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HitBTC Review 2020

HitBTC Review 2020

Self professed as “the most advanced cryptocurrency exchange”, HitBTC was founded in 2013 and is widely known for providing access to over 800 currency pairs and 500+ spot instruments. This HitBTC review looks at its pros and cons and whether it is worth using. HitBTC’s 2-factor authentication and detailed KYC verification provides a seemingly safe platform for clients to trade using, which has led to HitBTC becoming one of the most popular cryptocurrency exchanges.

However in the past, it’s been criticised for lengthy withdrawal times due to technical maintenance issues, which has left clients feeling frustrated. In some cases the support team hasn’t been able to offer a quick solution, prompting the question, is HitBTC safe? In this HitBTC review, we take a deeper dive into what makes the platform so popular and alternatively, some of its downfalls.

HitBTC: Pros & Cons
  • Over 800 trading pairs supported
  • Offers trading contests where users can win prizes for successful trades
  • Demo mode for new traders
  • Robot-friendly API
  • Slow withdrawals
  • No information on HitBTC’s founders

Usability, Look & Feel

In this HitBTC review we ask, is HitBTC safe? HitBTC provides 2-factor authentication, whitelists and cold storage custody solutions. The account holder can create a whitelist of addresses, ensuring their coins and tokens aren’t available for withdrawal to another address. Cold storage custody is one of the most secure cryptocurrency storage solutions, providing offline storage to users and not leaving the cryptocurrency vulnerable to hackers.

Although HitBTC seems like a secure platform, this wasn’t always the case. Two years after the company was founded in 2013, it went offline for a short while. During this time, users were left unable to withdraw their funds and were faced with a lengthy waiting time anticipating the clearance of their withdrawal. HitBTC scams started featuring in HitBTC reviews, but the issue was found to be caused by technical issues and has since been resolved. Aside from this minor event, HitBTC has not faced any major security issues.

Concluding this section of this HitBTC review, HitBTC has been given mixed reviews from real users and the general consensus seems to be that it’s not made for beginners. Due to the detailed nature of the platform, it’s more suited to experienced traders who are comfortable with terminology, charts and trading. This is made further apparent by the lack of a real time customer support system, which is a feature of other exchanges. Later on in this HitBTC review we are going to be looking at how beginners can utilise the support center for trading knowledge.

Payments

As previously mentioned in our HitBTC review, there are varying fees for transactions. We’ll now look at depositing via the platform. Although HitBTC deposits do not include fiat currencies, users can buy bitcoin using their Visa or Mastercard. Customers can send purchased coins to the HitBTC deposit address. However, HitBTC regularly upgrades deposit addresses, so users need to make sure they select the right one during each deposit. Choosing the wrong address means funds may not be retrieved.

To complete a HitBTC withdrawal, the coin needs to be held on the users trading or main account. As with the deposit, customers need to make sure they have selected the correct address to withdraw to, as the transaction cannot be reversed.

The HitBTC minimum deposit fee is 0.0006BTC per deposit, as a flat-rate fee. For a HitBTC withdrawal, the fee is 0.00085BTC. There is currently no HitBTC withdrawal limit.

Deposit and withdrawal credit times vary from time to time, dependent on the coin. Also dependent on the coin, the HitBTC minimum deposit and withdrawal amount varies. Each HitBTC trading pair has a lot, which is the minimum value you must deposit or withdraw. For Bitcoin, it is 0.01BTC and this is the minimum that can be bought or sold. As there is no HitBTC withdrawal limit, clients can withdraw as much profit as they desire. This concludes this section of our HitBTC review.

Customer Service

Many HitBTC reviews highlight the importance of the need for excellent customer support. HitBTC’s support centre is the main form of customer service provided to users. With an absence of a live chat feature, customers can be left feeling frustrated if their query isn’t solved quickly. To add to the list of missing customer service features, HitBTC also doesn’t have a customer service telephone number, relying solely on a single email address for all queries that can’t be solved using the support centre. This is a theme that is present in many HitBTC reviews.

Offered in five languages (English, Spanish, Portuguese, Simplified Chinese and Korean), HitBTC’s support centre isn’t inclusive of its global users if they do not speak any of these languages. However, the support centre contains detailed, step-by-step articles and instructions on how to achieve certain functions, including deposits, withdrawals and other, more difficult processes.

License & Security

Mentioned previously in this HitBTC review, there isn’t much information regarding whether HitBTC is licensed or not, leaving customers open to fear of HitBTC scams. Although the exchange seems to be safe, considering its secure whitelists, cold storage and encryption, there isn’t any further information. BeQuant is listed as HitBTC’s partner company and is said to be at the forefront of developing regulatory legislation in cryptocurrency markets, however as with the license, there doesn’t seem to be much more information included on the site regarding other investors.

The encryption technology used on HitBTC means it’s safe and secure to trade on the platform, however once again, there aren’t many more details available on the site. HitBTC’s KYC and verification process is reliable and ensures users under 18 years of age are prohibited from opening an account and trading.

HitBTC Crypto

Trade Offer

Continuing our HitBTC review, we’ll now look at cryptocurrencies in more detail. Cryptocurrencies are digital currencies that are based on blockchain technology. Well-known and the pioneer cryptocurrency, Bitcoin makes up the majority of trade volume across all cryptocurrencies. Many of the most popular exchanges encompass excellent security, provide real time support and support a wide range of cryptocurrency pairs. In the digital market, cryptocurrency exchanges, especially those that foster a diversity of trading pairs, play an integral role in maintaining trading volumes. Following the success of Bitcoin, ‘altcoins’ such as Ethereum and Litecoin were introduced and are now permanent fixtures of cryptocurrency exchanges.

