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Author Topic: https://bitdaytrade.com Bitcoin Gold & Commodities margin trading  (Read 17327 times)
bitdaytrade
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June 21, 2012, 12:04:16 AM
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Hi Guys,

I'm Alberto Armandi, developer of Bitdaytrade, we're a small team composed by a few guys and look forward to estabilish a presence in the Bitcoin world. This application is heavily inspired by Bitcoinica and it even shares the same framework, twitter bootstrap. Those are technical details not very important at this stage. The platform will be heavily redesigned by a professional designer studio eventually in the future. Bitdaytrade allows you to trade Gold contracts at the moment, 1 Gold contract is for 1 Troy of the precious metal, which is values around 1580-1620 USD. The minimum trading lot is 0.01 contracts, which are equivalent to about 16 USD. You have available different choices for leveraging, from 2.5x to 50x as well as no leverage option. For funding your account we only accept Bitcoin at the moment and you can start trading with a small amount.
The bid/ask spread is set to take into account our fees and the price slippage, Gold market is very liquid and price can change abruptly in no time.
There are no other fees. All trades are mirrored in the real Gold market via our forex partner API.

Here is the url of our site https://bitdaytrade.com. We would love to hear your impressions!

Cheers
Bitdaytrade Team

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June 21, 2012, 12:10:32 AM
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Bitcoinica may have forever spoiled Bootstrap.  Also, there's some information missing from your website about how you secure your databases.  Wink
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June 21, 2012, 12:16:11 AM
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Hello bitdaytrade,

You operate out of Hong Kong, am I correct?
Withdrawals and Deposits in Bitcoins only, right?

Is your market viewable without registering?

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June 21, 2012, 12:17:00 AM
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Right, we do use bcrypt for password storage. It's the safest option on the market at the moment.

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June 21, 2012, 12:18:32 AM
 #5

Hello bitdaytrade,

You operate out of Hong Kong, am I correct?
Withdrawals and Deposits in Bitcoins only, right?

Is your market viewable without registering?

Correct, operations are virtually conducted from Hong Kong.  Right, Bitcoin deposits and withdrawals. only.

What do you mean by "market viewable without registering" ?

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June 21, 2012, 12:25:54 AM
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Right, we do use bcrypt for password storage. It's the safest option on the market at the moment.

Added to the FAQ as well.

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June 21, 2012, 12:28:06 AM
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Some type of Market Overview at your exchange. Basic info like volume, High, Lows, last, inside quote, etc.

bitdaytrade
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June 21, 2012, 12:40:27 AM
 #8

Some type of Market Overview at your exchange. Basic info like volume, High, Lows, last, inside quote, etc.

I will make that available soon. Thanks for your feedback.

dancingnancy
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June 21, 2012, 12:41:47 AM
 #9

Sounds cool.

But like I see the spread is currently $1.  How many contracts are available at the best bid/ask?  Seems like you have a good start etc. but there is still some work to do.  Will def. keep the website bookmarked though and follow this thread.

I would recommend a chart DOM if you could implement that.  
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June 21, 2012, 12:53:02 AM
 #10

Sounds cool.

But like I see the spread is currently $1.  How many contracts are available at the best bid/ask?  Seems like you have a good start etc. but there is still some work to do.  Will def. keep the website bookmarked though and follow this thread.

I would recommend a chart DOM if you could implement that.  

The bid/ask spread is a little higher than what we get from our forex provider, to make us some money and protect us against slippage and violent  price fluctuations. We will look into chart DOM in the future, what other features would you add to the site ?
thanks for your feedback!

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June 21, 2012, 12:56:50 AM
 #11

Sounds cool.

But like I see the spread is currently $1.  How many contracts are available at the best bid/ask?  Seems like you have a good start etc. but there is still some work to do.  Will def. keep the website bookmarked though and follow this thread.

I would recommend a chart DOM if you could implement that.  

The bid/ask spread is a little higher than what we get from our forex provider, to make us some money and protect us against slippage and violent  price fluctuations. We will look into chart DOM in the future, what other features would you add to the site ?
thanks for your feedback!

So traders using your exchange are trading against the bitdaytrade.com?

bitdaytrade
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June 21, 2012, 01:06:07 AM
 #12

Sounds cool.

But like I see the spread is currently $1.  How many contracts are available at the best bid/ask?  Seems like you have a good start etc. but there is still some work to do.  Will def. keep the website bookmarked though and follow this thread.

I would recommend a chart DOM if you could implement that.  

