HitBTC Exchange Review
HitBTC Cryptocurrency Review
Trust Score: 5/10 ( 23/02-2018 – We have put HitBTC down to a 5/10 Rating for not replying to e-mails, we do not recommend using them to this issue has been resolved)
HitBTC is recognized as being one of the worlds largest Bitcoin exchanges that operates out of Hong Kong. Owned by HIT Solutions Limited, BitHTC was first launched back in 2013 and since then it has become one of the biggest cryptocurrency exchanges in terms of trade volume. That trade volume is regularly close to $350 million in a 24 hour period.
That trade volume places it at number 5 on the list compared to other exchanges and through their top-notch interface and modern approach, they aim to become the biggest of them all in the next few years.
The exchange provides users with markets that allow for the trading of Bitcoin, Ethereum, Litecoin, Monero and many many more.
Known for its low fees and a wide selection of coins, ICO’s and tokens to trade, HitBTC complies with Know Your Customer and Anti-money Laundering standards and offers a high-level of security for both themselves and their customers at their exchange.
So, if you are interested to learn more about HitBTC and what it can provide you when trading, simply read on and we will fill you in.
The first aspect of HitBTC that we will discuss, is the trading interface that it uses. We certainly like how it has all been laid out and the colour scheme is far from being offensive. You have your instruments to the right and the required charts and graphs to the left while all your trade and order information and tools can be found at the bottom. Nice, clean and fairly simple to use.
It might not be the most beginner-friendly interfaces but it is hardly over-complicated either so we would recommend the more patient newbies to certainly give it a try. The interface is mobile-friendly too and also has a demo version that will help people to understand how to use the exchange without risking real money.
Unfortunately, there are no official apps for HitBTC which is disappointing considering that many of their competitors have them. Not all traders are able to sit at a desktop computer or laptop all day and while the exchange is mobile-friendly, apps are generally a lot more efficient to use for mobile users.
They do, however, have an API that can be used by developers to create their own apps. There are some that have already been created by others and these can be found in the various app stores.
- Mobile-friendly exchange
There are 220 trading pairs available to be traded at HitBTC with most of them being traded against bitcoin and Ethereum. As well as fiat currencies in the USD and EUR, you can expect to see a wide variety of cryptocurrencies, ICOs and tokens. All of the big names are there such as Bitcoin, Ethereum, Litecoin, DOGE, Ripple and Dash while there will be a large number of other altcoins as well.
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Registering an Account HitBTC
As with most cryptocurrency exchanges, creating an account on HitBTC is about as easy as it comes. You just have to provide the usual information such as an email address and password you want to use for your account.
You are then sent an email that contains a verification link that you must click in order to verify that your email address is genuine. Once you have done that, your account is ready and you can log straight into your account.
This is a basic account, however, and you will only be able to deposit, trade and withdraw with cryptocurrencies. In order to be able to use fiat currencies for deposits, trades and withdrawals, you will have to verify your account first and in the next section, we will talk you through that process.
- Easy account creation
- Trade Cryptocurrencies within minutes
Users at HitBTC will always start with a basic ‘General Admissions’ account. As mentioned previously, you will not be able to do anything that requires the accepted fiat currencies (USD or EUR) on HitBTC using those accounts. In order to be able to do so, you will have to verify your account.
When verifying your account at HitBTC, you will need to provide the following information.
- Government issued ID
- Your address
- All of your bank account information
- Proof of residence
- Proof that the bank account is yours
The three types of accounts on HitBTC are as follows:
- General Accounts
A general account is one that all new signups will automatically be given on HitBTC and these are unverified accounts. You can deposit and withdraw (up to 5,000 EUR worth) cryptocurrencies and can trade with them. However, all fiat transactions will not be possible until you have verified your account.
- Verified Accounts
With a verified account, you increase the amount in cryptocurrencies that you can withdraw up to 25,000 EUR per day. Additionally, you can now deposit and withdraw using the USD or EUR fiat currencies.
- Qualified Accounts
Qualified accounts are the highest level of accounts and these will allow higher limits with regards to withdrawing and deposit fiat currencies. You will also be able to withdraw more than the previous limit of $25,000 worth of cryptocurrencies.
While you should not expect to be able to fulfil some of the more advanced forms of trading at HitBTC, you can expect to see a good section of the more basic types of trading. There will be no leverage or margin trading options but you can expect to be able to fulfil the following:
- Limit trading
- Stop trading
- GTC (good till cancelled)
- GTC (good till time/day)
- Day market
- IOC (immediate or cancel)
- FOK (fill or kill)
There are plenty of guides at GitBTC that will help you to understand each of the above but as we said, these are not advanced trades so should be easy to understand.
