As is the case with most third-party cryptocurrency exchanges, HitBTC only offers a web wallet. This type of wallet offers the lowest security on your funds, not least because you have no control over your private keys. This means that should the platform get hacked, your funds are largely at risk.
When deciding which crypto exchange platform to use, there are multiple aspects to take into account. Unlike some of the other cryptocurrency exchanges we have reviewed, the trading fee system is very straightforward at HitBTC. In a nutshell, regardless of how much you trade, you will always pay 0.01% in trading fees. For example, if you bought $5,000 worth of crypto, and then sold the same $5,000 worth of crypto, you would pay two lots of $5. Launched way back in 2013, HitBTC is one of the oldest cryptocurrency exchanges in the industry. The platform allows users to buy, sell and trade hundreds of different cryptocurrencies, 24 hours per day.
HitBTC has around six million venture capital investments in Hong Kong, but it focuses more on the European crypto markets. The interface might be good for expert traders, but it is not meant for newbies or first-timers. They will find it extremely confusing and might even experience a loss if not used properly. HitBTC exchange only gives the option of trading in USD, EUR and GBP. Users can only exchange these three currencies for crypto-assets.
Before sending a question or concern, it’s worth seeing if you can find a suitable answer in the FAQ section. Nevertheless, here’s a break down of security features available at HitBTC. Once you’re on the trading screen for the coin you want to buy, scroll down below the main chart. The value of digital currencies can go up or down frequently. As with any asset, the values of digital currencies may fluctuate significantly. In order to diversify its product range, HitBTC also allows you to trade on margin.
- I’d had an account with HitBTC since the good old days of 2017.
- HitBTC has over 400cryptocurrencies available for trading.
- HitBTC digital currency exchange interface is available in English, Korean, Chinese, Portuguese, and Spanish.
- After signing up, you may also receive occasional special offers from us via email.
- This should act as a major red flag when dealing with an exchange, not least because if anything happened to your funds, it would be difficult to know where to turn to.
- Some users have even started a petition against the low-level service HitBTC is supplying.
The order book is neat and appears at the end of the page. There is a news section that may come in handy when major news is breaking, you will quickly be alerted to it. The only way through which you may make deposits in your HitBTC account is through bank transfer. They do not allow deposits through PayPal, debit card or credit card. This basically means there are two deposit methods; bank transfer or through cryptocurrency from an external wallet. With the recent rise in banks stopping people from buying cryptocurrencies with a credit card, HitBTC may have saved themselves a trick here.
Low Trading Fees
At this point after no response I’m left feeling like they took my money and won’t give it back. If KYC has been requested, the only way to restore the functionality of your account is to complete it, even if you are a US citizen. In this case, after your account is verified you’ll have 14 business days to withdraw your assets. Some users have even started a petition against the low-level service HitBTC is supplying.
So, if you’re looking for anonymous trading, you’re looking at the wrong place. Accordingly, we have marked the exchange as a scam in our database and moved it to ourExchange Graveyard. Paste the destination address into the “Address” field. Once your funds are sent, it would be impossible to reverse the transaction.
They charge 0.1% from takers , and they provide a 0.01% rebate to makers . This mechanism or design is followed nowhere else and is very much a way of inviting users to buy and not to sell their coins. Every exchange charges both sides of the trade in some form or another but HitBTC is the only one to offer a rebate when buying. HitBTC fees are low when compared with trading fees of other exchanges. There are no upper limits for deposits and withdrawal operations. It has a wide range of cryptocurrencies when compared with other exchanges.
HitBTC is one of the largest cryptocurrency exchanges in the world for daily trading volumes. The platform lists hundreds of supported coins, and its fees are highly competitive. However, the platform has a somewhat “murky” reputation in the public domain. The user can trade Bitcoin and other cryptocurrencies on the platform.
Now, if you want to start using HitBTC right away, you should know how to register and deposit your funds. You’ll find all the needed information on how to do that below. Since we’re already done with the positive aspects of this HitBTC review, it’s time to jump to the less pleasant part and discuss what this crypto exchange is missing.
How to Buy Crypto on HitBTC?
Once a user reacher at tier 8 with 50,000 BTC per month or more, this platform pays a rebate of -0.01% per trade to the users. Transactions through Debit and Credit card is not available in HitBTC, so no fees for that. However, for users who complete their transactions using European Bank Transfer , the price is 0.90 EUR.
Itâ€™s important to note that HitBTC is an unregulated exchange, although it does comply with KYC and AML (anti-money laundering) regulations. It also values users’ data and privacy and is entirely GDPR compliant, as you can delete your data from the exchange at any time. In early 2019, just a few days prior to the annual â€œProof of Keysâ€ event, HitBTC came under fire for disabling user withdrawals. However, the exchange didnâ€™t make a big deal out of the situation. One of the more notable rumors surrounding the exchange includes the 2015 hack of BTER and Excoin exchanges.
In their ToS though, they make sure to add a clause which says they MIGHT require KYC in certain circumstances. Most users assume that they will be able to withdraw crypto funds without KYC. When you compare both exchanges, it seems that Binance has lower fees (0.1% flat) and a better reputation, while HitBTC has a better user interface and a wider selection of features.
Get the latest news and best offers from the crypto community by joining our newsletter. A withdrawal amount should be greater than the network fee amount. The fee amount is shown right under the “Amount” field. You can directly click here to open the support ticket of HitBTC. Another option is to scroll down till the end of the Home page and select the “Support Center.” In the support center, you will see a “Contact Us” button. After clicking on that button, it will take you to the support ticket.
Trading can be done manually or via the API – the test mode is as responsive as the regular exchange platform. HitBTC is a cryptocurrency exchange platform that offers high liquidity and supports hundreds https://forex-review.net/ of cryptocurrencies. HitBTC platform was developed in late 2013, making it one of the oldest cryptocurrency exchanges in the industry. HIT Token is the foundation of the HitBTC ecosystem.
Not having an app does make the user-base limited, with users either having to use their mobile web-browsers or desktop to access the website. The HitBTC exchange supports and accepts Fiat currencies to buy cryptocurrencies. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you with that other person . With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses are usually just thrown under the umbrella term – exchange.
HitBTC offers multi-currency support and has several million active users trading on its platform. HitBTC digital currency exchange interface is available in English, Korean, Chinese, Portuguese, hitbtc exchange review and Spanish. This exchange was launched to support users who would like to trade cryptocurrencies. HitBTC has also launched a demo trading and an application that can be used for voting altcoins.