The bid/ask spread is a little higher than what we get from our forex provider, to make us some money and protect us against slippage and violent  price fluctuations. We will look into chart DOM in the future, what other features would you add to the site ?
thanks for your feedback!

So traders using your exchange are trading against the bitdaytrade.com?

Traders  on bitdaytrade are trading so against the worldwide Gold market at the moment.

dancingnancy
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June 21, 2012, 01:34:22 AM
 #13

Sounds cool.

But like I see the spread is currently $1.  How many contracts are available at the best bid/ask?  Seems like you have a good start etc. but there is still some work to do.  Will def. keep the website bookmarked though and follow this thread.

I would recommend a chart DOM if you could implement that. 

The bid/ask spread is a little higher than what we get from our forex provider, to make us some money and protect us against slippage and violent  price fluctuations. We will look into chart DOM in the future, what other features would you add to the site ?
thanks for your feedback!

Well, the B/A spread seems ok for this application to be honest.  I think the usual spread on the futures contracts is probably 1-5 ticks depending on the time.  Obviously this application doesn't have a 'x'ms latency, so..

But what I was wondering is if you purchase like .5 of a contract, and lets say that the ask is 1000 for example.  How many contracts (or .01 contracts) are available at the ask of 1000?  What I am getting at is how do we know what the slippage will be w/o having that information?

Also, I think it would be nice if you added time/sales window.  That way there can be no bullshit about your limit order not entirely being filled etc.  I think these 2 things are necessities for anyone looking to come in with a large amount of coin.

________

I have one other question though.  Like bitcoinica, when the price of bitcoin goes up or down, so does your account value.  When we transfer in bitcoins to you, do you automatically convert them to USD to avoid the problems with carrying gold contracts with BTC that usually ranges more than the derivative (gold) we are trying to trade?  Hopefully that makes sense.

Thanks

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June 21, 2012, 01:42:35 AM
 #14

Can you go into a little more detail about your trading platform? Did you write the code in-house, open source, etc.?

EnergyVampire
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June 21, 2012, 01:51:47 AM
 #15

Hi,

I'm Alberto Armandi, developer of https://bitdaytrade.com, here is a little about my background  :

TaglineMad Scientist,Hacker,Artist,Creative,CEO at Enso Limited.
Introduction
Entrepreneur at heart. Deep interests in Computer Science : AI, Machine Learning, Data mining and such stuffs. Have been working with .NET and LAMP. I am proficient in PHP, Javascript, C#, Java, RoR and have a good grasp of Ajax and HTML5. Strong understanding of operating systems, from Unix to Windows. I am also a musician, i play piano, some guitar, and love literally all kinds of Music. Avid reader.

Launched my first startup in Dec 2008. Killed by google just in time for me losing an investor. If you want to read more here is it :
http://younoodle.com/startups/wozad
http://www.killerstartups.com/Marketing/wozad-com-the-evolution-of-contextual-advertisement


My second attempt, which is stumbled upon on while i was travelling across China, is the "Enso Zenpad". Our products have met moderate success in the Consumer market, so we now operate exclusively B2B. We do ship large quantities of devices to companies worldwide.
Our url is http://enso-now.com, and here are our Engadget tags: http://www.engadget.com/tag/enso/

Visit my LinkedIn profile at
http://linkd.in/npze8k
Or follow me on twitter
http://www.twitter.com/albertoarmandi
Alternatively friend me on facebook
http://www.facebook.com/alberto.armandi


My email is alberto.armandi@gmail.com and i am located in Italy right now. 

Industries:    Computing, Information Technology, Mobile

Skills:    AJAX, Business, Copy Writing, Database Administration, Databases, Editing, Engineering, English, Entrepreneurship, HTML / CSS, Italian, Java, Javascript, Languages, Languages and Platforms, Leadership, Management, PHP, Python, Software Engineering, SQL, System Administration, Unix, Web Development, Windows, Windows applications, Writing

Interestest: Advising startups, Brainstorming, Finding business partners, Finding cofounders, Finding engineers, Finding experts, Finding team mates, Getting press, Growing my group, Helping friends, Joining a startup, Meeting new people, Mentoring, Professional opportunities, Providing services to startups, Receiving feedback, Recruiting for my startup, Sharing my projects, Starting a company

Do you live in Italy or are you traveling?

bitdaytrade
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June 21, 2012, 01:53:37 AM
 #16

Sounds cool.

