ItBit is fiat to crypto exchange – and offers EUR, USD & SGD to Bitcoin. The exchange is based in the US and in Singapore.
Security is strong with two factor authentication and cold storage and the interface of the exchange is easy to use and well designed.
ItBit takes a different approach to its exchange by allowing users to claim trading credits as they add liquidity to the orderbook. Trading fees also vary depending on the users historic volume – as such trading fees have a broad range of 0-0.5%.
Deposits and withdrawals come hand in hand with a standard KYC and AML set of procedures – in particular USD withdrawal has a 72 hour locktime – although this can be reduced on request. There are heavy fees for withdrawal at USD 30 and USD 5 for depositing excluding bank surcharges. Euros carry similarly prohibitive surcharges from the exchange whilst withdrawal and deposit fees for Singapore dollars are much lower and better value, either being free or a max of 2 SGD.
Benefits of Using Itbit?
Institutions and active bitcoin traders are offered personalized white-glove services.
US customers receive full fiat and bitcoin asset protection, account reporting and more.
Strict regulatory oversight, global AML/KYC compliance and 100% offline bitcoin cold storage ensure our platform and client assets are secure.
Dedicated customer support representatives available via telephone and email around-the-clock.
Itbit seems to be a trustable bitcoin exchange considering they have great reviews on online forums. However, this exchange needs to improve a bit on one area; favoritism.
It seems that the exchange favors members from USA and it considers Americans as more important than traders from elsewhere. For instance, complaints by Americans are attended to faster than complaints from anybody else who’s not American.