What is itBit?
itBit is an American cryptocurrency exchange known for facilitating trading for US investors and attracting a global network of institutional and individual traders from over 100 countries. The exchange emphasizes the depth of its order book as a key feature.
Partnership with Paxos
On March 25, 2019, itBit announced a strengthened connection with Paxos, the company behind itBit and various products facilitating the movement of digital assets. The collaboration aims to enhance user accessibility to Paxos products through a single login.
Advantages of itBit
itBit highlights two key advantages on its trading platform – deep liquidity and transparent pricing. Despite a notable increase in trading volume from USD 2.8 million in March 2020 to around USD 53.7 million in December 2021, there is acknowledgment that liquidity can still be improved. The exchange claims to offer the "lowest fees in the industry" for takers, though this statement is disputed. Maker fees, however, are notably low.
Additionally, itBit emphasizes strong security measures, attributing it to multiple layers of platform security and "100% crypto asset cold storage."
Trading Fees on itBit
The exchange employs a fee structure distinguishing between takers and makers. Taker fees are set at 0.35%, while makers enjoy a fee of -0.03%. In comparison to industry averages, itBit's fees are higher, with the average spot trading taker fee at 0.221% and the maker fee at 0.177%.
Withdrawal Fees
itBit only charges network fees for cryptocurrency withdrawals, with a fixed fee of approximately 0.000051 BTC for BTC withdrawals. While competitive, some exchanges cover network fees on behalf of users.
Deposit Methods
Wire transfer is the sole deposit method supported by itBit, with credit card deposits not available.
Security Measures
itBit proudly asserts that 100% of client assets are stored in cold storage, underscoring their commitment to security on the platfor.
What are the trading fees on itBit?
The exchange employs a fee structure distinguishing between takers and makers. Taker fees are set at 0.35%, while makers enjoy a fee of -0.03%. In comparison to industry averages, itBit's fees are higher, with the average spot trading taker fee at 0.221% and the maker fee at 0.177%.
Does itBit offer leverage trading?
itBit does not currently offer margin trading or leverage options.
