Introducing Zero-Confirmation Bitcoin Deposits

At Gemini, we pride ourselves on helping you move your money faster. Our unique Instant ACH system lets US-based customers deposit U.S. dollars and trade immediately, a process that used to take up to a week. Last year, we decreased the required number of Bitcoin confirmations for deposits from six to three. And we continue to have industry-leading turnaround times for U.S. dollar wire deposits and withdrawals. Now, we’re excited to introduce a new first for digital asset exchanges: zero-confirmation pre-credited Bitcoin deposits. The Problem with Deposit Delays Due to Bitcoin’s increasing transaction volume but fixed network capacity, it’s taking […]

Introducing Zero-Confirmation Bitcoin Deposits

At Gemini, we pride ourselves on helping you move your money faster. Our unique Instant ACH system lets US-based customers deposit U.S. dollars and trade immediately, a process that used to take up to a week. Last year, we decreased the required number of Bitcoin confirmations for deposits from six to three. And we continue to have industry-leading turnaround times for U.S. dollar wire deposits and withdrawals. Now, we’re excited to introduce a new first for digital asset exchanges: zero-confirmation pre-credited Bitcoin deposits. The Problem with Deposit Delays Due to Bitcoin’s increasing transaction volume but fixed network capacity, it’s taking […]

Provable Solvency Report #34 – January 2017

Coinfloor is a custodian of client bitcoins and we believe that we must set the industry standard for transparency and regular audits. Without proper public accountability, the industry will not be able to grow and mature. This is why we are committed to releasing a Provable Solvency Report every month. Coinfloor is proud to have the longest standing track record among bitcoin exchanges in regards to auditing.

Today we are publishing our 34th monthly Provable Solvency Report with step-by-step validation instructions for your convenience.

As of today, Coinfloor holds a total of 7,590.4195 XBT on behalf of our clients. You are invited to verify that your held bitcoins are included in this balance by following the instructions below.

What does the Provable Solvency Report include?

We started out by creating an obfuscated report of all current client balances (the Solvency Report) and then generated a SHA-256 hash of this report.

We then created a bitcoin transaction to ourselves, that includes all currently held client bitcoins, for a value of 7,666.2479 XBT and included in the output script the OP_RETURN of the SHA-256 hash of the report, proving that at the time of making the solvency report, Coinfloor held all of our clients’ XBT funds. You can verify the amount and details of the transaction in the block chain.

Key Pieces of information:

Provable Solvency Report #34 (January 30, 2017):
https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20170130.txt

SHA-256 Hash of the Provable Solvency Report: 9ff020ba1187401c80c2fdf8184e4a90f6371746ac5e97d8495e7c181ebd2467

Transaction ID: 781a1d44f0ee0d8de8f34f3f1e4fe509ee4ecbb07a0e0a21e985fffc130d2c0f

View the transaction here:
https://blockchain.info/tx/781a1d44f0ee0d8de8f34f3f1e4fe509ee4ecbb07a0e0a21e985fffc130d2c0f

Your API authentication cookie:
You will find it in My Account > Dashboard in the Coinfloor signed in view, in the API section (visible only for fully verified accounts).

Where is my cookie?!

Instructions for Validating Solvency Report:

      1. Open the Provable Solvency Report file:

https://s3-eu-west-1.amazonaws.com/provablesolvency/solvency_20170130.txt

      2. Go to

http://www.xorbin.com/tools/sha256-hash-calculator or to your SHA256sum calculating application.

      Copy the entire contents of the solvency report into the SHA-256 generator and calculate the SHA-256 hash of the report.
      3. Go to

https://blockchain.info/tx/781a1d44f0ee0d8de8f34f3f1e4fe509ee4ecbb07a0e0a21e985fffc130d2c0f

      At the bottom of the page, in the Output Scripts section, you will find the generated hash in the OP_RETURN output script of the transaction that includes all customer bitcoins.
      4. Go to

your local SHA1sum application

      to calculate the SHA-1 digest of a message consisting of the timestamp shown at the top of the Solvency Report (1485797036) and your API authentication cookie.
      Example (Linux):
                timestamp: 1485797036
                API authentication cookie (API Key): 9BTa7M0Z/Mrk6tFMJwEkTV3BQek=
                command: echo -n ‘14857970369BTa7M0Z/Mrk6tFMJwEkTV3BQek=’ | sha1sum
      5. Find the resulting hash in the solvency report. Your balance is shown on that line in satoshi units. 1 bitcoin = 100 000 000 satoshis. For your convenience, here is a link to a bitcoin unit converter:

http://www.satoshi.24ex.com

We believe that this approach is the best way to achieve maximum accountability while retaining privacy for our clients. We welcome your feedback and hope that in time, other exchanges will also help safeguard client funds by providing proof of solvency reports to their users on regular basis.

