Would day trading on itBit be a good idea?

[EndTheFed321]

I have been looking at itBit but I am not sure if it would be good to use it as it looks like some ex banksters are involved with it that could be a bad thing but I could be wrong, so I am considering itBit as a way to trade my 3 btc to increase my bitcoin.

would like to know what the BTC community on this forum think about itBit.

Or is there a better platform to trade btc in at this time.

[Amph]

is this a new exchange? never heard of it, it look alright, nothing fishy, the front is professional, but if it is like bitstamp that they require id even for tiny amount, then tnx but no tnx

[EndTheFed321]

How they describe themselves: itBit is a global bitcoin exchange offering institutional and retail investors a powerful platform to buy and sell bitcoin.

By combining Silicon Valley innovation with Wall Street expertise, itBit is building next-gen digital currency products and services. As a pioneer in bitcoin technology and regulatory compliance, our core mission is to provide clients with a trusted institutional-grade exchange that operates at the highest level of sophistication. Our team’s financial expertise combined with our passion for the transformative power of bitcoin creates a culture focused on innovating the financial technologies of the future.

How they describe their product/innovation: itBit offers an institutional-grade exchange that is available to traders around the world. Our innovative platform, created for retail and institutional clients, adheres to the strictest levels of regulatory compliance and recently became the first and only regulated exchange that can accept customers across the US. The exchange supports both REST API and the Financial Information Exchange (FIX) protocols to serve sophisticated traders.

Website: itbit.com
Blog: itbit.com/blog
Twitter: @itbit

HQ: New York, NY
Founded: 2012
Product Demoed: itBit Bitcoin Trading Platform
Product Launch: April 2015
Metrics: 32 employees. Thousands of customers around the world use the exchange, from large financial institutions to major bitcoin merchant processors to individual enthusiasts. To date, the company has raised more than $30M in funding.
Presenters: Charles Cascarilla (Co-founder, CEO), Bobby Cho (Director, Institutional Client Group (ICG))

Key Executives
Charles Cascarilla (CEO & Co-Founder)
Key Board Members
Sheila C. Bair (Former FDIC Chairman), Senator Bill Bradley, Robert H. Herz (former FASB Chairman)
Key Investors
RRE Ventures, Canaan Partners, Liberty City Ventures, Jay W. Jordan II and Raptor Capital Management chairman James Pallotta
Key Customers
Institutional and retail traders

Contacts:
Bus. Dev.: Bobby Cho, Director of Institutional Client Group, bcho@itbit.com
Press: press@itbit.com

I found this on Youtubes
https://youtu.be/siGe-Stbhdg

[Amph]

i suspect that they are not euro friendly, because there is no sepa, seeing how they are located in HQ, unless their bank is in europe

[EndTheFed321]

Being that itBit`s Head Quarters is New York, NY and don`t think it`s a bank but more of a trust maybe that is why it is not Euro friendly that is a large market that company should consider. thanks for your input Amph I am still interested with trading btc still undecided if I should go with itBit or not 

[Nrcewker]

you can do it..  but there are more better choices.

itbit trading fee is a bit high, and the deposit fee is also not cheap. more, its fiat withdrawals only once a day and btc withdrawals just twice a day.

if you like daytrade, I would suggest you to

• Bitstamp: now it's trading initiate fee is 0.25%, and lowest can be 0.1%. the deposits and withdrawals fee are appropriate  
• LakeBTC: fixed taker fee is 0.2%, maker fee is more cheaper 0.15%~0, the key is that all deposits are free, opposite, fiat withdrawals are 0.3%~0.1%, but btc withdrawals are free  
• BTC-e: traditional daytrade exchange, trading fee is fixed 0.2%, but the greatest regret is that fiat deposits and wlthdrawals are ridiculous, I have never seen the fee like so high   (but btc withdrawals are free too)

end, the more exchanges you can see: https://bitcointalk.org/index.php?topic=695082.0

[Nrcewker]

i suspect that they are not euro friendly, because there is no sepa, seeing how they are located in HQ, unless their bank is in europe

itbit has sepa, people not use it not for this but its bad service (high fee and less withdral processing)

you could see this thread https://bitcointalk.org/index.php?topic=695082.0  may help for you

[randy8777]

day trading on exchanges with fees is a waste of time if there is no volume like now. on chinese exchanges it's different. they mostly don't charge you anything for trades. there you can make profit even when there is barely any worthy volume.

[zetaray]

I hear that Chinese exchanges offer very low or no fees. If you are day trading, best to go there instead. But I think wiring money out would be a problem.

[EndTheFed321]

wow, so many exchanges thanks for the information guys 

[bounst]

I trade at Lakebtc now, for it's quite liquidity and lower fee (I can just to be maker only, no taker ), and the fast withdrawal reponse.

[Amph]

wow, so many exchanges thanks for the information guys 

yeah but only the first five are good, the other are bad for whatever reason like fee, not good at responding or not fast enough, they are not scammer but still it advisable to choose only from the top 5

[EndTheFed321]

only the first 5 itBit does not even make the top 5. Is that because it`s regulated?
or the high fees?

[Amph]

only the first 5 itBit does not even make the top 5. Is that because it`s regulated?
or the high fees?

they are all regualted in the top five, it must be for a bad reputation of fees and support, like it was said above, an maybe slow sepa or transfer wire in general