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itBit

itBit Review
Trader's rating 1
Editor's rating 4

Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 *0.20% taker fee, 0% maker fee

*The OTC Trading desk for large orders charges a 0.10% flat fee per transaction.

 

itBit is a New York licensed US bitcoin exchange that offers services both to small retail and large and institutional clients. The service for smaller clients is called simply “exchange”, while the institutional service is called “OTC Trading Desk”. It is a “boutique service specializing in large bitcoin trades starting over 100 bitcoins”. It offers a deep orderbook, personalized trading support and competitive pricing. This service charges a flat fee of 0.10% per transaction. Additionally, itBit offers personalized service for active traders with a 30-day trading volume over 2,500 bitcoins.

 

Currently itBit offers trading only in Bitcoin against USD, EUR and SGD.

 

Unlike many exchanges who do not require verification at initial registration itBit does require immediate account verification, even before letting the users into their account. For the purpose one needs to provide a copy of government ID and proof of residence, which is more or less the industry standard. The verification process, particularly for foreign clients, takes a few days. For the institutional clients, there is a set of required documents that include incorporation or sole proprietorship proof.

 

ItBit does not offer leveraged trading, but there are cryptocurrency exchanges who do so, like Kraken, bitFlyer, Coincheck, Poloniex, etc. There is also a large number of forex brokers like IG, HYCM and easyMarkets, for example, who offer leveraged trading on CFDs on some of the most popular cryptocurrencies.

 

>> Forex brokers offering leveraged Bitcoin trading <<

 

The Company. Security of Funds

 

Company Country Regulation
itBit Trust Company, LLC USA  NYDFS

 

itBit is a New York based cryptocurrency exchange established in 2013 that operates legally in all 50 states, but also accepts international clients.

 

So far there are no unified rules and requirements for the US cryptocurrency exchanges, but the state of New York has introduced a license. In the spring of 2015 itBit has become the first US bitcoin exchange to get a charter from the New York State Department of Financial Services (NYDFS) under the state banking laws. There are two major cryptocurrency exchanges who have a New York bitcoin license: Coinbase and its institutional platform GDAX.

 

itBit employs robust security measures, such as two-factor authentication, multiple layers of platform security and 100% bitcoin cold storage. The company adheres to the CryptoCurrency Security Standard (CCSS) , which is a set of procedural requirements for secure handling of bitcoins established by C4, BitGo Inc. Additionally, all USD assets,  FDIC-insured and all fiat and bitcoin customer assets are fully protected and backed by mandatory capital reserves. Furthermore, the funds of itBit’s US customers are held exclusively in regulated US banks and do not leave American soil. ItBit also provides its US customers with the 1099 forms for tax reporting. 

 

The exchange also is fully compliant with the US anti-money laundering and know-your-customer procedures and requirements.

 

Trading platform

 

We could not gain access to itBit’s trading platform. We noticed, though, that the exchange provides access to market data with charts, the order book and the bitcoin network with a hash rate, market cap, mining revenue and average confirmation charts to anyone who visits the site. We find this fairly convenient.

 

We also came across user comments that the mobile web interface of the exchange is quite slow, but this could be actually caused by slow network and not by the platform itself.

 

Methods of payment

 

The only payment method for fiat currencies itBit accepts, is bank transfer and nothing else. This is quite inconvenient, as the bank transfers, especially the international ones, are far from instant and come with hefty fees. There are also default withdrawal limits of USD $2, 500 daily and USD $15, 000 monthly, but they can be changed. This, however, is done through printing out, filling in and e-mailing a two-page from and we find this a bit tedious.

 

The fact that itBit does not accept payments with credit/debit cards is quite inconvenient, especially for international clients who must pay through the nose for bank fees and wait several days for their payment to be processed.

 

>> crypto exchanges who accept credit cards <<

 

Conclusion

 

The best thing about itBit is that it is a regulated and strict cryptocurrency exchange. It takes rules, regulations and security very seriously and this is a very good thing.

 

However, those who wish to remain anonymous or register and start trading quickly, should go elsewhere and look for exchanges that do not have such strict and lengthy verification requirements. Those who have nothing to hide, though, would be absolutely fine with itBit.

 

A plus of itBit is the offering of special services and lower fees for the large traders.

 

What we do not like about this exchange is the fact that it does not accept credit and debit cards as payment. This, as we said, is not very convenient for a number of reasons.

 

Another minus of itBit is the fact that it does not offer other cryptocurrencies, besides Bitcoin. For those interested in trading in more than one or another altcoin, most exchanges have a somewhat larger selection. There are also platforms like Bisq and LiteBit who have a pretty big portfolio.

