itBit Account: Full Overview

What is itBit?

itBit is a global cryptocurrency exchange and OTC (Over-the-Counter) trading platform, founded in 2012 by Paxos Trust Company.
It is headquartered in New York, United States, and is regulated as a trust company by the New York State Department of Financial Services (NYDFS).

itBit was one of the first U.S.-regulated crypto exchanges, and it mainly caters to institutional investors, high-net-worth individuals, and serious crypto traders who want deep liquidity, large transaction capacity, and strong regulatory oversight.

Main Features of an itBit Account

1. Institutional-Grade Cryptocurrency Exchange

• itBit offers a highly secure and regulated platform to buy and sell cryptocurrencies.

• Operates under the same regulatory framework as banks and financial institutions in New York.

2. OTC (Over-the-Counter) Desk

• For large volume trades ($100,000 and above).

• Provides private, secure, and fast execution with no slippage.

• 24/7 personalized service by professional OTC traders.

3. Asset Custody

• Custody solutions with insured, regulated, and audited infrastructure.

• Paxos (itBit’s parent) provides qualified custody for crypto assets — legally segregated and safeguarded.

4. Fiat Currency Support

• itBit supports USD deposits and withdrawals.

• Fiat on/off ramps through regulated banking partners.

5. Supported Cryptocurrencies

• Bitcoin (BTC)

• Ethereum (ETH)

• Bitcoin Cash (BCH)

• Litecoin (LTC)

• Stellar Lumens (XLM)

• Paxos Standard (PAX) and Pax Gold (PAXG)

• USDP (Pax Dollar) and other stablecoins

(Selection focused on high-trust, high-liquidity assets.)

6. Security Features

• Institutional-grade security architecture.

• Cold storage for most assets.

• Two-Factor Authentication (2FA) mandatory for account access.

• Regular third-party audits and regulatory compliance checks.

7. API Access

• High-performance APIs (REST and FIX APIs) for algorithmic and professional trading.

• Provides deep integration for automated trading platforms.

8. Regulatory Compliance

• Fully compliant with New York financial regulations.

• Anti-Money Laundering (AML) and Know Your Customer (KYC) enforced.

• Subject to regular audits by regulatory authorities.

itBit Account Registration Process

1. Sign Up

   • Visit itbit.com and create an account.

   • Provide basic information (email, password).

2. Identity Verification (KYC)

   • Submit:

     • Government-issued ID (Passport, Driver’s License).

     • Proof of address (Utility bill, Bank statement).

     • Business documentation if registering as an institutional entity.

3. Enable Security Measures

   • Set up Two-Factor Authentication (2FA) immediately.

   • Confirm email and phone number.

4. Deposit Funds

   • Deposit USD via linked bank account (wire transfer).

   • Crypto deposits also available.

5. Start Trading

   • Access spot exchange or arrange OTC trades with dedicated brokers.

Advantages of an itBit Account

Common Use Cases for an itBit Account

• Institutional crypto trading with large block trades.

• High-net-worth individuals diversifying into crypto securely.

• Funds and asset managers needing regulated custody solutions.

• Businesses integrating crypto into operations with a compliant partner.

Conclusion

An itBit account is a professional-grade, highly secure, and fully regulated gateway to cryptocurrency trading and custody.
While it may not be the best choice for casual or beginner traders due to strict onboarding and higher minimums, for institutions, serious investors, and professional traders, itBit offers deep liquidity, OTC services, and reliable fiat access under the strongest regulatory protections available.

If you need security, transparency, and a trusted crypto partner, itBit is one of the best options globally.