Ibitt Trading Rules

  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.
Limit order
  • 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]
Limit-by-Time
  • 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.
Order book posting Please verify all orders before confirming. All orders are final once submitted and IBitt is unable to issue a refund. Orders placed on the order book are prioritized on the basis of price:
  • 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.
Orders with same prices are aggregated in the order book and are filled in a first in, first out (FIFO) manner. IBitt settles all filled orders immediately, by debiting and crediting the relevant balances of assets in both traders’ accounts.   Trading limits IBitt is committed to providing fair and efficient price discovery. The limits and statements below are designed to improve the overall trading experience on IBitt markets. Minimum trade size All cryptocurrency orders placed on the IBitt platform are subject to the following minimum order sizes:
  • The minimum trade size is 10,000 Satoshis.
Maximum trade size All cryptocurrency orders placed on the IBitt platform are subject to the following maximum order sizes:
  • 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.
Trading fees All trades incur a commission charge based on a number of factors. Please see the article: What fees does IBitt charge?   Transaction fees (blockchain) Deposits:
  • 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.
Withdrawals:
  • 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.
  Fiat (USD) trading, deposits, and withdrawals IBitt now supports eligible personal and corporate accounts for US Dollar (USD) trading, USD deposits, and USD withdrawals. Identity verified (personal or corporate) customers operating outside the United States are eligible to participate. If you are living inside the United States you can still participate in IBitt’s USDT (Tether), BTC, and ETH markets. IBitt will be adding more states eligible for USD over time. IBitt has started with a limited number of USD trading pairs to evaluate our systems and processes, and our plan is to continue to add fiat trading to the top digital currencies on the IBitt platform. IBitt is reviewing the blockchain projects already listed, listening to our customers’ trading preferences and taking other important considerations into account as we decide which USD trading pairs will be next for fiat. Minimum and maximum trade size All USD orders placed on the IBitt platform are subject to the following minimum and maximum order sizes:
  • The minimum trade amount is approximately $5 USD.
  Automated trading IBitt provides a simple and powerful REST API to allow you to programmatically perform nearly all actions you can from our web interface. IBitt currently restricts orders to 1,000 open orders and 500,000 orders a day. IBitt reserves the right to change these settings as we tune the system. Throttling:
  • 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.
  Market manipulation IBitt actively discourages any type of market manipulation. Consistent with our terms of service, we will suspend and close any accounts engaging in these types of activities and notify the appropriate authorities. Market manipulation activities include, but are not limited to:
  • 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.
  Technical downtime In an unforeseen situation, in which, traders are having technical difficulties placing/cancelling orders, fulfilling transactions, or for scheduled downtimes, IBitt may, in its discretion, take one or more of the following actions to remedy any technical issues or conduct general maintenance. This can include:
  • 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
  [1] Customers should be aware that conditional orders are placed only after the specified price is reached. As a result, there is no guarantee that an order will get filled at the expected price, or at all, during times of high price volatility.