HitBTC Exchange Reviews
Cryptocurrencies are becoming more popular every day and many are looking for how to exchange fiat money for the cryptocurrency. There are many different ways to get your first crypto, but it is most convenient to use exchange platforms. Today we will consider one of these trading platforms, which is named HitBTC. HitBTC confidently enters the TOP cryptocurrency exchanges in daily trading volume. And although liquidity is a very important indicator for a trading platform, it is far from the only advantage of this platform. We will talk about how to use it, discuss the strengths and weaknesses of this project.
- HitBTC Overview
- Main Features
- HitBTC Fees
- How to Use HitBTC exchange
- Customer Service
- Is HitBTC Safe?
- HitBTC vs Coinbase
- HitBTC vs Kraken
HitBTC Cryptocurrency Exchange is a platform created in 2013 by Estonian experts and Israeli entrepreneurs that allows you to trade more than 300 cryptocurrency pairs. The platform was launched back in 2013 and the investments it received amounted to about 6 million dollars.
In February 2014, the HitBTC crypto exchange was officially launched with the support of the following currency pairs: BTC / USD, BTC / EUR, BTC / LTC, USD / EUR. In April of the same year, developers launched a demo trading, and a little later - an application for voting based on altcoins. Thanks to it, users can choose which cryptocurrencies to add to the exchange.
In the fall of 2016, a service was added that allows you to trade USD and EUR. So, after the verification procedure, the user can enter fiat money on the exchange and go directly to trading operations with digital currency. HitBTC was originally created with the expectation of users of different levels and degrees of training, so when designing, the emphasis was on the simplicity and ease of use of the interface for most people.
At the moment, in the ranking of trading floors with the largest daily trading volume, the HitBTC cryptocurrency exchange is among the top 30 best exchanges. The total trading volume of the exchange for 24 hours is $ 750 million. The largest volumes are shown by Bitcoin (~ $ 175 million), Bitcoin SV (~ $ 171 million), Ethereum (~ $ 57 million), Ripple (~ $ 26 million), Bitcoin Cash (~ $ 41 million).
HitBTC is one of the most reliable exchange platforms with a strong base of satisfied customers. Over the years, the service has been friendly to beginners thanks to its user-friendly interface. HitBTC has about 85 available trading pairs and 370 coins.
HitBTC provides its services worldwide without restriction. The company pays most of its attention to the Estonian and European markets, however, the HitBTC crypto exchange is highly accessible to customers from different countries around the world.
The developers of the website took care of their users, who can trade both day and night, so they developed two types of design - day and night.
It is worth noting that the exchange interface is available in 5 languages: English, Chinese, Korean, Spanish and Portuguese.
Experts agree that the strongest advantage of the exchange is the availability of modern and convenient services for work: current exchange rates, charts, news, descriptions, transaction history, etc.
Indeed, the HitBTC cryptocurrency exchange allows not only profitably selling / buying / exchanging various digital coins, but also being aware of the general market situation in the country and in the world, owning up-to-date numbers and monitoring their dynamics.
Also, a big advantage for advanced traders is the API for using bots, which help to trade cryptocurrency automatically.
HitBTC takes first place in the global cryptocurrency market in terms of liquidity (according to CoinMarketCap).
HitBTC is a high-liquidity platform that provides instant order processing and reduces transaction costs. Therefore, due to its high liquidity, the platform creates low transaction fees. Also, on the HitBTC exchange, there are such coins that are not on other top sites. This makes the platform unique, and traders receive additional liquidity.
It is worth noting, that HitBTC also provides its customers with two versions of the mobile app: Android and IOS. More information on how to download the app, create a new account, etc. you can find here.
There is a huge list of advantages and great features that HitBTc can provide to the users:
- Large range of cryptocurrencies
- No restrictions on depositing or withdrawing digital assets
- Advanced engine matching technology
- Wide range of tools available (over 500)
- The most advanced API on the market (REST and FIX APIs)
- Simple but extensive interface
- There is the possibility of joint trading with other users, which makes it possible to earn more for both parties
But nothing is flawless and there are some things that could be improved:
- No option to use a credit card
- There is a rounding of the minimum bid, which is inconvenient
Deposit and withdrawal fee
HitBTC does not charge a deposit fee. However, there are fixed fees for withdrawals. There are also exchange fees for trading, for example, the purchase of one currency with another. In this case, the commission is 0.1% of the total amount paid by the buyer.
