hitbtc Review 2020
HitBTC first opened its doors in the UK in 2013. The exchange presently offers the trading of various types of cryptocurrency assets: ICOs, cryptocurrency CFD assets, and cryptocurrency tokens. The core exchange engine features a highly advanced trading solution which also provides multi-currency support, real-time clearing, and settlement, advanced order matching and an API that supports robot trading.
- Supported Countries
- Cryptocurrencies Traded
- Deposit and Withdrawal Options
- HitBTC Fees and Charges
- Security Measures
- Customer Support
- Pros and Cons
HitBTC offers a distinct feature of providing several account types so that traders can pick out and trade cryptocurrencies using the conditions attached to the account types that match their style.
HitBTC has a wide global reach and can be accessed by traders from many countries. However, some countries are barred from trading on HitBTC as a result of either financial restrictions or because of regulatory prohibitions. Countries that are not accepted on HitBTC include Afghanistan, Democratic Republic of the Congo, Central African Republic, Cuba, Iran, Iraq, North Korea, Lebanon, Liberia, Libya, Nigeria, Somalia, South Sudan, Sudan, Syria, and the US.
US Traders Accepted: Yes or No?
Due to regulatory restrictions, US traders are not accepted on the HitBTC exchange.
Trading on HitBTC involves a combination of crypto/crypto pairs and a few crypto/fiat currency pairings. The full cryptocurrency asset listing features the following:
Deposit and Withdrawal Options
There are several options for deposits and withdrawals on HitBTC. Each option comes with a fee structure.
Traders can deposit or withdraw funds on HitBTC using the following channels:
- Wire transfers (SWIFT and SEPA Euro transfers: Attracts a US$9 fee for wire transfers, and £5 for local UK bank transfers. Withdrawal fees are similar except the SEPA surcharge is a flat rate of 0.9 EUR.
- Credit cards
HitBTC Fees and Charges
An order which will not be executed immediately will be granted a 0.01% rebate on execution.
Orders executed immediately will incur a 0.1% execution fee.
A number of security measures have been put in place for the protection of all HitBTC’s online users. Security measures that have been adopted include the following:
- Two-Factor Authentication: Allows for a secondary level of user login authentication using Google Authenticator or a one-time passcode which can be sent by SMS or by a voice call to the user’s registered number.
- Advanced encryption technology.
- Cold wallet for storage of crypto funds.
- Internal AML/KYC policy and procedures, which ensure that only genuine traders use the HitBTC platform.
Contact can be made with the HitBTC customer support team these channels:
Physical address: 2nd Floor, 1-5 Clerkenwell Road, London, EC1M 5PA, United Kingdom
Online support form
Live chat facility
Pros and Cons
What are the pros of using HitBTC as the platform of choice for trading cryptocurrencies and crypto-related assets?
- The platform boasts of very high liquidity, which reduces cost and provides instant matching and execution of orders.
- Advanced order matching engine which ensures guaranteed execution.
- No upper or lower limits for digital asset deposits or withdrawals.
- Low fees as a consequence of high liquidity.
- Traders can trade more than 150 assets on the HitBTC platform.
- A very high level of security is maintained using advanced encryption and multi-step authentication.
- For users of automated trading software, HitBTC offers advanced REST API and FIX API solutions.
- There are geographical restrictions on who can trade on HitBTC. US Clients are not accepted on the exchange.
- There have been numerous complaints of site crashes. Perhaps the HitBTC has not responded well to the surge in cryptocurrency trading volumes that have occurred in the last one year.
- Some clients have also complained of hidden fees.
Where is HitBTC located?
HitBTC’s headquarters is located in the United Kingdom.
IS HitBTC a regulated exchange?
Presently, no exchanges operating from the UK is regulated and HitBTC is not an exception. However, there are proposals to commence the regulation of all cryptocurrency exchanges in the UK starting from 2018. It remains to be seen whether HitBTC will submit itself to regulatory oversight.
Does HitBTC provide an educational suite on its platform?
HitBTC does not offer a complete educational suite. Rather, users can visit the exchange’s blog to get more information about all aspects of HitBTC’s cryptocurrency exchange operations.
How many cryptocurrency pairs are traded on HitBTC?
HitBTC offers more than 150 cryptocurrency pairs for trading. Majority of these are crypto-crypto pairs, while a few of them are crypto-fiat currency pairs.
Is HitBTC Safe to Use?
HitBTC has put in place a number of security features to protect the funds of customers. However, most of the complaints have not come from the trading component of the entire HitBTC operation, but from the deposits/withdrawals angles
Is HitBTC legit, or is it a scam?
HitBTC started off very well with no complaints for the first 4 years of its operation. However, the increase in the number of users who trade Bitcoin and other cryptocurrencies seems to have overwhelmed the team and a lot of complaints are being noticed on the internet. While it is too early to say that HitBTC is a scam, one may classify the company as a legit company which has had a few scam reports.
- 4Overall good exchangeRobert
- 4Easy in useNila
- 4Good for beginnersJohn
- 2HitBTC is scam exchangeShitcoin
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- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man
- Dominican Republic