HitBTC exchange – May 2018 review

Trade cryptocurrencies, tokens and ICOs on the HitBTC exchange.

Important information about HitBTC - 15 February 2018

An intuitive user interface makes HitBTC a fairly easy exchange for new traders to get started with. It also offers a robust tool set designed to meet the needs of advanced traders.

HitBTC is one of the few exchanges that supports direct fiat/cryptocurrency trading, although users do need to go through a fairly stringent verification process to take advantage of this feature.

Product Name HitBTC Multi-currency Exchange
Fiat Currencies USD, EUR
Cryptocurrencies BTC, BCH, ETH, XRP, XMR, DASH, ZEC, DCN, DOGE, TRX, BCN, XDN, XEM, LTC, BTG, NXT, CAPP, LSK, STORM, ARDR, ETC & 190+ more
Deposit Methods SEPA, SWIFT
Trading Fee Maker: None
Taker: 0.1%
Deposit Fees BTC: 0.0006 BTC
Withdrawal Fees Fees vary

Pros

  • High liquidity
  • Low fees
  • Stable uptime
  • Fiat deposits and withdrawals (USD/EUR)
  • Multi-language support
  • Advanced application building protocols
  • Order-matching engine

Cons

  • Hacked in 2015
  • No mobile app
  • Some reports of slow withdrawal times
  • Multi-step verification process
  • Google Authenticator app required to enable two-factor identification
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Exchanges like HitBTC

User reports - Updated 15/02/2018

Many HitBTC users have reported problems such as unusually high withdrawal fees, difficulties with verification and missing deposits. If they occur, there's no guarantee that these issues will be resolved by HitBTC customer service.

It's also worth noting that the HitBTC parent company is registered in Hong Kong, and that future legislation may impact its operations.

What is HitBTC?

HitBTC is a multi-faceted cryptocurrency exchange and trading platform with support for over 150 tradable digital assets, including cryptocurrencies, tokens and initial coin offerings (ICOs). Catering to a worldwide user base, HitBTC was started in 2013 with 6 million euros in venture capital funding.

Since its inception, HitBTC has continued to add new currencies and tools to its platform, including an ICO feature that facilitates adding tokens to the exchange.

HitBTC fees and charges

Creating a general account and getting started with HitBTC is free. There are no fees or limits for depositing cryptocurrencies on HitBTC, but users depositing fiat currency (USD or EUR) will be charged a fee depending on the size of their deposit and the currency used. Relatively low fees are charged by the platform on trades. Immediate transactions incur a 0.1% execution fee, while non-immediate transactions are granted a 0.01% rebate.

Withdrawing cryptocurrencies from HitBTC is free, minus the typical network fee for the respective currency. However, withdrawing fiat from the platform does come with some fees, again depending on amount and type of currency.

How do I buy bitcoin with HitBTC?

In order to buy bitcoin with fiat currency (USD or EUR) through HitBTC, you will need to verify your account. To sign up for a general account with HitBTC, you can simply visit the site and register using an email address and password. The site will likely require you to confirm your email address before activating your account. With a general account, you can deposit, trade and withdraw cryptocurrencies without any further steps. To fund your account with fiat, you will have to go through the verification process. Here’s how:

  • To get verified, you will first need to navigate to the “Settings” icon once you are logged in to your account.
  • Choose the “Account Verification” tab.
  • From there, you will need to follow the steps and compile the necessary documentation to send via email to HitBTC.
  • Requirements include the following:
    • Name, address and other personal information
    • Bank account information
    • Colour copies of supporting documents, such as the following:
      • Identity document (passport/ID card/driver's licence)
      • Proof of residence, such as certain utility bills, tax returns or other accepted documents listed on the site
      • Proof of bank account ownership, such as a bank statement or an original letter from your bank
  • Once you have compiled all of the required documentation, you will need to follow the directions concerning how to scan and submit the files, including proper sizing and formatting.
  • Verification typically takes three to five days, although incoming requests are placed in a queue and processed in the order they are received, so it is possible that you may have to wait longer.

How do I make a trade on HitBTC?

You can start trading cryptocurrencies immediately, once you’ve created an account. No account verification is required to trade bitcoin, Ether or any other digital currency supported by HitBTC.

Deposit. If you already have some bitcoin, or another supported cryptocurrency, you can simply deposit funds into the appropriate wallet on HitBTC by clicking the “Deposit” button.

Exchange. Once you have funds in your account, visit the “Exchange” tab to begin trading. This tab allows you to buy and sell currencies, view charts and orders, and chat with other traders via the “trollbox”.

Order Types. Some users may want to take advantage of stop and limit options and additional order types when making trades on the exchange. HitBTC supports various order types, including market, good-til-cancelled, good-til-date/time, day, immediate-or-cancel and fill-or-kill.

HitBTC cryptocurrency exchange

How secure is HitBTC?

HitBTC offers a variety of security options for users, including automatic log out and two-factor identification for log in, withdrawal and access to account settings. HitBTC also keeps a record of log-in history, which users can see, and sends email notifications when accounts are accessed from an unknown IP address.

HitBTC does offer cold storage wallets for select cryptocurrencies, giving users the option to make use of offline storage for their funds. Generally, however, it's considered less secure to use a third-party service for cold storage since it’s difficult to evaluate possible vulnerabilities related to entrusting a third-party with more-or-less complete control over your assets.

Pros and Cons

Pros

  • High liquidity.
  • Low fees.
  • Stable uptime.
  • Fiat deposits and withdrawals supported for verified users (USD and EUR).
  • Multi-language support, including live “trollbox” for users.
  • Advanced application building protocols: REST API and FIX API
  • Stable and available order-matching engine.

Cons

  • HitBTC was hacked in 2015, soon after it launched.
  • Currently does not offer a mobile app.
  • Some users have reported slow withdrawal times.
  • The verification process requires scanning and sending multiple personal documents and sensitive information.
  • Users need to install the Google Authenticator app to enable two-factor identification.
  • The demo trading environment has been known to experience loading issues.

What’s next for HitBTC?

HitBTC regularly adds support for new cryptocurrencies to the exchange, taking user input into consideration. Each month, users are given the option to vote for a token of their choice to be added, which creates a regular opportunity to get involved and participate with the exchange.

In addition to the regular integration of new tokens and ICOs, HitBTC has also added an option for over-the-counter (OTC) trading to its website. This feature has not yet been released, but the site indicates that it’s coming soon.

Frequently asked questions

Image source: HitBTC

Was this content helpful to you? No  Yes

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site