HitBTC employs the “maker-taker” model with the purpose of maximizing liquidity and narrowing the spread on cryptocurrency markets. With this system, “makers” are encouraged to keep adding liquidity to the market.
The chief aim of maker-taker fees is to stimulate trading activity within an exchange by extending the incentive to post orders and facilitating trading.
On HitBTC, "Takers" are charged fees according to Trading Fee Tier.
In our maker-taker model, the "taker" is a trader who removes the liquidity from the book by placing an order that matches immediately with an existing order on the book. The taker pays the fee from the committed trade.
The "maker" is a trader who provides liquidity to the order book by placing a limit order below the best ask price for the buy and above the best bid price for the sell.
HitBTC is known for the fact that thanks to the API, HitBTC can be quite friendly to people who are involved in the creation of trading bots. Thanks to the “Robot-friendly API”, make the most of your trading bot using the leading API and low latency data for the entire cryptocurrency market. You can find more information on API and API Documentation.
How to use HitBTC exchange
There is nothing superfluous on the main page - only basic information. Most of the page is occupied by a chart with the trading volumes of the leading cryptocurrency pairs. In addition to the trading volume, the chart contains the following information: the latest price, exchange rate changes, trading volume for 24 hours, offer to buy/sell.
On the right side are presented forms for registration and a button to enter your personal account, if you are already registered.
How to register on the exchange
You can register on HitBTC with just a few clicks. The system registers each new user who has entered the email address and password (min 6 characters, including a capital letter and number) on the official website of the exchange.
You can do this either in the same window on the main page of the site, or through the "Register" button (in the upper right corner). In the second case, the registration form will open on a separate page.
After indicating your Email and Password, you will be asked to provide with the Resident country, your Full name and Phone Number to finish the registration process.
Next, a letter will be sent to the specified email address with a request to confirm the account.
A feature of HitBTC is the ability to trade without account verification. To work exclusively with digital currency, you do not need to leave any personal data in the system. Verification is only necessary if you plan to use the platform to work with fiat money as well. If you want to replenish your account or withdraw currency, you need the following information: name, country, and address of residence, date of birth, bank account information, scans of relevant documents, etc.
There are 3 levels of account verification on HitBTC, each of which gives the user different opportunities: Starter, Trader and Pro. After the verification is finished you will be granted with the equivalent of 100 BTC daily and unlimited monthly withdrawals. If you are a professional trader or institution and you require higher limits, please complete the PRO verification level.
At the first step, you will be asked to provide your personal information: Name, Surname, Date of birth, Country of birth.
Note, the data must be correct and filled in in English, as indicated in the Identity document.
The second step is a Residential Address form: Country, City, Region (optional), Postal Code, Street Address.
Keep in mind that your permanent address must be the same as your billing address used for official correspondence.
At the next step, you have to prove your identity. Make sure your photos/scans meet the following requirements:
- Documents must be valid
- Photos/scans on both sides of the documents must be uploaded
- Scanned images must be in color and high resolution (at least 200 dpi)
- Allowed formats: jpg, gif, png or pdf
- File size must not exceed 10 MB
- Photos/scans must not be older than 3 months
- Documents must be issued using Latin characters or have Latin transliteration of the main fields.
You must choose one of the following options:
- International Passport (double page)
- Driving license (both sides).
- National Identification Card (both sides) or national passport (double page)
- Please note that the exchange accepts a driver’s license as proof of your identity only if it is a plastic card, and all the information in it is provided by Latin transliteration.
At this step, HitBTC asks us to take a selfie with the documents. You will need to take a photo of yourself holding:
- Your identity document.
- A handwritten note containing your email address, the current date, and signature for HitBTC KYC.
- Your face, ID, and note should be clearly displayed and fully visible.
At the final step you must indicate your mobile phone number by selecting the country code and clicking the "Add" button.
The verification time could take 3-5 business days. This time may increase because after sending your request is queued and processed as far as possible.
You can also get the status of "Professional" (Pro). This gives you the following benefits:
- Storage of BTC and ETH in a cold storage at Sequant Capital in London
- No restrictions - Approval authorized by FCA means that there are no restrictions on deposits or withdrawals.
