With so many cryptocurrency exchanges in the market, The traders usually get confused which one to choose. Today we will discuss one such exchange –itBit Exchange in this itBit review. Let’s understand the exchange in depth.
itBit Review :
What is itBit?
ItBit is a sophisticated platform for traders, crypto enthusiast, Bitcoin professionals and financial institutions. The company started in November 2013 with its headquarters in New York, USA. The company received its first trust charter from New York State Department of Financial Services (DFS).
In 2015 May, ItBit opened its first regulated Bitcoin exchange in the US.
The company rebranded itself to Paxos in 2016.
Why choose itBit?
Features of itBit exchange
The exchange has some exceptional features as a crypto platform. It has an option of providing a personalized service for the financial institution and active traders along with crypto enthusiast. Thus, it is rightly called a sophisticated platform for cryptocurrency. It provides complete assistance and customer support 24*7. A user can reach ItBit through phone or email.
itBit API –
The exchange has a very powerful Application Program Interface. It uses FIX & REST for as API’s. As far as security is concerned, the exchange provides complete asset protection to both Bitcoins saved on company servers and Fiat currency.
The platform stores 100% currency in cold storage. This keeps the money offline thus saving it from any cyber crime. It also excludes the risk of money volatility. itBit also has DDoS protection and SSL protocol along with full encryption.
The company has strict policies regarding a user validation. It follows the guidelines of Anti-Money Laundering (AML)/Know Your Customer (KYC) to know users details well. This policy includes only those members onboard who have complete identification ID such as government Photo Identity or Address proof. It secures the community with genuine buyers and sellers.
itBit OTC Desk
The most exceptional feature of ItBit is that a user can do Bitcoin exchange and Over-the-counter (OTC) desk from a single account. For OTC trading desk, the company provides order books with depth, any personalized support that a trader would require or look for and competitive pricing.
For Bitcoin exchange, the exchange provides immense liquidity, which is an essential aspect of trading. The trading fee is extremely low and the API is strong and robust.
In order to register for a new account, log on to www.itbit.com. Click on the tab” Open New Account”. The page shall redirect it to the Paxos registration page.
The user can fill the required details such as username, email ID and create a new password. The password should be minimum 8 characters with lower case letter, upper case letter, a number and a special character. A user can then click on “I agree to T&C” and continue. A verification email goes to the registered email ID.
To continue further, user has to activate its Two-factor Authentication (2fa) to add an extra layer of security. In 2fa, the user can download Google authenticator and sync its account with ItBit account. The user will have to then scan the QR code of his account in authenticator to activate the 2fa. Once a user tries to log in, he receives a 6-digit code on registered number.
After signing-in, user needs to fill a series of personal information such as legal name, date of birth, complete address and phone number.
An Identity proof such as office ID card, Passport or drivers license is a must.
itBit Market Data
itBit exchange has a market data analysis page. There is a graph to display the rise and fall of the selected cryptocurrency. The only drawback is there is no itBit margin trading.
Bitcoin Exchange & OTC trading
Bitcoin exchange extends its support to US Bitcoin traders with complete asset protection. There is ICG also called as Institutional client Group, it provides complete assistance to the financial institution and active traders. OTC trading fees on ItBit is 0.10% and most of the transactions settle on the same day.
The platform boasts to be only exchange to offer rebates to Makers. We can see that in their itBit fees structure on the website. The exchange has a Maker/Taker fees structure. In case that the 30-day trading volume doesn’t surpass 8000BTC, taker fee is 0.20%, and maker fee is 0%. If the trader has a 30-day volume higher than 8000BTC, special lower fees apply.
Security in itBit
Security is the main aspect of this itBit review.
In addition with 2fa authenticator and cold storage as explained earlier, itBit has taken serious steps to ensure security. The exchange bitcoin storage policy adheres to the CryptoCurrency Security Standard (CCSS). The policy is set up by the C4, BitGo Inc. It is a procedural set of requirements for securly handling of crypto assets.
itBit Review Conclusion
ItBit is a top federally regulated US exchange and for a good reason. They are the only Bitcoin exchange in the world that has been federally regulated and offers service in all 50 states. The trading platform’s liquidity is good in all currency pairs and their fees are competitive.
It suitable for Bitcoin networking. Incase of other coins, users have to search for other trade exchanges.