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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  

 

 

BTCBOX

BTCBOX Review
Trader's rating 0
Editor's rating 4

Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:3* 0%** 0%** Free

*margin is not granted instantly.
**only applies for BTC trading. There is a 0.20% fee on altcoin trading.



BTCBOX is a Japanese cryptocurrency exchange. They operate from the domain btcbox.co.jp and should not be confused with btcbox.in – a platform which supposedly provides “free Bitcoin”, but has received multiple negative reviews. The distinction is quite important as the Japanese exchange appears to be a very reputable one.



 
BTCBOX Advantages



FSA Licensed
– BTCBOX is the eight cryptocurrency company to be overseen by the Japanese Financial Services Agency (JFSA). This brings a lot of credibility to their offer, as not a lot of Bitcoin exchanges are regulated by a reputable financial watchdog. They also provide information about the actual company behind the project and their banking partners. While this sounds natural for a regulated company, it isn’t always the case with shadier trading venues. Two-factor verification is also provided.


 
Decent fees, BTC is free – trading Bitcoin at BTCBOX comes without any costs. That being said, altcoin traders will be charged a 0.20% fee. This applies both for market “makers” (the people who place passive orders in the book) and “takers” (the ones who buy or sell at the best price available). This is pretty much the standard at this point in time – not too high, but also not too low, when compared to the competition.


No deposit fees
– there are no deposit fees on blockchain transfers to BTCBOX. Additionally the company does not charge anything extra on bank transfers. While certain costs will be involved in either form of deposit (be they mining or banking), the company does not take anything extra.



1:3 in leverage
– BTCBOX is one of the few exchanges to facilitate margin trading. However, according to company policy each trader willing to borrow coins will have to be processed manually. This means it could be hours or even day before you are approved to receive it. This can definitely be an issue for aggressive traders, who are willing to jump on a chart setup. They will be much better suited with a forex broker.



 
>>Leveraged BTC trading<<




As you may already know a lot of these more traditional financial companies have started providing Bitcoin (and altcoin) trading. This is achieved via CFDs, which is slightly different than setting up a cryptocurrency exchange. In essence you only speculate with the price of the given coin, without owning it. For more information, check the full guide.




Japanese banking support – BTCBOX accepts Japanese Yen deposits. This makes them a great entry-level exchange for the locals.



>>Buy Bitcoin with a credit card<<



Two trading platforms – trading at this exchange is done via two interfaces. One of them is rather simple and rather nice. Additionally, a more “professional” version is also available. It offers solid charting and is arranged even more conveniently. Here is the preview (click to zoom in):
 



 

BTCBOX Disadvantages


Focus on Japan – while English and Chinese versions of the website, this is still an exchange primarily oriented towards Japan. We are not certain if the support will be up to par with the one provided by other companies (although basically everyone has received negative comments on this point).



Margin is not instant – the fact margin has to be provided to clients on an individual basis can be troubling. We haven’t tested the service, but just by reading the terms we expect delays to be quite possible.



Only four coins available – the short list of digital assets available at BTCBOX includes: BTC, BCH, LTC and ETH. Volumes on the ones other than Bitcoin are rather low.


Trading only against JPY – this is another thing limiting non-Japanese clients. It’s just company policy and there is nothing wrong with that, but we must mention it.


Withdrawal fees present – while they are small, these fees may irritate some users. The Bitcoin one is 0.001BTC.


No user reviews in English – BTCBOX doesn’t appear to be popular in the West. This is to be expected, given the previous factors.



Conclusion


BTCBOX is a Japanese cryptocurrency exchange, which is regulated by the Financial Services Agency (JFSA). This makes them a much more credible company than most of the competition. They provide access to Japanese customers to the world of crypto, as they even accept bank transfers. That being said, they may not be the ideal trading venue for a foreigner.

While this is a highly regulated exchange, the world of cryptocurrencies still carries a level of risk. If you are only looking to speculate with the price of Bitcoin, doing so with a forex broker may be preferable. View the link below for more details on the way regulation for forex brokers, offering Bitcoin works.


>>Regulated Bitcoin forex brokers<<



 
Here is the summary of BTCBOX:

Pros Cons
FSA Licensed Focus on Japan
Decent fees, BTC is free Margin is not instant
No deposit fees Only four coins available
1:3 in leverage Trading only against JPY
Japanese banking support Withdrawal fees present
Two trading platforms No user reviews in English

 

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