Trying to decide if HitBTC is the correct crypto exchange for you? Our dedicated review will help you decide.
Based in Hong Kong, HitBTC is a digital currency exchange that is owned by HIT solutions, Ltd. The exchange was created by some of the best technical resources in the field, and also employs experienced traders, fin-tech professionals, and high-quality software developers. The results can be seen in HitBTC’s rising popularity.
HitBTC was established in 2013 with over $6 million in venture capital and does more than $300 million in trading volume. This exchange has delivered high stability and uptime to its users, making it one of the more reliable platforms available.
You might consider HitBTC if you’re interested in exchanging Altcoins. The exchange offers a variety of coins, including BTS, DASH, EOS, XMR, and ZEC. The site also boasts a core-matching engine, which gives users real-time clearing along with order matching algorithms.
If you’re an avid cryptocurrency trader, you’ll be happy to know that HitBTC offers many features to make things easier. Not only does the exchange provide the advanced technologies mentioned previously, but it also offers low trading fees. These are just a few of the features you’ll get with HitBTC’s exchange. Here are some other additional benefits:
- No limits on withdrawals or deposits of cryptocurrencies
- Over 150 instruments from which you can choose
- Enhanced security measures
- No registration required
- Full access trading
- Unlimited top-up balance
- High liquidity
- Various charts and graphs for trading information
- Easy to use platform
- Trading tips and tricks found on site’s blog
Why Use HitBTC?
In addition to its low fees and high liquidity, HitBTC makes it easy to set up your account and start trading. We’ll walk through how to get set up, which takes less than ten minutes. Of course, the fact that the exchange supports so many coins doesn’t hurt. This means investors and traders can buy or sell coins that might not be available in other exchanges.
If you do a good amount of trading, HitBTC might make sense for you, since the exchange would allow you to benefit with setting limit orders. The site also gives users the ability to download their entire trade history, along with the site’s entire trade history. This shows transparency on the exchange’s part, indicating their willingness to comply should it get audited.
Opening an Account
Registering with HitBTC is simple and takes just a few minutes to complete.
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First, you’ll head to the exchange’s home page and select the “Register” option.
It might be a little tough to see, but the screenshot below highlights the “Register” button in the top right:
Once you click on “Register,” you’ll be taken to a page requesting an email address and a password.
When you’ve entered the necessary information, you’ll see a confirmation screen. On this screen, you’ll be directed to visit your email account and verify your information. You’ll open the email, click on the link, and HitBTC will activate your account. Once you do that, you’re all set up. It really takes no time at all.
HitBTC Deposits and Withdrawals
If you want to deposit funds into your HitBTC account, you have first to create a wallet address. Select the green “Deposit” button in the upper right, which will take you to your Accounts page.
From there, you can select which currency you want to deposit by clicking on the “Fund” option.
When you select “Fund,” the selected option will expand, revealing a string of numbers, along with a QR code.
Keep in mind that each digital asset in your account will have its own unique wallet address. Some currencies require additional information like a Destination Tag if you’re moving XRP. Be sure to include this when you start the deposit transaction.
After your funds arrive on the HitBTC exchange, you’ll notice a pending transaction at the bottom of the accounts page. Your account will be credited with your digital assets shortly thereafter.
You’ll stay on the same Accounts page to withdraw your digital assets as well. Find the cryptocurrency you wish to withdraw, then click on the “Withdraw” option in the corresponding column. Remember that these coins must be in the main account to withdraw them.
Enter the amount you want to withdraw, then put in the receiving wallet address. Be sure you double check the address, since you are unable to reverse the transaction. Just like with depositing, some digital currencies require additional information, so be sure to provide that.
For instance, with XMR, you need to specify Payment ID along with your wallet address. The only restriction when withdrawing your funds is that it needs to be enough to cover the network fee. You can find the amount of your network fee directly below the field labeled “Amount” in the withdrawal row.