- After the update, you will be assigned your own personal broker, who will act as your contact center, he/she will provide constant market leadership, research and trading ideas with the comfort of a "private bank account".
- OTC transactions. The exchange can facilitate the blocking of transactions with OTC models from the same account, acting as a bank transfer intermediary in order to avoid counterparty risk.
How to make your account “professional”?
- You are applying to verify your account.
- The exchange conducts KYC/AML checks confirming your identity and source of funds
- You create an account in BTC or ETH with the help of Sequant Capital, which holds it in the cold storage until you decide to withdraw funds
- A limit on HitBTC is set equal to your deposit, and these coins are held on the exchange as initial security 1 to 1
- You can start trading
But in order to qualify for a change in account status, it is necessary that at least 2 of the following criteria are met:
- The client made significant transactions on HitBTC with an average frequency of 10 per quarter (3 months) during the year
- The size of the client portfolio, including cash, securities, and cryptocurrencies, exceeds 500.000 euros
- The client has been working or has been working in the financial sector for at least one year in a professional position requiring investment and trading knowledge
How to deposit on the exchange
After you have created a profile on the exchange, you must enter funds on it to start trading.
To do this, you should click on the tab “Account” and select the coin that you want to deposit on the exchange.
In front of the selected coin in the “Deposit” column, click on the circle with a plus sign to deposit.
A form opens with a QR code and the number of the generated wallet. Copy the wallet address.
Further, the copied address must be pasted into the column “Recipient address” in the wallet from where you transfer funds. It remains to wait for the funds to be credited and you can start bidding.
How to withdraw from the exchange
To withdraw funds from the HitBTC trading platform, in the “Account” section, opposite the coin selected for withdrawal, in the “Withdraw” column, click on the circle with an arrow. Fill in the graphs of the opened form. To do this, specify the number of coins to withdraw.
The next column automatically shows how much you will receive coins in fact, taking into account the commission.
Enter the wallet address to which funds will be withdrawn and click "Withdraw". Wait for the funds to come to the indicated wallet.
Note, if you provide an incorrect digital wallet address (even if you make a mistake of just 1 letter/number), then the withdrawn coins cannot be returned! This is an irreversible operation. Therefore, carefully check the address of your wallet.
How to trade on the exchange
To start trading on HitBTC, you need to transfer funds to the Trading Account. To do this: Go to the “Account” section - here all your balances (funds entered) are displayed
In front of the desired coin, click on the arrow to transfer money from the “Main Account” to the “Trading Account”.
Once you have transferred funds to a trading wallet, you can safely proceed to bidding.
Now you need to go to the "Exchange" section.
It contains information about new trading pairs on the exchange, the choice of a trading pair, the rate chart of the selected trading pair, the open orders of other users, etc.
There is the form for selling currency and the form for buying currency, the history of your transactions will be displayed in this window.
Your open orders are also displayed here along with everyone. There you can find a users' chat as well. In order to write in the chat, on the exchange you must have an amount equivalent to 0.01 BTC.
You can find a graph of market depth below the trading page. Green - how much crypto was bought, red - how much was sold.
How to Buy Cryptocurrency on HitBTC
First of all you should choose a trading pair. To do this, select the main currency to which we will trade (for example, BTC). The main currency is in the header of the chart with the choice of a trading pair.
In the same chart, select the currency that you want to trade - look for it in the list (you can use the search). As soon as you click on both currencies, the page automatically refreshes and displays information on the selected pair.
Below the trading chart, there are two forms for “Buy” and “Sell”.
Before filling in the columns of the chart, you should choose the parameters.
Types of Orders:
- Market - market price, varies depending on the market situation.
- Limit - you set the price yourself, it does not change.
- Scaled - Scaled order - a set of several buy or sell orders, which is automatically distributed between the user-defined price range (from the minimum price to the maximum). The amount may have a flat, upscale and distributed scale.
The Limit order has its own varieties:
- Good-Till-Canceled - Until Canceled - lasts until the order is completed or canceled.
- Immediate-Or-Canceled - Immediately Or Cancel - must be executed immediately. Any part of the IOC order that cannot be completed immediately will be canceled. Partial execution of the order is possible: only part of the coins from the specified total number is bought/sold.
