Since launching in 2013, the itBit team has strived to push the boundaries of sophistication in bitcoin trading. In May 2015, we obtained a trust company charter and opened the first regulated bitcoin exchange in the U.S. Today, we stand alone as the only company in the cryptocurrency space that offers bitcoin traders access to both a global exchange and OTC trading desk.
6.0
Score6.0
Score Android
Score iPhone
LocationU.S.
CurrenciesUSD
LanguagesEN
Buy withUSD
FeesMaker 0% - Taker 0.2%
AltcoinsNo
Margin tradingNo (Exchange does not support margin trading)
Trust scoreB
Beginner friendlyNo (Exchange is complex and difficult for beginners)
Stability3. Much (Exchange is stable, but it has a downtime in the high stakes)
FiatYes (The Exchange supports Fiat currency as USD, EUR, etc.)
APIYes (API is available for public to use)
Rest APIYes (The Exchange has Rest API support)
WebsocketYes (The Exchange has Websocket support)
Mobile appNo (Exchange does not have a mobile app)
Credit cardNo (Exchange does not support credit cards)
ReferralNo (Exchange does not offer an affiliate program)
Two factor authentificationYes (The Exchange supports two factor authentication)
LendingNo (Exchange does not support lending)
Stop limitNo (Exchange does not support stop limit)
US licenceYes (Exchange have US licence for Money transmitter)
PGP supportNo (Exchange does not have PGP encryption)It is a “boutique service specializing in large bitcoin trades starting over 100 bitcoins”. It offers a deep orderbook, personalized trading support and competitive pricing. This service charges a flat fee of 0.10% per transaction. Additionally, itBit offers personalized service for active traders with a 30-day trading volume over 2,500 bitcoins.
Currently itBit offers trading only in Bitcoin against USD, EUR and SGD.
Unlike many exchanges who do not require verification at initial registration itBit does require immediate account verification, even before letting the users into their account. For the purpose one needs to provide a copy of government ID and proof of residence, which is more or less the industry standard. The verification process, particularly for foreign clients, takes a few days. For the institutional clients, there is a set of required documents that include incorporation or sole proprietorship proof.
ItBit does not offer leveraged trading, but there are cryptocurrency exchanges who do so, like Kraken, bitFlyer, Coincheck, Poloniex, etc. There is also a large number of forex brokers like IG, HYCM and easyMarkets, for example, who offer leveraged trading on CFDs on some of the most popular cryptocurrencies.
Security rating of itBit
ItBit is a well-secured exchange with two-factor authentication on login. Each login triggers an automatic email with login time and IP address to prevent any hacks. It uses third-party security with multiple layer DDoS protection, making it a tough cookie to crack for the hackers.
All customer funds are kept in cold storage, which is verified by the New York Department of Financial Services. Finally, itBit offers FDIC insurance on all fiat balances owned by US clients which go up to $250,000.
The exchange hasn’t been hacked until now. They don’t use PGP encryption in emails.
Review of itBit
The best thing about itBit is that it is a regulated and strict cryptocurrency exchange. It takes rules, regulations and security very seriously and this is a very good thing.
However, those who wish to remain anonymous or register and start trading quickly, should go elsewhere and look for exchanges that do not have such strict and lengthy verification requirements. Those who have nothing to hide, though, would be absolutely fine with itBit.
A plus of itBit is the offering of special services and lower fees for the large traders.
What we do not like about this exchange is the fact that it does not accept credit and debit cards as payment. This, as we said, is not very convenient for a number of reasons.
Another minus of itBit is the fact that it does not offer other cryptocurrencies, besides Bitcoin. For those interested in trading in more than one or another altcoin, most exchanges have a somewhat larger selection. There are also platforms like Bisq and LiteBit who have a pretty big portfolio.