If you enabled two-factor authorization (which we’ll talk about soon), you’ll need to enter the authentication code when you select “Withdraw.” When that is complete, you’ll receive a notification informing you that you must confirm the withdrawal process through email.
Navigate to your email and find the message from firstname.lastname@example.org. You’ll see a label showing “Withdraw Request” and it will contain a link that you can click to confirm the transaction. You have an hour to confirm the transaction before it cancels. Once you confirm it, you’ll return to your account page.
Since blockchain transactions cannot be canceled or reversed, you want to be sure that your funds are protected from hackers or other malicious intruders. There are a few things you can do to help ensure that these things don’t happen.
Using 2FA is an absolute must when using a cryptocurrency exchange. If someone happens to access your password, they won’t be able to confirm transactions without your authentication code.
To set up 2FA in your HitBTC account, you want to navigate to the “Settings” tab. You’ll see the gear icon in the top right corner of the site. Once you’ve made it to that page, click on the “Security” tab. Follow the instructions here to confirm 2FA and provide better security for your account.
While you’re in the “Security” tab, you can also set up a stronger password if you feel like your initial one isn’t up to snuff. A strong password is one that is unique and will protect your account against brute force attacks.
Remember that you don’t want to use names, dates, or simple words for your password. If possible, you want to change your password at least once a month, if not more often. Keep your password safe, and don’t give it to anyone else. HitBTC states on its site that its support members will never ask for your password.
You can enable whitelisting the same way you turned on 2FA and changed your password. Click on the “Settings” gear icon and choose the “Whitelisting” tab.
Whitelisting is a new feature which allows HitBTC users to define a list of approved addresses for withdrawal purposes. If your account gets compromised, this is a great tool to have in place, since whitelisting will prevent your funds from being sent to an address you don’t have listed. It’s the perfect tool to use as a triple-checked security measure for your digital assets.
When you’re ready to start trading on HitBTC, you’ll have to move your funds from the Main HitBTC account into the Trading account. From your “Accounts” page, select the blue arrows between the two accounts labeled “Transfer.”
You’ll then need to fill in how much you want to move. After you’ve input the amount, click on the “Transfer” button to complete the transaction.
Once that step is complete, you’ll see the coins in your Trading Account. Now you can go set up an order. Navigate to the “Exchange” tab, then select the trading pair from the “Instruments” area.
Once you find the cryptocurrency you want to trade, you can select what type of order you want in the Sell and Buy boxes in the lower left corner. If you need information about each type of order, the site provides a brief description if you hover over the provided question marks.
The “My Orders and Trades” section on the right side of the screen lets you see a history of your orders. There are a few other options on this tab of the exchange as well. The “Reports” option lets you manage your trades across markets. From that point, you can select “My Orders” to see order status, trading history, and current pending orders.
Additionally, at the very bottom of the “Exchange” screen is the Order Book, which shows the latest in sales. You can also view prices and market depth as people are selling and buying the cryptocurrency you chose.
HitBTC offers many order types, so if you’re into trading, you’ll be familiar with what we’re talking about here. For those not as heavily involved in buying and selling, here are the order types HitBTC offers and a brief explanation of each:
These types of orders give you the ability to buy or sell your chosen digital currency at the current market price. This is the best price available when you make your order. Since the price may vary in real-time, any fees on the orders are an estimate.
Stop orders perform trades at a given price. These orders are different from limit orders (which we’ll get to) in that they turn into market orders when the stop price is reached. Stop orders don’t require reserved funds, and won’t show up in your order book until activated.
A limit order will execute when a trade reaches a specific price or better. Limit order to buy will be for the limit or any amount lower, while sell limit orders are for the limit or higher. There are great if you know your trading price. Once you place the order on HitBTC, the assets in your account are reserved so that you can view them or see them in your Order Book.
