HitBTC is a global trading platform with multi-currency support and advertises itself as "the most advanced Bitcoin exchange." The exchange is well-known for its low fees, fast trade engine, and wide range of trading pairs. HitBTC features extremely liquid marketplaces for trading digital assets, tokens, and fiat currencies (USD, EUR, etc.).
The HitBTC European-based exchange is popular among professional traders. Its wide range of products and services, incredibly low trading fees (0.1% ), simple UI, and anonymous trading make it an appealing exchange for advanced traders.
HitBTC allows HitBTC users to trade crypto along with a vast selection of currency pairs. Additionally, HitBTC has developed a voting application and a demo trading platform for beginners offering them to try and trade cryptocurrencies on its Demo platform first. Moreover, HitBTC organizes various trading contests, allowing users to measure their skills against other traders and get more experience.
This HitBTC review will reveal everything you need to know about the HitBTC exchange, its features, services, trading fees, etc., to help you decide if it’s a suitable exchange for you.
So without further ado, let’s get started!
What Is HitBTC
HitBTC was established in 2013, in Hong Kong, as Hit Solution Limited. Angel investors contributed $6 million to the business. HitBTC serves most European and Estonian markets, but it's also easily accessible to users across the globe, with several exclusions.
HitBTC is a multi-currency digital exchange specializing in altcoin spot trading. It's an old-time Bitcoin exchange that supports a wide variety of digital assets, including major cryptocurrencies, low cap altcoins, and trading pairs.
HitBTC team members have designed the HitBTC platform with diverse types of users in mind, with various accounts for them to choose from based on their trading style. HitBTC is also one of the few exchanges to provide trading bots with a range of APIs to help advanced traders trade automatically.
The HitBTC core matching engine (the mechanism that executes transactions) is lightning fast, extremely liquid, and supports a slew of cryptocurrencies with a highly advanced dashboard. Professional traders also choose HitBTC for its range of trading options, high liquidity, anonymous trading at low levels, and high-volume trading with no limitations after verification, amongst other features.
How to Use HitBTC
To trade cryptocurrencies on the HitBTC cryptocurrency exchange, follow these quick steps:
- To start using HitBTC, you must first create an account on the platform by providing your full name, contact number, email address, and a secure password before agreeing to the terms and conditions. You'll receive a verification email, and your account will be activated after clicking on it.
- The next step is to fund your trading account through the various payment methods provided by HitBTC. Users can add their favorite cryptocurrencies, such as Bitcoin, Ethereum, USDT, etc., by scanning the QR code created by the platform to start trading.
- The HitBTC website features fundamental information and trading charts, along with the trading volume of each cryptocurrency. It also provides data on the exchange rate, market price changes, buy or sell offers, etc.
HitBTC Features
Our HitBTC review has revealed the key features of the HitBTC exchange, such as:
- HitBTC is one of the top global cryptocurrency exchanges by market liquidity, offering over 800 cryptocurrency pairs and a diverse range of cryptocurrencies, including various emerging projects.
- The HitBTC exchange doesn't require any KYC verification to trade Bitcoin or other cryptocurrencies.
- HitBTC is one of the few exchanges that has never been hacked and is considered safe.
- HitBTC charges low trading fees; the maker fee is 0.1%, and the taker fee is 0.25%.
- HitBTC provides a robust and user-friendly API, and traders can utilize their trading bot that works well with the platform API.
- HitBTC provides a demo account for beginners, allowing new traders to test out the platform without making any deposits.
- In addition to trading cryptocurrencies, tokens, and ICOs, HitBTC offers marketplaces for fiat trading, with USD and EUR trading pairs. HitBTC is a platform where both newbies and experienced traders can trade with ease. It was designed using cutting-edge technologies to deliver quick, secure, and dependable service.
- HitBTC exchange has an affiliate program in place through which traders can earn money by referring others. It provides numerous incentives to its affiliates, resulting in a high passive income.
HitBTC Services
Some of the services HitBTC provides are:
Trading Platform: HitBTC's core offering is its trading platform that offers complex trading options, a slick user interface, and demo trading accounts for those who aren't ready to risk real money trading Bitcoin just yet.
OTC Trading: HitBTC provides high-volume traders with tailored OTC (over-the-counter) trading services in partnership with TrustedVolumes.com.
To be eligible for HitBTC's OTC service, you must exchange more than $100,000 for each trade, and each transaction will be charged a 0.1% transaction fee.
