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An American exchange for cryptocurrency trading that provides a global bitcoin exchange and OTC trading platform.
Cryptocurrency exchange
Social media
Date of foundation
Head Office
One State Street New York, NY 10004-1511 or 1-800-342-3736
Types of support
Feedback form on the site
Support by phone
+1-855-997-2994USA, 9:00-17:30 pm Monday through Friday
The owner of the company
Chad Cascarillier
Sheila Bair, Bill Bradley, Robert Hertz
Age restrictions
From 18 years
Number of cryptocurrencies
Margin Trading
Tokenized assets
Free Demo Account
Types of accounts
Execution of orders
Market Execution (at market price), Limit Orders
Methods of replenishment
Sepa, SWIFT, Bank Transfer
Withdrawal methods
Sepa, SWIFT, Bank Transfer
Account currencies
EUR, USD, Cryptocurrency
Types of cryptocurrencies
Bitcoin, Bitcoin Cash, Ethereum, Stellar, Paxos Standard, PAX Gold, Binance USD
Mobile applications
No mobile apps
Trader training
A way to store cryptocurrencies
Cold: yes
Hot: no
Fiat accounts
Stop Loss and Take Profit Function
Exchangeability for fiat currencies
Terminal capabilities
Working with indicators, graphical tools
History of the coin trade
Basic verification
Extended AML verification
Affiliate Program
Advantageous conditions for cooperation
License availability
Secure storage of cryptocurrency and fiat deposits
High liquidity
Low commission
Simple and intuitive interface
24/7 user support
No margin trading
Little functionality
Company requisites
Overall assessment
Date of update

    ItBit is it a scam? Reviews and description

    14 January 2020

    ItBit - US exchange for cryptocurrency trading. The project appeared on the Internet in 2013 and quickly began to gain popularity among users.

    In our review, we'll take a closer look at the opportunities offered by the company and find out if Itbit is a scam or a reliable cryptocurrency exchange.

    is itBit a scam? Reviews


    Why ItBit?

    ItBit - a well-known exchange for trading cryptocurrencywhich appeared on the financial market in 2013. Website of the organization is presented exclusively in English, which indicates the orientation to the international market. The main office of the project is located in the U.S., where the platform is regulated from. Also the international office is located in Singapore, from where it is possible to make withdrawals and receive the service of deposit without interest.

    Advantages of crypto exchange

    The company provides its clients with two main services - global bitcoin exchange and OTC trading platform. The services do not limit the number of VTCs that can be traded. The platform focuses on meeting the needs of both institutions and active traders, as well as other trading professionals. The service provides trading and depository services for XBT, BCH, ETH, LTC, XLM, PAX, PAXG and BUSD.

    The site Itbit provides users with the ability to exchange euros and dollars for bitcoins. All offered trading pairs are liquid. Since the volume of trading is high enough, the difference between supply and demand is minimal. It is worth noting that the functionality of the project itself is not diverse. Available only two types of orders - Limit Buy and Limit Sell. The interface of the trading platform is simple and does not cause difficulties even for beginners in the field of trading. However, the disadvantage is that the site is quite slow, and this creates problems for customers, because in the market every second is important. On the site, you can find a blog, which is presented in English. Here you can find informative articles on financial topics, as well as the latest news of the company.

    ItBit News

    The site is perfectly adapted for mobile devices and tablets, but at the moment there is no separate mobile application, through which customers could access the functionality of the project. Among the main advantages of the company are:

    • availability of a license;
    • secure storage of cryptocurrency and fiat deposits;
    • high liquidity;
    • low commission;
    • simple and straightforward interface;
    • 24/7 user support.


    How to exchange cryptocurrency on platform?

    To exchange cryptocurrency, you need to log in to your account and go to the tab "Exchange" (How to make money on cryptocurrency?). The next step is to perform a few simple steps:

    • choose the necessary trading pair;
    • fill out information about the order, specifying the amount of cryptocurrency to be exchanged;
    • click on the "Sell" or "Buy" button depending on your needs.


    Verification on the Itbit platform

    Verification is a mandatory process on the platform itbit.comwithout which it is impossible to carry out trading activities. It is necessary to confirm your identity immediately after registration. The verification process consists of several stages. At first, right after registration the client has to confirm his e-mail address by clicking on the link in the letter. Then it is necessary to specify what the client registers the account for.

    How to get verified on the exchange

    After that, a form appears in front of the user, in which it is necessary to specify personal data:

    • name and surname;
    • date of birth;
    • country of residence and exact address;
    • city and zip code.

    Verification on the exchange ItBit

    The third step is to upload documents. Here the client must again select the country and the type of document with which to confirm his identity.

    How to download a document to verify

    Thus, the user can provide a scan or color photo of a passport, ID-card or driver's license. verification

    You must also upload your own photo (selfies). All information in the photo must be clearly visible. The identity verification procedure takes one to three business days. U.S. citizens must also answer a series of automatically generated questions.


