ItBit is a global Bitcoin exchange which runs its operations from the United States. The company also operate as OTC trading desk which makes it easy for customers to buy a large number of Bitcoins. In this post, we will share the detailed review of itBit to give you a better insight.
Does itBit offer its services in your country?
ItBit is one of the 3 US based Bitcoin exchanges which are licensed by New York State Department of Financial Services. The company operates in all states of US except Texas. The company also offer its services worldwide.
If you are united state resident then you can easily complete verification using itBit’s knowledge-based authentication without providing ID scans but if you are from outside the United States then you will need to submit pictures of ID and proof of residence documents.
Limit & Liquidity
ItBit offers two services, a global Bitcoin exchange, and an OTC trading desk. Both services don’t have any buying limit. You can buy a small number of Bitcoin using itBit Bitcoin exchange and if you want a large number of Bitcoin then you can use OTC trading desk service. ItBit’s OTC trading desk trade up to 25000 Bitcoins per months.
ItBit only accepts bank transfer as a payment option so it may take 1-3 days to transfer the deposits. Once verified purchases can be made instantly.
How to create an itBit account and Buy Bitcoins?
You can set up two type of accounts on itBit, however, setting up the account is same. You can set up the account using following steps.
- Enter the username of your choice.
- Enter email address
- Choose a password and confirm the password.
- Agree to terms and conditions
- Click “Continue”
- You will receive an email with instructions steps to follow.
- If you are US Resident you will not be asked to submit your photo of ID and you can verify your information by answering the simple questions.
- If you are not a US Resident then you will have to submit a photo of your ID and proof of residency.
- It will take a 1-3 business day to verify your information and then your account will be activated.
- If you have chosen the institutional account then you will have to submit documents of incorporation or sole proprietorship proof.
How secure is itBit?
ItBit use of the Art security measures to keep the users’ funds secure. The company doesn’t keep any on users’ fund online and all funds are stored in 100% offline Bitcoin cold storage. The company is strictly compliant with Cryptocurrency Security Standard (CCSS). ItBit also offers two-factor Authentication to its users to add an extra layer of security to protect their accounts.
ItBit offers some of the lowest transfer fees and it only charges 0.2% of total amount as transfer fee on its global exchange. At OTC trading desk, itBit charge flat 0.1% fee as a trading fee.
ItBit offer 24/5 customer support to its customers. You can reach customer support using +1 (855)-997-2994 and Asia Office (+65) 3158 3343.
You can also contact customer support via email at firstname.lastname@example.org. You can also contact them at their social media accounts for help.
For General inquires contact them via email@example.com.
ItBit is one of the most trusted Cryptocurrency exchange in the world the main reason is their strict verification process. The company has reputation for taking its rules and security very seriously and that is the reason why there are almost no complaints about it on the internet. If you are someone who wants to remain anonymous and start trading quickly then you should go for other Bitcoin exchanges. You can check reviews of other Bitcoin exchanges on our website. ItBit also offers lower transfer fee which is a huge plus for the company. The only downside of this Bitcoin exchange is their limited payment option, one has to go through the lengthy process of bank transfer which takes additional 1-3 days to complete the transaction. ItBit accepts fiat currencies like USD, EUR, and SGD for payment. Overall we are impressed with the services of ItBit and if you want to get Bitcoin without any risk then we would recommend you to use ItBit. ItBit is also beginner friendly exchange and it is also best for large investors who want to buy a large number of Bitcoins.