Lastly, stop-limit orders allow you to create a limit order and set it at a certain price. When the stop price is reached, the stop-limit order becomes a limit order. By making use of a stop-limit order, you can specify both the limit price and the stop price.
When the stop price is reached, the limit order is triggered, using your chosen limit price. Similar to stop orders, stop-limit orders do not show up in the Order Book until activated, and they do not require your funds to be in reserve.
HitBTC Exchange Security
We’ve discussed how you make your personal HitBTC account more secure, but how secure is the exchange itself? This is an especially serious question considering the platform was hacked in 2015, just a few years after the site launched.
As an exchange that has been around for a while, HitBTC wants its users to know that it places emphasis on its security. There are multiple methods through which the exchange aims to keep your account information secure and safe. For starters, make sure your account has a strong password and that 2FA is in place.
HitBTC also uses cold storage for the vast majority of its funds while relying on advanced encryption capabilities to protect your data from would-be intruders. Additionally, the exchange sends you an email if and when you view your account by an IP at a new location.
Users also have the option to terminate all sessions, which logs out of all active sessions. This option is in the “Security” tab, which you used when setting up your password and 2FA. Or, if you want your session to end after a certain period of time, you can select how long before you log out. You can select one of the following: 30 minutes, 1 hour, 8 hours, one day, seven days, or Never.
Lastly, if you’re not sure about the security of your account, you can view your most recent activity in the “Security” tab as well. You can see actions such as changing your password, withdrawing funds, enabling 2FA, or when you last signed in to your account.
Currently, HitBTC does not offer phone or chat support for its users. If you find a phone number advertising itself as support for HitBTC, ignore it. If you do have an issue, you can visit HitBTCs support site. Here you can search through documentation to try to find the best answer to your problem.
If you’re unable to find what you need, the site will provide a form you can fill out and someone will get back with you. HitBTC does request that users go that route before reaching out via Twitter or Facebook.
Like exchanges such as Binance, HitBTC has a taker and maker fee model. Maker fees are when you put in a limit order and have to wait for your order to be filled. Takers don’t hang around and take the current market price.
- HitBTC maker fee: actually receive a 0.01% rebate on the trade. This is a reward for generating action on the exchange.
- HitBTC taker fee: 0.1%
HitBTC withdrawal fees change according to the cost of processing a transaction for each cryptocurrency. However, HitBTC withdrawal costs are competitive with other cryptocurrency exchanges like Bittrex or Binance.
Overall, the fees on HitBTC are pretty attractive. What’s incredible is that you can actually profit from trading on the exchange if you only make limit orders and get your 0.01% rebate for every trade.
Pros and Cons
No exchange is perfect, even though it might appear to be. Here are some of the pros and cons you’ll experience with HitBTC.
- Supports hundreds of altcoins
- Stable uptime
- Low fees
- Easy to use
- Unlimited deposits and withdrawals at no charge
- High liquidity
- Slow withdrawal times
- No mobile app
- No phone or email support
- Limited payment options
HitBTC is one of the better exchanges around primarily because it has been around for a while. It has had plenty of time to sort out issues and address bugs. It also provides plenty of features like trading tips, a wide-range of altcoins, and an easy-to-use interface.
There are a few things to keep in mind, though. There are times when withdrawing your funds from the exchange takes longer than usual. Additionally, being verified by the exchange is a tedious process which requires sending personal documents to HitBTC. More recently, there have been bad reviews left by HitBTC users who report poor experiences with customer support. They cite ridiculously long wait times and even instances of frozen accounts or prevention of withdrawing funds.
From an overall standpoint, HitBTC is a solid exchange worth giving consideration. This is especially true if you’re trading at a high-volume or liquidity is important to you. However, the recent occurrence of complaints and frozen accounts do give pause for concern. This is especially frustrating given the fact that HitBTC’s customer support is severely lacking.
We recommend that while HitBTC is a solid exchange with plenty of features, you should proceed with caution given recent developments.