But like I see the spread is currently $1.  How many contracts are available at the best bid/ask?  Seems like you have a good start etc. but there is still some work to do.  Will def. keep the website bookmarked though and follow this thread.

I would recommend a chart DOM if you could implement that. 

The bid/ask spread is a little higher than what we get from our forex provider, to make us some money and protect us against slippage and violent  price fluctuations. We will look into chart DOM in the future, what other features would you add to the site ?
thanks for your feedback!

Well, the B/A spread seems ok for this application to be honest.  I think the usual spread on the futures contracts is probably 1-5 ticks depending on the time.  Obviously this application doesn't have a 'x'ms latency, so..

But what I was wondering is if you purchase like .5 of a contract, and lets say that the ask is 1000 for example.  How many contracts (or .01 contracts) are available at the ask of 1000?  What I am getting at is how do we know what the slippage will be w/o having that information?

Also, I think it would be nice if you added time/sales window.  That way there can be no bullshit about your limit order not entirely being filled etc.  I think these 2 things are necessities for anyone looking to come in with a large amount of coin.

________

I have one other question though.  Like bitcoinica, when the price of bitcoin goes up or down, so does your account value.  When we transfer in bitcoins to you, do you automatically convert them to USD to avoid the problems with carrying gold contracts with BTC that usually ranges more than the derivative (gold) we are trying to trade?  Hopefully that makes sense.

Thanks



We structured our minimal lot of 0.01 contracts for Gold as per our Forex API requirements. We can fractionate one full contract that way and offer a reasonably small minimum trading volume. Slippage is not an informations we intend to make public. Can you elaborate more on the Time/sale window ? Thanks for your great feedbacks so far.

bitdaytrade
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June 21, 2012, 01:54:24 AM
 #17

Hi,

I'm Alberto Armandi, developer of https://bitdaytrade.com, here is a little about my background  :

TaglineMad Scientist,Hacker,Artist,Creative,CEO at Enso Limited.
Introduction
Entrepreneur at heart. Deep interests in Computer Science : AI, Machine Learning, Data mining and such stuffs. Have been working with .NET and LAMP. I am proficient in PHP, Javascript, C#, Java, RoR and have a good grasp of Ajax and HTML5. Strong understanding of operating systems, from Unix to Windows. I am also a musician, i play piano, some guitar, and love literally all kinds of Music. Avid reader.

Launched my first startup in Dec 2008. Killed by google just in time for me losing an investor. If you want to read more here is it :
http://younoodle.com/startups/wozad
http://www.killerstartups.com/Marketing/wozad-com-the-evolution-of-contextual-advertisement


My second attempt, which is stumbled upon on while i was travelling across China, is the "Enso Zenpad". Our products have met moderate success in the Consumer market, so we now operate exclusively B2B. We do ship large quantities of devices to companies worldwide.
Our url is http://enso-now.com, and here are our Engadget tags: http://www.engadget.com/tag/enso/

Visit my LinkedIn profile at
http://linkd.in/npze8k
Or follow me on twitter
http://www.twitter.com/albertoarmandi
Alternatively friend me on facebook
http://www.facebook.com/alberto.armandi


My email is alberto.armandi@gmail.com and i am located in Italy right now. 

Industries:    Computing, Information Technology, Mobile

Skills:    AJAX, Business, Copy Writing, Database Administration, Databases, Editing, Engineering, English, Entrepreneurship, HTML / CSS, Italian, Java, Javascript, Languages, Languages and Platforms, Leadership, Management, PHP, Python, Software Engineering, SQL, System Administration, Unix, Web Development, Windows, Windows applications, Writing

Interestest: Advising startups, Brainstorming, Finding business partners, Finding cofounders, Finding engineers, Finding experts, Finding team mates, Getting press, Growing my group, Helping friends, Joining a startup, Meeting new people, Mentoring, Professional opportunities, Providing services to startups, Receiving feedback, Recruiting for my startup, Sharing my projects, Starting a company

Do you live in Italy or are you traveling?

I do live in Italy at the moment but i travel often to Hong Kong and China for business.

dancingnancy
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June 21, 2012, 02:18:12 AM
 #18


[/quote]

We structured our minimal lot of 0.01 contracts for Gold as per our Forex API requirements. We can fractionate one full contract that way and offer a reasonably small minimum trading volume. Slippage is not an informations we intend to make public. Can you elaborate more on the Time/sale window ? Thanks for your great feedbacks so far.

