This document provides detailed trading rules for operating the IBitt trading platform. IBitt provides a digital currency exchange offering spot market trades between many different digital currency and fiat markets. This document does not create any legal rights but is provided for your information. The relationship between IBitt and its customers is governed solely by the Terms of Service that you agreed to when creating your account. Trading on the IBitt platform To place an order on the order book, a trader must have an available balance of the relevant asset in their account to cover the total value of the order plus any applicable fees. Order types Market order
- An order to buy or sell an asset immediately at the best available price. The price at which a market order will execute often deviates from the last-traded price or “real time” quote.
- An order to trade a specified quantity of an asset at a specified rate or better.
- A buy order will only be filled at or below the limit price.
- A sell order will only be filled at or above the limit price.
- Conditional order:
- An order that will not be posted to the order book for execution until a condition is met, such as the market price is <= or >= a specified amount.[1]
- Good-Til-Cancelled:
- An order to buy or sell an asset that lasts until the order is completed, expired, or cancelled. The maximum lifetime of any order is 28 days. Any order older than 28 days will be automatically canceled by the system and all reserved funds will be returned to your account.
- Immediate-Or-Cancel:
- An order to buy or sell an asset that must be executed immediately. Any portion of an I-O-C order that cannot be filled immediately will be cancelled.
- Buy orders are prioritized in decreasing order of prices with the highest bid placed at the top.
- Sell orders are prioritized in increasing order of prices with the lowest ask placed at the top.
- The minimum trade size is 10,000 Satoshis.
- There is no maximum, but the user must have sufficient funds to cover the order at the time it is placed. The funds will be placed on reserve until the order is executed or cancelled.
- There are no fees for deposits. Please be aware that some coins require IBitt to move your funds to another address before IBitt credits them. This means the coins network will charge you the normal transaction fee for this send and is not something IBitt can avoid.
- There is a minimum deposit amount, which varies by currency. Fox example, the minimum TRX deposit is currently 0.5 TRX, but this amount can vary from time to time.
- IBitt’s intention is to not make any profits on withdrawals. However, each coin has a network transfer fee that is built into the coin and varies from time to time. This means that IBitt must charge a small amount which is estimated to cover this fee. You can view the current fee for a coin by clicking the withdraw button for the respective coin, which displays the transaction fee.
- The minimum trade amount is approximately $5 USD.
- Improper API use affects the efficiency of the platform for our customers, and IBitt has enabled variable throttling on all endpoints to mitigate the adverse effects of this improper behavior.
- API users will be permitted to make a limited number of API calls per minute, and calls after the limit will fail, with throttle settings automatically resetting at the start of the next minute.
- Pump and dumps
- Traders drum up enthusiasm for a coin by evangelizing it on multiple channels, including social media, instigating a coordinated purchasing frenzy to drive the price higher before traders dump the coin for a profit.
- Wash trading
- Selling and repurchasing the same coin to generate activity and increasing the price.
- Self-trading
- Placing an order which would result in self-execution, where the same trader would act as both the maker and taker for the trade.
- Front-running
- Entering a trade with prior knowledge of a future transaction that will affect the price of the asset.
- Churning
- Placing both buy and sell orders nearly at the same price to increase the price by attracting more traders.
- Quote stuffing
- Quickly entering and withdrawing large quantities of orders attempting to flood the market, thereby gaining an advantage over slower market participants. Generally, this is conducted by using high frequency trading programs.
- Spoofing/layering
- A strategy in high-frequency trading where a trader makes and then cancels orders that they never intend to have executed in hopes of influencing an assets price.
- Temporarily disable depositing or withdrawing assets
- Temporarily disable API trading
- Disable the ability to place new orders and cancel open orders
- Disable sign-in and access to the web interface
- Banning an account for suspected fraudulent activity or for abusing the API endpoints with an excessive number of redundant calls