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| An exchange that enables leveraged speculation in its contract-for-difference (CFD) market against the Bitcoin to USD (BTC/USD) exchange rate.
| | Was an exchange that enabled leveraged speculation in its contract-for-difference (CFD) market against the Bitcoin to USD (BTC/USD) exchange rate. |
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| The service charges no trading fees but instead earns from the trading spread -- similar to how forex trading functions.
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| ==Leverage==
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| Caution is recommended for those not familiar with leverage and/or forex trading.
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| The default margin requirement level is 2.5:1<ref>[http://bitcointalk.org/index.php?topic=52092.0 Bitcoinica changes default leverage to 2.5:1 for everyone]</ref>. The level may raised to 5:1 (or higher) using the self-service settings function.
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| Leverage from funds added using bitcoins can purchase an even larger Bitcoin (long) position<ref>[http://www.bitcoinmoney.com/post/11583434953 Bitcoinica - Leveraging Your Bitcoins To Buy ... More Bitcoins]</ref>. Similarly, funds added using USDs can be used to sell (short) bitcoins without already having bitcoins.
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| ==Depositing Funds==
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| ===Bitcoins===
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| * Bitcoin transaction. Deposit transactions are credited after six confirmations.
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| ====Redeemable Codes====
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| Credited and available for use instantly.
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| * Bitcoinica Redeemable Code (BTC).
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| * [[MtGox|Mt. Gox]] Redeemable Code (BTC).
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| ===USD===
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| ====Redeemable Codes====
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| * Bitcoinica USD redeemable codes
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| * Mt. Gox USD redeemable codes are accepted for deposit.
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| ====Internationial Wire====
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| * Funds (USD) may be wired to Bitcoinica's bank account in Singapore.
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| * Funds through [[AurumXChange Company]] are then deposited as a Bitcoinica USD redeemable code.
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| ====Cash deposit====
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| Deposits at thousands of banks can fund a Bitcoinica USD redeemable code (fee applies).
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| ====Liberty Reserve====
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| * AurumXChange accepts [[Liberty Reserve]] USD and other e-currencies for conversion to a Bitcoinica USD redeemable code
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| * BitInstant accepts Liberty Reserve deposits for transfer to a Bitcoinica account.
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| ===EUR===
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| SEPA Euro transfers can be used to fund a Bitcoinica USD redeemable code through AurumXChange.
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| ===GBP===
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| GBP wire transfers to a U.K. bank can fund a Bitcoinica USD redeemable code through AurumXChange.
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| ===Other E-Currencies===
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| E-Currencies including Liberty Reserve, HD-Money, [[Pecunix]], PerfectMoney, and others are accepted at AurumXChange and can be converted to a Bitcoinica USD redeemable code.
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| ==Withdrawing Funds==
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| ===Bitcoins===
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| * Bitcoin transaction.
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| ====Redeemable Codes====
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| * Bitcoina Redeemable Code (BTC)
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| * Mt. Gox Redeemable Code (BTC)
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| ===USD===
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| * Bitcoinica USD redeemable codes can be redeemed at AurumXChange. USD funds may be used for a bank wire transfer or to load or reload funds for the AurumXChange MasterCard.
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| * Mt. Gox Reemable Code (USD).
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| * BitInstant. For transferring funds to other exchanges.
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| * International Wire Transfer (fee applies).
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| ===EUR===
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| Bitcoinica USD redeemable codes can be redeemed at AurumXChange and then withdrawn as a bank wire transfer in the SEPA Eurozone.
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| ===GBP===
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| Bitcoinica USD redeemable codes can be redeemed at AurumXChange and then withdrawn as a bank wire transfer to a UK bank.
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| ==API==
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| An [http://www.bitcoinica.com/pages/api API] is available for automated trading.
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| ==HOWTO==
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| Going long and short can be as simple and placing a buy or sell order at market prices and doing nothing more. Additional techniques for obtaining desired pricing or limiting risk include the use of limit orders, stop orders, and more. A [http://bitcointalk.org/index.php?topic=81339 Bitconica for newbies] post on the [[BitcoinTalk]] forum describes the more advanced uses.
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| ==History== | | ==History== |
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| On May 11, 2012 Bitcoinica suffered for the second time a security incident in which a large amount of coins were stolen from its hot wallet<ref>[http://bitcointalk.org/index.php?topic=81045.0 Bitcoinica site is taken offline for security investigation]</ref>. | | On May 11, 2012 Bitcoinica suffered for the second time a security incident in which a large amount of coins were stolen from its hot wallet<ref>[http://bitcointalk.org/index.php?topic=81045.0 Bitcoinica site is taken offline for security investigation]</ref>. |
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| ==External Links==
| | On August 1, 2012 the Wendon Group investment fund as creditor to Bitcoinica LP announced that it will appoint a receiver under New Zealand law<ref>[http://bitcointalk.org/index.php?topic=97272.0 Bitcoinica Consultancy abandons customers. Bitcoinica to enter Liquidation]</ref>. |
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| * [http://www.bitcoinica.com Bitcoinica] web site
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| ==References== | | ==References== |
| <references /> | | <references /> |
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| [[Category:Exchanges]]
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| [[Category:Investing]]
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Was an exchange that enabled leveraged speculation in its contract-for-difference (CFD) market against the Bitcoin to USD (BTC/USD) exchange rate.
History
The service was launched on September 8, 2011[1]. On March 1st, 2012 the site suffered a significant financial loss when a web hosting had an internal security breach that gave the attacker access to a wallet in which Bitcoinica stored funds. More than 43K bitcoins were stolen by the attacker. The operator provided a statement that reserves were sufficient to cover the loss[2].
Announced on April 20, 2012 was that Bitcoinica had "reorganized" and was now operated as Bitcoinica LP and had become a registered Financial Services Provider[3].
On May 11, 2012 Bitcoinica suffered for the second time a security incident in which a large amount of coins were stolen from its hot wallet[4].
On August 1, 2012 the Wendon Group investment fund as creditor to Bitcoinica LP announced that it will appoint a receiver under New Zealand law[5].
References