- Fill-Or-Kill - Run Or Kill - Must be executed immediately in full; otherwise, the entire order will be canceled (i.e., partial execution of the order is not allowed).
- Day - Day - automatically expires if not executed on the day the order is placed. The day ends at 00:00 UTC.
- Good-Till-Date / Time - Statute of limitations / Time - automatically expires on the specified date and time.
We will consider the process of buying currency on a limit order before cancellation (Limit - o Good-Till-Canceled) since it is the most common. Trading pair for an example of ETH / BTC.
- Set the required number of coins (ETH) for purchase.
- Set the price which we want to buy coins at.
- Look at how many coins we have (BTC) - how much we can buy ETH for.
- As soon as everything set up - click "Buy Limit" - an order is created. Once it is completed, BTC will automatically be withdrawn from your wallet, and ETH will automatically be credited.
How to Sell Cryptocurrency on HitBTC
To sell cryptocurrencies, it is necessary to do the same actions as when buying coins, that is, fill out the “Sell” form. The only difference will be the price: for buying coins it is more profitable to put a lower price, and for selling a large one.
After filling in the form graph, click “Sell Limit” - at the same time a trade order is created.
When it comes to HitBTC support, it is worth noting that it has noticeably improved over time. Specialists quickly respond to customer questions.
- Support is available around the clock.
- It has a great user interface that all newcomers will understand.
- In addition, the service has an active chat panel in several languages for instant support.
- The Support Center covers almost all common queries you can ask.
Moreover, HitBTC is firmly convinced that digital currencies with good potential should receive the support of a large exchange and hold continuous voting.
Depending on the votes of customers and guests, a coin selected could be included in the list of supported currencies. To vote, users must go to a special web page, find the desired electronic currency and click on the appropriate button.
If you do not see your favorite cryptocurrency in the list, you can add it by clicking on the “Recommend Currency” button.
Another customer service feature that sets HitBTC apart from its competitors is its guest mode. With this feature, customers can easily analyze results in the markets. Everyone is allowed to view the most popular records, schedules and an e-book of orders without having to log in to the account, which is extremely convenient.
Also, HitBTC is active on social media, you can stay tuned with HitBTC on Facebook and Twitter and forward your questions there. If you are interested in HitBTC reviews, you can check it on Trustpilot.
Is HitBTC safe?
The platform was created by outstanding technical minds, high-level financial experts and experienced traders, so HitBTC delivers one of the most reliable, fast and powerful platform solutions on the market.
The HitBTC platform has earned a reputation for being safe, fast and highly affordable. The main HitBTC engine is one of the best technology products in its class, offering traders a wide range of functions, such as checking coins in real-time and removing them from the exchange in case of problems, as well as advanced algorithms for matching orders.
HitBTC protects its users with two-factor authentication, which in the settings can be set for each transaction separately. Also, in the "security" section of the "settings" menu, the user can see the inputs from different devices into the account, where he/she can see information such as IP address and location. Also, if you notice some suspicion, then you can end all sessions. This function can be automatically configured for a certain period of time so that (for example, once a day) all sessions of the account are completed.
HitBTC vs CoinBase
CoinBase cryptocurrency exchange is one of the most popular resources for working with digital coins among traders, which offers the user free reliable crypto-wallets, as well as a functional platform for full-fledged currency trading. It is a regulated company with headquarters in San Francisco. The service appeared in 2012 and in the first two years managed to attract more than a million users. Informative official website, quick withdrawals, professional support managers, etc. - All these factors make interaction with the platform comfortable.
What does Coinbase do better than the rest? It provides an easy-to-use platform, so that everyone can confidently buy cryptocurrencies. It is very convenient and suitable for beginners. Coinbase was designed to allow any user to feel comfortable buying cryptocurrencies.
Nevertheless, the exchange has significant restrictive criteria that limit the deposit and the amount of withdrawal, as well as an extremely limited selection of pairs of virtual currencies. The CoinBase support service is unstable, so all these factors are very inferior to the HitBTC exchange.
