But this is one of the possible outcomes for a financial services industry that is not well-regulated, and which has so much money pouring through it at all times. There are simply too many reasons for dishonest exchange owners to funnel user funds into their own private wallets. Whatever the case, new users should stay well away from HitBTC.
What is HitBTC?
https://hitbtc.com/ HitBTC is a leading European bitcoin exchange which provides cryptocurrency trading services to institutionals, merchants and individual traders worldwide. The trading platform was founded in late 2013 and is under operation of Ullus Corporation.
If they are depositing using cryptocurrencies, the user need not verify their identity, and it takes not more than 20 minutes for the funds to show up in their account. HitBTC has become one of the topmost global crypto exchanges in terms of market liquidity as per CoinMarketCap. One advantage for advanced traders is that it offers an API by using bots that help them to trade cryptos automatically. What’s worse is a large number of assets that have a dangerously low trading volume. At the time of writing over 600 trading pairs have less than $1,000 volume on HitBTC.
For many traders, this is a good thing as it means greater liquidity for cryptocurrencies across the board. To create an account on HitBTC, simply click the red ‘sign up’ button placed in the upper-right corner of the page. Then, enter an email, password, and any other data that is requested. HitBTC is not known for forcing know-your-customer verifications on its users, but it’ll be necessary if you’re planning to use fiat or exchange large amounts of digital currencies. You can begin trading cryptocurrencies immediately, once you have created an account. Ether, or any other digital currency that is supported by HitBTC.
Cold storage custody is one of the most secure cryptocurrency storage solutions, providing offline storage to users and not leaving the cryptocurrency vulnerable to hackers. Before we start talking about the trading functionality on HitBTC exchange, we should clarify one more thing. There is no way to straightforwardly deposit fiat money to the exchange. Nevertheless, the platform still can be a cryptocurrency gateway as people can buy cryptocurrency with credit/debit card. There are several cryptocurrencies that can be bought via Banxa, Moonpay, or Mercuryo. The list of the crypto coins that can be bought by bank card or Apple Pay include Bitcoin, Ethereum, Tron, USDT20, Bitcoin Cash , Okb, Dai, and Algorand.
Hitbtc Review: Conclusion
Supported Stablecoins to Earn Interest on USDC, PAX, and GUSD. Anyone looking to withdraw the equivalent of 1 BTC or more in a 24-hour period, or the equivalent of 5 BTC or more within a 30-day period, will have to complete a KYC check. No iOS App – HitBTC currently only has an official Android mobile app. Users should be aware that there are several fake HitBTC apps in the Apple App Store. CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner.
In this in-depth HitBTC review we will dig into the exchange fees, services, customer support, trading, and much more. The encryption technology used on HitBTC means it’s safe and secure to trade on the platform, however once again, there aren’t many more details available on the site. HitBTC’s KYC and verification process is reliable and ensures users under 18 years of age are prohibited from opening an account and trading. Lost 50% of my profit just because these mf’s went short with our Dogecoins, and in order not to lose money just put the exchange rate 50% lower and blocked the withdrawals. Never use this stock exchange if you don’t want to lose money. It’s already blocked for a month and support is ignoring me for 3 weeks already.
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.
It was November-December 2017, users’ overload, Bitcoin $20000, etc. It took a while for them to answer, though everything was solved later… My advice is to have enough patience in case the support is too busy answering other questions.
You might need to send some ID in if you are trading significant amounts, too. According to the vast majority of reviews online, response times are super slow.
Hitbtc Is The Most Advanced Bitcoin Exchange
The interface is simple enough, and contains most of the necessary tools required to explore price trends and make future predictions. The exchange supports market orders, limit orders, scaled orders, stop orders, and post only orders. This review will focus on highlighting everything there is to know on HitBTC, including but not limited to its trading fees, trading view, API, security, and more. It is free to withdraw cryptocurrencies from HitBTC, minus the typical network fee for the respective currency. Yet, withdrawing fiat from the platform comes with some fees, all depending on the amount and type of currency. Deposits and withdrawals are subject to the standard laborious AML and KYC requirements for proof of identity etc. Rates for deposits that are charged by the exchange are 0% for SEPA Euro transfers, 9 USD for Wire Transfers, and £5 for UK bank transfers.
