itBit Review 2024

Our veredict

itBit is a regulated cryptocurrency exchange that prioritizes security and compliance, making it a reliable choice for both personal and institutional traders. The exchange is managed by Paxos and is regulated by the New York State Department of Financial Services (NYDFS), which ensures high standards of security and legal compliance. itBit supports a limited range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and is known for its competitive fees, especially for high-volume traders. The platform is particularly strong in offering custodial services and APIs for institutional clients, providing deep liquidity and transparent pricing.

However, itBit’s limited selection of cryptocurrencies and trading options may not satisfy more advanced traders looking for a wide variety of digital assets or more sophisticated trading features like margin trading and stop-loss orders. Additionally, the absence of a mobile app and the high fees associated with fiat withdrawals are notable drawbacks. Despite these limitations, itBit remains a solid choice for those prioritizing security and regulatory compliance, especially for large Bitcoin transactions.

Pros

Low Trading Fees: itBit has competitive trading fees, with a 0.20% taker fee and no maker fees, which is favorable for both active and high-volume traders.
Strong Institutional Focus: itBit provides specialized services such as over-the-counter (OTC) trading and API integrations, catering to the needs of institutional clients and professional traders.
Regulated and Secure: The platform is fully regulated by the New York State Department of Financial Services (NYDFS) and offers robust security measures, including multi-factor authentication and cold storage for the majority of assets.

Cons

Limited Cryptocurrency Selection: The platform supports a limited number of cryptocurrencies, focusing primarily on major assets like Bitcoin, Ethereum, and Litecoin, which may not meet the needs of traders looking for a broader selection.
High Withdrawal Fees: itBit charges relatively high fees for fiat withdrawals, with $20 for domestic wire transfers and $30 for international wire transfers, which can be costly for frequent withdrawals.

Threenvest Score

Fees

0.20% per transaction

U.S Legal

Yes

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

Why choose itBit?

Choosing itBit as your cryptocurrency exchange can be a great decision, particularly for those who prioritize security and regulatory compliance. itBit is regulated by the New York State Department of Financial Services (NYDFS), ensuring that it operates under strict financial laws and maintains high standards of transparency and trust. This regulation provides users with peace of mind, knowing their funds are held in a secure and compliant environment.

One of the key strengths of itBit is its strong security measures. The platform uses 100% cold storage for its cryptocurrency assets, significantly reducing the risk of cyber-attacks. Additionally, itBit offers two-factor authentication and has never experienced a major security breach, making it one of the safest exchanges in the market. This high level of security is essential for users who want to ensure their digital assets are protected.

itBit also stands out due to its competitive fee structure and deep liquidity. With low trading fees, particularly for high-volume traders who can benefit from maker rebates, itBit makes trading cost-effective. The platform’s deep liquidity ensures that large transactions can be executed smoothly without causing significant market fluctuations. This combination of low fees and high liquidity makes itBit an attractive option for both individual and institutional traders.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our site, I can confidently recommend itBit for those looking to trade cryptocurrencies securely and reliably. itBit is well-regulated, providing a trustworthy platform backed by the New York State Department of Financial Services (NYDFS). With its strong focus on security, including the use of 100% cold storage for assets and comprehensive two-factor authentication, you can trade with peace of mind. Additionally, the competitive fees and high liquidity make itBit a great choice for both individual and institutional traders looking to execute large transactions smoothly and cost-effectively.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.