The HitBTC exchange is a Hong Kong based cryptocurrency broker which has been around since 2013. It is well known for its WebSocket and REST-based trading APIs. It offers high liquidity, low fees and strong security. But there are not many complaints about HitBTC available on different forums and review websites. In this HitBTC reviews article, we will try to explore all the information about the broker. We will try our best to be unbiased. If you are from HitBTC and think there is some information that is not true, feel free to contact AtoZ Markets' editorial team with valid proof.
Full Review for HitBTC will be Live Soon!
Until then, the following 3 alternatives have been highly recommended by AtoZ team for anyone looking to make an informed decision when picking out a broker.
It provides the one of largest options of 380 different cryptocurrencies across over 800 currency pairs.
HitBTC lets users use a Crypto-to-Crypto exchange.
KYC is not a requirement for trading.
It's a secure platform that has not been compromised as of yet.
The fees are competitive as the trading fees are less than the industry average fee for trading.
This exchange is a high-liquidity exchange.
The customer support team is multilingual.
Customers of HitBTC have the option of using the trading bots that use the robust API.
It also has a demo function for people who are not yet cryptocurrency traders.
It also has a mobile application available for smartphones that run both Android as well as iOS versions of phones.
No information about owner of the company
How to Open An Trading Account With HitBTC?
To open an account on the HitBTC, visit their website and click on the sign-up button located in the upper right corner on the homepage. You will be directed to the registration page where you'll have to fill in the necessary fields.
Enter your email in the "Email" field.
It is important to note that your email will be your personal identifier for HitBTC. When you use it to sign up for an account, you will not be able to alter your email later on. They do not suggest using your workplace or school's address to sign-up for an account because it could be canceled by the administrator of your workplace or school administration. Do not use "temporary" or "disposable" email addresses to sign up with HitBTC.
Create a password using the field "Password". Make sure that your password should be secure, and consist of more than eight characters, including uppercase and lowercase and numeric characters.
Select your country, then complete your name, and your phone number. After filling in all fields, click "Finish registration."
Your account must be activated. This will verify that your email address that you gave is actually the one that belongs to you. Make sure to check your email for messages. After confirmation your account will be ready for trading. You are advised to occasionally login to your account. Otherwise your account may get suspended for security reasons.
HitBTC Review: KYC
After completing the email verification process, you can raise the limit after following the verification process. For verification of your account, and increasing your limits and to be able to fund your account using FIAT Currencies, you'll need to fill in the following details in order to finish the KYC process for your HitBTC account.
Personal information such as Full Name, Date of Birth
Nationality (as stated on the Government issued ID).
Information of the bank account for FIAT deposit.
For the proof of identity, you need to provide an official photo ID issued by the government.
Your IDs must be valid for at least the next three months. The image should be original and not photocopies. The image must be clear, well-colored and of high resolution.
Limit According to The Types of Account:
Starter Account, Trader Account and Pro Account.
Starter Account: You can conduct trade of 1 BTC per day , and up to 5 BTC each month. FIAT money isn't accessible for a Starter account.
Trader Account: In this type of account, you can deposit crypto for free, with a limit of up to 100 BTC worth of cryptocurrency each day. You can make payments by using FIAT currency.
Pro Account: There are no fees for crypto deposits, and when you provide additional documentation such as the source of your money or open a business account, you will be able to enjoy greater limits.
Pro account holders benefit from the same liquidity available on HitBTC with specific account management, and no limitations on deposit and withdrawal. To be considered a Pro account, customers must have at least a balance of 100 BTC or make a turnover of at least 1000 BTC each month.
HitBTC Demo Exchange
HitBTC has a subdomain for demo trading. You can try your strategies on demo before trying them in live account.
HitBTC Review: Features
HitBTC has a wide range of features:
Trading Platform - The primary offering is their trading platform. HitBTC platform offers sophisticated trading tools, an attractive interface and a demo mode to those who don't want to put their money at risk just now.
OTC Trading- HitBTC provides Over The Counter trading for those who want to buy or sell huge quantities in Bitcoin or other cryptocurrency of over 100K USTD. The commission for OTC trading is 0.1%.
Listing of Tokens- HitBTC is renowned for being an area where businesses that are releasing their own tokens can get it listed quickly. To get your coin listed you have to email at [email protected].
Margin Trading- Margin trading is for traders who are looking to increase their profits from trading, HitBTC offers margin trading on cryptocurrency using the MetaTrader 5 terminal.
2FA- HitBTC secures your online identity by providing a robust two-factor authentication (2FA) which ensures that no unauthorized users are able to access your account. Users are required to confirm their identity via texts or emails to reduce the risk that cybercriminals could harm your company.
Cold Storage- As crypto is an unregulated business It is extremely uncommon for coins to be secured or secured or backed up in any manner. HitBTC can help you safeguard your assets by placing them in secure offline cold storage facilities. In the event that your property isn't connected to the internet, thieves will have a difficult time stealing the coins.
