itBit Exchange Review & Guide
What is itBit?
itBit is a US-based cryptocurrency exchange which offers its users the option to trade Bitcoin and several altcoins against fiat currency. The exchange was established in 2013 in New York City, with an international head office in Singapore. Other trading services include an OTC Agency Trading Desk and Crypto Asset Custody Services.
itBit is among the few exchanges that are actually regulated by an authorized regulatory entity in the United States. The exchange has a license issued by the New York State Department of Financial Services (NYDFS).
Its services can be used by all US residents except for those from Texas.
itBit’s web-based trading interface was developed to be intuitive and easy to use by any novice trader. But the platform lacks several advanced features which are present in other trading platforms. Stop-loss orders and margin trading are among the said features that are not supported.
The platform displays charting, analysis tools, and an order book that is very clean and easy to comprehend.
ItBit has a simple trading fee structure. If a 30-day trading volume is not over 8000 BTC, the taker fee is 0.20%, and maker fee is 0%. If the trading volume is higher than 8000 BTC, special fees will be applied. Special fees have not been made public, for this, you will have to contact the exchange at ICG@itbit.com.
USD Wire Transfers incur a fee of $10 for US residents and $40 for users from other countries. The deposit fee via SWIFT is $40 plus additional agent fees.
EUR deposits using SEPA Transfer incur the following fees:
- Transfer under 50,000 EUR – 3.70 EUR
- Transfer over 50,000 EUR – 35.15 EUR
- Non-SEPA transfers in EUR – 1% of the amount transferred with a minimum of 3.71 EUR and a maximum of 35.15 EUR.
Deposits made in Singapore dollar and Bitcoin do not incur any charges.
US dollar withdrawal via ACH for amounts up to $3000 is free for US citizens, and for transfers exceeding $3000, there is a fee of $20. The fee for International Wire Transfer is $40. Transfers via SWIFT also incur a fee of $40 plus intermediary fees charged by the third party.
SEPA transfers for EUR withdrawals that are below 50,000 EUR have a fee of 8.14 EUR and SEPA transfers that are over 50,000 EUR have a fee of 70.32 EUR applied.
Withdrawals in Singapore Dollar and Bitcoin are also free.
A $2,500 daily limit is set for withdrawals and the monthly limit is set at $15,000 by default. If the two-factor authentication feature is enabled the withdrawal limit automatically becomes $15,000 daily and $300,000 monthly.
Verification Process and Requirements
The verification process requires that you provide official documents which prove your identity and your residency.
Accepted documents are: a passport, national ID card or driver’s license. Proof of residency requires that you submit a legal and traceable document that has your full name and address. The document has to be in English and it must contain your current physical address.
ItBit features a comprehensible FAQ database which incorporates a variety of questions that are about the exchange’s functionality, its policies, and its supported coins. Its users are able to contact the service via their 24/7 email support which is said to be very responsive.
ItBit implements various security measures to ensure the safety of user funds.
The two-factor authentication feature triggers an automatic email containing the login time and IP address each time someone tries to log in.
The platform also employs third-party security with multiple layer DDoS protection, making it difficult for hackers to breach the service.
All the funds of its users are stored in cold wallets, an implementation which has been confirmed by the New York Department of Financial Services. US clients benefit from FDIC insurance on all fiat balances, that can go up to $250,000.
So far, the exchange has not experienced any hacks. Their emails are not encrypted via PGP.
itBit Review Conclusion
ItBit is a reputable US exchange which offers competitive fees and enforces strong security measures.