itBit is a cryptocurrency exchange for trading crypto assets and exchanging it for fiat currency.
Based in both the US and Singapore, itBit entered the world of cryptocurrency exchange in 2013. Since then, it has become one of the most reputable and popular exchanges worldwide, offering an extensive list of cryptocurrencies available on its platform.
A distinctive feature of itBit is that it is regulated, unlike most other exchanges. It is regulated by the US authorities and is also licensed in New York. The reason why the exchange has become one of the most reputable is due to its innovative nature, which is not typical for the US cryptocurrency industry.
The exchange is headed by CEO Chad Cascarilla, who is also its founder. itBit aims to serve users around the world and reports on its website that its services are used by more than 100 countries around the world.
The company behind the exchange is called Paxos. The fact that itBit discloses its ties to the company makes it easier to trust the exchange, as users have a better understanding of the team behind the exchange, as well as its industry experience.
In March 2019, itBit decided that they would strengthen their ties with Paxos as they work on a new system that would allow users to access their accounts on both platforms with just one login.
The itBit website is designed in a modern and practical style and is definitely user-friendly. It contains useful features such as a link to the support and instructions on how to open an account. However, it doesn't seem to offer any language options other than English. There is also no mention of a mobile app, unlike many other exchanges, which could put off some users who are looking for extra practicality.
itBit has its own proprietary web-based trading platform, which has been designed with ease of use in mind. Surprisingly, it is not so advanced, and does not include many of the features that are available on other trading platforms. For example, stop loss orders are not available and margin trading is not supported.
The platform makes everything very simple and clear, which is great for novice traders and investors. Charting and analysis tools are sufficient for both experienced and novice traders, and the order book is very clean and easy to understand.
itBit makes money from trading fees and withdrawal fees, just like most other cryptocurrency exchanges. Taker fees are quite competitive and amount to 0.20%, while maker fees are absent at 0%. Active traders whose trading volume exceeds the established limit receive discounts and personalized services to improve their trading experience.
This platform provides trading in fiat funds and cryptocurrencies, and deposits can be made through bank transfers.
However, credit cards are not accepted as a valid form of payment. Similarly, existing cryptocurrencies can be transferred to user accounts. This positions itBit as an entry-level crypto exchange, making it attractive to new cryptocurrency investors.
To increase security, itBit uses a two-factor authentication system (2FA), as well as protection against DDoS attacks, and funds are stored in cold wallets. So far, there has not been a single serious incident of a crypto exchange being hacked. Given that the exchange has been around for a long time, this suggests that itBit operates a fairly secure system.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.