As the Crypto space is growing rapidly, there are numerous exchanges hitting the platform. Choosing the best exchange is a challenge.
As the Crypto space is growing rapidly, there are numerous exchanges hitting the platform. Choosing the best exchange is a challenge.
HitBTC is widely known for its simple user interface and high-volume trading. It is a place where both newcomers and trading professionals will be able to trade with ease.
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
- 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.
- OTC Trading: HitBTC offers Over The Counter trading for people looking to sell or buy large amounts of Bitcoin or other cryptocurrencies (over $100K).
- Token listing: HitBTC is known for being a place where companies that are issuing their own token could get it listed fairly easily.
- Margin trading: For traders who want to leverage their trading, HitBTC offers cryptocurrency margin trading through the MetaTrader 5 Terminal.
- 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
When it comes to cryptocurrencies, HitBTC offers over 400+ cryptocurrencies, including:
- Bitcoin (BTC).
- Ethereum (ETH).
- Eos (EOS).
- Bitcoin Cash (BCH).
- Litecoin (LTC).
- Ontology (ONT).
- Tron (TRX).
- Ripple (XRP) and more.
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?
Step 1: Navigate to the official website. Click the “Sign-up” option
Step 2: In order to sign up, you should provide an email address and pick up a strong password.
Step 3: The next step is to indicate the country of your residence, full name, and phone number.
Step 4: As soon as you provide all of this information and confirm your email address, HitBTC sends the Privacy Policy message
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?
Step 1: Log in to your HitBTC account.
Step 2: Go to the “Deposits” column.
Step 3: Make sure the currency you want to deposit has been moved to your Main Account from your Trading Account.
Step 4: Click on “Deposit”
Step 5: Enter the amount to deposit and your wallet address
Step 6: Enter the 2Fa code for your account (if enabled)
Step 7: Click on “Deposit” again
How to withdraw on HitBTC?
Step 1: Log in to your HitBTC account.
Step 2: Go to the “Withdrawals” column.
Step 3: Make sure the currency you want to withdraw has been moved to your Main Account from your Trading Account.
Step 4: Click on “Withdraw”
Step 5: Enter the amount to withdraw and your wallet address
Step 6: Enter the 2Fa code for your account (if enabled)
Step 7: Click on “Withdraw” again
How to buy cryptocurrencies on HitBTC?
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.
Step 2: Next, enter the desired amount and click “Transfer.”
Step 3: Then proceed to the trading terminal, select a trading pair in the “Instruments” section, and set up an order.
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.
Step 5: For example, you want to purchase BCH via market order on BCH/ETH market. Select the desired market and currency
Step 6: Then enter the amount, and click “Buy Market” to proceed.
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?
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.
Step 2: Next, enter the desired amount and click “Transfer.”
Step 3: Then proceed to the trading terminal, select a trading pair in the “Instruments” section, and set up an order.
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.
Step 5: For example, you want to sell BCH via market order on BCH/ETH market. Select the desired market and currency
Step 6: Then enter the amount, and click “Sell Market” to proceed.
Step 7: The history of your trades on the particular market is available in the “My Orders and Trades” section.
Is HitBTC Exchange Safe and Secure?
Yes, HitBTC Exchange is one of the safe exchanges available since there have been no hack events since its inception. HitBTC exchange offers the following security and compliance features to ensure that clients accounts and transactions are maximally protected.
- HitBTC exchange has a high end cold storage wallet to protect users’ funds stored on the exchange.
- In addition to this, HitBTC helps users to protect their account through two-factor authentication.
Recent Updates:
- On 15th June 2021, HitBTC announced the launch of its native utility token, the HIT token, which will become the foundation of the HitBTC ecosystem. HIT will be used to provide incentives and rewards to the exchange traders and ecosystem contributors.
- In July the exchange burned a total of 25,539,150 HIT tokens (about 4.7 million USDT). The overall supply of HIT has officially decreased from 2,000,000,000 HIT to 1,974,460,850 HIT as a result of this recent burn.
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.
