ItBit.com Review 2021 – Scam or Not?
ItBit is a Bitcoin exchange that offers cryptocurrency trading services including the over-the-counter (OTC) service. The company was launched in November of 2013, and its headquarters is in New York. They have an international office in Singapore and offer free deposits and withdrawals in Singapore dollars.
Review Contents
- Verification at itBit
- Fees
- itBit.com Trading Analysis
- Ease of Use
- Customer Support
- User Experience
- Exchange Security
- Supported Payment Methods
- Supported Countries
- Pros, Cons and Conclusion
The exchange has emerged in the moment when everyone thought that Coinbase is getting ahead of the US-based exchange pack. But Chad Cascarilla, the co-founder, and CEO of itBit, raised impressive $25 million investment and announced itBit would be regulated as a bank in New York. This regulation meant itBit would be able to offer exchange services in all 50 states in the US, surpassing its main US competitor, Coinbase, which offers its services in 33 US states.
Verification at itBit
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 in order 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 at the moment.
Domestic Wire Transfer in the US has a fee of 10 dollars, and International Wire Transfer fee charged 40 dollars.
Fees
ItBit has introduced a new, simple trading fee structure in the November of 2015. In case that the 30-day trading volume doesn’t surpass 8000BTC, taker fee is 0.20%, and maker fee is 0%. If the trader has a 30-day volume higher than 8000BTC, special lower fees apply. Special fees are not available to the public, and in order to get them, users will have to contact the exchange at ICG@itbit.com.
Deposit Fees
When it comes to deposits, USD Wire Transfer 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.
itBit.com Trading Analysis
ItBit enables trading FIAT currencies for Bitcoin. The liquidity in all currency pairs is very good, as the bid-ask spreads for all FIAT currencies with BTC sticks in the range from 0 to 0.15 percent.
The exchange doesn’t offer a lot of trading functions, and the only available utility is a limit order. Advanced orders such as stop-loss are not available. The exchange doesn’t support margin trading or short selling at the moment.
Ease of Use
It seems that a lot of effort have been put into the design of itBit. The platform looks immaculate, and it’s very easy to use. The website is optimized for mobile use, but the trading platform doesn’t offer apps for Android or iOS.
One of the problems with the itBit is the speed. The website is slow, especially for mobile users. In volatile Bitcoin markets where every second counts, this can pose a serious problem.
Support
ItBit has one of the best FAQ databases which covers almost any question related to the exchange functionality, its policies, and Bitcoin in general. The exchange offers an extensive education library and has a 24/7 email support with fast response time.
User Experience
When it comes to complaints, users often mention phishing emails sent by a fake itBit email address. This isn’t directly related to the exchange, but it does some damage to its reputation as people are prone to believe in these complaints.
ItBit Security Analysis
ItBit is a well-secured exchange with two-factor authentication on login. Each login triggers an automatic email with login time and IP address to prevent any hacks. It uses third-party security with multiple layer DDoS protection, making it a tough cookie to crack for the hackers.
All customer funds are kept in cold storage, which is verified by the New York Department of Financial Services. Finally, itBit offers FDIC insurance on all fiat balances owned by US clients which go up to $250,000.
The exchange hasn’t been hacked until now. They don’t use PGP encryption in emails.
Supported Payment Methods
- Wire Transfer
Supported Countries
There is no information about restricted countries on itBit. We assume sanctioned countries are not allowed.
itBit Review Conclusion
ItBit is a top US exchange and for a good reason. They are the only Bitcoin exchange in the world that has been federally regulated and offers service in all 50 states. The trading platform’s liquidity is good in all currency pairs and their fees are competitive.
Pros
- Federally regulated
- Available in all 50 states of USA
- Good liquidity and competitive fees
- Keeps BTC in cold storage, backed by audited reserve minimum
Cons
- No mobile apps
- No margin trading and short selling
- No ACH transfers
If you’re based in the US, itBit is definitely a good choice for a Bitcoin exchange. But users who are looking to trade other coins might want to consider other trading platforms, such as Kraken.
Do you have good or bad experiences with this Bitcoin Exchange? Please share them!
Go to itbit.com
I have a big asset here in itBit ,but won’t let me withdraw. Customer service doesn’t take call only message. This is fraud. This is scam
I have $352.00 in it Bit they will not give me my money back saying the minimum withdraw is $ 1,000 there is no wher I have seen that stipulation ,but yet they took my original $252.00
I have only 447.00 in assets but cannot withdraw it. Customer service doesn’t even answer me and forget emails as there is never any reply. Guess they found another sucker…..
Be careful with your money here…
I don’t understand the summary remark here about “No ACH transfers”.
As for itBit, I don’t understand the hate comments posted here. I received a new account ready email only a few hours after requesting an account. I thought the UX is pretty simple after some exploration of it. I quickly loaded BTC and sold it. Withdrawing the dollars to my bank takes just 1 business day. The fees seem so cheap compared to the other NY based exchange, Gemini. I didn’t have extra KYC questions to answer after the preliminary submission form to open an account. It’s been a breeze the whole time. I say this in June 2019. Maybe things have gotten better than when these other commenters tried it.
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If you can get through the two factor identification good luck. I tried with 3 different authenticator apps – msft, goog, and authy which they suggested and still cant get past security screen. Tried scanning image and entering key manually, but same error “an error has occurred try again later”.
Your whole review is so slanted that I find it laughable. The user interface and FAQ are very unclear and require a steep learning curve. More than it should be. Customer service, especially on the phone is next to non existent. High fees because of wire transfer only. Slow interface on the buy or sell side and unclear trading with regard to when trades execute. Time and money are easily wasted trying to figure the process out. I am done with them.
This site is a pure scam. They will take your deposits, but not return your calls, nor allow you to withdraw your money. they ask questions about your occupation, wage, etc. after they already have your money, not before. Then use this as an excuse to steal your funds. Stay away from Itbit!
This company is a pure fraud. Probably the biggest scam out there because they pretend ot be legitimate. Stay away. Far far Away!
Texas Not Currently Supported
Thank you for your interest in itBit.
Unfortunately, we are not accepting account applications for residents of the state of Texas at this time.
If you have any questions, please contact us at help@itbit.com.
This company has horrible customer service.
I have tried opening a new account and sent $2,000 from my partner’s account (the site never mentioned that the funds had to originate from an account carrying the same name). The company said they could not apply the fund to my account because the funds originated from an account that did not have my name, and that the bank would refund me within 2 days. The wire was sent on 5/24, up to this date I have sent over 6 emails and have left over 4 voice messages, all to no avail. I have even asked out Citibank account to intervene request a refund of the wire. But up to now I still get no response nor do I get the refund.
I have had poor service before, but this is blatant disrespect.
I feel there’s no other way than getting my attorney involved.
Very disappointed.
itBit would be a good exchange if they had any type of customer service. I recently wired funds to my itBit account that never showed. I’ve called the number listed on the website over 10 times and failed to speak with a human one, single time. I left 3 messages and received no return phone call. In addition to calling, I’ve filed tickets on their website and sent emails to address listed on the website. Just like the phone call I’ve received no response. Do not use this broker, about the worst customer service I’ve ever dealt with.
im waiting on my withdrawal, its been a week, have sent several emails and no response. Called the phone support number that loops you into a voicemail….very bad experience with these people, would not recommend
I’m starting to worry about these people. Customer service number that nobody ever answers. Plus, I withdrew a decent amount of money that has yet to hit my account, and I have not received feedback from several emails that I have sent.