[/quote]

A suggestion, most people will probably be only trading fractional contracts.  But what if someone comes to your application to trade multiple contracts?  Do you believe that someone will just accept the slippage will be "hidden?"  Would you trade in a system like that? 

Well, maybe if it was just playing around with a coin or two, yes (FX comes to mind, but this is mildly different, IMO).   I think you should guarantee volume on the bid/ask like bitcoinica (even if it is just .25 contract or something), that is one of the best things ZT came up with, IMO.

Also, if you could please answer my question about the BTC - USD conversion and how our money is stored once it reaches your website in BTC or USD?  In relation to our margin balances that is a big deal.

Time and sales window is just a small pop-up window that displays all trades in real time with volume.  I ask this because there will be times that someone has a limit order out, hits the number, but doesn't get filled because he is too far back in the book or something before the bid jumps.  Just take a look at google for "time and sales window".. I am sure you know what it is after looking at it.

I really think though, if you are looking for larger players in your book, that you should implement a real time DOM application with time and sales.  Especially if these same people have the bankroll to trade some other futures company in the USA etc.  I guess your application sends some order straight through to the exchange of your choosing, so that is where there is some gray area, at least for me...?

By the way, how are the orders routed from your platform to xyz exchange?  What other software / brokers / platform are you using other than this proprietary one you have created - if you don't mind relaying that information.  Are you using CME?

Thanks
bitdaytrade
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June 21, 2012, 02:38:12 AM
 #19



We structured our minimal lot of 0.01 contracts for Gold as per our Forex API requirements. We can fractionate one full contract that way and offer a reasonably small minimum trading volume. Slippage is not an informations we intend to make public. Can you elaborate more on the Time/sale window ? Thanks for your great feedbacks so far.

[/quote]

A suggestion, most people will probably be only trading fractional contracts.  But what if someone comes to your application to trade multiple contracts?  Do you believe that someone will just accept the slippage will be "hidden?"  Would you trade in a system like that?  

Well, maybe if it was just playing around with a coin or two, yes (FX comes to mind, but this is mildly different, IMO).   I think you should guarantee volume on the bid/ask like bitcoinica (even if it is just .25 contract or something), that is one of the best things ZT came up with, IMO.

Also, if you could please answer my question about the BTC - USD conversion and how our money is stored once it reaches your website in BTC or USD?  In relation to our margin balances that is a big deal.

Time and sales window is just a small pop-up window that displays all trades in real time with volume.  I ask this because there will be times that someone has a limit order out, hits the number, but doesn't get filled because he is too far back in the book or something before the bid jumps.  Just take a look at google for "time and sales window".. I am sure you know what it is after looking at it.

I really think though, if you are looking for larger players in your book, that you should implement a real time DOM application with time and sales.  Especially if these same people have the bankroll to trade some other futures company in the USA etc.  I guess your application sends some order straight through to the exchange of your choosing, so that is where there is some gray area, at least for me...?

By the way, how are the orders routed from your platform to xyz exchange?  What other software / brokers / platform are you using other than this proprietary one you have created - if you don't mind relaying that information.  Are you using CME?

Thanks

[/quote]

Right, probably most people will be trading on fractional contracts.  We will definitely evolve the interface to something like you describe in the near future. This is just a start, i'll make sure to google "Time and Sales window" and get an exact grasp of how to use it best in our project.
Our applications routes orders to a forex aggregator which offers also derivatives and futures contracts and has a good API available.
Also to respond to some other ealier question, our technology has been developed in-house and it took a couple of months to get here.

Thanks for all your feedbacks, much appreciated.

dancingnancy
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June 21, 2012, 02:53:42 AM
 #20

Sounds good.  I understand you are just brand new basically, but I think you have a really good start.  I have been waiting for something like this because of the margin requirements currently at the CME.  Just someway to trade while I am at school.

Just think like trading FX on an ECN compared to FX with like, well anyone that doesn't run an ECN.  Have you traded FX on Interactive Brokers, for example, or any other ECN?  Just saying.

I think you would gain a lot of credibility to your project/platform if when you placed a limit order, you could simultaneously see this on the DOM.  That way we know what is going on with the orders and you aren't playing games in the background.  Time and Sales window would just basically confirm these things.

If that doesn't make sense, please say so.  


*** ALSO ****

How are the btc kept once we send them to your website?  Are they staying in BTC or being converted to USD?  If BTC price goes down big time that is going to cause huge problems with margin calls if they are not being immediately converted to USD.  Especially because we are using one derivative to trade another derivative
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