itez

Overview of itez

itez is a virtual currency exchange platform based in Estonia. It was founded in 2019 and is regulated by the MajandusTegevuse Register. itez offers a range of cryptocurrencies for trading, including Bitcoin, Ethereum, Tether, TRON, Matic, Binance Coin, Toncoin, and Ripple. This exchange charges 5.00% + the relevant Kraken trading fees (currently 0.26% for takers and 0.16% for makers). Users can make payments using Visa and Mastercard with 3-D Secure. itez provides customer support through email and telegram.

Pros and Cons

Pros

• Regulated by External Authority: One of the most significant advantages of Itez is that it is regulated by the MajandusTegevuse Register, which is under the governance of the Ministry of Economic Affairs and Communications of the Republic of Estonia. This regulatory oversight ensures that Itez adheres to established financial standards and practices, offering a level of transparency and trustworthiness that unregulated platforms can't match.

• Mobile App Available: In today's digital age, the convenience of having access to trading on-the-go is invaluable. Itez's mobile application ensures that users can trade, monitor their portfolio, and access the platform's features from anywhere, anytime.

• Wide Range of Cryptocurrencies Provided: Itez offers its users a diverse selection of cryptocurrencies to trade. By providing a broad spectrum of options, from popular coins like Bitcoin and Ethereum to lesser-known altcoins.

• High-Security Measures: Itez takes security seriously. Beyond regulatory oversight, the platform has achieved PCI DSS Level 1 Certification, the highest level of certification for card payment security. This indicates that Itez maintains rigorous standards for data protection and secure payment transactions. Additionally, its licenses for exchanging virtual currency against fiat currencies and for providing virtual currency wallet services further emphasize the platform's commitment to offering a secure environment for its users.

Cons

• High Trading Fees: Itez's integrated model with Kraken leads to higher fees for the end user. Charging 5.00% in addition to the associated Kraken trading fees makes the platform significantly more expensive than many traditional centralized exchanges.

• Commission Costs: Beyond the standard trading fees, Itez also charges a commission for every virtual currency exchange transaction, which can be as high as 8% of the transaction amount. This additional cost can be a significant burden for frequent or high-volume traders.

• Limited Competitive Edge in Pricing: While Itez offers convenience and speed, it doesn't provide competitive pricing, especially when compared to the average fees of centralized exchanges.

• Possible Delays in Account Verification: The KYC process can take a few business days, which might be considered slow by users eager to start trading immediately.

Regulatory Authority

- Regulatory Agency: MajandusTegevuse Register

- Regulation Number: FVT000230

- Regulation Status: Regulated

- License Type: Digital Currency License

- License Name: DataBridge OÜ

Security

itez is under the regulatory oversight of the MajandusTegevuse Register, governed by the Ministry of Economic Affairs and Communications of the Republic of Estonia. Being regulated signifies that itez operates within a framework that mandates certain standards and practices, ensuring consumer protection and adherence to financial laws.

PCI DSS Level 1 Certification (3.2): The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. itez has achieved the Level 1 certification, which is the highest and most stringent level of certification. This indicates that itez has met exhaustive standards for protecting cardholder data, and ensuring secure payment transactions.

License for Exchanging Virtual Currency Against Fiat Currencies: This license allows itez to facilitate the exchange of digital or virtual currencies, such as Bitcoin, for traditional fiat currencies like the Euro or US Dollar. The existence of this license emphasizes itez's compliance with regulations around currency exchange, offering an added layer of trust for its users.

License for Virtual Currency Wallet Service: Holding a license for virtual currency wallet services means itez is authorized to provide services where keys are generated for customers or held on behalf of customers. With this license, itez can offer digital wallets for users to store, manage, and transfer their virtual currencies securely.

Cryptocurrencies Available

itez offers a range of cryptocurrencies for trading. While the exact number of available cryptocurrencies may vary, itez provides several options for users to choose from, including Bitcoin, Ethereum, Tether, TRON, Matic, Binance Coin, Toncoin, and Ripple.

How to Open an Account？

• Visit the itez website and download the app according to the instructions.

• You can get the app on the App Store or Google Play.

• Fill in your personal information including your name, address, phone number, email address, etc.

• Agree to the terms and conditions of itez.

• Verify your email address by clicking on the activation link sent to your registered email.

• Complete the KYC (Know Your Customer) process by uploading the required identification documents, such as a valid ID card or passport.

• Wait for the itez team to review and approve your KYC documents, which may take a few business days.

• Once your KYC is approved, you can log in to your itez account and start trading cryptocurrencies.

Payment Methods

itez offers multiple payment methods for users to deposit and withdraw funds. These payment methods include Visa and Mastercard with 3-D Secure. The processing time for Visa and Mastercard may vary depending on the chosen payment method and the user's bank. It is important to note that additional processing times may be required for verification and security purposes.

Fees

Trading Fees:

• itez primarily functions as a cryptocurrency storefront rather than a traditional exchange. Its operations are deeply integrated with Kraken, a popular cryptocurrency exchange.

• When a customer places an order to buy BTC or any other cryptocurrency on itez, the platform sources the required amount from Kraken and then delivers it to the customer. This process is designed to offer a smooth and uninterrupted purchasing experience.

