A revolutionary new bitcoin exchange with automatic trading - CoinX

[deepbtc]

Is this operational already? an alpha/beta?

We are currently developing the exchange, will begin the alpha test in a couple of weeks and you can beta test it after that. We are also looking at a couple of open source options and if we choose to use one of them we will be operational much faster.

BTW when we can expect to see your site? Not a rush but it would be nice to try automated trading.

Everyone can expect the exchange to be operational by the end of Q2 2015 or at the beginning of q3. (but much sooner if we decide to build on top of an open source solution.)

How do we know you won't just run away with our bitcoins? I really love the idea, but I don't want to put money on a service that a stranger built that promised me a bitcoin, you know... It's very tempting to just run away with those coins.

First of all let me explain that my goal is to introduce millions of people to Bitcoin, and running away with a couple of bitcoins means the end of the exchange, plus that the exchange will make much more than any amount I could take in the long run. And there are many exchanges out there for anyone that wants to trade elsewhere, plus that anyone can start auto trading with as low as 5-10 USD and let it grow from there.
We will be building trust with transparency, we will have a page that all users can go to see all aspects of the exchange.

Fees: What do you recommend? A low fee or flat monthly subscription that all users can get a commission from (30%-50%)

Did you mean 30%-50% fee or a low fee with 30%-50% commission for promoters?

Thanks

We will take a low flat fee from the profits made (not the whole trade), affiliates and sub-affliates will take a percentage of that. It will probably be 2 levels deep.

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[deepbtc]

152 more beta testers needed, thank you very much for all your comments. I'm currently working on a landing page for the exchange and looking for a good name, any suggestions are welcome.

[Berau]

Wait, you said:

"We will take a low flat fee from the profits made (not the whole trade)"

Which doesn't really make sense since you're supposed to take a fee from the whole trade to get a profit. Could you explain further?

[deepbtc]

Wait, you said:

"We will take a low flat fee from the profits made (not the whole trade)"

Which doesn't really make sense since you're supposed to take a fee from the whole trade to get a profit. Could you explain further?

If the system buys a bitcoin at 277.77 from a user and sells it at 277.82 to another user, the trade makes $0.05 profit. We will take a fee from that. a 10% fee would be $0.005 and a 5% fee would be $0.0025. And if the user decides to close the trade selling the bitcoin at 277.77 we won't take any fees. The system makes 1/20 trades  automatically a minute depending on the total number of users willing to buy or sell.

[mishax1]

Wait, you said:

"We will take a low flat fee from the profits made (not the whole trade)"

Which doesn't really make sense since you're supposed to take a fee from the whole trade to get a profit. Could you explain further?

If the system buys a bitcoin at 277.77 from a user and sells it at 277.82 to another user, the trade makes $0.05 profit. We will take a fee from that. a 10% fee would be $0.005 and a 5% fee would be $0.0025. And if the user decides to close the trade selling the bitcoin at 277.77 we won't take any fees. The system makes 1/20 trades  automatically a minute depending on the total number of users willing to buy or sell.

Are you saying that your are only taking the fee off the profits only, and the side that didn't make the profit will not pay a fee ?

[kusumadewi]

152 more beta testers needed, thank you very much for all your comments. I'm currently working on a landing page for the exchange and looking for a good name, any suggestions are welcome.

PM me i will try your site as beta tester

[deepbtc]

Wait, you said:

"We will take a low flat fee from the profits made (not the whole trade)"

Which doesn't really make sense since you're supposed to take a fee from the whole trade to get a profit. Could you explain further?

If the system buys a bitcoin at 277.77 from a user and sells it at 277.82 to another user, the trade makes $0.05 profit. We will take a fee from that. a 10% fee would be $0.005 and a 5% fee would be $0.0025. And if the user decides to close the trade selling the bitcoin at 277.77 we won't take any fees. The system makes 1/20 trades  automatically a minute depending on the total number of users willing to buy or sell.

Are you saying that your are only taking the fee off the profits only, and the side that didn't make the profit will not pay a fee ?

The exchange only makes trades when there is a profit to be made (exchange BTC/fiat between accounts, even if its $0.01) and we only take a fee from the profits. We won't take a fee if a user decides to close a trade manually (or exchange manually) and the trade results in no profits or a loss.

[Eds]

I'm interested in your beta testing. count me in...

[BlackTradeCapital]

 I am more then willing to beta test for such amount

[deepbtc]

I'm thinking about integrating Clef (https://bitcointalk.org/index.php?topic=965220.0), What do you think?

[Snail2]

I'm thinking about integrating Clef (https://bitcointalk.org/index.php?topic=965220.0), What do you think?

Clef is an awesome stuff, but it's quite new with little practical experience about it. In the beginning I'd use it only alongside other more mature 2fa methods as one of the options. If you are in the middle of developing your own stuff you might not want spending time on troubleshooting other things. 

[deepbtc]

We will have SMS, Authenticator protection, plus 100% of the BTC will be kept in offline wallets. 127 more beta testers needed.

[deepbtc]

we are going with either BTCx or XBTx for the domain name. Which one do you prefer?

[Bitcoin Explorer]

I wont be able to test it but this seems to be something like arbitrage? Correct me if I'm wrong

[deepbtc]

I wont be able to test it but this seems to be something like arbitrage? Correct me if I'm wrong

Yes and no, I like to think of it as a regular bitcoin exchange, high frequency trading, and local bitcoin exchange (with cash)  as you can buy/sell bitcoins manually, automatically (HFT) and buy/sell locally with cash (there will be features similar to local bitcoins), I'm bringing all these under one service with added value, features, security, much lower fees (plus no deposit/withdraw fees) and much more.

[foxbitcoin]

will be interesting to see how the system develops.

[PolarPoint]

Where can bitcoin buyers get these USD cash codes, and how do bitcoin sellers convert these cash codes into fiat money?

[deepbtc]

Where can bitcoin buyers get these USD cash codes, and how do bitcoin sellers convert these cash codes into fiat money?

There will be a directory of users buying/selling cash codes for cash. Users can also refer friends and family and sell them (or as a gift) the cash codes for fiat (therefore getting commissions from the fees two levels deep). Members can also sell the cash codes online for BTC or for products/services, users can also withdraw BTC and sell them offline or through an exchange. I just don't like the idea that any government or company can change the fate of a bitcoin exchange in a blink of an eye.

I love bitcoin and I want to introduce as many people to it as possible. I wanted to buy BTC at a bitcoin ATM yesterday, I was walking around RCA (Bangkok) asking many people about the bitcoin ATM, no one knew what bitcoin was (not even foreigners) and pointed me to a normal ATM machine, I finally found the cafe with the bitcoin ATM (searching for it for more than 2 hours) but it's been out of service for over a month. I simply want to change that.

[gitbknowsall]

I would be interested in beta testing ( gitbknowsall@gmail.com ).

[Yusan]

Interesting... Joining this project ( Yoesant.devil@gmail.com )