Dear Intersango Customers,
A week from now, on Sunday 26th February 00:00:00 UTC (midnight 25th), we will modify the fee schedule to reward Market Makers. This change is designed to improve liquidity.
The average fee users pay will not change.
Orders are either fulfilled right away by 'taking' a current order or they sit on the orderbook before fulfilling another order. Takers will pay an extra fee that is given to Makers as a Market Maker Bonus.
Current site-wide fees are a flat 0.65%. The Taker fee will be an extra 0.30% which is given directly to Makers.
John places an order to sell 10 BTC @ 1.0 USD. His order is not immediately matched.
Beth places an order to buy 10 BTC @ 1.0 USD. Her order is immediately matched against John's order.
John pays a fee of 10 USD * (0.65% - 0.30%) = 10 USD * 0.35% = 0.035 USD
Beth pays a fee of 10 BTC * (0.65% + 0.30%) = 10 BTC * 0.95% = 0.095 BTC
Beth's Taker-fee is given to John as a Market Maker Bonus.
New bonuses and a VIP system to be announced shortly. By developing the service to reward market makers, users will benefit from having quick access to a more liquid marketplace.
Patrick Strateman, CTO
Compliant with our site terms of notifying users 1 week in advance for fee changes, we are announcing a new fee schedule.
Hi, I've been using Intersango for a while now and I'm very happy with it. One thing though... on your fees page you don't say very much about these 'maker/taker' fees. Until I read the above post I didn't even realise they applied to me (I thought "market makers"/"takers" were special people with special privileges, not schlubs like me... yeah I know
). And I wouldn't have ever seen the above post if this thread hadn't bumped up suddenly. So now I look back at my last dozen-or-so transactions and see some have a 0.95% fee and some have a 0.35% fee and I think I grok why. But I'd have been ignorant for a couple more months probably if not for a bit of randomness on this forum.
So TDLR: couldja put up the above John/Beth example on your fees page? And prolly also clarify that 0.65% is (?) never a rate that anyone will actually pay, just the average of 0.35% and 0.95%, one of which the trader pays depending on who they are (which IIUC is a question of placing limit order vs market order, yeah?).
Oh and another thing: here's this big thread called Intersango Exchange, in the Project Development forum. And in the Currency Exchange forum I can find... not a peep. What gives?