HitBTC Exchange Review- Scam or Legit?

/HitBTC Exchange Review- Scam or Legit?

No more reasons to wonder if HitBTC is legit or scam, we have the answers for you.

HitBTC Exchange Review- Scam or Legit? 2018-04-30T13:57:14+00:00
HitBTC Exchange Review- Scam or Legit?

HitBTC Review

Quick inner navigation:

  1. What is HitBTC?
  2. HitBTC Available cryptocurrencies
  3. HitBTC Limitations and Verification
  4. HitBTC Fees
  5. Is HitBTC safe?
  6. Customer support
  7. How to use HitBTC?

HitBTC is said to be one of the most advanced crypto exchanges in the crypto market. HitBTC was registered as a crypto exchange in 2014. HitBTC offers its services to most countries except those without Anti-Money Laundering/Counter-Terrorist Financing laws. The exchange claims to offer an extensive range of crypto tools and features for both novice and advanced traders. HiTBTC is also among the few exchanges that offer direct fiat/crypto trading, although traders need to go through a stringent verification process to be able to use this feature. So, let’s review further what HiTBTC exchange has to offer enthusiastic crypto traders.

What is HitBTC?

HiTBTC is a trading platform and cryptocurrency exchange that supports a wide variety of cryptocurrencies and other digital assets. According to Coinmarketcap.com, HiTBTC’s daily trading volume is 36,000BTC.

The success, growth, and popularity of the exchange are attributed to a number of factors including:

  • A dependable and stable API.
  • Intuitive user-friendly interface.
  • Low fees.
  • Good security.
  • A good range of crypto trading tools, features, and services.

No information exists that clearly states where HitBTC is located or registered. Some say Europe, others say Hong Kong. What is known is Hit BTC is run by a Chicago based company called Hit Techs Limited.

HitBTC Limitations and Verification

There are three types of accounts offered by HitBTC.

  • General

With the general account, you can deposit an unlimited number of cryptocurrency and it’s free of charge. You can make withdrawals of up to, but not exceeding €5,000 per day worth of crypto. Fiat deposits/withdrawals are not allowed.

  • Verified

If you have a verified account, you can deposit an unlimited number of cryptos free of charge. The withdrawal limit on this account is €25,000 worth of crypto per day. Fiat deposit and withdrawal limits are 2,000 (USD, EUR) per week and 10,000(USD, EUR) per month. If you want to make larger deposits or withdrawals, you need to be a “Qualified” account holder.

  • Qualified

A qualified account holder can deposit and withdraw any number of cryptos per day. Deposits are free of charge, while withdrawals attract a fee. Fiat deposit and withdrawal limits are 10,000(USD, EUR) per week and 50,000(USD, EUR) per month.

Buying and selling payment methods

HitBTC supports only two types of payment methods: bank transfer and cryptos. So if you are buying crypto using fiat, you can do this by transferring some USD or EUR from your bank account and into your HitBTC account.

For cryptos, you can move your coins from an external crypto wallet accepted by the exchange. The good thing is HiTBTC accepts a wide range of crypto wallets.

HitBTC offers its services to most countries except those without Anti-Money Laundering/Counter-Terrorist Financing laws.

HitBTC Available cryptocurrencies

Cryptos: Bitcoin, Litecoin, Ripple, Doge, Bitcoin Cash, Dash, Ethereum, and 100+ altcoins.

Fiat currency: USD and EUR.

Verification requirements

When you sign up an account with HitBTC, you don’t need to be verified unless you want to fund your account with Fiat currency. If that is the case, you need to contact them at compliance@hitbtc.com and request for an account verification. It is advisable to use the same email address as the one you registered your HitBTC account with when you send the verification email.

Make sure to include the following details in your email:

  • Government Issued Identification.
  • Your Address
  • Proof of Residences, such as a utility bill or tax return form.
  • Your bank account information.
  • A bank statement or other document to prove you are the account holder.

Verification can take 3-5 business days but in most cases not more than 3 days.

HitBTC Fees

HitBTC has incredibly low fees and it uses the maker-trader model to maximize liquidity and narrow the spreads on their markets as well as encourage the makers.

The trading fee, which is paid by the taker is 0.1%, while makers are not charged a fee; instead, they get a 0.01% rebate from each trade.

Fiat withdrawals and deposit fees are as follows:

Payment Method Deposit Fees Withdrawal Fees
SEPA transfer <€50 000: €5 <€50 000: €30
SEPA transfer >€50 000:1% >€50 000: 2%
Wire transfer 1% 2%
Crypto 0% Network fee

Cryptocurrency deposit and withdrawal fees

Currency Deposit Withdrawal (Network Fee)
BTC No fee Flat rate 0.00085
LTC No fee Flat rate 0.001
DOGE No fee Flat rate 1 D
NXT No fee Flat rate 1 NXT
BCN No fee Flat rate 0.01 BCN
NBT No fee Flat rate 0.02 NBT
XDN No fee Flat rate 0.001 XDN
QCN No fee Flat rate 0.005 QCN
XMR No fee Flat rate 0.1 XMR
FCN No fee Flat rate 0.000001 FCN
LSK No fee 0.1 LSK
STEEM No fee 0.01 STEEM
SBD No fee 0.01 SBD
EMC No fee 0.01 EMC
SC No fee 10 SC
ARDR No fee 1 ARDR
ZEC No fee 0.0001 ZEC

Special features

  • OTC trading – the commission is 0.1%.
  • Affiliate Program – you can withdraw your earnings once the balance reaches or exceeds 0.01BTC.
  • Market Makers contracts designed for expert traders that they can capitalize on and earn rebates and bonuses.

