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.
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.
HitBTC Review – Interface
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.
The support platform offers an FA section as well as a 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 check 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.
You can not use HitBTC Services or will immediately cease using those if you are a resident or become a resident at any time of the state or region (in accordance with such state or region definition of residency), where the crypto assets transactions you are going to execute are prohibited or require special approval, permit and/or authorization of any kind, which HitBTC has not obtained in this state or region.
Notwithstanding the above, you are not in any case allowed to access and use our Services if you are located, incorporated or otherwise established, or a citizen or resident of:
(i) the United States of America;
(ii) North Korea,
(iv) Crimea and Sevastopol;
(vi) Syria, or
(vii) any state, country or other jurisdiction that is embargoed by the United States of America,
(viii) a jurisdiction where the local Applicable Law prohibits or will prohibit you at any time (by reason of your nationality, domicile, citizenship, residence or otherwise) to access or use the Services or the Technology Platform (hereinafter, together “The Restricted Jurisdictions”).
There are over 500 cryptocurrencies and tokens available for trade at HitBTC. There are also over 800 trading pairs that you can use in a margin trading platform.
The number of 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.
HitBTC Deposit/Payment Methods
HitBTC supports deposit in all of the major cryptocurrencies (BTC, ETH, USDT and many more). It does not offer deposit via fiat currencies (wire transfer or debit/credit card). However, you can buy bitcoins using your Visa or Mastercard via service provided by Changelly that is built-in the HitBTC account.
HitBTC Fees and Exchange Rates
There are fees for Starter and General accounts which are fixed at 0.1% Maker Fee and 0.2% Taker Fee.
HitBTC Review – Liquidity
Currently, HitBTC is listed as one of the top exchanges as per CoinMarketCap’s Liquidity metrics.
HitBTC Review – Trade Functions
- 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)
- stop orders (execute trades at specified prices)
stop-limit orders (as the price reaches the stop price, the order turns into a limit order)
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.
The OTC trading is possible for those investors (more likely institutions) who have over $100 thousand worth of coins.
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.
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.
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 offer 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.
Compare: LakeBTC review