BitFloor Customer Reviews

[siggy]

To use ACH into Bitfloor, you need an ING account. It allows you to send ACH payments to people's checking accounts without them giving you their account number.

I have a US Bank checking account and my ACH withdrawls are running around 48 hours from request at bitfloor to avaliable in my checking account. 

I can't comment on ING deposits, as I'm primarily a miner/seller.  But withdrawls are awsome, and not dependant on an ING account.

(just clarifying in case someone other than me misses that all important "into" in the above quoted statement.)

Sigg

[Stephen Gornick]

Wish I could figure out how to get money into bitfloor though.. I don't have an ING bank anywhere close to where I live (I'd like to have a way to get cash in hand), and I'd rather not pay fees for wire.

Do you have a Chase branch nearby?  Cash deposit.  No fee.

I used POPMoneyto fund my account, I was surprised my credit union has it.  $2 fee for standard (took me 4 days), $10 fee for next day but there's a $500 daily limit

Unfortunately, BitFloor no longer supports the POPMoney deposit method.

 - http://en.bitcoin.it/wiki/Bitfloor#Adding_Funds

[SkRRJyTC]

I have also been loving Bitfloor.  I have used it twice now for fast (like 5 min after I email them a pic of my receipt) free, cash deposit.  And to top it off both times the coins have been cheaper than Gox's price.

I only wish there were more buyers so I could also sell some coins there and withdraw the USD from there too.

Is there anyway for Bitfloor users to transfer USD between accounts?

[shtylman]

I only wish there were more buyers so I could also sell some coins there and withdraw the USD from there too.

Is there anyway for Bitfloor users to transfer USD between accounts?

Just put some limit orders out there and the buyers like yourself will chip away at them. The buyers are there, they just don't always keep orders on the books.

No way to transfer user to user. We believe this falls under Money Transmitting in the USA and has other requirements that we are not yet ready to tackle (maybe one day).

[SkRRJyTC]

I only wish there were more buyers so I could also sell some coins there and withdraw the USD from there too.

Is there anyway for Bitfloor users to transfer USD between accounts?

Just put some limit orders out there and the buyers like yourself will chip away at them. The buyers are there, they just don't always keep orders on the books.

No way to transfer user to user. We believe this falls under Money Transmitting in the USA and has other requirements that we are not yet ready to tackle (maybe one day).

Thanks 

[EnergyVampire]

My wishlist:

Modify Order: so we don't have to cancel and enter a new order
Account Profile: other than simply the email
Last Trade(s): on the Market Data page for those not using the API, the last 3-10 trades is fine imo.

Edit: Also more transparency

[TehZomB]

Is it possible to change one's email address?

[shtylman]

Is it possible to change one's email address?

Not currently.

[kjlimo]

How long has BitFloor been around?  The founding date or month/year is not on the about page.

If Bitpay backs it, it's gotta be good...

[shtylman]

How long has BitFloor been around?  The founding date or month/year is not on the about page.

If Bitpay backs it, it's gotta be good...

Been around since Fall 2011.

[koin]

No way to transfer user to user.

thanks to the liquidity bonus, there is a way to inexpensively transfer funds.  

create a new, second account and fund it with enough bitcoins (from an external wallet) about half a percent over the dollar amount you want to transfer.
then in your account where you have too many dollars, place a bid above whatever level anyone else is at, and above what price any bots would list at.
then hit that bid with a market sell using the secondary account.  this secondary account will now have dollar proceeds from the sale of bitcoins plus the liquidity rebate.
then from your primary account, return the bitcoins just purchased to the external wallet.

the end result is that essentially you have transferred dollars from your primary account to a secondary account.  the transfer cost is less than half a percent in total, assuming no other unwanted trades occurred.  you can then sell or trade this secondary account by itself.  (by giving the login credentials to the buyer.)

obviously, there are risks to this but this is one way of passing control of some dollars from one party to another.

[BCB]

Very clever koin.  Be curious to hear shtylman's response to this.

[EnergyVampire]

No way to transfer user to user.

thanks to the liquidity bonus, there is a way to inexpensively transfer funds.  

create a new, second account and fund it with enough bitcoins (from an external wallet) about half a percent over the dollar amount you want to transfer.
then in your account where you have too many dollars, place a bid above whatever level anyone else is at, and above what price any bots would list at.
then hit that bid with a market sell using the secondary account.  this secondary account will now have dollar proceeds from the sale of bitcoins plus the liquidity rebate.
then from your primary account, return the bitcoins just purchased to the external wallet.

the end result is that essentially you have transferred dollars from your primary account to a secondary account.  the transfer cost is less than half a percent in total, assuming no other unwanted trades occurred.  you can then sell or trade this secondary account by itself.  (by giving the login credentials to the buyer.)

obviously, there are risks to this but this is one way of passing control of some dollars from one party to another.

