thoughts on itbit.com?

[MaxBTC1]

Seems like a new exchange.

Also if someone could explain the fees that would be cool.   
https://www.itbit.com/p/fees

[crazy_rabbit]

gonna be a lot of exchanges in the coming months popping up. Just wait till your local bank runs one.

[MaxBTC1]

gonna be a lot of exchanges in the coming months popping up. Just wait till your local bank runs one.

Oh man that would be cool  .  But agreed, exciting times ahead, looking forward to some 0% fee exchanges!

[domob]

Also if someone could explain the fees that would be cool.   
https://www.itbit.com/p/fees

I think their fee structure means that if you place a market order (removing depth from the order book), you pay 0.7%.  If you place a limit order (increasing order book depth) and someone accepts it, you instead are paid 0.1% of that.  So that the total fee per trade (both sides combined) is 0.6% (thus the "average" value of 0.3%).  I think Bitfloor (?) also used this fee model before it closed down.  Seems interesting, since I usually use limit orders anyway!

[MaxBTC1]

Also if someone could explain the fees that would be cool.   
https://www.itbit.com/p/fees

I think their fee structure means that if you place a market order (removing depth from the order book), you pay 0.7%.  If you place a limit order (increasing order book depth) and someone accepts it, you instead are paid 0.1% of that.  So that the total fee per trade (both sides combined) is 0.6% (thus the "average" value of 0.3%).  I think Bitfloor (?) also used this fee model before it closed down.  Seems interesting, since I usually use limit orders anyway!

Righto that makes sense, thanks!

[RapidCoinz]

more exchanges should hopefully equal a more competitive war on fees! 

[ninjaboon]

more exchanges should hopefully equal a more competitive war on fees! 

I wrote them an email, no response yet.
I'll try to drop by their AIA address tomorrow.

[CyberMew]

From https://bitcointalk.org/index.php?topic=332602.0 it doesn't seem promising. I also tried to verify my account but for some reason it took a long time, so I emailed them and they gave me some response that didn't make much sense. Basically their people or their system screwed up I think. I expected more but so far it seems like a joke though. Any one else has better results with them?

[CyberMew]

After chasing them they got me verified, but did not respond to my question in the ticket. It seems like it takes at least 3 days before they will process your withdrawals. So if you want to withdraw bitcoins to your wallet, you need to wait 3 days at least.

Also, you can't open an account for trading unless your account is verified. I.e. you can't deposit btc/money to them before then.

[RuckingFetard]

Relax dude, you have to wait to get verified on most exchanges. I opened an account on their launch day, got verified in 1 day, made a GIRO transfer in SGD a few days ago and money was deposited in account the following day. I like their price &fee strucutre, hope they can speed up the processes a bit more!

[Mattzees]

I've never traded with them, but they verified my account in 48 hours, and tech support responded to my ticket within 24 hours.  You cannot withdraw BTC that you have purchased for 72 hours because of "security reasons". 

I plan on avoiding them because of the 72-hour "security reasons."

[CyberMew]

They seemed to have just updated their policy. Look at their learning center. Since this is the case I intend to use them and see how it goes.

Edit: Nope, minimum is still 24 hours.

[piramida]

It is a scam. Got validated there, sent some money, tried to test withdrawal - BTC withdraw for verified accounts is limited to 3 BTC (yes you read that right three damn bitcoins) per three days! And there is a waiting period of 72 hours (seventy-two-hours). Mentioning "serious investors" wrt this site is a joke - they won't last a month. Avoid, run away, if you can that is.

[rammy2k2]

It is a scam. Got validated there, sent some money, tried to test withdrawal - BTC withdraw for verified accounts is limited to 3 BTC (yes you read that right three damn bitcoins) per three days! And there is a waiting period of 72 hours (seventy-two-hours). Mentioning "serious investors" wrt this site is a joke - they won't last a month. Avoid, run away, if you can that is.

thanks for heads up

[Mattzees]

UPDATE- I would be extremely cautious of ItBit.com

I had already sent my verification documents, but not linked any bank account.  I got this email this morning (with no subject heading), in which they made reference to my bank account (redacted):

Thank you for signing up as itBit Institution customer. We believed that you have chosen the right Bitcoin exchange as your partner for many good years to come by. As part of itBit ongoing compliance efforts & maintaining worldclass record-keeping standards for our Institution customers. We would require the following information from your company, so that we can complete the onboarding process for you.

1. Company Name
2. Country of Registration
3. Registration Date
4. Registration Number
5. Registered Office Address
6. Telephone Number
7. Name of CEO
8. Authorized Signatories Particulars/Name/Date of Birth/Nationality/National Issued ID/Passport No./Home Address
9. A scan copy of the business Registration report that support the above information

We would appreciate you can revert back to us for the above information within 7 working days from this e-mail. Let us know if you required any further assistant on this matter. We will be glad to assist you.

When I attempted to click through the verification process again, I got a messsage that they currently do not allow US-based customers on the exchange.

I'm staying away from this one.

[Mattzees]

To their credit, tech support responds quickly, even when asked to delete your account.  I asked for that this morning, and they've already written back.

[cybertrack]

I registered a month ago, send all documents, got verified, wired 25000 USD, bought 15 BTC and then the problems started, I could only wire 2 BTC / day as their limit is 2500 USD per day.

So I emailed them and asked for a limit increase, which they accepted to increase because I use the two factor authentification, so they increased my limit to 10 BTC per day so I wired 10 BTC, received only 9.67 BTC and today when I tryed to login to my account to wire the 1 BTC left, I could see a nice message :

TRADING DISABLED

Your information has not yet been verified or your trading access has been disabled. You can visit your Profile to re-submit your verification information if it has been more than 1 week since your initial signup.

So either they blocked my account and stole me my 1 BTC left on the account or I don't know !

I already sent 2 emails in the last 24 hours and I had NO ANSWER

I don't know what's going on with this company but their work methods are not serious, blocking an account for no reason and scamming me 1 BTC WTF I would not advise ANYONE to use their website as you may get scammed as well !

[cybertrack]

NICE !, you disable account without any contact and then you apologize when you see a bad comment on bitcointalk forums, so if I hadn't posted here, my account would have been blocked forever right ?

[realcoin]

I was attracted by this article:

itBit is pursuing additional liquidity measures outside of the pricing model, including a relationship with a quantitative trading firm for professional market making...

Technology
The itBit team wants to see bitcoin traded like any other foreign currency, which also means advanced technical infrastructure, according to Teo. The exchange’s engine was built based on NASDAQ open-source technology and is capable of handling millions of trades per second, which gives itBit order of magnitude margin for market growth before having to update their systems. The company is also employing globally-redundant cloud hosting and Akamai DDoS protection to ensure reliability and uptime, as well as FIX APIs to meet broader ForEx technical standards.
http://thegenesisblock.com/bitcoin-exchange-itbit-announces-launch-5-5m-total-funding/

But now reading the posts, and https://www.itbit.com/faq it seems to be necessary to increase all  limits of withdrawals and may be some others and decrease the time needed, to have a comfortable trading?

I have problems with  "the code to verify email address" respectively the captcha. I put it in the field and typed in the captcha 10 times correctly (I reload it all the time to a readable code), but got all the time: There was a problem verifying your code

[realcoin]

I still have a not verified email. How to do that?

It says: "You have not yet verified your Email address. Please enter your Email address on your Profile to begin this process."




 I logged in my account - There is no option to verify Email address! - and started the opening account process and get this! Whats that?

Welcome to itBit
User not authenticated



itbit.com, it seems you really have some trouble with your IT and security work flow processes!?