• However, this streamlined service comes at a cost. itez charges a fee of 5.00%. Additionally, the associated Kraken trading fees are added, which are currently 0.26% for takers and 0.16% for makers.

• While it's challenging to compare itez's fees with the industry average at centralized exchanges (0.213% for takers and 0.16% for makers) due to the unique nature of their service, it is evident that there are more cost-effective options available for purchasing cryptocurrencies. The primary advantages of itez lie in the speed and convenience they offer, not necessarily the best pricing.

Withdrawal Fees:

• itez does not impose any extra fees for withdrawing coins from its platform.

• Cryptocurrency transfers always incur network fees. These are not fees charged by the platform itself, but rather the costs associated with confirming and recording transactions on the respective blockchain.

• In itez's model, while there isn't a direct withdrawal fee, network fees are always present, and these have been listed under the withdrawal fee section for clarity.

Commission and Additional Costs:

• itez charges a commission for every virtual currency exchange transaction between the customer and the platform. This commission can be as much as 8% of the transaction amount, depending on the specific virtual currency.

• Customers are responsible for acknowledging, paying, or reimbursing the company for any bank or payment system exchange fees that the company incurs. This includes fees related to payment processing, currency exchange, refunds, chargebacks, administrative fees, credit card processing, overseas or correspondent bank charges, and more. The platform reserves the right to deduct these fees directly from the transaction amount.

Customer Support

• Dedicated Email Channels: Itez provides two distinct email addresses to address user concerns. For general inquiries, users can reach out to hello@itez.com. For more specialized assistance related to transactions and the Know Your Customer (KYC) process, they have dedicated the support@itez.com email. By segmenting their support in this manner, Itez ensures that users receive specialized assistance based on the nature of their concerns.

• Telegram Support: Recognizing the popularity and immediacy of Telegram among crypto enthusiasts, Itez offers support through this messaging platform. Telegram support is particularly beneficial for users looking for real-time assistance or those who prefer chat-based interactions.

• Defined Working Hours: Itez's support team is available from 11:00 to 23:00 CET. By providing a clear timeframe for their availability, users can set their expectations accordingly and know when they can receive timely assistance.

Educational Resources

itez provides educational resources and tools to help users enhance their knowledge and understanding of virtual currency trading. The platform offers a range of educational materials, such as articles, tutorials, and guides, which cover various topics including cryptocurrency basics, trading strategies, technical analysis, and risk management. Additionally, itez provides access to tools and features such as real-time market data, price charts, and portfolio trackers to assist users in making informed trading decisions. These resources and tools are designed to support users in their virtual currency trading journey.

Is itez a Good Exchange for You？

itez may be suitable for the following trading groups:

• Beginner Traders: itez's user-friendly platform and educational resources make it a viable option for those new to virtual currency trading. Beginner traders can take advantage of the educational materials and tools provided by itez to enhance their understanding of cryptocurrency trading and develop their trading skills.

• Experienced Traders: itez offers a range of cryptocurrencies for trading, including popular options such as Bitcoin, Ethereum, and Litecoin. With its advanced trading features and tools, experienced traders can actively engage in buying and selling cryptocurrencies on the platform.

• Security-Conscious Traders: itez's implementation of high-security measures, such as encryption and two-factor authentication, ensures the protection of user accounts and funds. Traders with a focus on security may find itez appealing due to its commitment to safeguarding user assets.

• Traders with a Focus on Compliance: itez is regulated by MajandusTegevuse Register, which ensures compliance with anti-money laundering and financial crime prevention measures. Traders who prioritize compliance and regulatory adherence may find itez a suitable platform for their trading activities.

FAQs

Q: What are the fees for buying and selling cryptocurrencies on itez？

A: itez charges a fee of 5.00%. Additionally, the associated Kraken trading fees are added, which are currently 0.26% for takers and 0.16% for makers.

Q: Does itez offer customer support options？

A: itez provides customer support through email and telegram, with the working hours during 11:00 - 23:00 CET. The email address for customer support is support@itez.com.

Q: Is there a mobile app available for trading on itez？

A: Currently, itez does offer a mobile app for trading, which is really convenient for traders who prefer to trade on the go.

Q: How many cryptocurrencies are available for trading on itez？

A: itez offers several cryptocurrencies including Bitcoin, Ethereum, Tether, TRON, Matic, Binance Coin, Toncoin, and Ripple.

Q: Is itez regulated by any authority？

A: itez is regulated by the MajandusTegevuse Register, which ensures compliance with anti-money laundering and financial crime prevention measures.

Q: What security measures does itez have to protect user accounts and funds？

A: itez implements high-security measures, including PCI DSS Level 1 Certification (3.2), to safeguard user accounts and funds against unauthorized access.

User Review

User 1: I used this service dozens and dozens of times, and every transaction was successful. There were some problems with the verification process, but itez has great support in Telegram and they helped me a couple of times in 3-5 minutes maximum. But keep in mind, that there are a lot of scammers with similar names, so be careful. Great thanks to itez's team!

User 2: Great service, I was scared before but Just in 2 minutes my transaction was complete(I bought BTC for 200 EUR) - fast and efficient, instantly delivery of bitcoins to my wallet. There was just email verification before buying. I finally found what I was looking for myself. Reliable and easy to use, with great exchange rates. Also, I had some questions before using the service, but the support was very helpful.

Would recommend the platform to anyone!

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.