itBit Exchange Review
itBit is a licensed global Bitcoin exchange supported by New York State Department Financial Service. Other than exchange service, they also serves as an Over-the-counter agency trading desk.
- Main attraction by providing OTC(over-the-counter) trading desk service , which is suitable for traders who trade in very big volumes
- Licensed and supported by trusted organization , namely New York State Department of Financial Services.
- Legally covers large amount of countries.
- Only provide Wire Transfer payment method
Currently itBit only accepts Wire Transfer and no other payment options are available.
itBit currently provide support to customers globally. However Texas is currently the only state in US are not supported
Users resides in US are not required to provide ID for verification, instead Knowledge Based Authentication will be used . However , users who resides outside of US are still required to go through verification using ID and proof of residency.
Limits and Liquidity
itBit as a global exchange and providing OTC trading desk , they allow no limit on trading when the user’s account is verified.
itBit OTC trading is meant for larger trades which goes up to as minimum as 10,000 BTC per month. A more in-depth report can be found here as reference.
Verification process will take up to 3 days for international users while domestic US users will take up to a day.
With only wire transfer as payment option , deposit made will take up to 3 days depending on respective banks and countries. However , purchases will be made instantly when user’s account are verified.
itBit was the first Bitcoin exchange which receive banking license from New York Department of Financial Services. Thus making itBit one of the most trusted exchange , audited regularly , follows consumer’s law.
0.2% Taker fee will be charged by itBit and 0.1% of flat fee is charged for OTC trading desk.
itBit provided multiple channels for support which increases the ease of reaching them. They offers global 24/5 phone support (Monday to Friday) , an US office number (855)-997-2994 .
Other than phone support, they can be contacted via email at email@example.com or Whatsapp at (+65)84283877 (Singapore).