Review : ItBit Exchange

ItBit is a US based company with head quarters in New York and an international office in Singapore,this exchange was launched in 2013 and in 2015 is considered to be a Bitcoin bank obtaining a Limited Liability Company (LLC) license which made ItBit USA’s first regulated exchange obtaining a license to run in all of the USA.

Website and Signup

After being regulated as a Bank ItBit has expanded it’s verification process with ID proofs etc, for signing up there are further steps which take up to 1-3 business days to start trading.

While USA residents can enjoy the services faster using KBA (Knowledge based Authentication) this means that users are asked with information regarding credit reports,local hometown or even questions asked while applying for social security numbers to verify whether one is a USA citizen or not, the questions are unique and cannot be found on the internet and only locals can answer it while the advantage as KBA verification will make the sign up process extremely faster for USA residents.

The security features are also good providing 2 Factor Authentication and coins are kept in offline storage. ItBit has never been through any noticeable hack attack.

The trading options are only Bitcoin and no alternative coins are traded on ItBit well that is a lack but for bitcoin there are really large volumes for trading Bitcoin.

The website has a clean and optimized design while they are responsive but have no Android or iOS version currently available.

ItBit Currency and Country Support

ItBit supports many countries around the world and every state of USA except for Texas.

When it comes to currency support ItBit supports USD,Euro and Singapore Dollars as fiat currencies while there is only Bitcoin available to trade against these currencies.

Fees

Fees for trading is based on maker and taker model where taker is charge 0.20% fee for each trade and maker is charged 0% maker fee.

While orders above 25 BTC are handle by ItBit support itself for fee settlement.

Deposit Fee

Deposits can only be made through wire transfer in terms of fiat Currency while in USA domestic transfer carries $10 fee and international wire transfers are up to $40 fee. Swift deposits can also be made and SEPA transfers for European traders are also available with fee between €4  and  €38 approximately on transfers between €50,000, these fee are really not worth for small time buyers but Depositing in BTC and Singapore Dollars is totally free on ItBit.

Withdrawal Fee

Withdrawals up to $3000 is free,above $3000 there is $20 and are only done through wire transfers while for Europe SEPA transfers can charge a fee from €8 to €70 between the withdrawal of €50,000.

How ever withdrawals are also free like deposits in Singapore Dollars and BTC.

Customer Support

Customer Support is a bonus point for ItBit with both phone and email services. The customer support is fully functional 24 hours from Monday to Friday both in USA and Asia Office.

The website also has FAQ sections where you can find general discussions and help regarding any topic.

API

ItBit also provides its API’s open source and can be useful for full time traders or other institutions that want to implement ItBit’s order books, pricing data and trade data.

The API’s can be used for FIX (Financial Information exchange) is an electronic messaging protocol widely used to transmit trading activity such as making or canceling orders and receiving execution information, Rest API is public and used for retrieving ItBit Market price and stats.

Online Reviews

The summarize reviews were that it is relatively for buying large amounts of bitcoins and is not for small time traders.

Some people praised the website ease of access as well the security options.

While mentioning there are no credit card options and no other alternative coins to trade including ethereum or litecoin etc which are currently having a good market value.

Conclusion

ItBit is a legit online exchange no doubt and really much suitable for full stack and large traders , however some addition in crypto currency and payment options might make this exchange everyday choice for traders with low volumes.

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