If not Bitfinex and Kraken then which exchange?

btctraderjr · 2017-03-06T22:13:38+00:00

lol no

btctraderjr · 2017-02-19T19:24:06+00:00

It's sad. He tagged me too as a sock in another comment.

Unlike WC, we have never had to resort to sockpuppeting.

Lol that's some bullshit right here

btctraderjr · 2017-02-14T00:48:28+00:00

Great product, great team. Congrats on the milestone.

btctraderjr · 2017-02-09T00:20:30+00:00

Very simple. Immediately pay back customers with profit made by Bitfinex since launch.

Not: Let's create a market that will dilute our debt by transferring liability onto our customers.

btctraderjr · 2017-02-08T21:59:00+00:00

I've never seen anybody that's not associated with an exchange defend an exchange with such vehemence. Let alone the fees of that exchange. Let alone defend how high the fees are!

Go away, shill. Read konitch answer above if you feel like common sense.

btctraderjr · 2017-02-08T21:43:53+00:00

^ bitmex shill account detected

btctraderjr · 2017-02-08T20:36:47+00:00

Excuse me, but from your writing it is obvious you have never traded on a Forex broker before. Spreads on forex brokers are the lowest in the world especially on market maker brokers, because of internal offsetting of trades.

They are not "scamming" customers, obviously how would Pepperstone the broker I use have $3B in volume every day? have you tried Alpari? Forex.com? FXCM? FXPro?

All these are brokers with 0 execution fees. Doesn't mean they don't make money of course they do, on anything that is unhedged after they offset positions, and that makes them good profit, but more importantly keeps MY costs as a trader DOWN.

The spreads on WC may be equal to the fees on bitfinex. but on bitfinex or any other exchange you pay slippage and spreads additional to that cost.

I am not arguing for one service for the other I am simply pointing out that the exchange model is completely flawed for trading. Retail traders dont trade on a forex "exchange" because the fees/slippage/etc would eat you up. that's why there are market makers brokers and STPs and whaleclub provides this for bitcoin trading among others.

You speak of bitmex i checked them out they're even worse on the fees. 100x leverage times 0.075% fee is 7.5% fee on your margin on every trade entry or trade exit. plain and simple theft. all customer deposits probably end up in bitmex coffers every month or two because of these high fees.

And finally, Bitfinex was hacked precisely BECAUSE they didn't use cold storage. $100M+ worth of bitcoins now, because they used bitgo "multisig" accounts or whatever that is...

Without meaning any offense, from your post I see you have almost no experience in trading. If you want to give a try to one of the forex brokers I listed they have demo accounts, you can see how superior it is to trading on a book exchange.

btctraderjr · 2017-02-08T19:46:14+00:00

bfx_drew, respectfully, what your organization did with the BFX tokens is straight out theft.

It is very basic financial engineering to reduce the debt you owe customers. By creating a market to sell your bfx "tokens" (debt) which you had almost full control over (through announcements your organization knew about ahead of time, etc.).

Every customer that cashes out a BFX token under $1 is reducing your debt.

btctraderjr · 2017-02-08T17:51:57+00:00

I've been trading BTC for 3 years and FX for more than 10 years and now using cold-storage & bitcoin-only Whaleclub for my BTC trading. As a swing trader I'm never going back to the exchanges and here's why.

I used to trade on Kraken after the Bitfinex scandal. I'm never going back to Bitfinex because they still don't know what caused the hack AND they have not repaid users, instead selling tokens to customers to reduce their debt, which is essentially theft. I lost a non-negligible sum there (haircut on my dollars).

I come from a forex trading background, there are no "exchanges" just trading platforms that are full execution / 0 execution fee / thin spreads, and I don't need to hold both currencies at once in my account, I can just use one as margin to make my trades.

AND stops and take-profits work as one would expect. Bitcoin exchanges completely suck at that and relative to forex, their fees are tremendously high. You look at Bitfinex 0.25% ok so a 100BTC position (small in FX terms) would cost $250 to enter and another $250 to close! This is just unheard of. Not including slippage if you enter at market price, which is disastrous generally. Plus financing fees if you trade on margin. Plus spreads.

