What is the itBit exchange? Overview of the itBit

What Is itBit?

Founded in 2012, itBit is a cryptocurrency exchange that has grown to become known as a trustworthy platform for purchasing, selling, and exchanging digital assets. Even though itBit isn’t as well-known as some of the bigger exchanges, many institutional investors and high-net-worth individuals particularly prefer it, and it has a devoted user base.

itBit’s dedication to security is among its best qualities. The exchange significantly lowers the danger of breaches and thefts by storing the huge majority of its users’ assets offline in cold storage. Furthermore, strict oversight and compliance standards are applied to itBit, which is governed by the New York State Department of Financial Services.

Because of this, users ought to feel more at ease knowing that they are trading on a platform that adheres to strict security guidelines.

An additional advantageous feature of itBit is its user interface. According to our analysis of the itBit exchange, even inexperienced traders may easily navigate around its clear and simple design. Furthermore, itBit provides a range of trading alternatives, such as trading via the itBit FIX API, spot trading, and OTC trading. Traders with varying demands and preferences in regards to purchasing and disposing of digital assets value this flexibility.

However, it’s important to remember that itBit its drawbacks. One is that there is a small range of cryptocurrencies available for trade on the exchange. Some traders might not care about this, but those who want to trade lesser-known cryptocurrencies might want to check out some of the other top cryptocurrency exchanges.

Only the following are supported by itBit at this time: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Solana (SOL), Polygon (MATIC), Chainlink (LINK), Uniswap (UNI), and Aave (AAVE). Moreover, itBit has two native tokens: PAX Gold (PAXG) and PAX Dollar (USDP).

Furthermore, compared to certain other exchanges, itBit charges larger fees. Although the precise pricing structure changes based on the kind of deal, platform customers should anticipate paying a higher fee. Smaller retail investors may find this off-putting, but institutional investors or those making significant trades might not find it to be a deal-breaker.

itBit Highlights

itBit is known as a reliable exchange and has a devoted user base that includes high net worth individuals and institutional investors. This exchange sets it apart from others due to the following features, which we will examine in this review:

• Regulated by the New York State Department of Financial Services, guaranteeing consumers a high degree of security and compliance.
• Provides traders with a simple and easy-to-use interface, making it effortless for traders of any skill level to operate the platform.
• Offers a range of trading solutions to suit the needs and interests of traders, including spot trading, OTC trading, and trading using the itBit FIX API.
• Reduces the danger of theft and hacking by storing most customer assets in offline cold storage.
• PAX Gold and PAX Dollar are two native tokens that are supported, along with a number of well-known cryptocurrencies like Ethereum, Litecoin, and Bitcoin.

• Proficient trading APIs are available, such as the REST API for high-frequency algorithmic trading and the FIX API protocol for institutional high-frequency trading.
• Offers multi-factor authentication (MFA) and military-grade encryption to protect personally identifiable information (PII) within its systems.
• Enables users to report unresolved concerns to the New York State Department of Financial Services for greater accountability and transparency.

How to Open an itBit Account

Here’s a detailed tutorial on setting up a personal Paxos account so you can use itBit:

1. Using your web browser, navigate to https://account.paxos.com/login.
2. Press the “Sign up” button.
3. Type in your email address and set your password.
4. Look for a verification email from Paxos in your inbox, then click the “Verify Email Address” option there.
5. You’ll be taken to the Paxos website to finish the verification procedure by logging in with your password and registered email.
6. Set-up for Multi-Factor Authentication (MFA) will be required for maximal security. Set up an MFA device by following the instructions.
7. After that, input your contact details, such as your legal name, date of birth, social security number (for US customers only) or document ID number (for non-US customers), and address.
8. After submitting your personal details to the itBit cryptocurrency exchange, you will receive an authentication prompt. To confirm your identity, you need to upload a picture with a valid government-issued ID and your selfie while holding the ID.
9. You’ll get additional email instructions on how to use your account after your identification has been confirmed.
10. Proceed to the itBit exchange to access itBit after logging into your Paxos account at https://account.paxos.com.

It is crucial to note that the account verification procedure may require extra identity documents and that it may take one to three business days to complete. After your account has been validated, you can deposit money and begin using itBit for cryptocurrency trading.

Is itBit Safe?

Paxos, the parent business of itBit, is subject to strict regulations regarding capital reserves, consumer protection, compliance, and anti-money laundering as a trust company under the jurisdiction of the New York State Department of Financial Services (NYDFS). Because of this control, there is a high level of protection for all customer funds, which are kept in separate accounts.

Additionally, multi-factor authentication (MFA) is a feature that itBit offers as an additional security measure for account access. Additionally, according to itBit, all user assets are kept in offline cold storage, where they are safe from cyberattacks because they are not connected to the internet.Compared to hot wallets, which are more vulnerable since they are connected to the internet, this offers a higher level of protection.

In addition, itBit offers PAX Gold Insurance protecting holders of PAX Gold tokens against the possibility of losing the gold that Paxos is holding in custody. Stablecoin holders who are or will become Paxos clients can receive FDIC pass-through protection of up to $250,000 for their stablecoins, such as Pax Dollar (USDP) or Binance USD (BUSD), as the platform keeps reserves for them in specialized omnibus accounts at US banks covered by the FDIC.

A comprehensive risk evaluation of the information’s business worth, sensitivity, and susceptibility to security threats informs the secure storage of all data. To protect personally identifiable information (PII) on its systems, itBit also uses military-grade encryption.

