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Singapore Dollar and Bitcoin withdrawals are free of charge. ItBit is easy to use because of its clean and user-friendly design. While it is optimized for mobile use, but there is no app available for Android or iOS as of yet. Step 4: When the confirmation is done, the website requires to set a multifactor authentication that can be conducted via Google Authenticator apps. Step 5: This step requires the providing of personal data, photos of documents, and face photo. After the verification, the trader is free to use the itBit platform.
Then enter your personal information and user id after which you can reset your password. A pop-up window with your Bitcoin deposit address will appear. Step 4: You can either send your Bitcoin to this deposit address or scan the QR Code provided using your wallet service.
Step 5: The deposit address auto-generates a unique value for each deposit transaction. You must rescan or input the new deposit address for any future deposits to avoid losing funds. Step 5: If you scroll down the funding page, you would be able to see your withdrawal transactions. Step 5: You can choose an existing order in the order book or create one a limit order. All in all, itBit is a great cryptocurrency exchange for professional traders who are dealing with large sums of money.
Ultimately, itBit is particularly appealing to those who routinely make trades over BTC in value or anyone who trades more than BTC per month. Share your thoughts on this itBit review and let us know! Like and comment on our FB and Twitter page. One of the names you may have come across while reading about crypto trading is itBit. Transactions are generally fast; most are settled within a day. There are a flat transaction fee and no withdrawal fees.
ItBit has gone to great lengths to monitor and protect investors and traders, addressing issues that pose risks to the exchange. ItBit Fees and Limits There is a 0. ItBit - 8. Show More. Consequently, there are a host of several cryptocurrencies available on the market, each of them holding different market values, leading up to billions of dollars in market cap. A notable example of such cryptocurrency is the very popular Bitcoin. Though the number of cryptocurrencies available today may make it almost impossible to unify them in a single platform, a sizable number of the top cryptocurrencies must be connected in trading pairs.
Hence, the introduction of exchange platforms. There are a host of exchange platforms available in the public space. Some of them are decentralized, while the rest of them operate with a centralized authority. With the number of exchange platforms available on the internet, it is sometimes difficult to decide which are legitimate and which are scam platforms.
To answer these questions, we do an in-depth analysis of some of these platforms to understand their uniqueness, features and also answer questions concerning their legitimacy. In this article, we shall be reviewing itBit as a cryptocurrency exchange platform.
That shall cover all the essential features of the crypto exchange , and we believe it will help you gain a deep understanding of how they function and leave you to decide if you should trade with them or not.
Licensed by the New York Department of financial services, itBit is suitable for both beginners and experts. When the US crypto exchange market was facing less competition, thanks to the dominance of Coinbase , itBit, a relatively new and largely inexperienced exchange platform at the time, was launched in New York, United States of America. That was back then in November when CEO and co-founder, Chad Cascarilla, took the bold step to start up this company. Fast forward to the present day, itBit now functions as a bank with license and regulation from the New York Department of financial services.
As a result, the exchange organization operates in all 50 states of the United States except for Tennessee. And it boasts of operations in over countries in the world.
Today, the company has an international headquarters in Singapore, and it operates as one of the leading cryptocurrency exchange firms in the US. It currently operates under its parent trading platform, Paxos , and allows users to log into itBit and Paxos using the exact account details.
Summarily, itBit is the exchange platform of Paxos. Besides, it is a necessary option for individuals trying out crypto trades for the first time. Trading platforms are a primary pointer to how advanced and easy to use an exchange can be. Most exchanges offer two types of platforms that a user can trade with: a mobile app and a web-based trading platform.
The web platform offers a unique user interface that makes it easy for traders to navigate. You can easily access basic account features from your mobile devices, tablets, or PC. Charts, open orders, order history, and account balances are some of the features that could be accessed using the web platform. The absence of these features may seem like an enormous letdown for seasoned crypto traders and specialists. That is a crucial feature available on exchange platforms.
It offers an option that traders can use to place their trades. While some offer a broad range of tradable pairs, others like itBit have a limited number of trading pairs.
However, the former two are no longer accepted for use as a trading pair, and holders of these currencies would first have to convert them to USD before they can be deposited.
Conversion of these currencies is done by Silvergate Bank at the acceptable FX rate determined by Silvergate. With the introduction of digital assets came the risk of digital hacks and cyber breaches. Digital finance providers are usually targets of these hacks and threats. For any digital asset exchange to thrive, it must have state-of-the-art security protocols to mitigate potential breaches.
