When we talk about HitBTC, it is one of the most popular and momentum gaining cryptocurrency exchange. Stressing upon the exchange’s Bitcoin trading volume value which stands at $276,442,965.
HitBTC also offers an out of the box trade for all coins. The exchange has dedicated API’s which are pretty friendly to crypto enthusiasts which are looking forward to creating trade bots.
HitBTC located in Hong Kong (China)
Although on the internet the exchange claims to be an EU-based crypto exchange, their official website states that they are being operated by a company called HIT solutions Ltd. The odd thing is that this company is located in Hong Kong. HitBTC is doing business since the financial fiscal year 2013 and the portal has continuously boosted its efficiency when it comes to the matching algorithms. Also, being a well-established cryptocurrency exchange, the exchange is not registered as a payment provider. HitBTC only provides banking services to the likes of major market makers and institutional investors. The fees at the portal stand at 0.10% and one should take note that in case an order is not executed immediately, a rebate of 0.01% is also possible.
History on HitBTC
One should know that this crypto exchange was hacked in the year 2016, though the portal didn’t provide much information on the entire incident. The intriguing part is that you might not be able to see any customer complaints about that particular event but one can observe an array of negative feedbacks which are available in forums across the internet. There are reportedly over 150 digital assets available on the portal which can be traded for Ethereum (ETH) or Bitcoin (BTC).
When it comes to the fiat currency, there are an array of coins which can be traded against the Euro (EUR) as well as Tether (UDST) (USD/Tether is a cryptocurrency which has been supported by the real dollars). The portal also went ahead and added a rule which made it compulsory for many coins to be traded in a divisible of 100 & 10. Also, since the majority of cryptocurrency exchanges have implemented segwit, unlike HitBTC, their withdrawal fees is much higher. The exchange is also very active on social media.
Since HitBTC offers a transparent and direct cryptocurrency & fiat trading, a user is required to go through a robust verification process to make it happen. Currently the major cryptocurrencies apart from Bitcoin (BTC) and Ethereum (ETH) which are being traded on the platform are Bitcoin cash (BCH), Cryptics ICO (QRP), DASH coin, Zcash (ZEC), Dentacoin (DCN), Tron (TRX), Bytecoin (BCN), Digital Note (XDN), Nem (XEM), Lite Coin (LTC), NXT coin, Ardor (ARDR), Lisk (LSK) and more.
How to trade on HitBTC?
People who are new to the world of cryptocurrency must note that the minimum deposit at this crypto exchange rests at Euro 30. The same is well-above the respective coin’s network fee. One should also note that trading on leverage is also not permitted at the portal. If you’re a trader who encompasses a potential to provide liquidity by placing your own bids and asks, you can be paid a 0.01% rebate.
The web-based trading platform can be accessed through any device and the layout of the homepage is fairly nice. You should know that the charting service at the portal has been provided by TradingView and dedicated pop-up feature has been given for detailed analysis. Further, the instrument list has been divided into four categories:
You can find the order book at the bottom of the page which is also neat and tidy. What comes as an important fact is that chatbox service has also been provided at HitBTC which is not that common. You can use the Trollbox to share or receive major news stories and breakouts concerning the crypto world.
Also, the crypto portal only accepts bank transfers from the clients which hold the institutional level status. If you’re a regular or individual trader, you’re required to make a direct transfer of crypto-assets. One can obtain wallets for every major coin here.
On January 18, the cryptocurrency exchange went ahead and launched their first-ever iOS application. The app is available on the App Store and it has some of the most advanced features which are neat, quick and responsive. When you use the application, you obtain the ability to see any trading pair. Also, you can see candlestick graphs for the desired pair. Trading balance can be viewed by making use of the API. A user can also view his/her open orders as well as the history of trades. You can even set alerts and notifications for a certain threshold of trade volume.
Create an account on HitBTC
You can start your trading once you’re done with the account creation. If you hold previous crypto assets and you wish to deposit the same in desired crypto wallets, you can click on the Deposit button. Now that you have imported funds to your account successfully, you can go ahead and tap on Exchange tab for the purpose of starting the trade. Under Exchange, one can sell and buy cryptos, you can also view charts, your orders, and chatbox as well.
It would be evident to mention that there are users who might want to leverage the stop and limit options when they’re making a trade on the exchange. Well, HitBTC supports an array of order types such as good-till-canceled, good-till-day/time, including market, immediate fill or kill.
When it comes to registration and KYC processes, it’s pretty straightforward. Literally, in a matter of few seconds, you can register and get your confirmation link on the desired email. Further, for the purpose of funding your account, you’re required to verify our account by contacting the portal at firstname.lastname@example.org and you’re required to put a request to get your account verifies. One should include documents like government issued ID’s and bank statements to provide personal information, address, bank account information, residence proof and more. Make sure that the documents are not in screenshot or electronic form, the document attached should be a paper-based one state on the official bank’s letterhead.
There are three types of verification types which have been offered by HitBTC. The first one is the general, the next is verified and the last is qualified. The levels of verified accounts fetch their own advantages. Higher the verification status, higher are the amenities offered as well as trading volume. The general account holders have a withdrawal limit of EUR 5,000 every day. Fiat transactions aren’t available for these type of users. Talking about the second tier of users, the verified ones are entitled to withdraw a maximum of EUR 25,000 every day and the fiat limit rests at $2,000 per week for them. Now, if a user holds the qualified verification status, they can withdraw more than $25,000 every day and fiat withdrawal and deposit value rests at $50,000 and $10,000, respectively, per week.
When talking about the security options for the users, HitBTC has plenty to offer. The portal offers a dedicated automatic log-out feature. Two-factor identification is also available for the traders for the purpose of secured log-in, withdrawal as well as accessing the account settings. You should note that the portal maintains a robust array of records under the log-in history which can be seen easily. Also, HitBTC sends dedicated email notifications on the registered email of the user whenever an account sign-in is requested from an unknown IP address. Secondly, the crypto portal also offers cold storage wallets for cryptos, thus enabling the traders to make use of their funds offline.
Conclusion on HitBTC’s review
High liquidity, stable uptime, low fees & fiat deposits and withdrawals are some of the prime features of HitBTC. Apart from these, a dedicated multi-language support has been given to the users. The portal has made use of advanced application building protocols like REST API as well as the FIX API. When it comes to order-matching engine, it is stable and always available. Although some of the users have reported slow withdrawal times, the portal is still gaining popularity.
The portal is known to be regularly adding support for the latest cryptos. If you’re a user of HitBTC, every month you’ll be provided with an option to vote for the purpose of including a token of your choice on the portal. Apart from the regular integration of new tokens as well as ICO’s, HitBTC also provides OTC, that is over-the-counter trading on the website. However, the feature is not live, it will be released very soon.