Token Listing: HitBTC is a well-known platform where organizations launching their own token can have it listed.
Margin Trading: HitBTC provides cryptocurrency margin trading using the MetaTrader 5 Terminal for traders wishing to leverage their trades.
API: HitBTC provides many APIs, including programmatic trading engine access and the Financial Information Exchange (FIX) API.
How to Register a HitBTC Account
Opening an account with HitBTC is straightforward, and the steps are outlined below:
1. Create an Account
You must go to the HitBTC homepage and click the sign-up button in the upper right-hand corner of the page. The next step is to enter your email address and create a secure password. You must provide your full name, home country, and phone number. A verification link will be sent to your email, and you must input the code reflected in the message to verify your email.
2. Deposit Funds
Following account creation, you must log in to your HitBTC account and make a deposit. While using a bank transfer to deposit funds, users are required to go through a lengthy verification process. If you deposit cryptocurrencies, you don't need to prove your identity, and the funds will be available in your account in less than 20 minutes.
3. Purchase Cryptocurrencies
When the deposited funds are added to the account, you're all set to start trading. You'll be directed to the trading area after clicking the exchange button. You can enter the cryptocurrency you want to purchase on the trading screen and select your favorite trading pair. HitBTC features high-volume trading, and the trades are executed in a matter of seconds.
HitBTC Verification Process
HitBTC features multiple levels of verification - unverified accounts are referred to as starters, whereas verified accounts get an upgraded account status.& One essential feature of the HitBTC exchange is that the user trades without verifying their account.
To get verified, a user must submit the following documents:
- Residential address, city, state.
- Full name, birth date, and nationality.
- Proof of Identity, such as a driving license, a copy of Government ID, or a passport.
- Phone number.
- A selfie with an ID displaying the current date and the text "For HitBTC KYC."
HitBTC requires you to go through the steps described above to have an upgraded account. The account offers several advantages like two-factor authentication, low fees, and the ability to restore access to the user account if passwords are forgotten.
One of the key benefits of the HitBTC trading platform is the ability to trade without having your account verified. No personal information is required if users operate with digital currency, but those trading frequently and fiat currency are required to undergo verification. Personal information, including name, address, country of residence, bank account, date of birth, and pertinent scanned documents, must be provided for adding or withdrawing funds.
HitBTC Review: Fees
Our HitBTC review has disclosed the simple fee structure for customers wishing to trade cryptocurrencies on the HitBTC platform. The exchange doesn't charge any fees for cryptocurrency deposits; however, there is a fee for placing orders and withdrawing funds from the site.
HitBTC Trading Fees
The HitBTC fees are among the lowest in the industry. Unverified users pay a maker fee of 0.1% and a taker fee of 0.2%. Meanwhile, verified users fall under HitBTC's tier fee structure, which determines trading fees depending on the user's trading volume over the last 30 days.
HitBTC Deposit & Withdrawal Fees
Regarding cryptocurrency deposits and withdrawals, HitBTC charges no fees for deposits. However, withdrawals are subject to flat fees, which can be particularly costly for some newly listed cryptocurrencies.
HitBTC Rebate Program
HitBTC has a rebate scheme for its market makers who supply the exchange with solid liquidity and receive a 0.01% refund. If users achieve a tier 10, i.e., if they trade 50,000 Bitcoin or more each month, HitBTC will offer them a -0.01% refund on each completed trade. If a trader liquidates a trading position to attain the liquidation price, HitBTC levies a liquidation fee of 0.5% of the position value in the quoted currency.
How to Deposit & Withdraw on HitBTC
To deposit funds into your HitBTC account, you must first create a wallet address and click the green deposit button. You must choose the correct row and click "fund" to receive a wallet address with numbers and letters, along with a QR code.
To withdraw coins, users must first go to the "accounts tab," then to the withdrawal column, which displays all crypto and fiat money. If you want to withdraw money, you must first have coins in your primary account and then click withdraw. The HitBTC has no withdrawal limit.
A starter account allows users to start trading immediately, but the withdrawal limits are set at 1 Bitcoin per day and 5 Bitcoin per month, with no verification required.
How to Buy Crypto on HitBTC
Next, our HitBTC exchange review will look into trading crypto on HitBTC. First, you must pick the main currency from the chart's header, followed by the trading pair. HitBTC provides a wide range of trading pairs for leveraged trading ranging from 3x to 12x.
Select a currency from the chart's list, and the page will instantly refresh and display information about the chosen trading pair.