    Deposit and withdrawal

    To make a deposit to the trading account, the client can use several methods:

    • money order;
    • SWIFT;
    • SEPA.

    Withdrawal of earnings

    As in the case of recharge, customers have several options:

    • automated clearing house (free withdrawal option for U.S. residents);
    • SWIFT transfer;
    • SEPA.

    Clients can withdraw no more than $2,500 per day and no more than $15,000 per month if the user does not have two-factor authentication enabled. If two-factor authentication is enabled, the user can withdraw up to $15,000 per day and up to $300,000 per month.

    Cryptoexchange Commission

    Back in 2015, the company introduced a new system of charging trading commissions. Thus, if for thirty days the trading volume does not exceed 8000 VTS, the commission from the taker is 0.2%, and from the maker - 0%. If the volume exceeds 8000 VTs, the commission is charged at a reduced rate. The exact figures are not publicly available, so you need to contact customer support to clarify the information.

    Account replenishment fee

    When making a deposit, the commission is directly dependent on the deposit method:

    • Money order: $10 for U.S. residents and $40 for residents of other countries;
    • SWIFT: $40 + agency fee;
    • SEPA: up to 50,000 euros - 3.70 euros commission, and from 50,000 euros - 35.15 euros.

    If you deposit in Singapore dollars and bitcoins, the commission is not charged.

    Withdrawal fees

    Withdrawal of earnings in dollars is carried out through the ACH Clearing House, which is completely free for U.S. residents, if the amount does not exceed 3000 dollars. If the amount is higher, the commission is $20. There is also a fee for other methods of withdrawal:

    • international transfer: $40;
    • SWIFT transfer: $40 commission + intermediary commission;
    • SEPA: €8.14 commission for amounts up to €50,000 and €70.34 for amounts above $50,000.


    ItBit bonuses

    At the moment for users no active bonuses.


    Complaints about Itbit

    Since the company appeared on the Internet back in 2013, you can find a lot of customer feedback on the Internet. In general, the organization has a good reputation, although there are negative comments. From the positive aspects, traders note the presence of a license, as well as a user-friendly interface. From the negative aspects, users point out the lack of a full-fledged mobile application, open data on the website about the presence of an affiliate program, as well as the mandatory verification.

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    Crypto exchange regulation

    Due to the fact that the financial sphere is one of the most popular among fraudsters, more and more unscrupulous organizations appear on the Internet. To protect yourself from a negative experience of cooperation, it is necessary to independently check the availability of a license, as well as the relevant documentation on the company's website. Let us consider in more detail how the regulation of the project is carried out.


    One of the distinguishing features of the exchange was that it was the first to receive a license from the City of New York, which allows it to accept deposits from residents of any state in America, as well as to invest in various projects that include cryptocurrencies. The license provides not only ample opportunities, but also restrictions and obligations, making it safe for customers. The company also received a BitLicense license, which gave the organization official exchange status.

    Documents from

    • Read the "Privacy Policy" on the Exchange website (See);
    • Read the "User Agreement" on the site of the exchange ItBit (See).

    Itbit User Agreement

    "User Agreement" - is the main document of the project, which each user should read before starting registration on the site. The agreement contains information about the rules of trading, as well as the duties of clients and organizers. The disadvantage is that, like the whole site, the document is presented only in English, which may create difficulties for users from CIS countries. Let's consider some points in more detail.

    The document indicates that the agreement is a legal contract between the client and the company. The user undertakes to study the agreement by reading its provisions. By using the services provided by the service, the user agrees to comply with all the terms and conditions contained in the agreement. The client cannot choose which conditions apply to him. If the trader does not agree with all the terms of the agreement, he must refuse to use the site and other services provided by the company. User Agreement

    The clauses of the agreement may be changed from time to time at the discretion of the organizer. Continued use of the exchange will indicate acceptance of the terms of the agreement. Any updated or revised version supersedes any previous versions immediately upon publication and the previous version has no continuing legal effect unless the revised version explicitly references the previous version and explicitly states that the previous version (or portions thereof) will remain in effect.

    ItBit crypto exchange rules

    The user agrees to regularly visit the site and check for changes to the agreement. If he/she objects to any changes, he/she may terminate access to the site and services and close his/her account. User Responsibilities

    The organizer is not responsible for any loss or damage incurred by the customer as a result of his use of the site, exchange or services, or for the user's failure to understand the nature of cryptoassets or the market for such assets. All the company provides is a method by which certain cryptoassets can be exchanged, traded or stored. The organizer makes no representations or warranties as to the value, stability or legality of any such cryptoassets.