 

Pros Cons
NY regulation No anonymity
Robust safety Bitcoin only
Special service for large traders No credit/debit cards accepted
Accepts fiat currencies  

 

 

BDSwiss

BDSwiss Review
Trader's rating 0
Editor's rating 3.7

Basic Information

 

Minimum deposit  Min./Max. bet size Payout %  Deposit Bonus  Trading platform Regulation
$100  $5/ $1,500.00  Up to 85%  N/A SpotOption  CySEC


Formally known as Bank De Swiss, BDSwiss is a reputable European Binary options broker, offering trading in over 200 underlying assets on the most popular SpotOption binaries platform under quite competitive trading conditions.


BDSwiss` customers get access to comprehensive training materials to help them optimize their trading strategies. The broker offers rich education center on its website, online webinars, live seminars, market news, economic calendar and more.


Trading Accounts


BDSwiss offers a single type of account, which is rather unusual, as most binaries brokers differentiate their clients based on their initial deposit. This means that BDSwiss clients may not choose between different account types, but ion the other hand, treating all clients equally is a good thing.


Besides, BDSwiss does not offer demo account either. While many consider this a disadvantage, it is also true that many demo platforms do not mimic the actual trading on the site.


The Company. Security of Funds


BDSwiss is one of Europe’s leading financial institutions specializing in Forex/CFD and Binary Options trading. It also appears to be quite popular with traders.


BDSwiss is operated by BDSwiss Holding Plc, a Cyprus Investment Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).


In order to provide a certain level of security, Cypriot financial watchdog applies a set of rules and requirements to license holders.


First of all, CySEC requires Cyprus-based brokers to hold a minimum of €730 000 in order to prove their good financial standing. Moreover, all CySEC-regulated companies are members of the Investor Compensation Fund, which may cover tour investment loss to a maximum of 20,000 EUR per person in the event that the broker becomes insolvent. Such compensation schemes serve as an additional guarantee to clients’ funds.


In addition, as CySEC is part of the European MiFID regulations, and the companies regulated by the Cypriot financial watchdog are free to operate in all EU Member States.


Trading Conditions


Trading Options: Call/Put, 60 seconds, Pairs, Long term, One Touch, Ladder
Assets: Stocks, Indices, Currencies, Commodities
Expiry Times: 60 sec, 90 sec, 120 sec, 180 sec, 300 sec, 30 min, 1h, 2h, 4h, 8h, 12h, 2d, 3d, 4d, 5d, 6d, 7d

 

Minimum Initial Deposit
The minimum initial deposit for clients of BDSwiss is $100, which is attractive, since most binaries brokers usually require $200 - $250. For instance, Cherry Trade, a broker operating out of the Caribbean. requires $200 from traders to open an account.

 

Min/Max bet size
The minimum bet size with this broker is just $5 (for 60 Second Options), which is on the lower end of average. In comparison, with OptionsClick one is able place a trade with at least $10. Such low minimum bet sizes allow better risk management.

 

Payout amount
The payout provided by this broker varies by different options, but is usually between 65%-85%, which is on the upper end of average.


In comparison, HY Options’ payout for the EUR/USD pair A Day binary Up/Down for EUR/USD offers a payout of 85%. 60 Seconds Binary Options have a payout of 70%.


Of course, the higher the percentage payout offered by the broker, the larger the traders return would be.

 

Trading Platform


Like many binary options brokers, BDSwiss supports the most widely used binaries trading platform, SpotOption. All popular binary options are supported: Call/Put, 60 seconds, Pairs, Long term, One Touch, Ladder. What is more, it offers some additional option features (In the overview of open positions).


Instead of letting your option expire, you can use “Sell”, “Double Up” and “Rollover” to adjust your option individually, if, for example, market conditions change.


As the name suggests, “Sell” gives you the opportunity to sell your option before it expires. If you are confident in the current trend, you have the opportunity to “Double Up” which will open a new option with the same conditions of your open position, but at the current price. Finally, if you think your option needs more time to move in the desired direction, you can extend the expiry time by using the “Rollover” feature.

Bonuses
Unlike most binary brokers, BDSwiss does not have a set bonus structure. On-deposit bonuses are not offered on a constant basis, but are instead available at various times for a limited duration.


Instead, this broker offers $100 refer a friend bonus.

 

Methods of Payment


There are a number of payment methods available to BDSwiss’ clients: Credit/Debit cards, Bank Wire, Skrill, Neteller, Giropay, eps, Sofort & Ideal.


Keep in mind that withdrawals under €100.00 will be charged with a €25.00 processing fee.


Conclusion


BDSwiss is a regulated and reputable binaries broker, offering outstanding range of assets and trading options, while keeping their account structure simple and their plat form easy to use. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros  Cons
Regulated broker No deposit bonus 
Low minimum bet size & min. initial deposit No choice of trading accounts, no demo either
Payout up to 85%   
Wide range of tradable assets & instruments  
Refer a friend bonus  
   

 

 

Headquarters: Makariou III Street 160 3026, Limassol

Country: Cyprus

Regulation: CySec

Forex
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