Is HITBTC safe?

Is HitBTC legit? Is HitBTC scam? Let’s try to find answers to similar questions and more.

Community trust

Can I trust HitBTC? If an exchange has plenty of positive reviews that show that it’s doing something right. HitBTC not only has a good reputation, it has also put in place stringent security measures to ensure the integrity of your account is not compromised.

Security

There is the 2-Factor Authentication feature you need to enable once you have registered an account with the exchange. But it can only be used together with Google Authenticator. There is also a verification feature for withdrawals, which HitBTC strongly encourages users to enable. Also, ensure you have a strong password. Do not use your names, dates or words. Use a combination of numbers and symbols for your password.

Other additional tools provided include:

  • Email notifications when you login from a different IP.
  • There is a “Terminate all sessions” to terminate all other sessions, except yours.
  • Automatic logout

Customer support

If you have any questions or you require help with something, contact HitBTC support team via their ticketing system. You can select a category from the list provided, fill out your full names, address, and add a comment. You can also get more information by visiting their forum.

Handling speed

Deposits are fast, but there have been complaints about the withdrawals taking too long.

How to use HitBTC?

  1. Register an account. You don’t need to verify the account to trade Bitcoin and other digital currencies available on HitBTC. But if you want to use Fiat, the account has to be verified first.

Generally, there are three types of accounts: General, Verified and Qualified. General accounts allow crypto transactions only, while Qualified and Verified accounts allow both crypto and fiat transactions.

  1. To make a deposit into your account, you can either deposit fiat via bank transfer or deposit coins from a HiTBTC supported crypto wallet.
  2. To start trading, navigate to the “Exchange” page, which is on HiTBTC’s main page. From there, you can do more than just trading. You can view orders, charts and even interact with other traders via their live chat “Trollbox.”
  3. To make an order, you can choose from four different types available: a market order, limit order, stop order and stop limit order. Limit and market orders let the traders buy and sell crypto at a given price (market price or limit price).

There are advanced orders for traders who trade in large volumes. These include scaled orders, iceberg orders, and time-weighted average price orders. Advanced orders help traders manage risk while still being able to trade a certain amount of assets without having to monitor the market 24/7.

HiTBTC also offers conditional orders, and they include Fill or Kill order, One Cancels Other order, Hidden order, and Post-only Limited order. Each of these orders is only executed when a certain condition has been met.

Users who are not ready to use real cash or crypto to trade can use HitBTC’s “Demo Trading” feature to practice and learn how the exchange works.

HitBTC Review Summary

HitBTC has been a focus of good and negative reviews in the past. Like all other crypto exchanges, it has had its fair share of challenges. But, we have to agree, it does offer traders a wide range of trading tools, features, and services compared to many other crypto exchanges.

So, is it worth trying out? Ultimately, that is for you to decide. But, all in all, HitBTC is designed to accommodate both advanced and novice traders. It also a suitable platform for traders who trade large volumes.

Pros

  • Low fees.
  • Intuitive user-friendly interface.
  • High liquidity.
  • Stable uptime.
  • Multi-language support.
  • Stable API.
  • Unlimited crypto deposits and withdrawals free of charge.
  • Support of many altcoins.
  • HitBTC Bug Bounty reward program.

Cons

  • No mobile app support.
  • Slow withdrawal times.
  • Too many documents needed for account verification.
  • Limited payment options.

Learn more about crypto trading through our website. Thank you and hope to see you next time!

Leave A Comment27 Comments on "HitBTC Exchange Review- Scam or Legit?"

  1. bobos
    bobos March 10, 2018 at 5:26 am

    A distinctive feature of HITBTC exchange is demo version: each user before top up the account with his own funds can get used to the functionality of the trading platform, evaluate its capabilities and finally make a decision – to trade on the exchange or not.

    As you are trading on an open market with buyers and sellers, their fees are competitively low but it does come at a price of user-friendliness. You are however not required to verify your account before trading, but this is likely because they do not accept credit card deposits. .

    1
    • Samuel Gilmour
      Samuel Gilmour March 10, 2018 at 10:10 am

      Thanks for your comment. We will check it and update the review.

      0
    • Victor Morgan
      Victor Morgan April 2, 2018 at 4:28 pm

      Can you withdraw from your account before being verified ?

      0
  2. yola
    yola March 18, 2018 at 6:06 am

    Hitbtc exchange is working for years, but not keen to develop so far. It doesn’t have a mobile application, therefore on business trips you have to trade with the browser version on your phone. A lot of new tokens were added, the performance of the system was improved, commissions were reduced, and the overall positive result is still evident.