Very clever koin.  Be curious to hear shtylman's response to this.

Yes, very clever. Kind of scary too (from an AML POV)

[shtylman]

Very clever koin.  Be curious to hear shtylman's response to this.

Shtylman saw and heard nothing You are technically only supposed to send funds to yourself, however I realize that there is nothing that stops you from giving away your account info (granted we reserve the right to limit the number of accounts we see you creating or otherwise slow down the account creation process). Bitcoin challenges the way we normally think about "sending" funds and, as such, systems will need to adjust accordingly. Or official policy is currently to not allow user to user transfers or facilitate this in any way, however we are looking into what it would take to make this happen since we do know it is a feature users want. It would be better to allow it in a "legitimate" fashion rather than having users do weird things with their accounts which could potentially put them at more risk.

I am very much a believer in doing the right things technically that make processes work. When something is technically possible to accomplish I do not believe it right to say you "can't" do it or that it is somehow "illegal". If you wish to prevent people from doing something you have to either make it advantageous not to do it (i.e. easier to do the "right" think) or otherwise impossible to do. Since Bitcoin business are still very much in the early stages, making things impossible is both technically and logistically difficult so I favor the approach of seeing why users wish to do something and work to make that happen.

Edit: I will also add that these types of things do not really go against AML policies or such. Since you would still be required verify before moving large amounts out of your accounts. You also take the risk of us detecting irregular access and looking closer at your activities. However, there are plenty of completely legitimate reasons to move funds and one reason I am a part of Bitcoin is that I believe people should have these abilities.

[ewibit]

If you don't have an ING Direct Electric Orange checking account and want one, PM me and I'll send you a referral where you can get a $25 bonus if you open your account with $250 or more. (Disclaimer, I would also get a $10 bonus). I do have to have your first name, last name and email address in order to send you the referral. If you prefer not to give out that info, I understand. But open an ING Direct Electric Orange checking account, you won't regret it.

is this only for customers in the USA?
TIA

[paraipan]

If you don't have an ING Direct Electric Orange checking account and want one, PM me and I'll send you a referral where you can get a $25 bonus if you open your account with $250 or more. (Disclaimer, I would also get a $10 bonus). I do have to have your first name, last name and email address in order to send you the referral. If you prefer not to give out that info, I understand. But open an ING Direct Electric Orange checking account, you won't regret it.

is this only for customers in the USA?
TIA

+1

[EuSouBitcoin]

If you don't have an ING Direct Electric Orange checking account and want one, PM me and I'll send you a referral where you can get a $25 bonus if you open your account with $250 or more. (Disclaimer, I would also get a $10 bonus). I do have to have your first name, last name and email address in order to send you the referral. If you prefer not to give out that info, I understand. But open an ING Direct Electric Orange checking account, you won't regret it.

is this only for customers in the USA?
TIA

From ING Direct's website
"What are the eligibility requirements for Electric Orange checking?

You must be a U.S. citizen or permanent resident with a valid Social Security number and be at least 18 years old. As part of the account opening process, we may or may not obtain information about you from a consumer reporting agency (a "hard pull"). If we do, we may or may not open Electric Orange for you based on that information.

You are not required to keep your other checking account after your Electric Orange is opened. You do not need to have another ING DIRECT account in order to apply for Electric Orange."

[TheButterZone]

Still kinda wondering about the Chase cash deposit system that adds an extra amount to what you enter on the site. Does the extra amount also get deposited along with the base amount you entered?

[shtylman]

Still kinda wondering about the Chase cash deposit system that adds an extra amount to what you enter on the site. Does the extra amount also get deposited along with the base amount you entered?

Yes. Please read the deposit instructions carefully as they clearly say you will be credited the exact amount you deposit and that you MUST deposit the amount shown on the webpage or you WILL NOT be credited.

Users who follow these instructions are credited instantly and without problems. If you do not follow the instructions then you WILL NOT be credited.

[TheButterZone]

Didn't remember reading that when I first saw the change was made a few days ago. Thanks.