HitBTC Exchange Review : Is it Still the Best Crypto Exchange?

Users will need to verify their cryptocurrency trading account to purchase cryptocurrencies such as BTC or ETH with fiat currencies. Users can simply visit the site and register using a valid email address and highly secure alpha-numeric password in order to create a general account. The hitbtc exchange review cryptocurrency platform’s website will require users to confirm their valid email address before activating their general account to trade cryptocurrencies in a hassle-free manner. Other than this, users can deposit and withdraw to HitBTC using most of the supported cryptocurrencies.

  • Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
  • The exchange promotes three things in particular as advantages with choosing to open an account with HitBTC.
  • If you go through the password recovery process, there will also be a 48-hour lock on withdrawals.
  • The site is functional on mobile but certainly doesn’t provide the same level of utility as some other app-based exchanges.
  • Users have been required to perform a drawn-out ID verification process that only sometimes results in the funds being released.

When it comes to cryptocurrency deposits and withdrawals, they are as straightforward as it gets. All you need to do is navigate to the “Account” tab and select the cryptocurrency of your choice. Here is how the lowest tier HitBTC fees fare with other popular cryptocurrency trading exchanges. All in all, these features make HitBTC one of the top altcoin exchanges in terms of available markets and liquidity. Nevertheless, it also has numerous concerns surrounding it, which we address further in this HitBTC review.

How to register on HitBTC?

HitBTC originally allowed trading without ID verification but has recently implemented significant KYC requirements for users. At the moment HitBTC is a purely crypto exchange so it doesn’t permit any trading of money or fiat currencies. According to the exchange, the OTC service is opened for users looking to trade above $100,000 worth of cryptocurrency. Through the OTC layer of insulation provided by HitBTC, price fluctuations will have little to no impact on prices.

hitbtc exchange

HitBTC is an exchange for the experienced cryptocurrency trader interested in trading altcoins. HitBTC is one of the largest cryptocurrency exchanges in the world for daily trading volumes. The platform lists hundreds of supported coins, and its fees are highly competitive. However, the platform has a somewhat “murky” reputation in the public domain. Cryptocurrency withdrawals/deposits of cryptocurrencies on this cryptocurrency exchange platform are unlimited for users at all levels, irrespective of their trading experience. There are only a few exchanges that have a simpler signup processes than HitBtc.

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When converting crypto and not prepared to accept exchange rate market risk, using the fixed rate makes sense. The swap rate is updated in the interface every 10 seconds to reflect the market dynamics. If you take a few minutes to think, you may get a slightly different amount of coins than planned.

The verified users of this platform are limited to 2,000 fiat currencies per week. In addition, the verified users are limited to 10,000 USD or EUR per month. Users will be able to increase their withdrawals/deposits limit by systematically becoming a “Qualified” member. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. 81.40% of retail investor accounts lose money when trading CFDs with this provider.

Active HitBTC Markets

The likes of Coinbase are much more inclusive of American traders, and they even allow you to fund your account with a debit/credit card or e-wallet. The reason for this is that it still remains to be seen where the company is actually based. For example, at the time of writing the exchange offers a mailing address in Hong Kong, however it also claims to have office representatives in Chile and Estonia.

HitBTC firmly believes that e-currencies with true potential should be given a chance to be supported by a major exchange via popular vote. For that reason, HitBTC has introduced a voting system where a particular coin can be included in the list through votes from users and guests. To vote, users need to visit the voting page https://forex-review.net/ , look for their preferred e-currency and click the vote button. If you don’t see your favorite cryptocurrency on the list, you can always nominate it by clicking the suggest currency button. The exchange does not currently support deposits in fiat currencies, and it is not possible to link bank accounts to the platform.

hitbtc exchange

This should act as a major red flag when dealing with an exchange, not least because if anything happened to your funds, it would be difficult to know where to turn to. HitBTC allows you to fund your account using any cryptocurrency they support. Once you’ve agreed to all terms and conditions your account is active and ready to go. While you can simply fund your account and start trading at this point, we highly recommend you set up two-factor authentication before you do.

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However; the users of this platform need to go through a fairly severe verification process in order to take advantage of this feature. It really is a shame that a trusted service like HitBTC would mortgage its reputation to steal user funds. We don’t know why HitBTC has started to suffer, and we don’t know what’s going on within the company itself. But it’s clear that the issue has moved beyond simple negligence and that the company is not an active part in the restriction of some users’ access to their own capital. This is a distressing development for a well-known, high-quality exchange, once known for its wide range of supported assets and ease of use.

Is HitBTC safe?

Since then, the exchange has made a name for itself as a go-to place for buying and selling low cap altcoins. It exchanges a wide variety of digital assets, including most popular cryptocurrencies like bitcoin , ethereum , litecoin , ripple , dogecoin , monero , tron , dash , EOS and tether . It’s also one of the few exchanges open to bots, providing a range of APIs that help tech-savvy customers trade automatically.

He has also interviewed a few prominent experts within the cryptocurrency space. Eino is a new writer for Tokenhell, he resides in Espoo, Finland and he has been a crypto journalist for over 3 years for various cryptocurrency news agencies. The native terminal contains an extensive collection of specialized instruments that can assist you trade more successfully.

Yet despite its appeal as a secure technology, HitBTC remains an unregulated exchange at the forefront of the crypto wild west, which raises questions and adds risks to its reliability. It’s important to note that HitBTC is an unregulated exchange, although it does comply with KYC and AML (anti-money laundering) regulations. It also values users’ data and privacy and is entirely GDPR compliant, as you can delete your data from the exchange at any time.

HitBTC Security

Founded in 2013, HitBTC has become one of the popular cryptocurrency exchanges operating internationally. HitBTC is a crypto exchange originally from Denmark, which has been operating since 2013. The exchange claims to have a terminal built on the best technology that lets you trade effortlessly on any of the available trading pairs. With respect to trading pairs, HitBTC is one of the exchanges in the world with the largest selection.

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Bear in mind this isn’t an exhaustive list of all the cryptocurrency exchanges out there. Some exchanges may be better for some situations and currencies. This platform has an intuitive user interface that makes it an easy-to-use exchange for new users to get started with. In order to meet the specific needs of cryptocurrency users and organization, this platform also offer a robust cryptocurrency exchange tool set with advanced features. It is one of the few digital asset exchanges in the world that efficiently supports direct cryptocurrency/fiat trading.

As such, it has never been hacked before, or at least haven’t disclosed any such incidents. Some sources claim that HitBTC was hacked in early 2015 together with BTER and Excoin exchanges, though the information hasn’t been confirmed. HitBTC users can make use of trading bots, which work well with the platforms’ robust API. Note that the content on this site should not be considered investment advice.

Digital assets are NOT backed by any government or central bank. The risk of loss in trading or holding digital assets can be substantial. You should carefully consider whether interacting, holding, or trading digital assets is suitable for you in light of your financial condition. This fee is in line with the historic industry average (the historic industry average is arguably around 0.25%). However, we now see more and more exchanges charging much lower trading fees, many ranging from 0.10% to 0.15%. HitBTC has long been recognized as one of the top exchange service providers in this very competitive sector.

The HitBTC’s Demo Trading is highly functional which sets it apart from other companies. It can be used by novice traders to gain valuable trading experience and gives them an opportunity to learn exactly what HitBTC has to offer. At the same time, it allows skilled users to test out their robots on the demo platform and judge for themselves of the high quality of this new feature.