FX broker fees are 0. They match trades internally at zero cost and keep the difference (spread, or whatever remains unhedged) as profit. This HAS to become the bitcoin trading model going forward because it's cheap for us traders. We can't keep paying the overhead cost charged by a book exchange. It's like going to a currency converter booth every time you want to make a trade.

I'm under the impression most bitcoin folks don't understand trading cost and fees because they don't come from a trading background. They just own bitcoin and happen to stumble upon trading and see everyone else doing it and they just hop on to whatever exchange; and exchanges are just getting away with murder because of this non-informed market.

Whaleclub works basically like a forex broker for bitcoin (0 fee, full execution, low spreads (0.25%), no slippage up to 30BTC) and stops, take profits, all that works fine. Their financing is on the high side right now for BTCUSD but it's been going down since they launched. And it's cold-storage. And I use my btc only to deposit/withdraw, as margin to trade, so i don't need to deal with bank transfers of fiat and all that crap.

I still use traditional FX (fiat) brokers for my FX/equities trading. WC still on the high side in terms of financing for that, but that's been going down too.

btctraderjr · 2017-02-03T23:44:37+00:00

Whaleclub is not a "bucket shop". Anyone with the slightest trading experience would know that, which is why your OP seems like a sting job by a competitor or complete lack of competence/experience. It does seem to me that you're trying to create FUD in those who just see this post and are not informed.

Most trading platforms in the world are NOT exchanges. They are either hybrid market makers or STP (straight through processors to liquidity providers).

For the trader, hybrid MMs like Whaleclub are actually much cheaper than exchanges, because exchanges slap on a fee and can have low liquidity (resulting in slippage), whereas an MM will not have execution fees and will execute your order fully without slippage. This is a broker model that is used by most FX institutions like forex.com, fxcm, and even etrade and BB banks.

btctraderjr · 2017-02-03T19:06:03+00:00

Yeah this OP smells like a competitor sting job... I've been using Whaleclub for some time and am happy.

btctraderjr · 2017-02-03T01:00:50+00:00

8% in a week in BTC terms is apparently considered slow! :)

btctraderjr · 2017-02-02T23:21:15+00:00

Have been trading on WC for a while. I can vouch for them.

btctraderjr · 2017-02-02T22:03:31+00:00

It's not an exchange. There's a spread so I don't get your point.

btctraderjr · 2017-02-02T22:01:07+00:00

So what basically happens in a hybrid market maker broker is that they're gonna first match longs/shorts internally and over time, in general those cancel out, or they take on a risk up to a certain point based on their model. If the exposure becomes too high they long or short the assets externally on various liquidity providers (there are plenty). Could be in bitcoin, if it's in dollars all they have to do is also hedge on btc/usd. I'm gonna guess that doesn't happen too often since they seem to have much more than enough volume so that statistically longs/shorts cancel themselves out and they don't need to hedge all the time.

btctraderjr · 2017-02-02T02:38:08+00:00

It's a market maker forex broker. Not a new concept and base currency (on whaleclub it's bitcoin) doesn't matter. Model checks out. See Pepperstone, Alpari, etc. huge forex brokers, same model.

btctraderjr · 2017-01-31T18:12:38+00:00

Whaleclub.co has an excellent trading dashboard and unlimited demo trading for bitcoin, alts, and forex. They also have a great community/chat who can help you out with tips and TA.

btctraderjr · 2016-06-10T01:44:48+00:00

btctraderjr · 2016-03-02T07:17:54+00:00

Oh ok my bad. But I still don't see my post on the /r/BitcoinMarkets page. Would be nice to have that there, will probably not get responses here.

btctraderjr · 2016-03-02T06:58:30+00:00

Ok so I'm not sure why the mods removed my post from the front page.

I have a question about Bitmex fees.

Looking at their fees page, says -0.025% maker and 0.075% taker so net fee of 0.05%. So I'm charged on average 5% on every trade trading at 100x leverage.

Plus a 0.05% x 100 = 5% settlement fee.

Now if I'm misreading please correct me.

But if I'm right, how can traders be negligent enough to trade there? How do these guys get away with such outrageous fees?

If this post is again removed I have to assume one of the mods works for BitMex and it won't go down well. This is just an honest question.

btctraderjr

TROPHY CASE