What is HitBTC?
HitBTC is a cryptocurrency exchange platform that offers high liquidity and supports hundreds of cryptocurrencies. HitBTC platform was developed in late 2013, making it one of the oldest cryptocurrency exchanges in the industry. With this platform, users can buy, sell, and trade hundreds of different cryptocurrencies.
The biggest and primary concern for the Hitbtc exchange is their accountability because the company location for where it operates is not known. Although the mailing address is in Hong Kong, and it claims to have an office in Chile and Estonia. Therefore, it should act as a significant red flag, as it would be difficult to locate them if, due to any reason, something happens to the funds. HitBTC has around six million venture capital investments in Hong Kong, but it focuses more on the European crypto markets.
Nevertheless, on this platform, users can deposit funds using real-world money through direct bank transfer. It does not support debit/credit cards and e-wallets. The MSP (Main Selling Point) of Hitbtc is its highly competitive fees, as it offers the lowest prices in the crypto market.
Table of contents
- What is HitBTC?
- Summary (TL;DR)
- How to open an account at HitBTC and Trade?
- HitBTC Review: Verification Process
- HitBTC Fees
- HitBTC Review: Payment Methods
- HitBTC Demo
- Hitbtc Review: OTC trading
- HitBTC Review: Customer Support
- Hitbtc Review: Security
- HitBTC Review: Pros and Cons
- HitBTC Review: Conclusion
- Frequently Asked Questions
- It offers the most comprehensive selections of 380 cryptocurrencies in more than 800 cryptocurrency pairs.
- HitBTC allows users a Crypto-to-Crypto exchange.
- Verification is not mandatory to start trading.
- It is a secure platform, which has never been hacked till now.
- High competitive fees, as the trading fees are lower than the average industry trading fee.
- This exchange offers high liquidity.
- The customer support is multilingual.
- Users on HitBTC can make use of the trading bots, which work with the robust API.
- It also a demo feature for new cryptocurrency traders.
- It has a mobile app for both Android and iOS versions of smartphones.
How to open an account at HitBTC and Trade?
This section is a step-by-step guide to register, deposit funds, and make your first trade.
Step 1: Hitbtc Signup Process
After that, a Signup window will appear, which will ask users to fill few details. They will have to enter their email addresses and then choose a strong password. After filling, click on the “Sign up” button.
In the next move, you have to enter your residence, full name, and telephone number. In the last part, you will have to verify your email address by clicking on the link that HitBTC will send to you on your email address. Copy and paste the code when the new link will open.
Step 2: Fund your account
After completing the registration process, you have to deposit some funds into your HitBTC account. This process includes depositing using a cryptocurrency rather than through a bank account. Depositing using the bank account requires a complete verification process, which takes time. On the other hand, cryptocurrency as a deposit method will only take 20 minutes or so for the funds to show up in your account.
You will see the green “Deposit” button on the top of the page; click on it. A long list of coins will show up on your window, using which you can make deposits. Enter the name of the coin you prefer in the search box. When it appears, click on the “+” blue button.
After this, you will see the unique deposit address of the coin you selected. Click on the “Copy” blue button to copy the wallet address to your clipboard. Then, go to your private wallet, paste that address, and transfer your funds.
Step 3: Buy Crypto
As soon as the deposited funds show up in your HitBTC account, you can make your first trade. On the top left side of the page, you will find an “Exchange” button. By clicking on it, you will enter into the main trading area. The page can look intimidating for users who have never done trading. Either enter the name of your coin on the right-hand side or scroll through the list and select the coin you want to buy. After selecting, click on the trading pair you picked.
Step 4: Complete the Trade
After completing selecting the coin, you want to buy, move below the main chart. There you will find a “Buy” button. In the “Amount” box, enter the amount of cryptocurrency you want. After that, click on the green “Buy Limit” button to complete the trade. The trading will get completed after a few seconds.
HitBTC Review: Verification Process
After email verification in the signup process, users can increase the limit by completing the verification process. To verify your account to increase the limits and fund your account using FIAT, you will need to fill in the following information to complete your HitBTC KYC.
- Personal information, including Full Name, Date-of-Birth, Nationality (as mentioned on the Government-issued ID).
- Residential Address.
- Bank account information to use FIAT.
- Proof of Identity in the form of a government-issued photo ID.
- Mobile number
- A photo with your identity ID.
Users should note that the IDs should be valid for the next three months, and the photo should be the original one and not a photocopy. Also, the image should be clear, colored, and with high resolution.
Based on the type of account, that is: Starter, Trader, Pro, the following limits apply:
- Starter: Users can do trading of 1 BTC per day and 5 BTC per month. FIAT currency is not available for starters.
- Trader: Free deposits for crypto, and users get a maximum of 100 BTC worth of cryptocurrency withdrawal per day. Users can make their payments using FIAT currency.
- Pro: No fees for depositing cryptos, and after providing additional documents like a source of your funds or opening an account for business, you can enjoy higher limits.
Pro account holders enjoy the leverage of the same liquidity as on HitBTC, dedicated account management, and no limits on deposit and withdrawals. To qualify as a Pro, users should have a minimum balance of 100 BTC or generate a turnover of 1000 BTC per month.
