Cryptocurrency Exchange

Beginner’s Guide to HitBTC: Complete Review 2020

Overview

Legal NameHitBTC Exchange
HeadquartersUnited Kingdom
Owner Ullus Corporation
Year Founded2013
Exchange TypeCentralized
Trading FeesMaker: 0.0%/Taker: 0.1%
Deposit MethodsWire transfer, local UK bank transfers.
Supported Cryptos400+ cryptocurrencies including Bitcoin (XBT), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and more
FiatNo Fiat Currency Supported
Customer ServiceEmail, Phone
Trading OptionsSpot Trading, Margin Trading

HitBTC is a relatively new exchange that claims to be the most advanced in the crypto space. HitBTC is widely known for its simple user interface and high volume trading. HitBTC is a place where both newcomers and trading professionals will be able to trade with ease. 

However, like any exchange, HitBTC has its positives and negatives that have been expressed by numerous traders.

In this in-depth HitBTC review we will dig into the exchange fees, services, customer support, trading, and much more. Let us get started and look in detail in this review now,

What is HitBTC?

HitBTC is a cryptocurrency exchange which is famous for its wide variety of coin listings and advanced trading features. It was established in the UK in the year 2013. It supports more than 400 cryptocurrencies, including all the major crypto-assets. 

They are certainly one of the most established with over $6million in venture funding and a $300million trading volume. The team consists of software developers, finance professionals, and experienced traders.

HitBTC is the 14th largest cryptocurrency exchange in the world.

HitBTC Services

  1. Trading Platform: HitBTC’s main service is their trading platform. The platform supplies advanced trading feature, a relatively friendly  UI and a demo mode for the users trading Bitcoin.
  2. OTC Trading: HitBTC offers Over The Counter trading for people looking to sell or buy large amounts of Bitcoin or other cryptocurrencies (over $100K).
  3. Token listing: HitBTC is known for being a place where companies that are issuing their own token could get it listed fairly easily.
  4. Margin trading: For traders who want to leverage their trading, HitBTC offers cryptocurrency margin trading through the MetaTrader 5 Terminal.
  5. API: HitBTC offers several APIs including programmatic access to their trading engine and the Financial Information Exchange (FIX) API.

HitBTC Fees and Limits

When it comes to cryptocurrency deposits and withdrawals, there are no HitBTC fees for making deposits. However, there are flat fees for withdrawals, and these are particularly high for some of the newer cryptocurrencies listed on the site. HitBTC charges a withdrawal fee amounting to 0.00085 BTC when you withdraw BTC.

On HitBTC, “Takers” are charged with a 0.1% fee from the trade. “Makers” are not charged with a fee, and instead receive a 0.01% rebate from the trade. As your monthly trade volume increases the fees get lower. After 100 BTC volume, the maker fee drops to 0.08%, and after 1,500 BTC the maker fee is canceled while the taker fee stays the same.

HitBTC Supported Currencies

HitBTC supports more than 400 cryptocurrencies including the major ones – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), DASH, Ripple (XRP), Litecoin (LTC), VERI (Veritaseum), XMR (Monero) It also has many more alt-coins that are not available on other crypto-exchanges.

HitBTC Mobile App

Trades might also be happy to start using the HitBTC mobile app for iOS and Android devices. The app is available on Google Play Store and Apple’s App Store.

How to register on HitBTC?

  1. Step 1:

    Navigate to the official website. Click the “Sign-up” option

  2. Step 2:

    In order to sign up, you should provide an email address and pick up a strong password.

  3. Step 3:

    The next step is to indicate the country of your residence, full name, and phone number.

  4. Step 4:

     As soon as you provide all of this information and confirm your email address, HitBTC sends the Privacy Policy message

  5. Step 5:

    After you consent HitBTC to collect certain data you are free to start using HitBTC

How to recover the HitBTC password?

In cases, where you want to recover the HitBTC password, Visit the HitBTC Login page and then Click on the “Forgot Password” option. Then enter your personal information and user id after which you can reset your password. 

How to deposit on HitBTC?

  1. Step 1:

    Log in to your HitBTC account.

  2. Step 2:

    Go to the “Deposits” column.

  3. Step 3:

    Make sure the currency you want to deposit has been moved to your Main Account from your Trading Account.

  4. Step 4:

    Click on “Deposit”

  5. Step 5:

    Enter the amount to deposit and your wallet address

  6. Step 6:

    Enter the 2Fa code for your account (if enabled)

  7. Step 7:

    Click on “Deposit” again

How to withdraw on HitBTC?

