The number of digital platforms for conversion of virtual currency into fiats continues to grow causing the confusion among its users. Picking the right place has become a challenging task nowadays, but the problem is worth the efforts taken. With careful consideration and experts’ advice the individual will certainly find the best to suit his needs. ItBit is a crypto exchange, which has a number of advantages over others, and we are going to review its benefits and drawbacks now. Over-the-counter service is one of its advantages. The company headquartered in New York started work in 2013. The enterprise with office in Singapore is rather popular at international arena. Clients deposit money for free. The brand has come to the market when other famous company took the leading positions. It seemed that no other business rival is able to approach closer. Despite unfavorable conditions, the founder managed to raise twenty five million dollars to start the enterprise. itBit has a right to deliver services in fifty US states in comparison with other companies. Even the leader of the market could not do the same being presented in thirty three states only.
As it was said already, itBit was the first Bitcoin company that managed to obtain a nationwide license. It is eligible to take deposits from the residents of any state and invest funds into different projects, including crypto currency.
Until then, cryptocurrency exchanges could only get license from a money transfer operator. The banking license opens more opportunities for itBit exchange, with its limitations and responsibilities. Now it is trying to get the first BitLicense to obtain the official status of the exchange, but the problem has not been solved yet.
All ItBit currency pairs feature high liquidity. The customers like spreads between the prices at the exchange.
The functionality is not that rich. Among different functions only limit order can be used. If you need more sophisticated functionality, you should find other platforms. The same can be said about margin trading.
The site requires verification. This process is done in line with industry standards and strict anti-money laundering requirements. Passing verification, the person needs to verify and confirm his identity and address.
The user should present a state-issued document. It can be a driver’s license and ID card. After confirmation of address, a more complicated procedure awaits the person. Learn more details on the site of the company.
The new system of commissions was introduced to the platform in 2015. If the daily trading volume of commissions does not exceed 8000 BTC, the commission is 0.20%.
If the trading volume exceeds 8000 BTC per month, a reduced system of commissions is applied. The size of the commission in this case is not publicly available, and in order to inquire about them the trader needs to contact the support service.
The support team works perfectly. The site has a high quality comprehensive FAQ session where all basic questions are covered. If you need additional clarification on some issues contact the support. The service is available round-the-clock. The employees respond fast and provide detailed answers.
ItBit exchange pays much attention to security. 2-factor authentication is one of the measures implemented to the site. When the person logs in, it triggers email notification informing about login time and IP address. This is a simple but very effective way to prevent hackers’ intrusion. The company tries its best to protect customers from DDOS attacks. It is also almost impossible to steal money from the resource because all users’ assets are not available online. The platform provided cold storage for such funds. On top of all is a possibility to protect funds with FDIC insurance in case the amount of real money on your account surpasses 250 dollars. No hacking attack has been effective enough until the present moment but it will give you feeling of security.
ItBit worries much about phishing emails, which inquire login, therefore warns its users to be vigilant.
ItBit is an excellent option taking into account its federal regulation in 50 states of USA. The customers point out reasonable fees and high level of liquidity, first of all. It is also safely protected from cyberattacks, consequently, customers feel safe knowing they won’t lose money.
There are drawbacks as well. The company does not present ItBit online mobile version. This is not so convenient for people on the move. This is also a good exchange for Bitcoiners, but those who might want to trade other digital currencies, should apply to other platforms. It can be South Korean Gopax or Coinone. If you need big diversity of digital coins then Cryptopia and Yobit can offer more than 400 coins for exchange. However, most customers prefer to deal with Localbitcoins – one of the most popular crypto platforms in the world.