HitBTC Review- Scam or Legit?

/HitBTC Review- Scam or Legit?

HitBTC Review- Scam or Legit? 2018-02-13T15:20:15+00:00

What is 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.

HITBTC review

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!