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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  

 

 

FX Choice

FX Choice Review
Trader's rating 4.1
Editor's rating 4.4

Trading Accounts

 

Account type Minimum deposit  Minimum trade size  Maximum leverage  Average Spread 
Classic  $100 0.01 1:200 1.2 pips on EUR/USD
Pro  $100 0.01 1:200 0.5 pips on EUR/USD + $3.86 per lot (per side)


Clients of FX Choice are provided with a choice of two account types: Classic and Pro. The main difference between the two is that the Classic one is commission-free, offering higher spreads, while the Pro account is commission based and provides tighter spreads due to the ECN environment. Besides, only the Pro account offers a choice of desktop platforms – MetaTrader 4 and MetaTrader 5.


What is more, traders can choose to open Corporate or Individual accounts.


The Com
pany. Security of Funds

 

Company

Country

Regulation

FXChoice Ltd.

Belize

IFSC

 

FXChoice is a broker specialized in Forex and CFD trading for private clients, institutional investors and fund managers. Having around a decade of experience in the forex industry, the brokerage strives to provide excellent service and customer support. In 2016 alone FXChoice was awarded the Exceptional Customer Service accolade by LiveHelpNow on 5 occasions.

 

The broker offers trading in almost 40 currency pairs and various CFDs (on indices, precious metals, commodities, energies) through two robust trading platforms. With their NDD technology FXChoice is executing around 15 000 digital transactions a day.

 

The company behind the brand, FXChoice Ltd., is headquartered in Belize and regulated by the local International Financial Services Commission (IFSC).

 

IFSC has liberal control over forex brokers. Its supervision focuses on promulgation of regulation and a mandatory code of conduct, as well as the licensing process. Compliance-checking, reporting and on-going supervision are little emphasized.

 

Despite of the lack of strict regulatory rules, FXChoice places a special focus on security and keeps clients’ funds in segregated accounts, absolutely separate from their corporate ones.

 

What is more, this broker practices positive price correction. This practically means that even if traders actually slip into negative balances under extraordinary circumstances, FXChoice will simply zero out these balances. 


Trading Conditions


Minimum Initial Deposit

Unlike most forex brokers, who usually set up different initial investment for different account types, FXChoice demands $100 from both Classic and Pro account holders. This is a comparatively low initial investment for ECN environment.


Average Spreads & Commissions

This broker offers competitive variable spreads, which vary by account type. Nonetheless, trading costs on both accounts are similar, amounting to an average of 1.2 pips on EUR/USD per (ECN account holders are offered spread averaged 0.5 pips on EUR/USD incurring a commission of $ 7 per lot round turn).  So, FXChoice’s pricing is pretty attractive


Maximum Leverage

The maximum leverage level offered to FXChoice’s clients is 1:200, which is average for the industry.

 

Trading Platforms

 

The broker supports several trading platforms: MetaTrader 4, MetaTrader 5, as well as Myfxbook Autotrade.

 

Both the MT4 and the MT5 offer access to the forex, contracts for difference (CFDs), options and futures markets, but the MT5 also offers an option for trading in stocks. Both platforms use MQL programming languages and allow automated trading via Expert Advisors (EAs). They offer advanced charting packages, trading and analysis tools, alerts, signals, and customizable indicators.

 

With FXChoice MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called Web terminal MetaTrader 4.

 

The MT5 was developed and promoted as an upgrading on MT4, yet many brokers still prefer the earlier technology, since many of MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. Lately, however, the MetaTrader 5 is gaining popularity among both traders and brokers, as the hedging option was added to it and a number of other enhancements were made. With FXChoice the platform is available as a PC version and mobile apps.

 

In addition to MT4 and MT5, FXChoice is offering the Autotrade service operated by Myfxbook. This is a social forex community and online automated analytical tool, by which you can copy the trades of any system you select, directly into your FXChoice MetaTrader 4 account, without any additional fees or software to install. 

 

Besides, traders who keep a monthly balance of $3,000 or more at least 5 lots per month qualify for free VPS.


Promotions

Like many other forex brokers, from time to time FXChoice offers its clients special bonuses.


Methods of Payment

 

This broker provides a variety of payment methods to its clients: wire transfer, credit/debit card, e-wallets: Skrill, Neteller, FasaPay, Bitcoin, Perfect Money, ePayments, Trustly, Astropay and PaySafeCard.

 

Accounts can be opened in USD, EUR, GBP, AUD, CAD and Bitcoin.

 

Conclusion

 

Despite its looser regulation, FXChoice is a reliable award-winning NDD broker with more than 10 years of experience in the forex industry. It offers fast market execution and competitive trading conditions on a variety of trading platforms. To sum up the above, here are the Pros & Cons of FXChoice:

 

Pros Cons
Competitive spreads Liberal regulation
Pure NDD brokerage  
Low initial deposit for ECN environment  
Both MT4 and MT5 available   
Extra tools such as live economic calendar, VPS  

 

FxChoice Headquarters: 
21 Regent Street, P.O. Box 1814, Belize City

Country: Belize

Regulation: N/A

Website: MyFxChoice.com

Forex
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