When you try to withdraw, it says system “maintenance” for this coin. HitBTC supports almost 800 different crypto assets on its exchange. If you want to trade Bitcoin or any other coin for USD, for example, you’ll have to settle for Tether or similar stablecoins. Trading Platform – HitBTC’s main service is their trading platform. The platform supplies advanced trading feature, a relatively sleek UI and a demo mode for people who aren’t ready to risk real money trading Bitcoin just yet.
The Most Advanced Bitcoin Exchange
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.
They have a tiered fee structure that provides customers with more fee savings the more volume that they trade within any given month. Bittrex charges around 0.25% and for many other exchanges, 0.25% is the standard fees. HitBTC is one of the only few with such low fees and a rebate for makers, something that rarely exists elsewhere. Concluding this section of this HitBTC review, HitBTC has been given mixed reviews from real users and the general consensus seems to be that it’s not made for beginners. Due to the detailed nature of the platform, it’s more suited to experienced traders who are comfortable with terminology, charts and trading. This is made further apparent by the lack of a real time customer support system, which is a feature of other exchanges.
Conclusion Of Hitbtc Review And Best Hitbtc Alternatives:
For example, Monero requires a payment ID when withdrawing, whereas Bitcoin and Ethereum only require the recipient’s wallet address. Making deposits on HitBTC is quite simple, the site integrates Changelly, which allows you to purchase Bitcoin directly with your credit card. You can then send your purchased Bitcoin to the specific address listed on HitBTC’s exchange. HitBTC uses cold storage to secure the majority of its funds, and relies on advanced encryption technology to prevent important information from being hacked. Email notifications are also sent when your account is accessed from a different IP address.
This platform offers several rewards to their affiliates, thereby offering a good passive income for them. HitBTC is the ideal exchange for traders who are looking to connect to exchanges through APIs.
- CFDs work in a similar fashion to futures contracts that you have on platforms such as Bitmex and the like.
- You should do your research and consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
- Nevertheless, some sources name Denmark and Estonia as the residence of HitBTC.
- By following the link in the email, your withdrawal will be processed.
- Also, the user has the option to access altcoins that can develop in the future.
- Unfortunately, there’s limited information available about the team behind the platform and where it is based.
Also, the user has the option to access altcoins that can develop in the future. If the user wants to trade with HitBTC, they can get a combination of crypto-to-fiat and crypto-to-crypto currency pairs.
HitBTC team members have developed this platform keeping different types of users in mind. When it underwent the designing phase, the emphasis was solely laid on simplicity and easy to use interface for its users. One of the most important features offered by HitBTC is that it offers different types of accounts for the traders to choose from to match their trading style. Like many other cryptocurrency exchanges, HitBTC has opted for trading fee tiers, meaning that fees are directly dependent on the trading volume of each user.
- Offered in five languages , HitBTC’s support centre isn’t inclusive of its global users if they do not speak any of these languages.
- One cannot deposit any money before providing the requested personal data.
- That’s literally everything you can possibly have to get your account back.
- It means that at any given moment there should be as many trade orders as possible so that the traders would have a rich choice of options.
- Neglecting 2FA for protection of your account is reckless.
- Supported Stablecoins to Earn Interest on USDC, PAX, and GUSD.
This type of wallet offers the lowest security on your funds, not least because you have no control over your private keys. This means that should the platform get hacked, your funds are largely at risk.
We will say it now and we will say it again in this review, the user experience is a bit weak with HitBTC. It’s not bad, just not as great as we believe HitBTC deserves. With an exceptional trading engine, strong API, and long history hitbtc review in the crypto market, we see a great opportunity for their team to clean up the new customer experience and shine. Our last reviews evaluated Kraken, Binance, Bittrex, Bitstamp, Huobi, Poloniex, Gemini, and Coinbase Pro.
Author: Tor Constantino