This HitBTC review details which other cryptocurrencies are supported on the platform, how to navigate HitBTC deposits and how to trade. HitBTC markets support more than 800 trading pairs, encompassing Bitcoin and a variety of altcoins including Ethereum, EOS, Litecoin, Tron and others. HitBTC also supports lesser-known altcoins, diversifying its range for clients.

The HitBTC trading platform allows for both native HitBTC and TradingView charts, making analysis and trades much easier for clients. It also offers a programme where users can refer others using a HitBTC referral code. When new users use a HitBTC referral code, the trader who referred them can gain up to 75% rewards from their trading fees. HitBTC futures trading is also offered on the platform.

Trading Costs

Moving on in our HitBTC review, let’s look at some of the trading fees. The HitBTC price for trading is based on the “maker taker” model. HitBTC trading fees aim to narrow the spread on cryptocurrency markets and increase liquidity. The way the HitBTC trading fees model works is that “makers” add liquidity to the book and “takers” remove liquidity from the book.

HitBTC provides users with three types of accounts: starter, general and upgraded. Both the starter and general accounts have fixed fees – 0.1% maker fee and 0.2% taker fee. The upgraded accounts have a trading fee tier system, dependent on the number of trades a user conducts. The higher the trade volume, the lower the HitBTC price for fees. They range from 0.07 to minus 0.01 and from 0-100,000 BTC. Later on in this HitBTC review we look at the HitBTC minimum deposit and HitBTC withdrawal fees.

Trading Conditions

HitBTC markets are available to most countries and jurisdictions across the world, however there are some exceptions. Stated in its terms of service, HitBTC trading is prohibited for residents of the USA, North Korea, Sudan, Crimea and Sevastopol, Cuba, Syria and any state, country or jurisdiction embargoed by the USA. Additionally, HitBTC trading has been temporarily suspended for residents of Japan, with users unable to continue using its services.

Accessing HitBTC markets from a restricted jurisdiction can result in account closure and liquidation of open positions on the account. Further terms specify that users must not use the platform to pay for or support illegal activities, something cryptocurrencies have been criticised for in the past. Robots, spiders, crawlers and scrapers not provided by HitBTC also must not be used to extract data.

Product Conclusion

In this HitBTC review, this HitBTC how to trade guide details the step by step process on completing a trade.

The first step in this HitBTC how to trade guide is creating an account by visiting the HitBTC website. You should then receive an email, containing a link to activate your account. Once this link has been followed, your account is now active and you can begin trading. By going onto your account settings and the KYC tab, you can verify your account – you’ll need to upload various photos and documents to confirm your address and other details. There should be a button to ‘request verification’ once you have filled in the KYC details. KYC provides an extra layer of security to your account.

To deposit pre-purchased coins, you must check that the platform supports the coin you want to deposit. Otherwise, you can purchase BTC using your Visa or Mastercard. Go to your account page and use the green deposit button to begin the process. Using the search bar, find your cryptocurrency and click on ‘create new’. This will reveal your wallet address. Copy your address to use it to initiate a transaction on the platform where your money is held. For some coins, you may need to use an additional payment ID to kickstart the transaction.

Once the funds have credited into your account, you can begin trading. Start off by transferring the funds from your main account to your trading account. This can be done by clicking on one of the blue arrows between the accounts. Go onto the trading terminal, select a trading pair and set up an order. There are four types of orders: market, limit, stop and stop loss. There should be a question mark next to each order type which will give you more details on the type of order. Once you’ve opened a trade, you can view the position by going on ‘my orders and trades’.

We’ll conclude this section of our HitBTC review with information on how to make withdrawals. To withdraw funds, go to your account page. The funds must be transferred into your main or trading account. Simply click on withdraw and enter the amount you’d like to withdraw. There must only be eight digits after the decimal point, otherwise withdrawals won’t be processed. Choose your destination address and enter it into the address field – this transaction cannot be reversed so make sure you have the correct address. Some coins may need a payment ID to withdraw – if this isn’t needed then that field can be left blank. Click on the ‘confirm withdrawal’ payment and wait for a confirmation email to arrive in your inbox. By following the link in the email, your withdrawal will be processed.

Overall Conclusion

HitBTC reviews show that it has been given mainly positive feedback from customers. Its 2-factor authentication and encryption technology has appealed to many users, who have left positive feedback. However, the fogginess surrounding company owners, licensing and lengthy withdrawal times is a cause for concern amongst clients. Overall, HitBTC reviews show it seems to be deemed as a ‘mid-level’ exchange, with pros and cons. It is trusted by clients but could also benefit from improvements to increase client satisfaction, including adding a live chat customer service feature. Three years ago, HitBTC futures trading became available on the platform, allowing an enhanced customer offering.

Concluding this HitBTC review: HitBTC is a popular, advanced platform for experienced traders and offers a wide variety of cryptocurrency pairs. From its support centre to online community, it provides detailed information and a safe platform for traders to use. Based on its cold storage solutions, lengthy KYC procedure and 2-factor authentication, it’s certainly secure. The absence of customer service could be a potential downside but the associated pros outweigh the cons, making it a good cryptocurrency platform to join. It is worth signing up to if you are a trader looking to diversify your portfolio with a variety of cryptocurrencies.

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