HitBTC Review

As with every other business, cryptocurrency companies look to expand their market presence by offering a variety of services for their clients. The same can be said for the HitBTC, an exchange that adds new products for you, as a trader and investor, to use.

HitBTC Review logo

We review services offered by the HitBTC in terms of its multiple platforms, margin trading, fees, deposit methods, verification demands, and currencies offered. The main goal that we wish to achieve is to provide you with pros and cons. These can be used to compare the exchange with other payers in the market.

General Information


Based in London, the HitBTC positioned itself as one of the exchanges where both beginners and experts can trade cryptocurrencies. The services offered by the company are all related to the trade and investment into digital coins, with the products being:

- margin trading platform

- newly added OTC (over the counter) marketplace

- ICO token trading

The platform offers a cool feature in terms of “TrollBox” where instant messaging has been enabled for all traders. You can write to all other traders and exchange knowledge and information on the trends following the trade. The said communication box is located on the exchange page, right next to order books, as shown in the picture below.

HitBTC Bitcoin review general information

Anyone can trade at HitBTC as there are no regional restrictions nor limitations. As long as you have a bank account and/or cryptocurrency wallet address, you are eligible to buy and sell coins at HitBTC.

The support platform offers FA section as well as request system where you post ticket concerning your issue. The customer support usually responds within 24 hours to the requests.

 

Account Creation and Verification


The account registration at HitBTC is the same as with any other exchange, with a difference that you do not verify your email address. The email conformance is done through 2FA or verification process since you need to send the support department your identity heck application.

The verification process itself is carried out differently than at LakeBTC and Binance. You would need to send an email containing your personal information, bank account details and attached copies of your ID card and address proof.

It is important to note that, much like LakeBTC and Binance, you can deposit, trade and withdraw cryptos. Fiat currencies will be available only after you verify an account.

Cryptocurrencies


There are over 100 cryptocurrencies and tokens available for trade at HitBTC. There are also over 150 trading pairs that you can use in margin trading platform.

The number of the coins available is larger than in LakeBTC and Binance, both who offer a number of digital currencies as well. All of the popular coins like bitcoins, Etehreum, Litecoins, DASH and bitcoin cash are available.

The exchange also offers ICO coins from start-ups who apply for the ICO platform.

Deposit/Payment Methods


Cryptocurrency deposits do not cost a thing at HitBTC while withdrawal fees depend on the coin you wish to use. The fiat currencies can be transferred to your HitBTC balance with the use of either SEPA or wire bank transfers.

Wire funds would cost you 1% of the value while SEPA costs €5 for amounts of less than €50.000. If transfer passes the €50.000 mark, you will need to pay 1% of the total value.

Fees and Exchange Rates


HitBTC’s exchange rate is very narrow, much like in Binance and LakeBTC as the orders dictate the value of the coin pairs. The trade fees stand at 0.1% for orders that are to be executed immediately. Those orders that are more lengthy in time would cost you 0.01% of the transaction value. OTC trading would cost you 0.1% only.

When compared with LakeBTC and Binance, HitBTC has lowest fees overall. LakeBTC and Binance trade costs range from 0% to 0.5%.

Liquidity


Much like LakeBTC and Binance, crypto liquidity rate depends on the coins’ popularity, with the most popular cryptos being BTC, ETH, LTC, DASH and bitcoin cash. Others do not have the volume nor traders as the large currencies have.

Trade Functions


The margin trading is a plus for the HitBTC, a platform that neither LakeBTC nor Binance has. The available order types are:

- market orders (traders use the current value of coins)

- limit orders (traders specify the price of coins that may happen in future)

- scaled (putting out minimum and maximum price of coins, limiting loss and reaching for profit)

There are also numerous functions like stop, good-till-canceled, immediate-or-cancel, fill-or-kill, day and good-till functions, as shown in the snapshot below.

HitBTC bitcoin review trade functions

The OTC trading is possible for those investors (more likely institutions) who have over $100 thousand worth of coins.

History


The firm started its operations in the year 2013, as an online cryptocurrency exchange, based in London. It started as a venture with capital exceeding €6 million, collaborating with different individuals and IT firms as investors.

Up to this point, there have not been major incidents involving hack attacks while the company included OTC trading in 2017.

Security


As for the security measures, much like in LakeBTC and Binance, traders have 2FA and passwords as safety tools. API can also be used to prevent unauthorized logins in the account but that is about it.

The security needs to be upgraded, to match larger platforms, such as Coinbase, Bitfinex, BitPanda, and others.

Pros and Cons


PROS

+ a large number of cryptocurrencies and their trade pairs offered

+ OTC desk available for large volumes

+ ICO coins platform available for start-ups

+ no verification needed for crypto trade

+ very low trade fees when compared to the industry

CONS

- only 2FA, passwords and API tools available as security measures

- fiat transfers require identity check with document scans

Concluding Remarks


HitBTC is a good platform to start your trade and learn about margin transactions. It is oriented towards both beginners and experts, while ICO and OTC platform offers additional marketplaces for those interested in them.

Due to the somewhat poor security, we would advise you not to use large volumes, especially since the withdrawals might take time to be carried out.