    1
    • Mark Schwarz
      Mark Schwarz March 18, 2018 at 8:56 am

      Thank you for reading! Have a nice day.

      0
  3. Marik
    Marik March 22, 2018 at 4:22 am

    I’ve been trading IOTA most recently on hitbtc. I’ve earned a little. But negative comments are confusing me.Is that true? In my view, hitbtc is not as bad as pepole say

    1
    • Briane
      Briane March 27, 2018 at 4:31 am

      Hitbts seems good, i’v decided to buy IOTA on this exchange, it seems there is no need for the verification, i think there’s maybe only a few place where that is possible. Don’t know what to do with the protection,what do you think, to switch it on or off?

      1
      • Victor Morgan
        Victor Morgan April 2, 2018 at 4:30 pm

        Can you withdraw from your account without being verified ?

        0
  4. Vladimir
    Vladimir March 26, 2018 at 9:35 pm

    The speed of the entire system and the site is fascinating. A lot of trading pairs are very cool decisions. Thank you for such a simple and modern site crypto exchange

    1
    • Alben
      Alben March 30, 2018 at 9:29 am

      i came accross ambivalent reviews of Hitbtc, both good and bad, but i’m always looking to check it on my own. there’s 1 thing i can tell you, don’t believe anyone. it’s not a big deal to send a tiny amount to fill an account and get what really Hitcbtc is about.

      0
  5. Tim Robson
    Tim Robson April 3, 2018 at 12:20 pm

    I deposited all my NGC tokens into Hitbtc and they took them all as fees!! I contacted them many times but they refuse to help.

    2
  6. Andrew
    Andrew April 4, 2018 at 8:14 am

    I’ve ben using hitbtc for 3 months. Everything works fine, but sometimes I notice how the system lags, but maybe it’s because of my weak computer, who knows. Anyway I like this exchange!

    1
    • wim
      wim April 6, 2018 at 8:34 am

      good support team! i did something wrong with an ETH transfer. It took some time but the Hit-BTC Support team did a great job succeeding to recover my transaction and make my funds available again. Very friendly staff!

      1
  7. max jedinski
    max jedinski April 8, 2018 at 12:39 am

    HitBTC is a scam, or more precise they run multiple scams. They sold ICX (ICON) tokens that are not redeemable. Their customer support is totally ignoring inquiries concerning several issues (the scams). They are not based in Hong Kong, it is only an address to misleading customers. They are hiding away from legal regulations, with shady business constructs.

    1
    • Mark Schwarz
      Mark Schwarz April 8, 2018 at 12:34 pm

      Thanks for letting us know, Max.

      0
  8. bruceckiper
    bruceckiper April 10, 2018 at 2:03 pm

    I like that I can trade with low commissions. Although this is not the best exchange, but it’s pretty good.

    2
  9. Aaron Ainslie
    Aaron Ainslie April 11, 2018 at 8:01 pm

    I just signed up to use the Demo Account first — but it is not available. They say they are upgrading the demo account. So I’ll check back with them later.

    0
  10. rigz
    rigz April 14, 2018 at 11:29 am

    I was looking for an exchange that would suit me for a long time. Stopped at the hitbtc because it’s the exchange with a lot of pluses such a low fees or a huge amount of coins.

    1
  11. Frederick
    Frederick April 14, 2018 at 7:56 pm

    My account was blocked and support didn’t answer for several days. I thought that hitbtc is a scam, but in the end the problem was solved, thanks for that!

    1
  12. gex
    gex April 17, 2018 at 1:25 pm

    Hitbtc is a safe exchange and was never hacked whcih means that it did not experience serious problems. the same can’t be said for other exchanges where big amounts were withdrawn from,

    1
  13. Frank
    Frank April 17, 2018 at 7:42 pm

    Сonvenient for trading. verified.

    1
  14. Marvin
    Marvin April 24, 2018 at 5:40 pm

    I apologize, but bad comments write only noobs. Hitbtc is a large company that provides excellent service to us. And whether to use this exchange or not – this is up to you!

    0
  15. Mark D
    Mark D April 26, 2018 at 4:48 pm

    This is sad they don’t have a mobile app. Somebody tell them what the year it is! But everything else is great. The exchange is very reliable and support works well.

    0
  16. Dereck
    Dereck May 2, 2018 at 6:13 pm

    A reliable exchange. Most often bad reviews are written by people who themselves do something wrong. And those who are satisfied with everything – do not even think about writing comments, because everything is fine.

    0
  17. Majeed
    Majeed May 4, 2018 at 3:49 pm

    Please let me withdral my funds !!
    I deposited BTC to HitBTC and tried to withdral to same address! “currency operations not available”
    ticket ID #289353

    0
  18. AlbertK
    AlbertK May 8, 2018 at 3:11 pm

    I like only they often add new coins.

    0
  19. Tyree
    Tyree May 16, 2018 at 4:12 pm

    Hibtc is no different from the others. Something is even better.

    0