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itBit – The Bitcoin trading platform built for Institutions and Individuals

ItBit is known for being a powerful platform to buy and sell Bitcoin. Launched in 2013, itBit aimed to go beyond the limitations of sophistication in the Bitcoin trading industry. ItBit acquired a trust company charter in May 2015 and started the U.S. first regulated Bitcoin exchange. They are the first and the only company that provides access for Bitcoin traders to both itBit’s Bitcoin exchange and to OTC Desk with one account. OTC offers a personalized trading service for large volume traders who starts at 100 BTC and up.

ItBit is based in 2 major financial markets, New York City and Singapore, which allows the company to provide 24/7 exchange services to customers around the world. It is co-founded by its current CEO Charles Cascarilla. The exchange is backed by major investors such as RRE Ventures, Liberty City Ventures, Canaan Partners and more. Recently this year, they launched a new office located in London.

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As a regulated trust company and exchange in the U.S., itBit dedicates to meet the sophisticated needs of regular traders, institutions and the rest of Bitcoin trading professionals. It allows them to to work closely with major financial institutions not just in the United States but also around the world. It provides financial institutions and as well as active traders the benefit of a personalized white-glove service and support and special low trading fee.

ItBit offers two ways of creating an account. For individuals, you can choose the Individual account type whereas if you represent an incorporated entity, you can choose the Institutional account type. Both account types

U.S. based itBit traders are given full fiat and asset protection backed by mandatory capital reserves. Also, USD funds are insured by the FDIC insurance and are solely held in regulated US banks. Moreover, U.S. traders receive monthly and quarterly account statements and year-end 1099 forms for tax reporting.

ItBit customer support is available 24 hours via email and telephone.

Privacy & Security

They ensure security to the platform and to the customer assets through strict regulatory oversight, fully offline cold storage and international AML/KYC compliance. ItBit provides a detailed privacy policy in their website such as the kinds of personal information they collect, how they use them for specific purposes, disclosure of data and other privacy related policies.

The company also adheres to global standard policies on Anti-Money Laundering and Know Your Customer. These includes but not limited to customer identification, suspicious activity and transaction reports, reporting requirements and annual AML audit.

ItBit also built their own Bitcoin storage policy in adhering to CCSS or CryptoCurrency Security Standard. The policy is composed of systematic requirements in securing Bitcoin funds which is established by Bitgo Inc. and C4, accompanied by industry security professionals and chief leading security officers from top companies.

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User verification

ItBit implements user identity verification which somewhat differs per region. For US traders, they use KBA or knowledge-based authentication system which includes several questions created by the system such as name, address and Social Security number. The system allows speedy account verification for users to start trading immediately. If the system fails to verify your identity, you may have to submit additional identity documents and wait while your account is under review.

Traders outside the US are required to submit a copy of their photo identity such as identity card, passport or driver’s license, and proof of residence such as a utility bill within the past 6 months. The process will only take one to three business days to be completed.

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