Thank you for your trust,

Coinfloor Team

Better Two-Factor Authentication (2FA)

We have required all of our customers to use two-factor authentication (2FA) from day one. In keeping with our security-first philosophy of protecting and educating our customers, we want to provide some background on our 2FA system to encourage our customers to use the Authy app for 2FA rather than SMS, and to dispel some common misconceptions. About Authy Gemini uses the Authy service for 2FA. Authy is an independent cloud service called on to perform secondary verification once we have checked that a customer has provided correct login credentials (i.e., email and password). Authy offers multiple options for second-factor […]

Coinfloor moves to Zero Fee Trading

Summary of the change

Coinfloor is moving to zero fee trading and will be replacing trading fees with percentage fees (in addition to bank processing fees) on GBP and other fiat deposits and withdrawals. Bitcoin deposits will be free and bitcoin withdrawals will be charged a flat 0.0005 XBT fee to cover fees charged by the bitcoin network. Zero fee trading will go live later this week (17/1/2017) and fiat deposit and withdrawal percentage fees will go live early next week (24/1/2017).  Full details of the new fees can be found on our fees page.

Why the change?

We are already the most liquid GBP/XBT exchange but we believe this change will increase trade volumes and improve liquidity even further.

What does this mean for you?

If you are a regular buyer or seller on Coinfloor, you should find that your overall costs (i.e. deposit/withdrawal costs and trading costs) will stay roughly the same.

If you are a regular trader on Coinfloor Exchange, you can now trade bitcoins for free, not paying fees other than as part of any occasional deposits or withdrawals. Also, if you are depositing, trading and withdrawing profits in XBT, you will only pay the nominal XBT withdrawal fees.

What does this mean for Coinfloor?

We are setting the deposit, withdrawal and trade fees at levels which we believe are sustainable for Coinfloor and attractive to our customers.

However, this is a significant and unprecedented change so we will be monitoring how it performs and if necessary, we will revert to a more traditional trading fee based structure.

We are excited to see how this change is adopted by our customers and are happy to hear any feedback that you may have.

Coinfloor Team

Coinfloor diamond logo

Is Coinfloor right for you?

As the UK’s No.1 Bitcoin exchange, Coinfloor has to make business decisions as to who we accept as customers for commercial, compliance, fraud risk and impending regulatory reasons.

For the absence of doubt, below we clarify the customers we do and do not accept.

Coinfloor is for:

Investors:

Individuals or businesses looking to invest in bitcoins as:

  • A new kind of commodity that many believe could have supernormal returns over the mid to long term*
  • An uncorrelated asset that could strengthen their investment portfolio*
  • A potential inflation hedge to help maintain the value of some of their savings / holdings*

* This should in no way be considered or treated as investment advice.

Traders:

Individuals or businesses looking to trade bitcoins on Coinfloor (in a way that is similar to trading traditional assets on stock, FX or commodity markets).

Regulated and pre-emptively compliant brokerages, payment processors and remitters:

  • Brokerages: Individuals or businesses looking to provide a bitcoin brokering service
  • Payment processors: Businesses offering bitcoin payment processing for merchants.
  • Remitters: Businesses offering bitcoin remittance.

All the above customer types must be carrying out the level of “Know Your Customer”, Anti Money Laundering, Counter Terrorist Financing and compliance processes befitting a high risk space such as this.

Other customers not in the “Coinfloor is not for” section below:

Coinfloor would need to review on a case by case basis to decide if they are acceptable.

Coinfloor is not for:

Money launderers / financial criminals / terrorist financers:

  • Anyone looking to use bitcoins for the purposes of hiding wealth to avoid paying tax.
  • Anyone receiving bitcoins from the proceeds of theft, extortion (eg. ransomware) or other illegal (as defined under UK law) activity.
  • Anyone planning to use bitcoins to support a terrorist organisation or send funds to a sanctioned country (as defined under UK law).

Darknet market users:

  • Anyone planning to use bitcoins to buy products or services on the darknet or tor markets.

Unlicensed gambling site users:

  • Anyone looking to use “dice” sites or any other form of unlicensed (under UK law) gambling sites.

Unlicensed brokerages, payment processors and remitters who are not preemptively compliant:

  • This includes any individual or company whose activity on Coinfloor could be described in significant part, as constituting brokerage, payment processing or remittance and who are not carrying out the level of “Know Your Customer”, Anti Money Laundering, Counter Terrorist Financing and compliance processes befitting a high risk space such as this.

Coinfloor continually enhances the measures it employs to identify the types of customers using our site.  If we determine that you are not an individual or organisation we are willing to serve, we will take immediate action to disable and or exit your account.

We hope that the above helps clarify who Coinfloor is and is not right for.  If you have any questions please feel tree to contact us.

Coinfloor Team

Is Coinfloor right for you?