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Richfund (3)
What is Richfund?
Richfund, a bitcoin hedge fund in China, provides services to bitcoin exchanges, individual traders, and online brokers. For bitcoin exchanges, we provide market-making service. For individual traders and online brokers, we provide liquidity and hedging for trades of large blocks. Our ability to provide liquidity and hedging is based on our average combined daily bitcoin transaction volume between 5,000 to 6,000 bitcoins. Our customers can also exchange for financial value denominated in all the major currencies.
What is our history?
The Richfund’s first involvement with bitoin was in future’s contract market. After having profited from bitcoin’s volatility, we started investing in bitcoin mining, and have been expanding our mining operation and subsequently started mining ether. With mining operation stabilized, we started market-making on bitcoin exchanges and arbitrage. Starting in 2015, we focus on OTC trading and have since expanded our market in China to the rest of the world.
What is our current performance?
Our combined average daily transaction volume has been steadily increasing and is now between 5,000 to 6,000 bitcoins, which includes market-making, automated arbitrage, arbitrage service, OTC trading, and mining.
OTC (5)
What is bitcoin Over-The-Counter (OTC) trading?
Over-the-counter (OTC) bitcoins traded in some context other than on a bitcoin exchange such as the Bitfinex, Kraken, Huobi, BTCC, etc. The phrase "over-the-counter" can be used to refer to stocks that trade via a dealer network as opposed to on a centralized exchange. Traders trade on OTC network to avoid slippage.
What is Slippage?
The difference between the expected price of a trade, and the price the trade actually executes at. Slippage often occurs during periods of higher volatility, when market orders are used, and also when large orders are executed when there may not be enough interest at the desired price level to maintain the expected price of trade.
Why is OTC preferred over exchange for trading of a large block of coins due to slippage?
Slippage is what can happen when an investor sells a large block of coins on an exchange all at once. If the sell order is large enough, it can cause the price on the exchange to fall as it is filled. As a result, the seller can lose a substantial chunk of the proceeds by the time the entire order is filled. The opposite is true for large buy orders.
What are the fees for our OTC?
For trades with individual and online brokers, our fee depends on payment methods, denominated currencies, and the amount of our holdings in various countries. We strive to keep our rate competitive by keeping our profit low.
Where are the supported Geographies for OTC trading?
Richfund started in China and have since expanded to many countries as our network of traders expanded overtime. As of how, we have traders working with us on daily and weekly basis in the following countries:
We welcome traders from other countries to work with us.
We welcome traders from other countries to work with us.
Arbitrage(4)
What is bitcoin arbitrage?
Arbitrage is the simultaneous purchase and sale of bitcoin to profit from a difference in the price. It is a trade that profits by exploiting the price differences of bitcoin across many exchanges. Arbitrage exists as a result of market inefficiencies.
What is a simple arbitrage example?
As a simple example of arbitrage, consider the following. The bitcoin price on Bitfinex is $100 while, at the same time, it is trading for $100.5 on Huobi. A trader buys bitcoins on the Bitfinex and immediately sell bitcoins on Huobi, earning a profit of 5 cents per bitcoin. The trader could continue to exploit this arbitrage until the prices on both exchanges became the same.
What is our arbitrage service?
When opportunity for arbitrage arise among exchanges, we trade on our customer’s behalf to exploit the market inefficiencies. For example, when the prices are relatively lower on Chinese exchanges than European exchanges, we purchase bitcoins on behalf of our customers. The opposite is true for when the prices are relatively lower on European exchanges than Chinese exchanges.
What is our arbitrage service?
We charge a fee of 0.5% for trading on the desired exchange as well as the fees incurred from trading on the exchange.
Market Makers (5)
What is Bitcoin market-making?
A market maker is a broker-dealer firm that assumes the risk of holding bitcoins in order to facilitate the trading of bitcoin on an exchange. Each market maker competes for customer order flow by displaying buy and sell orders for a guaranteed number of bitcoins, and once an order is received from a buyer, the market maker immediately sells from its own inventory or seeks an offsetting order.
