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Author Topic: Next sudden volume increase: Bitstamp  (Read 3776 times)
Technomage
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June 14, 2012, 10:19:28 AM
 #21

Is bitstamp USD only? It says it offers Euro and GBP withdrawals too?
Bitstamp uses USD for trading but it is probably used more by Europeans. SEPA deposits are free and SEPA withdraws are cheap as well (0.9 euros). There is the currency conversion but the rates are actually quite good, you won't lose much at all in the process.

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Raoul Duke
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June 14, 2012, 11:14:26 AM
 #22

Is bitstamp USD only? It says it offers Euro and GBP withdrawals too?
Bitstamp uses USD for trading but it is probably used more by Europeans. SEPA deposits are free and SEPA withdraws are cheap as well (0.9 euros). There is the currency conversion but the rates are actually quite good, you won't lose much at all in the process.

Just be prepared to leave USD cents there as they only allow you to withdraw whole numbers and the minimum order you can put in the book is $1. So, if after selling you end up with something like $224.9 and they'll only let you withdraw $224 leaving you there with $0.9 that you can't even convert to bitcoin to withdraw.
At least not without you put more bitcoin there and do some gimmick envolving trading 2 times, making them earn fees with it.
Just a fair warning Wink

Equilux
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June 14, 2012, 12:09:55 PM
 #23

So how does this work? I deposit Euro's, they automaticly convert them to Dollars? (for free???) And I then buy bitcoins?

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June 14, 2012, 12:16:00 PM
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So how does this work? I deposit Euro's, they automaticly convert them to Dollars? (for free???) And I then buy bitcoins?

Yupp, pretty much.

I sent them some euros yesterday after working hours from Spain.
I got USD in my Bitstamp account this morning! And the EUR/USD conversion was pretty much what google gives me - very fair exchange rate.

Plus, they had some BTC for 5.81 on sale - so now I'm in Bitcoins Smiley

Overall - I am very satisfied so far.
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June 14, 2012, 04:44:50 PM
 #25

The currency conversion fee is about 0.3%.

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June 15, 2012, 06:35:22 PM
 #26

So how does this work? I deposit Euro's, they automaticly convert them to Dollars? (for free???) And I then buy bitcoins?

This is what they have in their FaQ:

Quote
How long does deposit usually take?

A bank wire transfer typically takes 2-5 business days to reach our account. SEPA deposits must go through additional step of converting funds to USD, which can in some cases delay deposit for additional day. International deposits are processed and credited right upon receiving.

Who pays the withdrawal fee?

Not regarding to withdrawal method, a fee will be displayed before executing the withdrawal and deducted from amount. SEPA withdrawals are charged with fixed 0.90€ fee once your funds are converted to EUR. Minimum amount for SEPA withdrawal is $10.00. International withdrawals are charged with 0.09% fee, minimum fee is $15.00. Minimum amount for international withdrawal is $50.00.

How long does withdrawal usually take?

SEPA zone transfers usually take 2-3 business days. For clients outside SEPA zone it takes up to 5 business days.

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June 15, 2012, 11:46:03 PM
 #27

they use these rates for conversion eur->usd:
http://www.unicreditbank.si/tecajna_lista/?t=1&id_menu=&language=ENG

i tried to lobby them to switch their whole market to eur, since they recieve mostly euro payments. usd seems mainly to be there for easier arbitrage, which provides some liquidity.
imo, this is not perfect, since the real market is basically in eur. arbitrageurs will come anyways..
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June 17, 2012, 02:37:48 PM
 #28

So how does this work? I deposit Euro's, they automaticly convert them to Dollars? (for free???) And I then buy bitcoins?

This is what they have in their FaQ:

Quote
How long does deposit usually take?

A bank wire transfer typically takes 2-5 business days to reach our account. SEPA deposits must go through additional step of converting funds to USD, which can in some cases delay deposit for additional day. International deposits are processed and credited right upon receiving.

Who pays the withdrawal fee?

Not regarding to withdrawal method, a fee will be displayed before executing the withdrawal and deducted from amount. SEPA withdrawals are charged with fixed 0.90€ fee once your funds are converted to EUR. Minimum amount for SEPA withdrawal is $10.00. International withdrawals are charged with 0.09% fee, minimum fee is $15.00. Minimum amount for international withdrawal is $50.00.

How long does withdrawal usually take?

SEPA zone transfers usually take 2-3 business days. For clients outside SEPA zone it takes up to 5 business days.

Thanks, I didn't read their FaQ very carefully, but just a 0.90 fixed withdrawal-fee seems awesome, I'll definately check this out.

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