  1. Step 1:

    Log in to your HitBTC account.

  2. Step 2:

    Go to the “Withdrawals” column.

  3. Step 3:

    Make sure the currency you want to withdraw has been moved to your Main Account from your Trading Account.

  4. Step 4:

    Click on “Withdraw”

  5. Step 5:

    Enter the amount to withdraw and your wallet address

  6. Step 6:

    Enter the 2Fa code for your account (if enabled)

  7. Step 7:

    Click on “Withdraw” again

How to buy cryptocurrencies on HitBTC?

  1. Step 1:

    To start trading, you need to transfer your funds from your Main account to your Trading account first by hitting the arrows under the “Transfer” button.

  2. Step 2:

    Next, enter the desired amount and click “Transfer.”

  3. Step 3:

    Then proceed to the trading terminal, select a trading pair in the “Instruments” section, and set up an order.

  4. Step 4:

    There are 4 types of orders available: market, limit, stop, stop limit. A brief description of each type is available upon hovering your cursor over the question mark.

  5. Step 5:

    For example, you want to purchase BCH via market order on BCH/ETH market. Select the desired market and currency

  6. Step 6:

    Then enter the amount, and click “Buy Market” to proceed.

  7. Step 7:

    The history of your trades on the particular market is available in the “My Orders and Trades” section.

How to sell cryptocurrencies on HitBTC?

  1. Step 1:

    To start trading, you need to transfer your funds from your Main account to your Trading account first by hitting the arrows under the “Transfer” button.

  2. Step 2:

    Next, enter the desired amount and click “Transfer.”

  3. Step 3:

    Then proceed to the trading terminal, select a trading pair in the “Instruments” section, and set up an order.

  4. Step 4:

    There are 4 types of orders available: market, limit, stop, stop limit. A brief description of each type is available upon hovering your cursor over the question mark.

  5. Step 5:

    For example, you want to sell BCH via market order on BCH/ETH market. Select the desired market and currency

  6. Step 6:

    Then enter the amount, and click “Sell Market” to proceed.

  7. Step 7:

    The history of your trades on the particular market is available in the “My Orders and Trades” section.

HitBTC Pros and Cons

Pros

  • Massive range of cryptocurrencies
  • Simple to use despite the busy interface
  • Low fees as a consequence of high liquidity.
  • It offers advanced REST API and FIX API solutions.
  • Traders can trade more than 150 assets on the platform.

Cons

  • US Clients are not accepted on the exchange.
  • Some clients have also complained of hidden fees
  • There have been numerous complaints about site crashes.
  • It is an Unregulated exchange
  • Support is usually slow and unresponsive

Conclusion

HitBTC is an established crypto exchange that has provided quality trading services since the early days of cryptocurrencies. The exchange has developed over the years to provide high volume trades on a secure platform. As per the HitBTC reviews, the platform now has over $300m in trading volume.

It does offer one of the broadest cryptocurrency markets selection in the entire industry, and its trading fees are also the lowest. As a result, HitBTC always has many supporters who are happy with its services for which it is highly recommended.

Recent Updates

  • On April 15, 2020, HitBTC Onboards CureCoin as Part of COVID-19 Initiative
  • On May 27, 2020, HitBTC partners up with TradingView, a global social network for traders.
  • On July 01, 2020, HitBTC Unveils the iOS App
  • On July 06, 2020, HitBTC Rolls Out Margin Trading with up to x10 leverage on its main platform.

HitBTC FAQ’s

  1. How do I open an account with HitBTC?

    To open an account, visit the official website, click on ‘Sign Up’. Enter your personal details and verify your email address to get started.

  2. How to recover my HitBit password?

    Go to the Login page. Click on the “Forgot Password” option. Then enter your personal information and user id after which you can reset your password. 

  3. How many cryptocurrencies does HitBTC support?

    HitBTC supports more than 400 cryptocurrencies including the major ones. It also has many more alt-coins that are not available on other crypto-exchanges.

  4. Is HitBTC Safe to Use?

    HitBTC has put in place a number of security features to protect the funds of customers. one may classify the company as a legit company that has had a few scam reports.

  5. Is there a mobile app available?

    Yes, there is a mobile app for iOS and Android devices. The app is available on Google Play Store and Apple’s App Store. 

HitBTC Ratings

Reviewed By Qadir AK

Easy to use
Trading
Fees and Limits
Registration

Summary

HitBTC is a cryptocurrency exchange which is famous for its wide variety of coin listings and advanced trading features.

4.3

HitBtc - 8.6

8.6

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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