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BROKER REVIEW

HITBTC

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October 17, 2021 | 

Jesus Guzman |  0 Comments | 

604 Views

HITBTC BITCOIN EXCHANGE GENERAL OVERVIEW

Our Pick

Mimimum Deposit

$30

Crypto

currency
currency

Regulation

country

Our Score

9.5

HitBTC offers several features, one of them being the API that third parties use on their sites. However, it falls short: having a dedicated mobile application. However, having no mobile application doesn’t limit users since they can use web-browser.

HitBTC is a crypto exchange based in Europe and started in 2013 and is currently under HitTech Limited in Chicago. Unlike its name (which contain the BTC abbreviation), HitBTC is a multi-currency exchange rather than a Bitcoin-oriented platform. The greatest benefit is that it supports many cryptocurrencies (more than 400), including major crypto-assets.

To access this multi-currency exchange, you only need an internet-connected device since they have no mobile application. The HitBTC exchange accepts and supports fiat currencies when buying cryptocurrencies. It is open to newbie investors, making it much better than other exchanges where you need starting knowledge to make your way through their platform. This review aim at making things easy for users to understand more about HitBTC API.

HitBTC Background information

It was founded using venture capital money amounting to 6 million euros. The founder and the mastermind of this website are still not known up to now. However, it looks like it was a company that started it with the thought of starting a cryptocurrency exchange.

The first time this platform was hacked was in 2016. Although there was not much information in the press, users lamented their displeasure on review platforms and online forums. Many users complained about their lost coin, while others complained about no or delayed withdrawal from this exchange.

The HitBTC exchange fees structure is fairly competitive and different from other exchanges in the market. They charge takers (seller placing ask order) 0.1% and offer makers (buyers placing bid order) 0.01% rebate.

This design or mechanism is used nowhere else and is the best way to invite different users to buy coins and not sell theirs. All other exchange charges buy and sell-side of trade in one way or another, but HitBTC exchange is the only one that offers rebate during buying.

List of crypto coins offered in Hitbitcoin exchange

There are more than 400 cryptos, including majors once like:

  • Bitcoin cash (BCH)
  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • DASH
  • Ripple (XRP)
  • Veritaseum (VERI)
  • Menero (XMR)
  • Other altcoins not available on other cryptocurrency exchange

Advantages of using HitBTC

HitBitcoin exchange doesn’t require any minimum deposit. Therefore, you can start trading using your small amount before gaining more confidence.

The largest advantage of using this exchange is the low fees. The trading and transaction fees are always 0.1% which can be considered lower than other exchanges.

Hitbitcoin offers government-issued currencies a medium to exchange for cryptocurrencies. It offers a wide range of crypto to crypto pair trading and fiat currencies to cryptocurrency trading. Therefore, first-time traders are easily attracted since they can convert their fiat currencies to cryptocurrency very easily suitable for different areas like socket spot trading.

It has over 400 cryptos for trading. The huge army makes it the best and one exchange for all. It contains almost all the biggest crypto like bitcoin and Ethereum and upcoming coins like reduction.

Registration is fast and smooth. The only thing you need is a device to connect to the internet and an email address. Start by entering your email, then a strong password and a verification message with a code will be sent to your email.

When using this exchange, you can be anonymous. You can use a pseudonym to register if you wish to give half information. The only challenge you get when anonymous is lacking higher account levels due to a lack of verification.

Three levels of accounts are available in Hitbitcoin to differentiate and maintain the integrity of accounts: verified, qualified and general. Every Hitbitcoin account has a benefit. Note that the more you add new information, the easier it becomes to reach the verification level.

The available interface is perfect for skilled crypto-experts and seasoned traders. The main aim of this platform is to maintain high-end traders for the longest time possible. There are also high-end security aspects that are activated by the website hence another security.

Disadvantages of participating in HitBTC

It only allows certain fiat currencies like GBP, USD, and EUR. Therefore, traders only can use these currencies for crypto-assets.

You can only use bank transfers to fund your HitBitcoin account, but no use of debit or credit card and PayPal. So, you can use either two methods: bank transfer or through crypto from any external wallet.

The interface is great for the expert trader but not suitable for first-timers/newbies. First-timers will find the platform more confusing, and if not used properly, they can lose coins.

No mobile application. However, it provides third-party APIs. This means that you can only use a computer or web browser, which is not recommended since you cannot trade on the go. Beginners should not trade on the go, unlike experts who would love this functionality.

The verification process wastes a lot of time. It can take up to 10 minutes to verify a general account during congestion and high traffic time.

Experience in using HitBTC exchange

Despite the fact that new account registration is easy on HitBTC, verification of the same can require some time (most new users complain about the slow verification process). You should not expect a quick return from HitBTC’s side.

You can use either of the three accounts options available on this platform. The general account allows you to deposit any crypto for free with a daily crypto withdrawal limit of 5000 euros.

The second account is verified, which offers free crypto deposits and has a max daily withdrawal of 25000 euros on crypto-assets. You can also deposit up to $2000 fiat currency (USD or EUR) per week.

The final tier account is qualified, which does not allow paying for any cryptocurrency deposits. This account allows withdrawal of over $25000 crypto per day. The fiat deposit and withdrawals permitted in the qualified account are $50000 (USD or EUR) per month.

Fee structure

The HitBTC exchange fees structure is among the most competitive in the crypto market. Traders benefit from a tiered fee structure that offers more fee savings for more traded volume on a given month. It is cheaper compared to other competitors in the market.

Trading features

This platform offers a complex yet informative interface for people looking for the best platform to trade smoothly and seasoned traders. It might not be that good for first-time investors and newcomers, but experienced investors will enjoy this interface.

They use their special Trading view to provide detailed charting and pop-up features for in-depth chart analysis. The new section available will help to alert when there is a breaking news and act as a liquidity indicator.

Customer support

Live chat is available in different selected languages to solve arising issues and concerns.

Demo trading

HitBTC exchange offers highly functional Demo trading, which distinguishes it from other exchanges. It can be used as a liquidity indicator and used by traders to gain trading experience and learn what this platform is all about.

In a nutshell, the HitBTC exchange may have many advantages and disadvantages, but the pros are major to ignore its upside.

They need to improve on their withdrawal time to retain their users. Most traders complain of withdrawals not reaching them in time and lost trades. If they focus on improving customer experience, they might increase their user base in a short period.

TAGS: BITCOIN

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