HitBTC exchange is an Estonia based cryptocurrency exchange founded in 2013 by Dave Merrill, an experienced system architect and technology expert. It is the oldest and fastest-growing European exchange which was formed under the operation of Ullus Corporation but now operated by HitTech Limited, based in Chicago.
It provides cryptocurrency trading services globally to merchants, institutions and individuals traders. This exchange was formed as a result of the collaboration of experienced traders, finance professionals, and software developers.
It is one of the top ten exchanges, though the name is attached with the abbreviated Bitcoin (BTC), it does not offer just bitcoin on its platform but various types of cryptos to its traders. It has the largest trading platform in the crypto market with over 500 digital assets supported, including Bitcoin, Ethereum, XRP, Litecoin, Tron and more.
HitBTC has an easy to use trading platform that offers tools and features that meet the need of every trader. It supports and accepts fiat to buy cryptocurrencies, the three fiat currencies accepted are, USD, EUR, and GBP.
When to Use HitBTC Exchange
The first step to using this exchange starts with registering an account, when opening account on this exchange, you need some patience because the verification process can take quite some time.
There are three types of account offered by HitBTC; general verified and qualified account.
General Account; in this account, you may deposit any currency for free, but there is a withdrawal limit of EUR 5000 worth of cryptocurrency. In this category, you cannot deposit fiat currency (USD, EUR or GBP)
Verified Account; in this type of account, you can make a free deposit of crypto and have a maximum daily withdrawal limit of EUR 25,000 of crypto-asset. You can also deposit fiat currency up to $2000 (EUR or USD) per week and $10,000 per month for both withdrawals and deposits.
Qualified Account; you do not need to pay for any crypto deposit and can withdraw more than $25,000 worth of cryptocurrency per day. The limit of fiat withdrawals and deposits are $10,000 per week and $50,000 (EUR or USD) per month.
How to Create an Account on HitBTC
To create an account on HitBTC, please visit the website, hitbtc.com, click the signup button in the top right corner of the page. You will be redirected to a page with a form, fill in the required fields, see the photo below.
Enter your unique email which will be used to identify you on HitBTC. This is very important because any email you choose cannot be changed in the future, so you need to use a working email.
Choose a password that is strong and consists of 8 characters including, uppercase, lowercase, and numeric characters.
Fill in your country, your full name, and phone number. After filling in the required information, click the Finish button, then wait for an activation message in your email for verification.
This message is sent immediately after verification, so expect it in your inbox within 2-5 minutes after registration, or check your spam folder if delayed.
The email should contain an activation link, and an instruction to confirm your email. Click on the link provided in the email or copy and paste it in your browser to confirm. Once done, you will be taken to HitBTC trading terminal, you can start trading because your account is now active.
How to Trade on HitBTC
HitBTC is a good trading platform for new and experienced traders. Though complex, the platform is very informative and offers a smooth experience to traders. Its features are interesting to new investors and welcoming to experienced traders. It provides details and easily understandable charting by the special trading view and pop-up features for in-depth chart analysis. A list of instruments is placed next to the pop-up and divided into four major parts.
Its features enable news alert which pops-up when major news is breaking. Traders and investors are notified on a daily basis of the market trends and performances. It is an information-rich platform perfect for seasoned traders and crypto-experts, offers what it takes to retain high-end traders for the long term.
Unlike other platforms where you will require to start trading with a reasonable sum, HitBTC allows you to start trading with a small amount. In case you are new to trading, you can start here with a small amount.
Making Deposit and Withdrawal on HitBTC
To deposit on this platform, you must first generate a wallet, click on the green deposit button, choose the currency you wish to deposit and click fund. You may not get a wallet address but a string of numbers mixed with letters and a QR code.
The volume of the deposit depends on the type of account you have, the more information you provide on this exchange the higher your verification level, which also determines the advantage you get. HitBTC allows you to register your account with a pseudonym if that is what you want but you will certainly not be allowed to get some higher levels of account due to verification.
