itBit Exchange Review

itBit Crypto Exchange Review

itBit is a global Bitcoin exchange licensed with the New York State Department of Financial Services. It also operates a global OTC trading desk

Limits & Liquidity

itBit provides two services: a global Bitcoin exchange and an OTC trading desk. Neither service limits the number of bitcoins that can be traded assuming proper verification has been submitted.

itBit’s OTC trading desk trades between 15,000 – 25,000 XBT per month. The average OTC trade size is around ~350 bitcoins and made at or below spot price.

Reputation

itBit was the first Bitcoin exchange to receive a charter from the New York State Department of Financial Services. The charter gives it the ability to operate legally in all 50 U.S. states. As a licensed exchange, itBit is audited regularly and follows all consumer protection laws.

Speed

International accounts may take 1-3 days to become verified. US customers may be able to verify faster using itBit’s knowledge-based authentication system.

Deposits made via wire transfer can take anywhere from 1-3 days to arrive depending on your bank.

Purchases can be made instantly once an account has been verified and successfully funded.

Verification

The verification process is following the industry standards and strong anti-money laundering regulations, so it requires identity verification as well as proof of residency.

Identity verification requires the government-issued document such as passport, national ID card or driver’s license. The proof of residency is a bit more complicated and requires a legal and traceable document with your full name and address. The address must be your current physical residential address, and the document must be in English, which can be a problem sometimes.

Verification usually takes between one to three business days to be completed. US citizens may have to answer some system-generated questions to get verified.

There are no trading limitations for unverified accounts. Supported FIAT currencies are USD, EUR, and SGD. All FIAT currencies can be traded against Bitcoin. The exchange doesn’t support any altcoins now.

Domestic Wire Transfer in the US has a fee of 10 dollars, and International Wire Transfer fee charged 40 dollars

Deposit Fees

When it comes to deposits, USD Wire Transfers have a fee of $10 from the US and $40 from other countries. SWIFT deposit fee is $40 + agent fees.

For EUR deposits with SEPA Transfer the following fees apply:

Transfer below 50,000 EUR – 3.70 EUR

Transfer above 50,000 EUR – 35.15 EUR

Non-SEPA transfers in EUR – 1% of the amount transferred with a minimum of 3.71 EUR and a maximum of 35.15 EUR.

Singapore dollar and Bitcoin deposits are free of charge.

Withdrawal Fees

US dollar withdrawal via ACH is free up to $3000 for US citizens, and over $3000 the fee of $20 is applied. International Wire Transfer fee is $40. SWIFT transfers are also charged $40 plus intermediary charges paid to the third party.

EUR withdrawals with SEPA transfer under 50,000 EUR are charged 8.14 EUR and SEPA transfer exceeding 50,000 EUR are charged 70.32 EUR.

Singapore Dollar and Bitcoin withdrawals are free of charge.

Withdrawal limit is set to $2,500 daily and $15,000 monthly by default. After the two-factor authentication is added to the account, the withdrawal limit is automatically raised to $15,000 daily and $300,000 monthly.

Comments (No)

Leave a Reply