Hitbtc vs Kraken
Kraken is an American cryptocurrency exchange, one of the largest in the world in terms of cryptocurrency trading volume. Founded July 28, 2011 in San Francisco and is still based in California. Kraken co-founder and CEO is Jesse Powell. The exchange also has its own iOS app. The advantageous difference between a cryptocurrency exchange with such a relatively long history and most of the other platforms of the cryptocurrency world is that it has never been hacked.
Nevertheless, the Kraken exchange in any review appears as an exchange that is difficult for beginners, unlike HitBTC. It has many features for crypto exchange, which is great if trading is your daily work. But this is too much if you just want to start. Trying to figure out how to use Kraken may take more effort than it’s worth since easier-to-use platforms are available. HitBTC exchange is considered more intuitive for both an experienced trader and a beginner.
The HitBTC trading platform is very convenient and easy to use even for a newbie: everywhere there are detailed tips, and if something remains unclear with them, you can contact a fairly operational support service.
Small commissions are also attracted by the fact that you do not need to go through the procedure of confirming your identity - you can remain an almost anonymous user (you still enter the email when registering).
A good exchange is also the fact that a rather large trading volume is concentrated on it - it is included in the top 10 largest trading platforms for trading. This suggests that many users around the world trust HitBTC. In accordance with all the reviews and information checked, we can say that HitBTC is legit and definitely not a scam.
Do not forget that cryptocurrency exchanges have a tendency to close the registration of new users but also often close the wallets of different coins for servicing. Therefore, we advise you to register immediately on HitBTC, so that you always have an account on this exchange, if suddenly the developers want to close the registration of new users in case of a huge influx of new customers.
I wish it had less maintenance, but, I can say that, they finish quickly,it doesn't bother me a lot. Apart from that, I'm pretty satisfied.
Definitely, one the most reliable exchange on the market, the importan thing they are really working with their clients. The have support coverage in telegram and in the website chat box, both of them are equally useful and helpful. Have been using it since 2018 and I have only good words about these guys.
Lost access to my Email and when I asked for help they told me my account was lost. When I recovered my Email my funds were frozen and I was unable to trade or remove funds. I do not trust HitBTC and their fees are awful.
Never used anything better then this. I've read some negative reviews, but it's surprised me, because I've never faced such issues and problems, hitbtc is extremely good.
The chat box and support are the best. They are helpful and supportive. The exchange service is on the high level
The exchange is amazing, I got no problems with that I completed the KYC and then I have multifunctional exchange with detailed chart and helpful support coverage. Well done!
Hitbtc works without big disruption. I remember just a couple of the website problems and a little pendings, but all of these were resolved quickly. I wish it had the mobile app, I am eager to use it on my phone. That's my suggestion. I see, that there is a demo version, but it still doesn't work properly. Anyway, hitbtc is cool traiding room.
I started to use the platform just a month ago and everything is perfect so far. I didn't have any issues. Especially, I like the chat box, sometimes it's just fun to scroll it down or read, that's cool.
No doubt, Hitbtc is amazing! The great website with the great speed of the operations. Sometimes I see different maintenance and fork, but all of them are usually declared in advance and I didn't have the problems with that. In general, Im glad that I found Hitbtc and I'm gonna continue to use it.
The high level exchange, I think they've shown a great growth for a recent year and nowadays it one the fast growing platform on the market. Well done.
The full and detailed review for a great platform. I'd add, that Hitbtc has one an important feature. They have a dialogue with their traders. Hitbtc is open resource and you are free to give them any feedback and this opinion will be heard. It doesn't matter good or bad - any comments will be used to improve and fix something. There are some issues sometime, delisting or pending, but I see that the dev team does the best to inform traders and give them a guide not to lose everything. That's cool to see such a patient work.
I make the withdrawals with the big amount and these guys never blocked or suspended any of my operations. The support is truly supportive, fast respond and helpful answer. Thank you guys!
I enjoy dealing with Hitbtc. All my requests and questions are resolved quickly. I remember, that I was demanded to complete KYC, because I changed my phone. I did it just for a day, no issues with that at all. Also, I think they trading charts are one the best I've ever seen. All the data is shown clearly and it's regularly updated.
I think, hitbtc has a great support coverage. I can get help just texting in chatbox, or text in telegram or create a ticket. The support is able to provide the help everywhere. I appreciate it.
Good exchange for day trading