To withdraw coin, go to the accounts button, check through the column and choose the currency you want to withdraw. You must have the coin in your main account, complete a transfer and click withdraw.
When your account is verified on HitBTC, you can make a deposit up to EUR 250000 daily in crypto-assets and $2000 in fiat currency for both deposit and withdrawal.
Fees Charged on HitBTC
HitBTC has a fee structure that is different from how other exchanges charge their fees. This method attracts new users to the platform and encourages them to buy and not to sell their coins. The fee structure is competitive because every other platform has a way of charging both sides of the trade but HitBTC is the only exchange that offers a rebate when buying.
They charge 0.1% from takers sellers or those who place ask orders. And they offer 0.1% rebate to makers or buyers who place bid orders. Their tiered fee structure provides their customers with more fee savings as their trading volume increases in a given month.
Comparing HitBTC Fees With Other Popular Exchanges
HitBTC fee is cheaper than other notable exchanges, while they charge 0.01%, Coinbase charges 1.5% and 4% if you use credit or debit card to do transactions. Bittrex charges around 0.25% and most of the other exchanges charge around 0.25% or more.
Advantages of Using HitBTC Exchange
It allows users to start trading with a small amount
Its fee is lower than that of most of its competitors, about 60% lesser than what is charged by other platforms.
It allows trading of government-issued currencies for cryptocurrency. This allows traders to easily turn fiat into crypto.
It enables the currency to cryptocurrency pairs and cryptocurrency to cryptocurrency pairs, with over 500 digital assets available for trading on the platform.
Registration can be done in a jiffy, users are allowed some privacy, by being anonymous, and creating an account with pseudonym names.
They offer high-end security features on their website, users are provided with mandatory two-factor authentication (2FA) to secure their accounts with an additional layer of protection.
It has a live chat on its website that is available in various languages, has a potential for a larger user base in the future.
Issues With HitBTC Exchange
As much as HitBTC has so man advantages compared to other exchanges, users have as well complained about challenges faced while using this platform. This exchange has been noted to have a poor rate of customer support response, ranging from delay in confirmation of withdrawals and KYC confirmation.
It offers third-party API for mobile phones but has no dedicated mobile phone app. This means that users cannot trade on the go because they can only have access through a web browser on their phones.
Users have also complained of buying coin but not able to withdraw into their wallet on time because of the delay in HitBTC network which makes confirmation difficult.
Anonymity on HitBTC has been a source concern to the public, most people believe this was the cause of the hacking of the exchange in 2016 and possible future attack.
Users are advised not to use HitBTC as a wallet but just an exchange, it is also not advisable to store your crypto-asset on any online crypto exchange. It is more secure to keep your coin in an offline or hard-wallet.
The exchange accepts so many new tokens offering most of which do not have a good reputation.
Its interface is sophisticated, new users may find it difficult to navigate through or incur some losses because they may find it confusing and the support may not be prompt to help out.
The verification process takes a long time, up to 10 days during high traffic time. This also slows down trading in high volume.
It has only two ways through which you can make a deposit and that it bank transfer, and cryptocurrency. It does not allow deposit through Paypal, debit card or credit card.
Users are made to pass the KYC procedure in other to withdraw a huge amount of coin.
HitBTC, with all the issues stated above, can still pass as one of the best exchanges, a lot of other benefits attract users to this platform.
Updates/Developments – 21 Nov 2019
HitBTC and Minergate will partner to list the MG Token on HitBTC. It will initially be offered only on HitBTC and help develop the loyalty tool for Minergate. The token was created to build a cooperative bridge between the users and the product.
Aryacoin will be added to the list of supported cryptocurrencies on HitBTC.
In its bid to lower the trading fees, HitBTC has reduced its fees across all spectrums. Now, instant trading transactions will be charged just 0.1%. non-immediate crypto transactions will be charged a 0.01% fee. It must be noted that these rates are among the lowest in crypto exchanges.