HitBTC Orders Types
The platform provides the following order types:
- Limit Order
- Market Order
- Scaled Order
- Post Only Order
- Stop Order.
HitBTC Trading View
All trades take place in the main HitBTC dashboard. The trading interface is entirely customizable so that you can organize the windows in an order suitable to you. It features the following:
- Graph/timeline displaying the currency value.
- Supported cryptocurrency markets' table.
- Panels for placing buying or selling orders.
- A panel displaying the user's orders and trades.
- Graph displaying the depth of a cryptocurrency pair's particular market.
- Two panels displaying the order books for buying and selling a currency.
- A panel displaying a timeline of trades in a specific cryptocurrency pair (market history).
- Trollbox for chatting with other traders.
HitBTC Supported Currencies and Countries
Supported Currencies
HitBTC has over 800 trading pairs available, including Bitcoin, Ripple, Ethereum, Stellar, etc. In addition, users can access future cryptocurrencies. Users can choose between crypto-to-fiat and crypto-to-crypto currency pairs.
Supported Countries
HitBTC has a global presence. However, its terms and conditions state that persons and residents, as well as businesses, from the following countries, are not permitted to utilize its services:
- Cuba
- Crimea and Sevastopol
- North Korea
- Sudan
- Syria
- The United States of America
- Any other nation or region the United States of America has embargoed.
While signing up on the platform, you must certify that you are not a resident or citizen of any of these nations.
HitBTC Mobile App
Trades can also be pleased to learn that the HitBTC mobile app for iOS and Android devices is now available. The app is available on both the Google Play Store and the Apple Store.
HitBTC Demo Trading
HitBTC exchange offers beginners the chance to practice trading cryptocurrencies on its demo platform first. You can sign up and use the demo platform by selecting the demo option at the bottom of the screen or by entering demo.hitbtc.com directly into your browser.
You must create a different account for the demo platform. A trial account provides about USDT 4000 in cryptocurrency, allowing you to experiment with hypothetical portfolios and strategies or simply familiarize yourself with cryptocurrency trading and the HitBTC platform.
HitBTC Customer Support
The HitBTC customer support team is available around-the-clock, and you can contact them through an online support form. Additionally, it provides users with additional options listed below:
- Online contact support form
- Emails – [email protected]
- Live chat option
- Twitter – twitter.com/HitBTC
However, the negative reviews about HitBTC mostly mention its poor customer support and slow withdrawals.
FAQs
1. Is HitBTC Legit & Safe
HitBTC is regarded as a legitimate and secure platform since it employs various security measures to safeguard users' funds and data, such as two-factor authentication, cold storage, and advanced encryption technology. Furthermore, there is no evidence of a hack indicating robust security.
2. Has HitBTC Been Hacked
No, HitBTC is among the few exchanges that haven't been hacked till now.
3. Can US Citizens Use HitBTC
According to its terms of service, US residents aren't permitted to use the HitBTC cryptocurrency exchange.
4. How Much Time Do Withdrawals Take
HitBTC isn't known for its fast withdrawal timeframes. They can take three weeks or longer!
HitBTC Reviews: Final Thoughts
HitBTC is a well-known and secure cryptocurrency exchange with the most diverse cryptocurrency market selections and excellent exchange rates. The exchange is relatively simple to use; however, it's best suited to more experienced traders.
However, as an unregulated anonymous exchange in an obscure location, HitBTC does draw some criticism. Consequently, a mysterious exchange like HitBTC will always have many followers pleased with its services and countless opponents dissatisfied with its lack of transparency.
Ultimately, it all boils down to you and your risk tolerance level: Do you trust the exchange enough to deposit large amounts of cryptocurrencies there? Or would you prefer a fully KYC-compliant, regulated exchange that may have higher trading fees?
In this case, it's better to trust your instincts and remember the golden rule - never trade money you can't afford to lose.
You can also visit our CoinStats blog to learn more about wallets, portfolio trackers, tokens, etc., and explore our in-depth reviews on various cryptocurrency exchanges, such as BKEX, Bybit, Crypto.com, BitMEX, FinexBox, Binance, WazirX, etc. Want to dig deeper? Discover the origin of decentralized finance, blockchain technology, and cryptocurrency with our articles What Is DeFi, How to Buy Cryptocurrency, and more.
Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.
Cryptocurrency is a highly volatile market sensitive to secondary activity, do your independent research, obtain your own advice, and only invest what you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your own circumstances and obtain your own advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments