- Company: itBit Pte. Ltd.
Founded: April 2012
- Server Location: US
- Turnover: $10,000,000 estimated annually
- Mobile version: Responsive Design
- Current BTC price: -
- Currencies: EUR, SGD, USD
- Fee: From 0.1% - 0.5%
- Time: 1.5 day
- API: Yes
- Support: Email
itBit.com is a Singaporean Bitcoin exchange specializing in XBT/USD, XBT/EUR, and XBT/SGD tradable pairs. itBit has lowered trading fees by as much as 50% trying to gather more users in, also recently Bloomberg terminals started tracking Bitcoin pricing data from itBit. The exchange is currently aiming for market expansion in Europe. itBit started supporting Single Euro Payments Area (SEPA) for Euro deposits in May.
itBit runs on a robust AML/KYC compliance program which was drafted to be valid around the world. In order to be able to use all of itBit’s functionality, users need to furnish identification number, proof of address, and photo ID to become verified,though registrants from the United States are still not allowed to join.
The itBit.com exchange is operated by itBit PTE. Ltd. it was launched on November of 2013. They are based in Singapore. CEO and Co-Founder, Richmond Teo, built itBit wanting it to operate as a Bitcoin exchange that covers global equity standards.
The last 30 days turnover reaches $18,919,886.61 and shows that they are doing good enough having in mind that it is a quite new exchange. Also, this is only from Bitcoin/USD pair while they are also allowing trades on another two pairs.
itBit does not charge any withdrawal or deposit fees only fees you pay are trading fees.
They have implemented a unique maker-taker model. This model achieves a low average trading price. Fees are based on trade volume for the last 30 days and are charged on a per-trade basis. The more you trade, the cheaper it becomes.
They take their security seriously thus all data is transmitted with AES256/512 bit encryption. Multi-factor authentication, multiple layers of DDoS attack mitigation provided by Akamai Technologies, cold storage techniques help ensure that all exchange activity and financial assets are secure.
The support side of itBit does not look good at all. There is only an email addresses for contacting support listed with a contact form on the site to create a new ticket. Could not find any other means meant strictly for support.
In conclusion, itBit looks like a well developed cryptocurrency trading site which is trying to be transparent what gives a lot of trust for them. They are regularly upgrading their service by adding new features. Their liquidity is increasing which makes it easier to get the trades going.
We weren’t so sure about:
No app for mobile phone
No fiat currency trades
Long withdrawal times