]

At one time the BitFloor signup page read:

Giving you access to your funds is very important to us.

To help ensure continued operation, we follow the US AML (anti-money laundering) practices outlined by FinCEN. USD withdraws are capped at $1,000 daily and $10,000 monthly. We reserve the right to ask for identifying information and to adjust these policies.

You will be notified of any policy changes via email.

I no longer see BitFloor's AML policy anywhere on the BitFloor site.  Is this published anywhere?

I will be adding back shortly. It was removed from the signup page as it was not accurately reflecting your actual caps. No policy has changed and there will be no fund movement disruption.

[Draino]

http://www.downforeveryoneorjustme.com/bitfloor.com

it's been down since at least last night, any word?

[qxzn]

https://bitcointalk.org/index.php?topic=105818.20

[Draino]

https://bitcointalk.org/index.php?topic=105818.20

between this, bitcoinica, and pirate, i believe that's 3 strikes

thanks for nothing, bitcoin.

[Stephen Gornick]

between this, bitcoinica, and pirate, i believe that's 3 strikes

There were many questions as to Bitcoinica's security long before they were hacked.  As far as pirate, that isn't even close to being in the same category as this.

This one was a little different because people presumed that because some good security practices were in place, others (such as what should be rule #1 for an exchange ... Thou shalt keep anything more than a day's worth of bitcoin needs in cold storage) would be followed as well.  As we learned too late, they weren't

[DeathAndTaxes]

between this, bitcoinica, and pirate, i believe that's 3 strikes

There were many questions as to Bitcoinica's security long before they were hacked.  As far as pirate, that isn't even close to being in the same category as this.

This one was a little different because people presumed that because some good security practices were in place, others (such as what should be rule #1 for an exchange ... Thou shalt keep anything more than a day's worth of bitcoin need in cold storage) would be followed as well.  As we learned too late, they weren't

Yeah Due Diligence failure on my part.  I just assumed and I guess so did everyone else.  Had it come to light that there was no coldwallet I would have stopped using the site. Not shifting blame just genuinely surprised about this security failure AND my own failure to ensure the exchanged lived up to my own personal standards.