Accepted Payment Methods
When it comes to getting funds into your account on HitBTC, you can use USD, EUR or any of the cryptocurrencies that you might be holding in a third-party wallet. As we have mentioned previously, however, you will only be able to use fiat currencies once you have verified your account.
Payment methods include bank transfers, wire transfers and third-party e-wallets. Unfortunately, there is no ability to use credit or debit cards to get your fiat currencies into your account.
There will be some fees for some of the payment methods and we will go into more detail on those in the next section.
Transaction fees are probably one of the biggest considerations that traders will look at before deciding on whether to sign up for an online cryptocurrency exchange. BitHTC actually seems to have some pretty competitive fees as far as we can tell.
- Deposit Fees
All cryptocurrency deposits are completely free. All SEPA deposits are free while wire transfers will come with a fee of $9 attached to them. As for bank transfers, these are available to UK users only and are charged at £5 each.
- Withdrawal Fees
Again, cryptocurrency withdrawals come with no fees apart from the small fees that the coin networks may charge. Fees for withdrawals are identical to deposits apart from SEPA transactions will now have a fee of 0.9 EUR attached to them.
- Trading Fees
Makers (sellers) are not charged any trading fees but takers (buyers) are subject to fees of 0.1% for any trading that they do on HitBTC. As well not being required to pay a fee, makers will earn a rebate of 0.01% for all trades that add liquidity to the exchange. This basically means whenever they sell coins at lower than their market value, they will earn this rebate.
We have found it difficult to find much information with regards to minimum limits for transactions on HitBTC. For withdrawals though, there are some limits that apply when it comes to the max amounts.
When it comes to deposits of fiat currencies and cryptocurrencies at HitBTC, the information is limited. We do, however, expect that there will be minimum limits when it comes to using certain payment methods to get fiat currency onto into your account. There are probably no limits for cryptocurrencies though.
Verified accounts can withdraw up to $2,000 per week in fiat currencies or $10,000 per month. For the higher level ‘Qualified Accounts’ this is increased to $10,000 per week or $50,000 per month. As for cryptocurrencies, unverified accounts can withdraw up to 5,000 EUR worth per day while all verified accounts can withdraw up to 25,000 EUR worth per day.
We have to admit that when it comes to finding certain information about HitBTC, it is quite difficult. The countries that they support, for instance, are not listed or spoken about anywhere.
We expect that this means that there are no real exceptions – especially with regards to the use of cryptocurrencies. Presumably, if you can verify your account and make use of the accepted payment methods, there will be no restrictions for those of you that want to use fiat currencies either.
Poor customer support seems to be a widespread problem in the cryptocurrency exchange industry. BitHTC also seems to be lacking in this area which is a disappointment. They only offer email support and while it is open 24/7, there have been quite a few complaints at the response times.
A plus side is that there is a support centre on HitBTC which does offer a sort of F.A.Q page that answers some of the most common questions and issues that users might experience on the exchange.
- Email support
- Support centre
As far as users go at HitBTC, there are a number of security features at the exchange that has been designed to help protect their accounts. One is auto-logout, another is two-factor authentication through Google Authenticator and the ability to see recent activity. With the latter, you are able to see all of the login histories for your account. Furthermore, HitBTC will send you an email if there is a login from an unrecognized IP address.
As for other security features on HitBTC, they sensibly use cold storage for users funds and also make use of sophisticated encryption technology for all transactions. They have not provided exact information on the percentage of funds that they store in cold storage – which might worry a few but we are sure they have a good grasp on security and will store as many as possible.
- Two-factor authentication
- Cold storage
HitBTC in our opinion is definitely an exchange that can be considered one of the best. The fact that it has such a large trade volume should speak volumes on its own as it would mean that it already has a huge user-base from all over the world.
It is only let a little bit down by having no official app and some slow customer service (though most do) but it definitely stands out as oen of the absolutely best due to low fees, good security, the selection of trading pairs, an attractive interface and some good trading options.
It also offers some good anonymity for those that just want to trade using cryptocurrencies as there is no need to verify an account to do this.
We can find little reason not to try out this exchange so if you are looking for one of the best, and biggest places to trade your way to a fortune, HitBTC is certainly somewhere you should be checking out.