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Author Topic: BitFloor.com Rocks!  (Read 16071 times)
EuSouBitcoin
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June 14, 2012, 05:45:56 PM
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BitFloor.com is a very good BTC exchange. The two things I like most about it are 1) you get a rebate for orders that add liquidity to the order book and 2) they have great ways for US residents to deposit and withdraw USD, namely ING Direct Bank's P2P service for deposits and ACH transfers for withdrawals. BitFloor just passed 10,000 BTC traded for the past 30 days according to bitcoincharts.com and their volume is steadily growing. Check them out!
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TehZomB
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June 14, 2012, 06:03:58 PM
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I agree, I love the Popmoney deposit and ACH withdrawl.
That said, the market depth really isn't there.

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June 14, 2012, 06:17:52 PM
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I agree that the liquidity is not that great . . . yet. But it depends on how many BTC you need to buy or sell. Right now the market is 5.79 to 5.80 with a size of 64 by 576. So if you are buying 576 or fewer BTC, that's enough. The bids are thin but the offers seem to be thicker. I'm just a small BTC trader so I don't need much liquidity. For me, BitFloor has enough liquidity and it's getting better day by day.
shtylman
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June 14, 2012, 06:32:18 PM
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I agree, I love the Popmoney deposit and ACH withdrawl.
That said, the market depth really isn't there.

And you can be part of the change that adds more market depth Smiley It takes time to glow the market and users who are willing to give us a try!
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June 14, 2012, 06:43:28 PM
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I agree, I love the Popmoney deposit and ACH withdrawl.
That said, the market depth really isn't there.

And you can be part of the change that adds more market depth Smiley It takes time to glow the market and users who are willing to give us a try!

Very true! When I have a lot to sell I'll try bitfloor first. That's a promise.

TangibleCryptography
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June 14, 2012, 06:45:55 PM
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While I like Bitfloor they have to be the only exchange where Bitcoin withdrawals are done manually.  I needed to pay someone so I paid from my bitfloor balance.  10 minutes later it hasn't hit the network.  So I can't cancel, I can't prove I have "sent" the coins.  I can't send them from another exchange as I risk bitfloor not canceling.  

So just stuck and look stupid.  Either move to automatic instant processing or put a disclaimer up.

On edit: tx processed. 
shtylman
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June 14, 2012, 06:47:58 PM
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While I like Bitfloor they have to be the only exchange where Bitcoin withdrawals are done manually.  I needed to pay someone so I paid from my bitfloor balance.  10 minutes later it hasn't hit the network.  So I can't cancel, I can't prove I have "sent" the coins.  I can't send them from another exchange as I risk bitfloor not canceling. 

So just stuck.  I like stupid.  Either move to automatic instant processing or put a disclaimer up.

We do not do bitcoin withdraws manually. They are automatic. If for some reason you believe that your withdraw is not working please let us know and we will look into it. Don't assume we do them manually just because you have not seen it hit the network.

I responded to your email saying we will have instant withdraw deployed today (it has been a feature which was requested in the past and I am adding it).
TangibleCryptography
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June 14, 2012, 06:50:18 PM
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We do not do bitcoin withdraws manually. They are automatic. If for some reason you believe that your withdraw is not working please let us know and we will look into it. Don't assume we do them manually just because you have not seen it hit the network.

I responded to your email saying we will have instant withdraw deployed today (it has been a feature which was requested in the past and I am adding it).

Thanks and sorry for the bad assumption.  I have never seen a non-manual process take that long.  Since you are updating the withdrawal system a recommendation would be to provide the user the actual tx hash.
rjk
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June 14, 2012, 06:52:48 PM
 #9

If I may, a suggestion: how about the option to enable non-instant withdrawals, preceded by an instant email notification? This could potentially allow a user with a hacked account to intervene before coins get sent, if they got an email and they knew they hadn't actually sent a withdrawal.

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shtylman
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June 14, 2012, 06:54:21 PM
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If I may, a suggestion: how about the option to enable non-instant withdrawals, preceded by an instant email notification? This could potentially allow a user with a hacked account to intervene before coins get sent, if they got an email and they knew they hadn't actually sent a withdrawal.

Indeed such a feature is on my todo list along with customizable withdraw limits which will allow users to receive better alerts about account activity.
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June 14, 2012, 07:30:29 PM
 #11

I have been trading bitcoins for a year, and I know how exchanges compare to each other. I only have good things to say about bitfloor. Except for low market depth, it has been working great for me so far.

One thing I have to underscore here is exceptionally good communication from bitfloor. I didn't get that kind of communication from any other exchange. I have a request to CryptoX which is pending for over a week, and it's not one of those "give me that feature" requests - it's a request about case when they screwed up and cost me money, just stays unanswered. Bitfloor guys respond pretty much instantly, never delay, even when there is something they can not immediately fix. For those of us who run bitcoin business it is very important.

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SgtSpike
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June 14, 2012, 07:51:26 PM
 #12

Just used it myself for the first time last night/this morning.  So far, so good...  MtGox is out, since their debacle with Dwolla means I am still waiting for my withdraw to go through.  Will not be using them again.  I like the direct ACH withdraw option, that's why I chose to try bitfloor out instead of any of the other exchanges.
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June 14, 2012, 09:08:07 PM
 #13

great ways for US residents to deposit and withdraw USD, namely ING Direct Bank's P2P service and PopMoney for deposits

I've no idea how they are accommodating the risk ACH reversals with those.

shtylman
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June 14, 2012, 10:03:51 PM
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great ways for US residents to deposit and withdraw USD, namely ING Direct Bank's P2P service and PopMoney for deposits

I've no idea how they are accommodating the risk ACH reversals with those.

ING P2P and Popmoney are a different type of ACH service (not the same as Dwolla). These is still a chance of chargeback, but much less from fraudulent activity claimed on the account since they are not third party services which transfer on your behalf.

As always, cash is the preferred and fastest method for those able to do so.
shtylman
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June 14, 2012, 10:04:37 PM
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Bitcoin withdraw is now instant and you should see your withdraw requests hit the network immediately.
SgtSpike
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June 14, 2012, 10:07:24 PM
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Bitcoin withdraw is now instant and you should see your withdraw requests hit the network immediately.
When can I expect notice about my ACH withdrawal?  How often are those processed?
shtylman
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June 14, 2012, 10:08:31 PM
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Bitcoin withdraw is now instant and you should see your withdraw requests hit the network immediately.
When can I expect notice about my ACH withdrawal?  How often are those processed?

They are processed daily and we usually send out the notice every morning. You will see your funds arrive 1-2 business days after processing.
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June 14, 2012, 10:08:55 PM
 #18

Thanks, that should do just fine.
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June 14, 2012, 11:15:08 PM
 #19

I've been "eyeing" bitfloor for awhile might dive in soon!  Grin
finkleshnorts
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June 14, 2012, 11:56:24 PM
 #20

Feature wise, this is as good as it gets. I plan to use bitfloor for all my exchange needs.
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