That said, itBit boasts of having an advanced security protocol characterized by multi-layer DDoS protection.
There is also an option for multi-factor authentication MFA , highly recommended by the exchange. The exchange also makes use of military-grade encryption to securely store all personal identifiable information on its systems. The world of cryptocurrencies and digital assets, despite its far-reaching tentacles in different areas of finance and industry, still has aspects in which many are prone to confusion.
As such, there is a need for reliable and available customer service support to help users navigate the somewhat sophisticated aspects of digital financing. However, as with non-digital assets and finance, there are bound to be some instances that will require the attention of a service representative. These may be due to some malfunction or errors arising from the user or the exchange provider themselves.
Whatever be the case, prompt attention from a customer support agent has to be directed towards resolving these issues. In the areas of customer support, itBit boasts of a very remarkable customer support base. The company also lists a mobile number on its platform, which users can use to contact its customer service.
Additionally, the exchange boasts an extensive FAQ database, providing answers to almost every question a user may have about the platform. The good thing is that it updates these FAQs periodically; thus, keeping users informed over new developments that could occur on the exchange.
Exchanges require fees to keep their platform running. These fees are an essential part of these exchanges as they play a role in either inviting or scaring away potential investors. This model is determined through a tiered approach which helps it maintain enough liquidity on the platform. The maker order, which helps to deepen the liquidity pool of the platform, is charged at a rate comparatively less than fees charged for taker orders orders which reduce liquidity on the platform.
Until the 25th of March , itBit rewarded maker orders by paying a rate of 0. However, this changed from the 25th, with the platform announcing new rates that allowed rebates to come in only at a specific tier level. Currently, maker orders are charged at 0. On the other hand, taker orders are charged at 0. That will reduce with an increased 30 day rolling volume as the tier levels advance.
Similarly, wire transfers are not charged. Withdrawal fees vary based on a number of factors. These fees may increase depending on the charges collected by remitting banks.
Meanwhile, in addition to other forms of deposits already stated, itBit accepts only wire deposits and transfers and does not support credit card transfers.
Unfortunately, at the time of publishing this review, ACH transfers are unavailable. Paxos, the parent company of itBit, offers over-the-counter OTC trading for individuals with a verified Paxos account.
The company requests quotes from other liquidity venues.
The conclusion is that it has developed a bad reputation on the support- and fee-side. Other complaints target much more serious issues. One of their users has apparently had some of his bitcoins simply stolen from the site, amid withdrawal limit increases and account-blockings. Later, as a result of his bitcointalk post, his account was apparently unblocked.
Still, there are complaints about unanswered support emails and accounts blocked due to identity verification failures. As of November 29, , itBit. While itBit is indeed a regulated and legitimate operation, its practices are suspicious here and there.
This is not an exchange that will simply take your money and run. That much is quite clear. It might procrastinate your withdrawals though and apparently, it may even shortchange you every now and then. Its identity verification requirements are very stringent, stringent enough in fact to put off scores of potential clients by virtue of this fact alone.
Its support should be much more responsive and it should really do something about its fees, which are way too steep for the majority of rank-and-file users. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Skip to content Posted in Exchange. Contents hide. Recover Your Money Now! December 31, , pm.
December 23, , am. This itbit simply is a scam. Pure and simple. No further explanation needed. A true SCAM. Leave a Reply Cancel reply Your email address will not be published. E-mail is already registered on the site. Please use the Login form or enter another. You entered an incorrect username or password. Betsy P May 29, What Is itBit? Bitcoin Exchange The itBit Bitcoin Exchange is a platform that allows institutional and active traders to securely buy and sell bitcoin.
OTC Agency Trading Desk This is a boutique service specializing in large bitcoin trades starting at over bitcoins. Customer Support: itBit provides dedicated customer support representatives through telephone and email around the clock. How To Use itBit You can start a new account with itBit by following through the process their sign up page. Betsy P. Add a picture. Choose file.
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WebNov 2, ï¿½ï¿½ It is a ï¿½boutique service specializing in large bitcoin trades starting over bitcoinsï¿½. It offers a deep orderbook, personalized trading support and competitive . WebApr 1, ï¿½ï¿½ itBit Exchange Rating. Account Types Trading Speed Customer Service Safety Conclusion. Read our itBit review and learn why we . WebitBit is a highly reputable cryptocurrency exchange for the trading of Bitcoins against fiat currency. The exchange markets themselves to institutional and professional investors .