How Market Makers Facilitate Financial Transactions?
Market makers hold large volumes of a security and can fulfill a large amount of orders in the financial markets. These orders are purchases and sales and happen in a matter of seconds.
Essentially, market makers are always taking the opposite side of trading volume. If traders are looking to sell bitcoins, for example, market makers continue to purchase bitcoin until all sellers are satisfied. Conversely, if traders are buying bitcoins, market makers continue to sell bitcoins until all orders are filled. Market makers, therefore, satisfy the supply and demand of bitcoin exchanges and keep bitcoins changing hands from sellers to buyers, and vice versa.
How Market Makers Earn Profits?
All market makers are compensated for the risk of holding assets. The risk they face is a decline in the value of a security after it has been purchased from a seller and before it's sold to a buyer. Therefore, market makers charge a spread on each security that they cover. This is known as the bid-ask spread and is extremely common in financial transactions. For example, when an investor searches for a stock using an online brokerage firm, it might have an ask price of $100 and a bid price of $100.05. This means that the broker is purchasing the stock for $100 and then selling the stock for $100.05 to prospective buyers. Through high-volume trading, the small spread ads up to large daily profits.
What can bitcoin exchanges gain from our market-making service?
We understand the challenges faced by many new exchanges that want to serve the bitcoin traders in their community. However, due to the initial small number of traders, orders tend to be skewed toward either buy or sell side. Therefore, it takes longer than needed for orders to get executed. With Richfund’s marekt-making service, we can put both buy and sell orders on your exchange total to a specified amount of bitcoins within a specified spread. For more information, please contact us.
What is the fee four our market-making service?
Our market making service is free of charge; however, we do have couple requirements in order to work with new exchanges.
Bitcoin (2)
What is Bitcoin?
Bitcoin is a digital asset and a peer-to-peer transaction payment system invented by Satoshi Nakamoto. The transactions are verified by network nodes and recorded in a public distributed ledger called blockchain, which uses bitcoin as its unit of account.
What is mining?
Mining is the only way how bitcoin come into existence. The transaction fees are the reward for payment processing work in which miners offer their computing power to verify and record payments into a public ledger.
Compliance (2)
What is our KYC policy?
For first time individual traders and online brokers trading with us, we require the following information for KYC purposes:
1.A copy of your government-issued ID with picture and a picture of you holding your ID.
2.A copy of your bank statement that clearly shows your name and the account number that will be used for the trade.
3.For trades via localbitcoin.com, we also require a picture of the page showing your real name.
4.Lastly, a video call that runs through all the above information.
1.A copy of your government-issued ID with picture and a picture of you holding your ID.
2.A copy of your bank statement that clearly shows your name and the account number that will be used for the trade.
3.For trades via localbitcoin.com, we also require a picture of the page showing your real name.
4.Lastly, a video call that runs through all the above information.
What is our AML policy?
The independent audit will be conducted by an independent third party with working knowledge of BSA requirements, or by Company personnel with working knowledge of BSA requirements, none of whom work with our compliance officer. The Compliance Officer will develop corrective action plans for all issues that are raised in the audit and will provide the audit report and all corrective action plans to the Company’s senior management for review. Reports of the corrective action will continue until all are resolved.
Hedging (2)
What is Hedging?
A risk management strategy used in limiting or offsetting probability of loss from fluctuations in the prices of commodities, currencies, or securities. In effect, hedging is a transfer of risk without buying insurance policies.
How does Richfund’s hedging service shield individual traders and online brokers from bitcoin volatility?
Richfund understands that some traders keep tracks of their profit in terms of denominated currency and others in terms of bitcoins. This can be especially difficult given the volatility nature of bitcoin price because they often can not find a counterparty to hedge their position. With between 5,000 and 6,000 average combined daily transaction volume, we can provide hedge to trades of large block to lock in our customer’s profit.
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