HitBTC exchange – September 2020 review
HitBTC lets you buy and sell more than 300 cryptocurrencies with competitive trading fees, but negative user reviews mean you should proceed with caution.
|Product Name||HitBTC Multi-currency Exchange|
|Fiat Currencies||USD, EUR|
|Cryptocurrencies||BTC, BCH, ETH, XRP, DASH, ZEC, DCN, DOGE, TRX, BCN, XDN, XEM, LTC, BTG, NXT, CAPP, LSK, STORM, ARDR, ETC & 190+ more|
Bank transfer (SEPA)
|Deposit Fees||BTC: 0.0006 BTC|
|Withdrawal Fees||Fees vary|
- High liquidity
- Low fees
- Stable uptime
- Fiat deposits and withdrawals (USD/EUR)
- Multi-language support
- Advanced application building protocols
- Order-matching engine
- 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
Risks and negative reviewsIf you’re thinking of using HitBTC to buy and sell cryptocurrency, be aware that the platform has received a host of negative user reviews online. Reviews on BitTrust, CryptoCompare and Trustpilot cite issues such as slow withdrawal times, accounts being frozen for no reason and a lack of responsiveness to customer support requests. These reviews are a definite cause for concern.
HitBTC is also unregulated, so make sure you thoroughly research and compare a range of cryptocurrency exchanges before deciding whether to trade using this platform.
What is HitBTC?
Established in 2013, HitBTC has been around for a long time in cryptocurrency terms. This popular digital currency exchange offers crypto-to-crypto trading on more than 300 coins and tokens, including many major currencies and a host of rarer altcoins. It doesn’t charge any deposit or withdrawal limits and also offers an over-the-counter (OTC) service for customers who want to place trades of $100,000 or more.
Unfortunately, there’s limited information available about the team behind the platform and where it is based. The HitBTC website lists a representative office in Chile and a mailing address in Hong Kong, but few other details.
It’s safe to assume that the platform is therefore unregulated, so anyone considering trading on HitBTC should proceed with caution.
Which cryptocurrencies can I buy/sell?
HitBTC allows you to buy and sell hundreds of cryptocurrencies. The list of supported coins and tokens is too long to feature here but includes:
- Bitcoin Cash
- Bitcoin Diamond
- Binance Coin
- Bitcoin Gold
- Ethereum Classic
- Power Ledger
HitBTC offers its services to users in countries around the world, including Australia. However, residents of certain countries (for example, Japan) are not permitted to use the platform, so check with HitBTC directly to make sure you’re eligible to create an account.
Which payment methods are accepted?
The only way to deposit funds into your HitBTC account is via cryptocurrency transfer.
However, through a partnership with Changelly, you can buy bitcoin using your credit card and have the coins deposited directly into your HitBTC account.
How much will it cost me to use HitBTC?
HitBTC charges a flat fee of 0.0006 BTC for all bitcoin deposits.
In terms of trading fees, market takers are charged a very competitive 0.1% fee while market makers actually receive a 0.01% rebate.
Withdrawal fees also apply and vary between currencies. We’ve included the fees for withdrawing a number of popular coins below, but make sure you check current exchange rates to get a better idea of exactly how much moving money out of your account will cost.
|Ethereum Classic||0.002 ETC|
It’s also worth noting that withdrawal fees are quite high for some coins. Take MaidSafeCoin (MAID) for example – HitBTC’s 217 MAID withdrawal fee is equivalent to ~$73 at time of writing (September 2018), which is simply far too high.
Are there any transfer limits?
There are no maximum deposit or withdrawal limits mentioned on the HitBTC website.
In terms of minimum transfer requirements, you’ll obviously need to be sending sufficient funds to cover any transaction fees that apply.
Is it safe to use HitBTC?
As we touched on above, HitBTC is an unregulated exchange and a quick Google search turns up many negative reviews from users. Keep these factors in mind when deciding whether or not you should use the platform.
That said, HitBTC does offer some key security features to help safeguard your funds. These include:
- Support for 2-factor authentication
- Email notifications about new IP logins
- Whitelist of withdrawal addresses
If you need help with your account, the HitBTC online support centre contains a range of instructional guides and answers to FAQs. To get in touch with the support team, you can submit an online request. However, many users have complained about the platform’s slow response times when dealing with customer queries and complaints.
Pros and cons
- Lets you buy and sell a huge range of digital currencies
- Very competitive trading fees
- Quick signup process
- OTC trading also available
- Doesn’t support fiat deposits
- Large number of negative customer reviews
- High withdrawal fees for some coins and tokens
Compare HitBTC with a range of other crypto exchange platforms to decide whether it’s the right fit for your trading needs. If you’ve assessed all the risks and you’d like to proceed, click through to the HitBTC website and click the “Register” button in the top right corner.
Provide your email address and create a password to sign up. Complete the ID verification process and don’t forget to enable 2-factor authentication before you start trading.
Disclosure: At time of writing the author holds ADA, ICX, IOTA and XLM.