Over-the-counter (OTC) service is one of the cryptocurrency trading services provided by ItBit, a Bitcoin exchange. The business was established in November 2013 and has its main office in New York. They provide free deposits and withdrawals in Singapore dollars via their international office there. ItBit is a well-known cryptocurrency exchange where Bitcoins may be traded against fiat money. The exchange advertises to institutional and experienced investors given that they conduct huge deals and operate with significant liquidity. ItBit Exchange may now provide exchange services in all 50 states since it is fully licensed as a bank in the state of New York.
Services by ItBit
The following services are provided by Itbit exchange:
API
To incorporate their market data for crypto assets into your trading or investing programs, It provides several APIs. Institutional users and high-frequency traders are the target audience for the FIX API. To access ItBit’s order books, price information, and trading information, utilize the Market Data API. Full trading capabilities for algorithmic trading or algorithmic market research are provided using REST API.
Coins
You may purchase Bitcoin (XBT) on ItBit’s exchange using US dollars (USD), euros (EUR), and Singapore dollars (SGD). ETH, BCH, LTC, XLM, PAX, BUSD, PAXG, and USDT may all be used to buy OTC Bitcoin.
OTC trading desk
With fiat money and several other cryptocurrencies, ItBit provides an over-the-counter trading desk where customers may purchase Bitcoin. The majority of transactions are completed in less than a day. There is no withdrawal charge and a fixed transaction cost.
FDIC insured
All accounts are covered by up to $250,000 by the FDIC. ItBit has taken extraordinary measures to safeguard investors and traders and to fix problems that might endanger the exchange.
ItBit charges and caps
The taker charge is 0.20% and the maker fee is 0%. For individuals making huge block-size transactions of more than 25 BTC, special ItBit exchange fees are offered. USD Wire Transfer charges a deposit fee of $10 from the US and $40 from other countries. For US residents, withdrawing US dollars by ACH is free up to $3000; for amounts exceeding $3000, a $20 fee is charged. $40 is charged for international wire transfers. Additionally, there is a $40 fee for SWIFT transactions in addition to the third-party middleman fees. Withdrawals in Singapore Dollars and Bitcoin are free. By default, the withdrawal amount is limited to $2,500 per day and $15,000 per month.
Trading experience
There are just three standard order types for trading on ItBit:
Limit order
A request to purchase or sell something at a certain price or below it.
Market order
An instantaneous order to purchase or sell an asset at the best price available is known as a market order.
Only-by-post orders
A specific kind of limit order that won’t drain the market and only posts if it doesn’t lock with or cross with an already-existing order.
Security
ItBit uses various security features that are common among cryptocurrency exchanges:
Multi-factor Authentication (MFA)
When signing in to ItBit, MFA must be used using an authenticator app, such as Google Authenticator.
Cold storage
Most client assets are kept by ItBit in cold storage, which offers superior security against hackers.
FDIC protection
Deposits at U.S. institutions that are eligible to hold U.S. dollars and stablecoins are kept in FDIC-insured accounts. Along with the fundamentals, itBit offers insurance for its native PAXG coin as well as unique custodial services for institutional clients:
Custodial services for cryptocurrencies
100% of cryptocurrency assets are kept in cold storage; the assets are guaranteed by required financial reserves, and account reporting is regular and auditable.
PAXG insurance
The PAXG token is backed by genuine gold. To prove that the gold in custody is real, Paxos offers insurance and attestation reports.
Supported currencies by ItBit
ItBit accepts three fiat money: Euro, the Singapore dollar, and the US dollar. These are the coins that ItBit supports: Bitcoin (XBT), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Brilliant Lumens (XLM), Standard Paxos (PAX), PUBG Gold (PAXG) and USD Binance (BUSD).
ItBit app for mobile
Because of its simple and user-friendly design, ItBit is simple to use. Although it is mobile-friendly, neither an iOS nor an Android app is currently available.
