Bitcoin derivative exchange BTC.sx has partnered with bitcoin exchange itBit to track the latter’s BTC/USD pair as a tradable instrument on its platform. Until now, BTC.sx had only tracked prices on Bitstamp, which replaced MtGox earlier this year.
BTC.sx offers a CFD-like service whereby traders bet on the direction of bitcoin prices. Leverage is offered, and a daily premium is charged (although relatively high: about 0.6% for a 0.1 BTC position size, vs 0.095% with Plus500). Deposits can be made with bitcoin.
Both companies have their roots in Singapore, with itBit recently moving its head office to New York. BTC.sx co-founder and CEO Joseph Lee told Coindesk that the two companies have been looking to collaborate since the Asia Bitcoin Singapore 2013 conference.
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Though the data is really flowing in one direction- itBit doesn’t have to embrace BTC.sx over and above making its API available- the exchange does have good things to say about BTC.sx. Said Antony Lewis, Director of Business Development at itBit:
“We have a lot of respect for the way BTC.sx understands bitcoin traders and serves their needs. They offer a solid, feature-rich and easy-to-use platform and we are very glad to be working together.”
BTC.sx has been making enhancements to its offering as it reported a growth in customer demand during the past year. Continuing to offer a clean, simple-to-use interface, it has also simplified its margin structure: users now have the choice of 2:1, 5:1 or 10:1, as opposed to the complicated formula and “point” system previously used.
Conversely, BTC.sx felt confident in going with itBit, which states to strive toward instititional grade reliability and compliance with prospective regulation.