Singapore Exchange itBit Slashes Fees, Adds New Features

Singapore-based bitcoin exchange itBit has lowered trading fees by as much as 50%, while also adding support for more payment options and new features to its platform.

The exchange says its new trading fees range from 0.12% to 0.20% per side and that it will not charge deposit or withdrawal fees, but only pass on bank charges.

'Cost effective option'

itBit

said in a statement that the new fees make it the most competitive exchange on the market:

“While we still use a 'maker-taker' model, we have significantly reduced the volume required to achieve lower pricing while reducing taker prices by 0.20%. Makers will continue to receive a 0.10% rebate. Combined, this makes itBit the most cost effective option in the industry.”

Clients who choose to deposit and withdraw Singapore dollars will be able to use GIRO and FAST money transfers. Furthermore, the exchange is sweetening the deal by offering a $20-$150 trading fee credit for three different deposit tiers.

European clients can now use SEPA transfers, thus reducing fees for deposits and withdrawals, while at the same time reducing interbank transfer time for all euro transactions.

New trading features

The exchange has introduced a new trading API that will allow users to place, review and cancel orders, and request bitcoin withdrawals or bitcoin deposit addresses.

The API also supports segregated trading wallets and transfers between such wallets, offering an additional layer of security to traders who choose to use the option.

Users can also view and export their complete trading and funding history. Additionally, the API also enables automated alerts triggered by various events, such as receiving deposits or withdrawal requests.

Ambitious approach

While itBit is a relatively fresh exchange, it has exhibited a fair amount of aggression so far. The exchange raised $3.25m to fund the expansion of its operations in late 2013, on top of $5.5m in previous funding.

Talking to CoinDesk, itBit executives made it clear that their goal is to bring a new level of professionalism, reliability and security to bitcoin trading.

Earlier this year, itBit started offering attractive incentives for bitcoin traders who decide to switch exchanges and last month it hired former PayPal compliance officer Erik Wilgenhof Plante and SecondMarket trader Bobby Cho, who will focus on business development.

Singapore image via Shutterstock