    ItBit organizer is not responsible for losses

    Client acknowledges and agrees with the possible risks that arise from the use of the site, exchange or services:

    • The risk of loss in trading cryptoassets such as bitcoin can be significant and losses can occur in a short period of time;
    • the price and liquidity of crypto-assets have been subject to significant fluctuations in the past and may be subject to significant fluctuations in the future;
    • crypto-assets are not legal tender and are not backed by any government, and accounts and balances are not subject to deposit insurance protection, including but not limited to the protection of the federal deposit insurance corporation or the investor securities protection corporation;
    • legislative and regulatory changes or actions at the state, provincial, federal or international level could adversely affect the use, transfer, exchange and value of cryptoassets;
    • transactions in cryptoassets may be irreversible and, accordingly, losses associated with fraudulent or accidental transactions may not be recoverable;
    • the value of crypto-assets can depend on the constant willingness of market participants to exchange paper currencies for crypto-assets, which can lead to a total and complete loss of value of a particular crypto-asset if the market for that crypto-asset asset disappears;
    • there is no guarantee that a person who accepts cryptoassets as payment today will continue to do so in the future;
    • the nature of crypto-assets could lead to an increased risk of fraud or cyber-attacks and could mean that technological difficulties faced by a company could prevent access or use of crypto-assets;
    • any bond or trust account that the organizer may have for the benefit of the user may not be sufficient to cover all losses incurred by the user. risk information

    The User acknowledges and agrees that it is solely responsible for determining the nature, potential value, suitability and appropriateness of the risks for itself in light of its circumstances and financial resources. The Company does not give advice or recommendations regarding crypto-assets, including their suitability and appropriateness, as well as investment strategies. The Client must be aware that he may suffer a total loss of assets in his account and that under certain market conditions it may be difficult or impossible for him to liquidate the position.

    Terms and conditions of the cryptocurrency exchange ItBit

    The Company shall not be liable for failure to perform any obligations under this Agreement due to events beyond its control and the time provided for the performance of such obligations shall be extended for a period of time equal to the duration of such events.

    Events beyond our control include, but are not limited to, natural disasters, wars, riots, arson, embargoes, civil unrest, strikes, labor disputes, equipment failures, bankruptcies, crypto-asset market collapses or fluctuations, fiat currency exchange rate fluctuations, fires, floods, earthquakes, hurricanes, tropical storms or other natural disasters or accidents, shortages of labor or materials, shortages of transportation, facilities, fuel, energy, government regulation or restriction, acts of civil or military government or terrorism, etc.

    If any law, rule, regulation or decision of any self-regulatory organization or regulation, whether international, federal, state or local, comes into effect that substantially impairs site performance, the organizer has the right to terminate this agreement with notice (if reasonably possible), effective on the earlier of the date the company cannot provide services under this agreement or thirty days after notice.

    About the termination of the agreement Customer Service

    You can contact support in one of the suggested ways:


    Is ItBit a scam?

    ItBit - a popular exchange for trading cryptocurrency, which appeared on the financial market in 2013. The company is the only one licensed by the Bank of New York, which allows it to operate in 50 U.S. states. In general, the organization focuses on the international market. The main office is located in the U.S., where the company is regulated from. There is also a subdivision in Singapore.

    The platform has implemented two types of services for its clients - an OTC trading platform, as well as a global bitcoin exchange. Both other companies and traders act as clients. The service provides users with trading and depository services for XBT, BCH, ETH, LTC, XLM, PAX, PAXG and BUSD. Traders also have the ability to exchange fiat funds for bitcoins (dollars and euros). The trading volume is high enough, so the difference between supply and demand is not great.

    The advantage is the security of the site, as well as an intuitive interface, even for beginners. Also on the site there is an informative blog, where customers can find the latest news of the exchange. Unfortunately, at the moment there is no full-fledged application for iOS or Android. Since the exchange appeared more than 7 years ago, you can find many reviews from customers on the Internet. In general, the organization has a positive reputation, although there are some negative comments. Having carefully studied the opportunities that the company provides, can we conclude that ItBit is a scam and fraud? No, because the exchange is conscientious and successfully provides its services to traders.



    ItBit - exchange for trading digital assets, which appeared on the financial market in 2013. During this period, the project gained popularity among users around the world. The company focuses on the international market, and the interface of the site is presented in English. The service provides users with comfortable and favorable conditions for cooperation. However, the trade itself is quite a risky process. Beginner traders often do not soberly assess the possible risks, so you should read the relevant documentation before registering. At the moment, the company looks good among its competitors, although there are some shortcomings. If you were or are a client of the exchange, leave your opinion about the service on our website to form an independent rating of cryptocurrency exchanges.

    Exchange Commission
    Transaction speed
    Technical support


    • Judging by the reviews, the already well-known...

      Judging by the reviews, the already well-known cryptocurrency exchange ItBit has not lost its positions, but on the contrary, has strengthened among traders around the world. The American exchange offers favorable terms of cooperation, high liquidity and low commissions. Of the disadvantages, users highlight only limited functionality, as well as problems with the withdrawal of funds in the absence of account verification. To avoid such problems, we advise our readers to verify their accounts before you fund them. That way, any activity on your account won’t be viewed as suspicious, and your account won’t be blocked. Have you had any problems with working on this exchange, share your impression of the platform with our readers.

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