Bitfloor: Difference between revisions
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==Anonymity== | ==Anonymity== | ||
Bitfloor does not require any personally identifiable information until the user wishes to withdraw money using ACH. Deposits can be made via [[LocalTill]] -> Bank of America, by depositing cash. No ID or personal information is required, and bank tellers do not ask for the reason the deposit is made. | Bitfloor allows access through Tor and does not require any personally identifiable information until the user wishes to withdraw money using ACH. Deposits can be made via [[LocalTill]] -> Bank of America, by depositing cash. No ID or personal information is required, and bank tellers do not ask for the reason the deposit is made. | ||
==History== | ==History== | ||
Revision as of 09:05, 11 April 2013
Bitfloor is a FinCEN-registered Bitcoin currency exchange and trading platform site headquartered in the state of New York, USA.
Adding Funds
Bitfloor accepts USD and BTC deposits.
BTC
- Adding bitcoins to the account balance is free, and the bitcoins will be deposited in the user's online wallet.
USD
- In-person cash deposits are free and can be made through LocalTill, which as of April 2013, supports Bank of America and will charge a 1%-4% fee to process the deposit
- Bank wire transfer - %15 fee
- CapitalOne 360 P2p (formerly ING Person2Person) - no fee
Withdrawing Funds
BTC
- There are no fees for Bitcoin withdrawals. Large withdrawal are processed manually, due to Bitfloor storing most bitcoins in offline cold wallets.
USD
- ACH Bank withdrawal (Direct deposit) takes 1 to 3 business days and requires uploading a copy of the user's government-issued ID. This is the only point at which the identity of the user is required; otherwise, Bitfloor's privacy policies do not ask for any identification information.[1]
Trading
Trades can be done via a web interface, or by using the API. Open-source automated trading software written in Python and JavaScript is provided on GitHub.
Fees
Market orders, that execute immediately, incur a 0.4% fee. Orders that don't execute immediately receive a 0.1% rebate, to encourage liquidity providers to offer information about their market expectations.
Features
The exchange offers automated trading capabilities via a simple REST API, and via a FIX (Financial Information eXchange) order entry gateway.[2].
Anonymity
Bitfloor allows access through Tor and does not require any personally identifiable information until the user wishes to withdraw money using ACH. Deposits can be made via LocalTill -> Bank of America, by depositing cash. No ID or personal information is required, and bank tellers do not ask for the reason the deposit is made.
History
The exchange had been operating since 2011 with its first publicity occurring in February 2012[3].
On September 4, 2012 the operator of BitFloor reported a security breach that resulted in the exchange's wallet with 24K BTC being stolen. The site was shuttered and access to customer funds denied as the exchange's reserves were insufficient to accommodate all funds deposited. As of March 8, 2013, 3 months had passed since the last repayment (December 2012), and the operator had been unresponsive.[4]
On April 3, 2012, the website was down for several minutes.[5]
BitFloor became a Money Service Business (MSB) registered with FinCEN (#31000005224108) on March 15, 2012.[6]