Hitbtc Withdrawal and Deposit Fees
Transactions through Debit and Credit card is not available in HitBTC, so no fees for that. However, for users who complete their transactions using European Bank Transfer (SEPA), the price is 0.90 EUR. For UK bank transfers, the fee is £5. Finally, for the International bank wire (SWIFT), users have to pay $9 as the fee.
HitBTC Trading Fees
The trading fee structure of HitBTC is straightforward: users have to pay 0.01% for trading fees. However, this is charged at both ends of the transactions. For example, if you buy crypto worth $3,000 and sell it with the same amount, users will have to pay two lots of $3.
Please note that the verified users on HitBTC fall into their tier fee system. According to the tier fee system, the fee is determined based on the user’s trading volume during the past 30 days.
Once a user reacher at tier 8 with 50,000 BTC per month or more, this platform pays a rebate of -0.01% per trade to the users.
HitBTC Review: Payment Methods
Although HitBTC used to support fiat currencies like USD, it does not keep it anymore. However, users can still buy supported 800 different crypto assets on the exchange. It also allows users to make transactions directly from their bank account. This facility of using a bank account is only available for users who have completed their KYC.
The process of depositing and withdrawing is simple and straightforward. All users have to do is to navigate to the “Account” tab and select the cryptocurrency. The withdrawal process usually takes several minutes and highly depends on the cryptocurrency and network speed.
HitBTC exchange offers a Demo platform to try and trade cryptocurrencies for users who are beginners. To experience the demo trading, users can register themselves and access it.
The Demo option is available at the bottom of the screen, or you can directly click here to enter the demo. Please note that users have to create a separate account for the demo platform. In this program, you will receive around 4000 USDT (Fake money) worth of cryptocurrency. Using that, you can experiment with strategies and portfolios.
Hitbtc Review: OTC trading
HitBTC has Over The Counter trading services for high-volume traders. OTC traders happen due to the result of the partnership with TrustedVolumes. To use this feature, users must exchange over 100,000 USD per trade, and each trade will incur a 0.1% transaction fee.
HitBTC Review: Customer Support
HitBTC has a support center, which helps answer almost all of the queries raised by the users. This Support Center contains:
- Extensive knowledgeable articles about HitBTC platform features and how users can make a profit by using them.
- A Ticketing feature, which allows users to contact the HitBTC support team directly.
Users can ask questions related to Payments, KYC, and others. The team usually replies within 24 hours.
Hitbtc Review: Security
HitBTC security level is good. It has never been hacked before. However, some sources were claiming that HitBTC was hacked with BTER and Excoin. The source never confirmed the information.
HitBTC supports two-factor authentication for user’s accounts to add an extra layer of security. The security section in the “Setting” menu also allows users to check all the logins of their accounts. They should look for the IP address or location they don’t recognize. Just in case there’s an IP address that the user doesn’t recognize, they terminate all the sessions with one click. They also have options that let them automatically log out of all the sessions at a regular period.
HitBTC also supports the following options for the users to protect their account:
- Session termination tool and activity log
- Cold storage custody
- Auto logouts after 30 minutes of inactivity.
- Universal 2nd factor (Yubikey)
- Crypto wallet address whitelisting
After HitBTC signup, it forces users to activate the 2FA because some features won’t be available for others without it.
HitBTC Review: Pros and Cons
- More than 300 different coins with 800 pairs.
- Trading volumes are one of the largest in this industry.
- Simple and easy to navigate interface.
- KYC is not mandatory.
- The trading fee is too low and highly competitive.
- Demo mode is also available for users.
- Available in Multi-languages.
- It does not support Debit and Credit cards.
- FIAT currency is not available.
- Uncertainty about the Hitbtc location.
- Transparency issues.
- Not suitable for beginners.
HitBTC Review: Conclusion
In general terms, HitBTC is an intriguing and excellent platform for trading cryptocurrencies. It has the highest number of cryptocurrencies in the entire industry. The pricing on the cake is that it has the lowest trading fees too. The exchange is relatively secure and offers many settings and options for users to make their accounts more safe and secure.
However, it does have some transparency issues, which put red flags on this exchange. Therefore, it depends on you and your risk tolerance level – Whether to trade on it with completing the KYC and regulating extra securities or not? Just remember the golden rule – never trade more money than you can afford to lose, and go with your gut feelings.
Frequently Asked Questions
Hitbtc has never been hacked before, besides some sources saying otherwise without any proof regarding security. However, there are a certain number of complaints about users being hacked. There are chances that such an accusation may or may not be accurate.
Follow the steps to withdraw money from HitBTC:
– Go to the Hitbtc login page to log in to your account.
– Click on “Deposits.” It would be best to make sure that the currency you want to withdraw is present on the main account from your trading account.
– Then click on the “Withdraw” section.
– Enter the amount you want to withdraw.
– Enter your wallet address and 2FA code for your account.
– The finally, click on the “Withdraw” button again.
You can directly click here to open the support ticket of HitBTC. Another option is to scroll down till the end of the Home page and select the “Support Center.” In the support center, you will see a “Contact Us” button. After clicking on that button, it will take you to the support ticket.
According to their website, Hitbtc is located in Hong Kong, with their offices in Chile too. The postal address of Hitbtc is Unit 19, 7/F., One Midtown No.11 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.