ItBit was one of the very first trading platforms to jump onto the bandwagon that is cryptocurrencies in the US. It was developed back in 2013 and it had quite a winning headstart when its co-founder Chad Cascarilla was able to raise around $25 million of starting investment. How did he do that, you might ask? Well, the reason was that he convinced people that the platform will be regulated as a full-fledged bank based in New York City.
This sounded like quite an accomplishment, which is why it is not unusual that so many investors jumped to the opportunity. However, the ugly side of this story is that they were actually scammed out of their money completely. Considering that 7 years later ItBit still wasn’t able to get the banking title, it goes without saying that the investors are disgusted and betrayed by this company. How many of you have fallen for the same trick? Hey, don’t be so hard on yourself, I fell for it too. That’s why I created this review, after all - to save you from the ItBit fraud.
Platform and Execution SCORE: 36%
When it comes to the ItBit platform, I wasn’t particularly taken aback by its design. Namely, you can get around quite easily and you can see that the designers put in a lot of effort into it, which is always good. However, when you wish to trade any cryptocurrency, you will find quite extensive and unnecessary requests to fill out this or that information form, submit your personal identification, and so on.
And, you know, I get it. It’s not my first rollercoaster ride! I understand that these companies require this information in order to assure your safety. However, the window that requested my personal info kept popping whenever I tried to click on any crypto-asset! That was just ridiculous. Guys, you can relax! I’m just looking.
Withdrawal Speed SCORE: 25%
What particularly worries me about ItBit is not the withdrawal speed, per se. Mostly because I never got to that part, so I cannot comment on it, either. So why even bring it up, right? Well, what I need to warn you about with this platform is that they take ridiculous fees for deposits and withdrawals. Unbelievable!
Now, I know that is pretty common in the industry, but the thing with ItBit is that they charge you a ridiculous amount of money for any funding that you try to get into your account. For comparison - I decided to play around and just try it out with depositing $600. Not too small, but yet enough to get me started. However, in the next step - they charged me almost 40% of it! You do the math.
Support and Assistance SCORE: 21%
The good news with ItBit is that they provide you an extensive and detailed list of Frequently Asked Questions. Why is that? Well, as you might have guessed already - their customer support staff is usually nowhere to be found. And yes, you might get carried away at first like I did, thinking you can reach them 24/7. Their website says so, after all!
However, even though they love to brag about it, ItBit actually does not even try to reach you or respond when you try reaching them. This is quite a disappointment and a huge minus in my book, I can only imagine you can agree.
Education and Tools SCORE: 32%
When it comes to education, I couldn’t find anything, in particular, that would catch my attention and keep it for a while. It is the same old page with few of the basic trading terms and brief explanations. All in all, there was nothing much to it, making me believe that maybe those web designers did not try as hard as I thought by looking at the home page.
In conclusion, I don’t think that ItBit is worthy of taking a second look. The flashy history is actually filled with empty promises, and I can only assume that the future looks pretty much the same as the present - unfulfilling and dull.