Secure Encryption- The exchange takes security one step further by implementing encryption for data that protects your account from hackers. It hides your personal information behind complex jumbles of letters and numbers that are difficult to unravel without a specific encryption key. It implies that, regardless of whether someone gets into your account, everything they discover will be ineffective.
App Programming Interface (API)- The exchange has enabled users to access additional capabilities through back-end programming. API integration lets you develop automated trading protocols, custom workflows and data-driven reports that aid in making informed business decision-making.
HitBTC has over 600 trading instruments such as Bitcoin, Ethereum, EOS, Litecoin, Tron and other instruments. Additionally, they have more than 800 pairs. You can utilize the Markets section to explore this vast selection.
The section on Market overview contains the complete list of instruments that are currently offered on HitBTC. It allows you to stay abreast of the latest happenings that are taking place in the HitBTC markets, such as the price volumes, changes in volume, changes in depth and much more. It is constantly updated continuously.
It is important to note that some instruments might not be available to traders who are not verified. To be able to access the full array of features through the HitBTC website, you must verify your identity by filling out KYC forms.
HitBTC Trading Fees
A flexible and transparent tiered fee system is used when trading HitBTC. In essence, the greater the amount you invest, the less charges for trading. From an arbitrary point, they pay you for the execution of your trades!
For accounts that have been upgraded, HitBTC utilizes a trading fee tier system that rewards community members with high volume trading. The lowest tier is now applicable to trading volumes for 30 days of less than 10 BTC. Fees were reduced from 0.1 percent for makers, and 0.2 percent for takers, to 0.07 percent in both cases. The fees for the other accounts are set at 0.1% Maker fees and 0.2 percent Taker Fees.
The tier is determined each day based on your most recent trading volume. For the record, each day at 00:00 AM UTC the system calculates your trading volume over the past 30 days. When the Tier has been determined then the fee rates for your account are adjusted within one hour.
The fee rates fall as trading volume grows. Beginning with the level 9 where you're reimbursed 0.01 percent of each trade, if your transaction was listed within the Order Book (in which case you are the creator liquid).
Check out the table below for more details of fees.
image source: HitBTC
HitBTC Deposit and withdrawal methods
Although HitBTC previously supported fiat currencies like USD (USD) or Euro (euro) they now don't support those currencies. The ability to use Changelly Integration for Bitcoin or Ethereum will be available under the "Accounts" tab for the withdrawals. Buy Bitcoins at HitBits.com. HitBTC.com is the easiest to use cryptocurrency deposit and withdrawal system to make a quick cash deposit. Just click on the Account button to find your desired cryptocurrency and choose it.
Withdrawal Fees: 0.0005 BTC for Bitcoin withdrawals or 1 LTC for Litecoin withdrawals.
Is HitBTC Regulated?
To be considered a regulated exchange, HitBTC would have to comply with regulatory guidelines in the jurisdiction it operates from. It is possible that such requirements will apply once cryptocurrencies become more widely adopted and government bodies begin implementing new regulations for cryptocurrency exchanges. However, at the moment there are no laws requiring digital currency exchanges to apply for licenses under any given set of rules or jurisdictions.
When choosing an exchange it is best to review what type of fees they charge, how their fees are charged and also what type of currency pairs are available to trade cryptocurrencies with. Since HitBTC only offers cryptocurrency trading options it is important to see what other exchanges offer in terms of fiat currency support.
HitBTC doesn't have any information about its regulation on its website. An unregulated exchange is not limited by any set of compliance rules, which means that they would not be responsible for things like customer data protection or refunds in cases where cyber attacks occur. Although crypto exchanges are supposed to be decentralized, there are also some centralized ones available for trading digital currencies where access to users' information can sometimes be gained if their account security is breached. This can include identity theft since hackers gain access to users' personal details once they break into an account. Unregulated exchanges are also free from government intervention which means that certain laws may go unenforced or ignored depending on how compliant they are with existing regulatory guidelines for operations as a digital currency exchange. Exchanges which are unregulated can also be anonymous, allowing users to trade anonymously without having to tie their identities to their exchange accounts. This is why decentralized exchanges are sometimes preferred by certain people.
HitBTC doesn't have any email address or chat support on their website. For your problem, you can submit tickets from their website. HitBTC support team will respond your email. They also don't have any phone support.
Customer reviews of HitBTC are not good. There are so many complaints on TrustPilot. So far 1952 people have given their reviews and ratings. Out of 5 their rating is 1.9 which is really really poor.
image source: TrustPilot
From this we can say it's an alarming situation for HitBTC. Withdrawal issues are the most prominent problems faced by customers.
Is HitBTC Safe or Not?
It is unclear if HitBTC falls under any kind of regulation, but they seem to be in full compliance with KYC/AML (Know Your Customer / Anti-Money Laundering) regulations though KYC is not mandatory. People from the US are not allowed to open an account. From customer reviews, we can say, it's not a safe exchange to do your trading.
To conclude our HitBTC Review, We would say, though the broker claims that they are a safe and legit broker but customer reviews tell us that it's not a safe broker to do your trade. Many customers have serious complaints about them. It's better to stay away from them. Did you face any problems while using HitBTC? Let us know in the comment section under this article.
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