igot Review -
- Company: igot
- Server Location: AU
- Mobile version: Yes
- Current BTC price: -
- Currencies: AUD, EUR, GBP
- Fee: From 1%
- Time: 3 day
- API: Yes
- Support: Email, Facebook, Twitter
igot is a crypto-currency exchange based in Australia. Founded by Patrick Manasse and Rick Day, they also have branches in the Netherlands and India as well. The business is owned by 13th Pty, Ltd. The team behind igot.com provides all necessary information to prove their legitimacy – addresses of their branches and company codes. This is a very strong step towards transparency of the service.
igot accepts various currencies and payment methods, but the one that stands out is BPay availability. BPay is an Australian electronic bill payment system, somewhat similar to PayPal and Skrill (MoneyBookers). BPay is widely known as having strict entry requirements, therefore the fact that igot.com have been accepted makes the exchange much more trustworthy.
The user interface of igot really stands out from the crowd of similar Bitcoin exchanges. The design is sleek yet simple, everything is easy to understand and find. Members area is also reasonably designed. The most important tasks, such as buying and selling currencies or accessing your wallet, are contained in the list on the left. The middle and the right parts of the page display all the necessary information. The page is never overcrowded with useless data which is always a nice feature.
In contrast to other exchanges igot have simple, flat fee system. All transactions cost 1%, and the quantity is not important. The representative of igot has mentioned that the company is considering dynamic fee system, however it is yet to be implemented. Overall, even 1% fee is rather reasonable for today standards.
igot have three different customer levels. The level depends on the way the client verifies his identity. Level 1 does not require any kind of identification. The client only requires to register in the system and is immediately able to use the service. However, there is a limit of 1.0 BTC/day of buy transactions and 0.001 BTC/day for sell and withdrawal. For Level 1 a client needs to verify his email address and establish a link with his bank account. This enable him for a total of 10 BTC/day of buy and sell transactions. Level 2 requires to fulfill the same identification steps as Level 1 and also verify your identity by providing passport or driver’s licence copy. Strangely enough, Level 2 also requires your first BitCoin buy transaction to be made at igot.com.
One may find these customer level confusing and unnecessary, however we think that this is a very welcomed decision. Daily turnover limits for unverified members are extremely low, which can easily deter shady users. After Mt.Gox, security, trust and reliability is the key to successful service.
The time it takes to process the transaction is one of the key factors in crypto-currency world. igot declares standard processing times, such as 1 to 3 days for BPay and bank deposits. However, as similar services paying more and more attention to the speed of their transactions, the numbers provided by igot.com are not that low. To make matters worse, there is rather amount of feedback from clients that are not impressed with processing times. Overall, this has to be one of few letdowns of this great exchange.
* Member of BitCoinFoundation.org and BISON;
* Provides business information, does not hide under anonymity shield;
* Relatively low flat buy/sell 1% commission;
* Accepted by BPay;
* User-friendly interface both for desktop and mobile devices;
* Media watch contains information about the igot themselves, not just random articles about crypto currencies.
* Scam prevention with customer level system
We weren’t so sure about:
* Sometimes slow verification process;
* ‘Instant payments’ are not that instant.
* Relatively young;
* Still not widely recognized in BitCoin community – lack of legitimate user feedback.