BitFloor.com Rocks!

[TehZomB]

Will bitfloor ever consider adding Check or USPS money order as a deposit method? There is no Chase nearby, and popmoney is not available to minors.
Until then, I'll have to resort to CBX (at least for buying).

[1714827912]

1714827912

[1714827912]

1714827912

[1714827912]

1714827912

[1714827912]

1714827912

[mufa23]

It does seem like getting money into Bitfloor will be problematic. Current market shows that 50 BTC are wanting to be bought. While 1,000 BTC are wanting to be sold. It's full of everyone wanting to sell, but no one willing to buy. My guess is getting money into there is hard. So selling a large sum is going to be rather difficult. Probably not the best place to sell off your coins right now.

In other unrelated news, my MtGox --> Dwolla transactions are going through. I think I'll split up my coins amongst various exchanges to see which one bring the bread to my bank first.

[SgtSpike]

shtylman, How long does it take to get ACH setup? Do I have to email you for each withdraw I want to make? Or can I get ACH setup one time, then keep using it without having to email you each time?

On my account he set it up the same day.  You only need to send account info once.  There is no automated way to request a withdrawal you need to email support.  You don't need to send account info on each request though.  Low tech but it works and response time has been fantastic. 

I was concerned about security and asked for a public key to encrypt the account details.  He sent me his openSSL public key which I have no idea how to use.  I asked him if he could provide a PGP key instead and he did within minutes. 

TL/DR
shtylman is a pro!

Did he email you to confirm your account info?  I sent an email 2-3 days back and haven't heard a peep...

Sometimes I don't respond to the ACH setup request right away. This does not mean there was a problem. Since most requests just send the info but don't wish to withdraw any funds at the time I just setup the ACH and wait until a withdraw request is sent. Soon it will be clear from your online profile that ACH is setup and no follow-up email will be required

It wasn't just a setup request though - I requested setup and withdrawal in the same email at the same time, still haven't heard anything back.

My apologies - the money actually hit my bank account a few days ago!  I just never received any kind of notification, and hadn't even checked my bank account because of it.

[genuise]

Does Bitfloor have any kind of USD Codes systems on its own?

[DeathAndTaxes]

Does Bitfloor have any kind of USD Codes systems on its own?

No. I wish they did.

[shtylman]

Does Bitfloor have any kind of USD Codes systems on its own?

No. I wish they did.

We cannot offer this at this time until we are sure this does not make us an MTB (which requires other paperwork and registration).

Currently we focus on Bitcoin buying and selling and not on transfer of fiat currencies between accounts.

[shtylman]

Will bitfloor ever consider adding Check or USPS money order as a deposit method? There is no Chase nearby, and popmoney is not available to minors.
Until then, I'll have to resort to CBX (at least for buying).

We will not accept checks as they carry chargeback and bounce risks. We are considering accepting Chase QuickPay. You can signup for a Chase account completely online, connect it to your other personal account to move funds into your chase account. Finally, you would be able to send these funds to use via QuickPay.

Other alternatives include wire transfers from your current bank. I will add the wire information to the website for those that wish to use this method.

[shtylman]

I will add that for those who wish to deal only electronically, you can open an ING account online, then transfer funds to it from your other accounts. This process is simple and lets you manage your funds until they are ready to be sent to Bitfloor for trading.

[genuise]

A Money services business (MSB) is a legal term used by financial regulators to describe businesses that transmit or convert money. The definition was created to encompass more than just Banks which normally provide these services to include non-bank financial institutions.
An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureau de changes, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.

Can you eleborate on those differences in your jurisdiction? Sorry if I am not too polite.

[shtylman]

A Money services business (MSB) is a legal term used by financial regulators to describe businesses that transmit or convert money. The definition was created to encompass more than just Banks which normally provide these services to include non-bank financial institutions.
An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureau de changes, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.

Can you eleborate on those differences in your jurisdiction? Sorry if I am not too polite.

In simple terms an MSB is *any* business that deals with money. An MTB a type of MSB which moves funds from one person to another (paypal or western union are good examples). They take money on your behalf and deliver the same money to another individual.

The legal uncertainty of these and how it pertains to currency exchanges can be debated. However, to be clear, in our legal jurisdiction, it is currently more difficult/costly to be an MTB and as such we are currently not providing such services.

[punningclan]

I just used your site and it's excellent!
I'd like to see more decimals, I just dropped a small ask into a big wall and would have liked to be in front but I can't.
All the best!

[DeathAndTaxes]

Don't add too many decimals.  I hate fighting bots jumping 0.000001 ahead of me on Mt.Gox.  I think whole pennies are fine but maybe 1 more decimal place I hope you don't go more than that.  Like gasoline $3.499

If the asset is worth ~$5 then 0.001 as the min tick is 0.02%.  Anything smaller is just games.  It doesn't improve the spread in any meaningful way.

[shtylman]

Don't add too many decimals.  I hate fighting bots jumping 0.000001 ahead of me on Mt.Gox.  I think whole pennies are fine but maybe 1 more decimal place I hope you don't go more than that.  Like gasoline $3.499

If the asset is worth ~$5 then 0.001 as the min tick is 0.02%.  Anything smaller is just games.  It doesn't improve the spread in any meaningful way.

The penny increment will not be changing in the near future. If the price suddenly drops then we will update the increment to reflect that. But as stated, the increment is in place specifically to prevent people from "cutting" in line  against those that have been on the book.

[coga]

Don't add too many decimals.  I hate fighting bots jumping 0.000001 ahead of me on Mt.Gox.  I think whole pennies are fine but maybe 1 more decimal place I hope you don't go more than that.  Like gasoline $3.499

I second that. At first it felt weird, but now I see that it is actually a more user friendly thing

To play devil's advocate, bots could be the reason why Intersango, CampBX and CryptoX show so much more traffic

[DeathAndTaxes]

Any reason why the market depth screen only shows 5 bids and 5 asks. 

It would be more useful if put into separate bid & ask tables in column form which show price, size, cumulative size.

[BoardGameCoin]

Any reason why the market depth screen only shows 5 bids and 5 asks. 

It would be more useful if put into separate bid & ask tables in column form which show price, size, cumulative size.

+1

You can kind of gather that information from hovering over the charts, but it'd be nicer in a table

I'm working on getting a small amount onto the 'buy' side of bitfloor, but probably not at prices people are selling at currently (I'm thinking like ~6.0x per BTC).

[EnergyVampire]

So far, everything looks really good with bitfloor.com. If you guys keep up the great work, I can definately see you guys surpassing MtGox trade volume. 

[EnergyVampire]

FYI: Bitfloor's MSB Registration Number: 31000005224108 (FinCEN)

[Dr3AM$cAp3]

+1
 BitFloor is the best, had my coins in less than a hour of sending the first email. Will definitely use again!

And almost 20 cents under market price 

[wallet.dat]

I sent in a copy of my drivers license and my bank info to Bitfloor support.  Am I supposed to get a confirmation Email or something?  How do I know when my Bitfloor account is ready to withdraw to my bank acct?