+- Gekko Forum (https://forum.gekko.wizb.it)
+-- Forum: Exchanges (https://forum.gekko.wizb.it/forum-3.html)
+--- Forum: Other exchanges (https://forum.gekko.wizb.it/forum-11.html)
+--- Thread: itBit Exchange Review: The Regulated US based Crypto Exchange (/thread-58819.html)
itBit Exchange Review: The Regulated US based Crypto Exchange - Nayana Patil - 05-27-2021
What is ItBit?
ItBit is a Bitcoin exchange that offers cryptocurrency trading services including the over-the-counter (OTC) service. The company was launched in November of 2013, and its headquarters is in New York. They have an international office in Singapore and offer free deposits and withdrawals in Singapore dollars.
ItBit is a highly reputable cryptocurrency exchange for the trading of Bitcoins against fiat currency. The exchange markets themselves to institutional and professional investors as they operate with high liquidity and large trades.
ItBit Fees and Limits
There is a 0.20% taker fee and a 0% maker fee. Special ItBit exchange fees are available for those making large-block-size trades of over 25 BTC. When it comes to deposits, USD Wire Transfer has a fee of $10 from the US and $40 from other countries. SWIFT deposit fee is $40+ agent fees.
US dollar withdrawal via ACH is free up to $3000 for US citizens, and over $3000 the fee of $20 is applied. The International Wire Transfer fee is $40. SWIFT transfers are also charged $40 plus intermediary charges paid to the third party.
Singapore Dollar and Bitcoin withdrawals are free of charge. The withdrawal limit is set to $2,500 daily and $15,000 monthly by default.
ItBit Pros and Cons
Pros
- Good liquidity and competitive fees
- High-security level
- Keeps BTC in cold storage
- Available in all 50 states of the USA
- FDIC insurance for all accounts.
- No margin trading and short selling
- Bitcoin is the only tradeable asset
- Limited trading types and options
- No mobile app
- No ACH transfers
All in all, itBit is a great cryptocurrency exchange for professional traders who are dealing with large sums of money. the exchange is licensed and regulated within the United States. Therefore, investors’ funds are guaranteed to be safe and are ensured.
Their fees are competitive and the trading platform’s liquidity is good in all currency pairs. Ultimately, itBit is particularly appealing to those who routinely make trades over 100 BTC in value or anyone who trades more than 2500 BTC per month