Bitfloor is an online Bitcoin trading platform where buyers and sellers meet to trade Bitcoins for other currencies.
You trade (buy or sell) with other users of our platform. We do not sell Bitcoins directly. All orders and prices you see are provided by other users.
New to Bitcoin?
If you are new to bitcoins, we suggest first reading about bitcoin basics. This will give you a basic understand of what Bitcoins are and what to expect.
New to trading?
If you are new to trading, please read trading basics to familiarize yourself with some of the terms and our interface.
If you can't find the answers to your questions here, don't hesitate to contact firstname.lastname@example.org.
Bitcoin is a peer-to-peer decentralized currency with no central authority. Transactions are relayed and verified by peers participating in the network and are relayed around the world instantly with verification in minutes.
Much like cash, Bitcoins are stored in digital wallets. These wallets contain any number of Bitcoin addresses (owned by you) for receiving Bitcoins and provide a way of sending Bitcoins to other addresses.
You can run your own wallet on your computer or phone, or you can use your Bitfloor account as your online wallet. We store your coins securely and allow you to withdraw them at any time.
Sending and Receiving
Bitcoins are sent and received from bitcoin addresses. A typical address looks like
1Ef1Ut8s2H8s17zXTidWcjEgFRM7NXjViF. All bitcoin transactions are publicly visible in the "block chain" however who owns the address is not known publicly.
When sending Bitcoins you will specify the address where you want the coins sent. Once sent, the transaction cannot be reversed!
To receive Bitcoins, you will give your address to the sender. Each Bitfloor account comes with a Bitcoin address for receiving your coins. You can also sign up for various online wallet or run the Bitcoin desktop client to create more addresses and manage your own wallet.
How do I get bitcoins?
The quickest way to buy Bitcoins is to make a cash deposit into Bitfloor. You will then be able to use these funds to buy Bitcoins from other users who are selling them. You can buy as many or as few as you wish!
What about fraud?
Unlike credit card and bank transactions, Bitcoin transactions are irreversible. As a merchant, this means you no longer need to worry about having access to your funds or waiting days before using them.
Where can I use them?
The list of sites/locations that accept Bitcoin is growing quickly! If you are a merchant or sell goods, consider accepting Bitcoins on your sites.
Once you understand a few basics, trading Bitcoins will become very simple. Bitfloor trading terminology is similar to many existing online brokerages and trading platforms.
Buy and Sell
To buy or sell Bitcoins you will place orders. An order to buy Bitcoins is called a "bid" and an order to sell is called an "ask". Other users do the same, and when your prices match, your orders execute against one another.
After your order executes against another order, you will be able to use the newly acquired funds to place more orders. If you purchased Bitcoins, you can immediately withdraw them to any valid Bitcoin address.
Just like in a marketplace, the current price is dictated by the price you are willing to pay to buy, or the price you want for selling. These prices are reflected in the order book and are constantly changing as users update their orders.
Think of the order book as an open auction where you can see exactly how much others will accept for trading. You have the option of placing orders which will meet their request (and thus execute the trade) or place orders out at the price you feel is right with the hope of someone coming along and matching you.
Web Trading Interface
For users that just want to quickly buy and sell while being logged in to your Bitfloor account, we provide a web trading interface which allows you to place orders, monitor their status, and cancel them to place new ones.
For more advanced users, we offer API access for placing and managing orders as well as consuming market data. Unless you are running your own trading platforms, you will want to stick with the web trading interface.
See the API docs for more information.
Placing orders is free. You are only charged when a trade happens. The amount you are charged is a fixed percentage of the trade volume. In some cases there is no fee and instead you are rebated.
Taker Fee: 0.4%
Provider Rebate: 0.1%
Understanding Liquidity Rebates
Users whose orders do not execute immediately against other orders (bid or ask), will have the remainder of their order put on the order book for later execution. Any order that is on the order book will receive a rebate when filled. Think of this as a negative fee (you actually get extra funds). This is done to provide an incentive for some traders to place their orders onto the order book for others to better understand market conditions.
You enter an order to buy 100 BTCUSD at $1.00. This order matches with an existing order on the book. You will be debited 100.4 USD (0.4 for the fee) and credited 100 BTC. The order which was on the book will be debited 100 BTC and credited 100.1 USD (0.1 USD for the rebate). All fees and rebates are in the quote currency (in this case USD).
We support several different methods to deposit funds into your account at Bitfloor depending on the currency.
To deposit funds, just login and go to the deposit page for further instructions.
Before you can purchase bitcoins, you will need to credit your account with USD. This can be done through any of our supported funding methods.
- Cash - No Fee
- You can deposit cash into any one of our support bank branch locations. This is the simplest way to fund your Bitfloor account and purchase bitcoins. More details are available under the deposit page for your user account.
- Wire - 15 $
We will accept domestic and international wire transfers. The fee we charge is 15 USD, your bank may charge additional fees. Wire transfer details are available on your deposit page. If you have questions, please contact support.
- CapitalOne P2P - No Fee
- To deposit funds through CapitalOne P2P. See the deposit page for details.
Each bitfloor account is assigned a unique Bitcoin address. Any funds sent to this address will be credited to your account. This address is tied to your account and will act as your online wallet for deposits.
Below are the supported ways to transfer your funds out of Bitfloor. More details are available on the withdraw page for your user account.
You can transfer your purchased Bitcoins out at any time. We do not restrict where you send the funds but remember that Bitcoin transactions are irreversible and once we have sent your funds we are no longer responsible for what the receiving party does nor can we get them back.
- ACH (direct deposit) - No Fee
- For customers who wish to have USD directly deposited into their US bank accounts, we offer direct deposit at no additional charge. To setup direct deposit, please visit the withdraw page under your user account.
As a bitcoin website we focus on user privacy. We do not reveal your personalized trading history or access patterns. We will only ask for identifying information for high deposit/withdraw accounts or where required to ensure timely withdraw or deposit. We do not share this information with third parties unless required by our legal jurisdiction.
We allow the use of Tor to access and use Bitfloor. However, if you wish to withdraw government currencies you may be required to provide certain forms of identification. If you ever have questions about identification requirements, contact us before depositing funds.
If you have any questions about our privacy requirements or policies please contact us.
As a bitcoin storage provider, security is paramount to our business. We constantly evaluate our systems for potential problems and adapt to provide a secure and trusted experience.
Your passwords are run through adaptive cryptographic hash functions. Passwords are stored anonymously to further secure your account.
Personal information is stored encrypted for additional protection.
In addition to your password, we encourage all users to setup two factor authentication for extra security. Our two factor solution uses the free Google Authenticator app (Android, iOS, and Blackberry). Details are available on your user profile page once you login.
The majority of bitcoins are held in offline wallets. The "hot" wallet is encrypted and only contains funds for daily operation. As a result, large withdrawals may take longer to process.
All USD funds are stored in US bank accounts backed by FDIC protections. User facing accounts are separate from business operating accounts.