itBit Review 2021
itBit is a highly reputable cryptocurrency exchange for the trading of Bitcoins against fiat currency. The exchange markets themselves to institutional and professional investors as they operate with high liquidity and large trades starting over 100 Bitcoins. The cryptocurrency exchange was launched in 2013 and has since built up an outstanding reputation among professional and institutional investors.
- Trading Platforms
- Trade Types/Instruments
- Account Types
- Commissions and Spreads
- Deposits and Withdrawals Options
- Bonus and Promotions
- Customer Support
- Pros and Cons
The exchange is based out of New York City and has an international head office in Singapore. itBit offers traders the services of a Bitcoin Exchange, an OTC Agency Trading Desk, and Crypto Asset Custody Services.
Unlike most cryptocurrency exchanges, itBit is actually regulated by a reputable regulatory authority in the United States of America. 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.
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 to many other cryptocurrency exchanges.
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.
itBit Mobile Trading
The web-based itBit trading platform is mobile compatible with the website but is not available in a downloadable application. The feel and look of the platform are the same but has been optimized for mobile smart devices. Traders can view basic charts and view and place orders from their mobile devices. As well, they can view their order history, open orders, and account balances right from their mobile devices.
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.
itBit offers two types of accounts, an account for institutional investors and an account for individual traders. Every trader who wants to create an account must submit the required identification information before gaining access to the platform and its features. Upon the account creation, traders must submit a photo of government-issued photo ID such as a passport or drivers license. Additionally, new users must also submit proof of residence such as a recent bank statement or utility bill. As for institutional investors, there are various documents that must be submitted. The verification process generally takes a few days and maybe longer for clients outside of the United States.
Commissions and Spreads
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.
Deposits and Withdrawals Options
The itBit exchange is very limited in the number of deposit and withdrawal options as bank transfer is the only option for fiat currency and of course, Bitcoin transfers between the exchange wallet and the trader’s personal wallet is available as well. There are no minimum amounts for deposits, but when depositing funds with fiat currency there can be hefty bank wire fees from $10 within the United States, and even more for international transfers. Deposits made with Bitcoin are free of charge and only require the trader to pay the miner fee associated with the transfer.
As for withdrawals, traders can withdraw up to $3000 per day for free, and anything more than that will incur a charge of $40 per withdrawal. As well, traders can only withdraw up to $3000 per day or $15,000 monthly unless they apply for increased withdrawals through fillings out a lengthy application form which is a tedious and inconvenient process.
Bonus and Promotions
itBit does not offer any bonuses or promotions for signing up to their exchange, nor do they offer any sort of loyalty promotions for trading with them. However, traders can receive reduced trading fees if they trade more than 2500 Bitcoins per month.
itBit offers their clients superior customer support through multiple channels of support. For instance, traders can contact support through both email and telephone. Telephone support is available 24 hrs from Monday to Friday for both the American and Asian number. In addition to these support options, itBit has an extensive support center complete with very detailed answers to many of the questions a trader might have. The support center is very well organized and has a search tool available.
Pros and Cons
- 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
Is itBit regulated?
Yes. itBit is regulated and licensed in New York as a Bank under the New York State Department of Financial Services (NYDFS).
Where is itBit based?
itBit is based out of New York City, United States.
How does itBit make money?
itBit makes its money by charging their clients trading and withdrawal fees.
How do I deposit in itBit account?
itBit accepts Bitcoin deposits as well as USD, EUR and SGD deposits made via bank wire transfers.
How do I withdraw money from itBit?
Withdrawals can be made the same way as deposits, through bank and wire transfers for fiat money, and through Bitcoin transfers between digital wallets.
How do I open an account with itBit?
To open an account at itBit, simply provide an email address and password to set up an account. You will then be required to submit identity verification information for deposits and withdrawals.
Is itBit reliable?
Yes, itBit is highly reliable and trusted by many people from all around the world.
Does itBit use MetaTrader?
No. itBit utilizes their very own proprietary web-based trading platform.
What is itBit leverage?
The maximum leverage offered by itBit is 1:1 leverage.
Is itBit a scam?
No. itBit is not a scam.
All in all, itBit is a great cryptocurrency exchange for professional 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.
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