Based in both the US and Singapore, itBit came into the cryptocurrency exchange world in 2013. It has since become one of the most reputable and popular exchanges around the world, offering an extensive list of cryptocurrencies available on its platform. A distinguishing factor that itBit features is the fact that it is regulated, unlike most other exchanges. It is under the regulation of American authority and is licensed in New York as well. The reason why the exchange has become one of the most reputable is due to its innovative nature, which is not common in the US cryptocurrency industry. The exchange is led by CEO Chad Cascarilla, who also founded the exchange. itBit aims to serve to users worldwide and reveals on its website that its users come from over 100 countries.
The company behind the exchange is called Paxos. The fact that itBit reveals its links with the company makes the exchange easier to trust, as users have a better understanding of the team behind the exchange as well as its background in the industry. An exchange review reveals that in March 2019, itBit decided that they would strengthen their links with Paxos as they’re working towards a new system which will enable users to access their accounts on both platforms with only one login.
The exchange charges a trading fee of 0.35% from takers, which is higher than the global industry average of 0.25%. This could be a disadvantage, though the exchange compensates this by paying makers 0.03%. This, in turn, increases liquidity due to the attractive fee that is paid to the makers. Fiat-crypto trading is accepted on this platform, and deposits can be made through banks transfers. However, credit cards are not accepted as a valid form of payment. Likewise, existing cryptocurrencies can be deposited to users’ accounts. This makes itBit an entry-level exchange, making it appealing for new cryptocurrency investors.
Verification process upon registration consists of official documents that must be provided to the exchange, such as ID and residency. For enhanced security, itBit makes use of a two-factor authentication system (2FA) as well as DDoS protection, and funds are stored in cold wallets. There hasn’t been a significant incident of hacking on the exchange so far. Keeping in mind that the exchange has been around for a while, this suggests that itBit operates a satisfyingly secure system.
itBit’s website is designed in a modern and practical fashion and is definitely user-friendly. It features helpful functions such as the customer support link and instructions as to how to open an account. However, it doesn’t seem to offer any language options other than English. There also isn’t any mention of a mobile app, unlike many other exchanges, which could deter certain users who are looking for extra practicality.