ItBit (itbit.com) - REVIEW, TRADING VOLUME AND PAIRS
The ItBit trading platform was launched in 2013. It is officially registered and headquartered in New York. Initially, the creators of the project focused on the American market, but soon they realized the potential of the Asian market and opened an additional office in Singapore, after which the exchange began to accept the Singapore dollar. The presence of a banking license has opened up many opportunities for the development of the project. At the time of writing this review, the amount of daily trading on the itbit.com official website is more than 14 million dollars. The platform interface is represented only by the English version. Developers are offered an API, which, however, is not public. To get access to the application software interface, you need to write an application.
Registration and verification
The signing up procedure is quite standard here, so even an inexperienced user will be able to use its functionality to the full. It is much more difficult to pass the account verification procedure, which is mandatory to comply with the licensing requirements of the website. Verification implies confirmation of your identity and place of residence. The user needs to provide:
• the identification document (passport or ID card);
• Photo or scanned photo;
• Document confirming the address of the customer's residence (in English).
If the documents are submitted correctly, the procedure will take only a few days. For US citizens, a complicated verification procedure is provided, where users need to answer several automatically generated questions. After passing the verification, the user gets access to all the functions of the exchange.
Transaction and commission fees
On ItBit, you can deposit in USD, both with a credit card and through the SWIFT system. There is a fee of 10 USD for US citizens and 40 USD for customers from other countries. Besides, you can replenish the balance in euros using the SEPA system. When depositing up to 50 000 dollars, users are charged the fixed commission of 3.7 EUR, and when depositing over 50 000, it is 35.15 EUR. You can also deposit euros with a credit card, in which case the fee will be only 1%. To replenish your account for free, use bitcoin or Singapore dollar.
Withdrawal of money from the account is also subject to a commission. US residents can withdraw up to 3 000 USD for free via ACH. All other methods involve a fee of 20 USD, which is 40 USD for international transactions. In turn, the withdrawal of up to 50 000 EUR through SEPA will cost you 8.14 EUR, whereas the withdrawal of over 50 000 EUR, will be 70.34 EUR. However, the cash-outs made in Bitcoin and the Singapore dollar are not subject to commission.
The limitations on the withdrawal amount are as follows: you can withdraw up to 2 500 USD per day without two-factor authentication. If you connect 2FA, you can withdraw up to 15 000 USD per day or 300 000 USD per month.
The trading commission is flexible and depends on the volume of trading. If the turnover on the account does not exceed 8 000 BTC per month, the commission will be 0.2% for the taker and 0% for the maker. If it exceeds 8 000 BTC, the commission will be reduced individually after contact with the website administration.
Judging by the reviews in the network, ItBit is a fairly reliable and time-tested platform, the activities of which are licensed by the American regulator, which inspires confidence. Among the main benefits of the project are:
• High security level;
• Quality support center;
• Low commission fees;
• Free BTC and SGD withdrawal;
• Sound liquidity;
We can name some of the disadvantages of the project, among which are: a very modest choice of trading pairs and weak functionality for trading. Another important disadvantage is the lack of margin trading.
We do not recommend storing large amounts of money on the exchange. However, you can use the platform for a profitable exchange of fiat currencies for the cryptocurrency.