What Are itBit Features?

itBit provides an OTC trade platform and APIs in addition to being governed by the NYSDFS and providing a basic exchange platform with limit orders, market orders, and post-only orders.

• OTC Trade

itBit does not trade against its counterparties because it operates as an agency block trading business. Rather than displaying the best price on the market, the platform gets quotes from liquidity venues and other users.

You need to pre-fund your verified Paxos account with USD or the digital asset you wish to sell in order to begin OTC trading on itBit. Then, just send an email requesting the asset and desired quantity to be bought or sold to the OTC desk.

Remember that order size and liquidity access might affect how much an OTC trade costs compared to exchange pricing. But the OTC trading function on itBit offers attractive minimum trade sizes starting at $100,000 notional value, along with fees as low as 10 basis points (.1%) on the deal’s notional value.

A number of well-known currencies, including BTC, ETH, LTC, BCH, PAXG, AAVE, MATIC, UNI, LINK, and SOL, are supported for trading on itBit. The deal will be booked and completed once a trade price has been agreed upon; usually trades settle on the same business day.

• APIs

Our itBit exchange review indicates that traders have access to strong trading APIs that give them direct control over the features and functionalities of the platform. For institutions and algorithmic traders in need of automated trading solutions, these APIs are extremely helpful.

For example, the FIX API protocol offers a quick and dependable connection to the trading engine and is intended for institutional high-frequency trading. This makes it possible to execute trades quickly and effectively, which is crucial in high-volume trading situations.

Furthermore, itBit’s REST API is the best option for algorithmic trading with high frequency. It offers traders highly customizable and flexible trading options that are simple to use.

Additionally, traders can access the platform’s level two order book market and trade data via streaming WebSockets or REST APIs thanks to itBit’s market data APIs. This data offers traders insightful information that can guide their trading choices and tactics.

itBit’s APIs serve a wide range of traders, from small-scale individual traders to major institutions with substantial trading volumes. With capabilities that can help automate trading methods, access real-time market data, and execute trades quickly and efficiently, they provide a dependable and effective way to trade digital assets.

What Are itBit Fees?

itBit charges a maker fee of 25 basis points (bps) and a taker fee of 35 bps for a 30-day trading volume up to $25,000. The taker charge is 6.0 bps for large trading volumes over $60,000,000, whereas it is -3.0 bps for smaller transactions. As per the website of itBit, a basis point represents one-hundredth of a percent.

The full fee structure for this platform is displayed in the table below:

itBit does not presently enable ACH withdrawals. The table below lists the itBit withdrawal costs for wire, cryptocurrency, and SEN withdrawals.

Finally, the following table shows deposit fees for wire, crypto, and SEN deposits:

itBit Customer Support – Which Options Does It Offer?

Though it may not be as quick as live chat or phone assistance, itBit’s main customer care methods are email and tickets. It also provides a wealth of information through its knowledge base and FAQ area.

For current users seeking support, the platform’s support center is the go-to place. There, they may open a ticket and obtain access to a number of tools to aid with any problems they might run across.

Although email and ticketing are the main methods of communication for itBit’s customer care, it’s vital to remember that clients can also escalate unsolved issues to the New York State Department of Financial Services. This oversight organization makes sure that itBit upholds the greatest levels of responsibility and customer service.

itBit Reviews – What Do Customers Say About itBit?

What are the opinions of real users on their itBit experience? Let’s look more closely at a few of the most crucial information from the user reviews.

itBit’s restricted range of cryptocurrency is a frequent complaint. The exchange only provides a small selection of digital assets at the moment. Some traders might not mind, but others who want more diversity might choose to seek elsewhere.

itBit’s fee structure, which is said to be more expensive than on some other exchanges, is another possible disadvantage. Despite the fact that the costs change based on the kind of trading, some clients think they are excessively high, especially for smaller investors.

Lastly, opinions regarding itBit’s customer service are divided. While some consumers have had nothing but good experiences, others have struggled to contact help and get their problems resolved quickly.

Final Thoughts: Is itBit Worth It?

In summary, itBit is a cryptocurrency exchange that has established a solid reputation as a secure platform for the purchase, sale, and exchange of digital assets. The exchange’s dedication to security, user-friendly UI, and robust trading APIs are just a few of its many noteworthy qualities.

Nevertheless, it has drawbacks including a smaller range of cryptocurrencies and more expensive fees. Large-scale investors and high-net-worth people might find itBit worthwhile overall, while smaller retail investors might wish to look into other possibilities.

Although the exchange’s security and compliance have garnered some excellent user ratings, there is still room for improvement in this area given its sparse customer assistance channels and mixed opinions.For some traders, itBit might be a good option, but before deciding, traders should do their homework and consider the advantages and disadvantages.

FAQ

Is itBit legit?

itBit is a reliable cryptocurrency trading platform overseen by the New York State Department of Financial Services.

Who are the founders of itBit?

Andrew Chang, Rich Teo, and CEO Chad Cascarilla were among the group of financial professionals who established itBit in 2012.

What are the fees for trading on itBit?

Depending on the kind of deal and its volume, different fees apply while trading on itBit. Our analysis of itBit revealed that the maker cost is 25 basis points (bps) and the taker fee is 35 bps for a 30-day trading volume up to $25,000. The taker and maker fees are 3.0 and 6.0 bps, respectively, for high volumes exceeding $60,000,000.

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