ItBit is a cryptocurrency exchange that has some advantages, including over-the-counter (OTC) services. The company started operating in November 2013. Its headquarters are in New York. The cryptocurrency exchange also has an international office in Singapore and offers interest-free deposits and cash-outs in Singapore dollars.
General information about itBit
ItBit was the first Bitcoin company to be licensed by New York City. It gives the right to accept deposits from residents of all states in the USA and invest them in various projects, including cryptocurrency.
Until this point, cryptocurrency exchanges and other companies could only obtain a money transfer operator license. The presence of a banking license opens up more opportunities for the itBit cryptocurrency exchange, with its restrictions and responsibilities. Now, itBit is trying to get the first BitLicense to gain the official status of the cryptocurrency exchange, but so far, this poll has not been resolved.
Verification in itBit
When passing the verification, you must check and confirm your identity and place of residence. Identity verification requires a government-issued document such as a passport, ID card, or driver’s license. Scan copies or a clear photo must be attached in a special field in your account.
Confirming your residential address requires a more complicated procedure. It requires a legal and traceable document with the user’s full name and the current address of residence at the moment. This document must be in English.
There are no trading restrictions for users who have not completed verification. The following fiat currencies are supported:
- US dollars;
- Euro;
- Singapore dollar.
Each of these fiat currencies can be paired with Bitcoin. As for any other altcoins, the exchange does not currently support their trading.
Commission
The itBit cryptocurrency exchange introduced a new commission structure in November 2015. If the 30-day trading volume does not exceed 8000BTC, the recipient’s commission is 0.20%, and the executor’s commission is 0%.
If the trader’s trading volume in 30 days exceeds 8000BTC, a reduced commission system is applied. In this case, the size of the commission is not publicly available, and to inquire about them, the trader needs to contact the exchange support service by writing to them by email.
Depositing commission
When making a deposit, the commission for money transfers in dollars from US residents is $ 10, and $ 40 for transfers for residents of other countries. The commission for SWIFT deposits is $ 40 + agency commission.
When depositing euros via SEPA (Single European Payments Area) transfer, the following commission structure is applied:
- transfer up to 50,000 euros – 3.70 euros commission;
- transfer from 50,000 euros – 35.15 euros;
- For transfers in euros other than SEPA, a commission of 1% of the transfer amount is charged, but not less than 3.71 euros and not more than 35.15 euros.
Withdrawal commission
Withdrawal of funds in dollars through the automated clearinghouse (ACH) is free for US residents if the amount does not exceed $ 3,000. If the user withdraws more than $ 3000, then the commission is $ 20. For international transfers, you must pay a $ 40 commission. SWIFT transfers require $ 40 commission + intermediary commission, which is paid to a third party.
When withdrawing funds in euros via SEPA, you need to pay 8.14 euros in commission for amounts up to 50,000 euros. If the amount of the SEPA transfer exceeds 50,000 euros, then a fee of 70.34 euros will be charged.
By default, a user can withdraw no more than $ 2,500 per day. The total amount for the month is $ 15,000. When the user passes two-factor authentication, the daily limit is automatically increased to $ 15,000 and $ 300,000 per month.
Safety
ItBit is concerned about protecting its users and the security of their transactions. In this regard, all users need to go through identity and residential address verification and two-factor authentication. Each time you log in, an automatic email message is sent with your login and IP address to prevent possible attacks on the user’s account. At the same time, the exchange refused to use the PGP encryption algorithm.
ItBit uses third-party security with multi-layered DDoS protection. It makes it much more difficult for hackers to hack into an account.
User funds are held in a secure and well-secured location that is audited by the New York City Department of Financial Services. ItBit offers insurance for all fiat balances of US customers up to $ 250,000 through the Federal Deposit Insurance Corporation (FDIC).
The reliability of the protection of the itBit exchange is evidenced by the fact that so far not a single successful attack has been committed.
Advantages and disadvantages
ItBit is considered one of the leading US exchanges. It is the only federally regulated Bitcoin exchange in the world that offers its services in all 50 states of America. However, it has a number of its disadvantages.
Advantages of the itBit exchange
The clear advantages of itBit include:
- regulation of activities by the federal body;
- availability for residents of all 50 US states;
- high liquidity and competitive commission structure (no commission payments for deposits in bitcoins and Singapore dollars);
- secure storage and protection of BTC and users’ fiat deposits.
Disadvantages of the itBit exchange
Like any other exchange, itBit has some flaws that you can try to fix soon:
- lack of a full-fledged mobile version for Android and iOS platforms;
- unavailable margin trading and short selling (short trading);
- low speed of the site.
