- Very high liquidity
- Federally licensed and regulated
- Safe & Secure exchange
- Fiat currency deposits and withdrawals
- Verification required for all accounts
- Bitcoin is the only tradeable asset
- Limited trading types and options
ItBit is a highly reputable cryptocurrency exchange for the trading of Bitcoins against fiat currency. Also, ItBit offers traders the services of a Bitcoin Exchange, an OTC Agency Trading Desk, and a Crypto Asset Custody Services. The itBit exchange markets themselves to both institutional and professional investors as they operate with high liquidity and large trades starting over 25 Bitcoins. The cryptocurrency exchange was launched in 2013 and has since built up an outstanding reputation among professional and institutional investors. The exchange is based out of New York City and has an international head office in Singapore.
Unlike most cryptocurrency exchanges, itBit is actually regulated by a reputable regulatory authority in the United States. The exchange is licensed in New York and is regulated as a Bank under the New York State Department of Financial Services (NYDFS). The exchanges services are available to all citizens across the US except for Texas. ItBit was the first cryptocurrency exchange in the United States to achieve any sort of regulation and has become a leader in the space because of this.
While this cryptocurrency exchange has achieved a lot, is it the right exchange for you? Find out in the following review, as we delve deep into the aspects that make up this cryptocurrency exchange and see what sets itBit apart from the competition and whether or not they can be trusted.
ItBit features their very own proprietary web-based trading platform that was designed with the ease of use in mind. Surprisingly, the trading platform is not that advanced and does not include many of the features that are in other trading platforms. For instance, stop loss orders are not available and neither is margin trading supported. The platform keeps things very simple and clean which is great for beginner traders and investors. The charting and analysis tools are sufficient for both experienced and beginner traders, and the order book is very clean and easy to understand. Also, since the trading platform is web-based, traders can trade on the go with the fully optimized mobile trading platform.
In addition to the standard itBit web-based trading platform, traders have access to the OTC (Over the Counter) Agency Trading Desk. This is a personalized service for traders who wish to execute large block trades of 25 Bitcoins or more. Clients who conduct OTC trading receive personalized trading support, deep liquidity from itBit’s global network across over 100 countries, fast same-day settlement, and low flat rate fees. Many professional and institutional traders choose itBit’s OTC trading desk for large Bitcoin trades.
The only tradeable asset available on itBit is Bitcoin and it can be exchanged for US dollars, Euros, and Singapore Dollars. As for the trade types, they are quite limited. itBit only offers traders the option to place conventional buy and sell orders at the current price and limit orders to be fulfilled when your specified price is met. These trade types are fine for many traders, but for more technical and experienced traders, they might prefer more options such as stop losses and margin trading.
Fees and Commission
ItBit makes their money from trading fees and withdrawal fees like most other cryptocurrency exchanges. The taker fees are quite competitive at 0.20% and the maker fees are non-existent at 0%. Active traders who have a trading volume of over 2500 Bitcoins per month receive discounted fees and personalized services to improve their trading experience. All in all, the trading fees offered by itBit are very low compared with the industry standards.
On the other hand, deposit and withdrawal fees are quite high compared with industry standards. For instance, fiat currency deposits are made via Bank Wire Transfer and incur fees of $10 USD. Withdrawals of fiat currency are through Bank Wire Transfer again and incur fees of $20 USD for domestic transfers and $40 USD for international transfers. All in all, these deposit and withdrawal fees are rather high, but traders on the itBit exchange are usually dealing with substantial amounts of money which make the deposit and withdrawal fees look insignificant.
Security and Fairness
ItBit is trusted and used by some of the most well funded investment institutions in the United States and is well known among professional cryptocurrency traders. The exchange has proven themselves to provide reliable services in the cryptocurrency industry and has years of experience compared with many other cryptocurrency exchanges. As well, itBit is regulated as a Bank under the New York State Department of Financial Services (NYDFS). This goes to show how secure the exchange really is. Also, US customers receive full fiat and Bitcoin asset protection, account reporting, and more services which prove itBit is a safe, secure, and fair cryptocurrency exchange.
ItBit offers their clients superior customer support through multiple channels. For instance, traders can contact support through both email and telephone. Telephone support is available 24 hours a day from Monday to Friday for both the American and Asian numbers. In addition to these support options, itBit has an extensive support centre complete with very detailed answers to many of the questions clients might have. The support centre is very well organized and has a search tool available as well. All in all, customer support is very professional and reliable.
Overall, itBit is a great cryptocurrency exchange for professional and institutional traders who are dealing with large sums of money as the exchange is licensed and regulated within the United States. Therefore, investors funds are guaranteed to be safe and are ensured. The trading options may be limited but are simple enough for the purpose of buying and selling Bitcoin in large quantities. ItBit provides their customers with a safe and secure trading environment which is highly liquid for the trading of large amounts of Bitcoin.
The following are the common questions that customers inquired about itBit.
Is itBit regulated?
Yes, it is regulated as a Bank under the New York State Department of Financial Services (NYDFS).
Is itBit a scam?
No, itBit is a legit broker with a great reputation in the United States.
Where is itBit based?
ItBit is based out of New York City, New York, United States.