HitBTC: Complete Review

What is HitBTC?

HitBTC is an interactive platform that provides a channel to transact tradable digital assets by offering creative features on its interactive interface for the user. It opened in the UK in 2013. The multi-faceted platform supports the trade of over 150 digital assets including tokens and initial coin offerings.

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The platform was developed as a result of a partnership between finance professionals, experienced traders and software developers.

This collaboration created an advanced platform capable of meeting everyone’s needs. The smart platform boasts innovative features as well as uptime, high availability and fault tolerance. More so, the platform is continuously being reviewed for updates and constantly being developed to be more user-friendly.

STANDOUT INNOVATIVE FEATURES.

• Very high liquidity of the platform

• Low fees

• Cutting-edge technologies for matching engines

• No limits for withdrawal and deposit of digital assets.

• Security levels are remarkable

• A wide array of trading instruments, up to 150

• Advanced FIX API and REST API systems. The API systems are robot friendly which allows you to use a trading bot if you own one. They have low latency data and execution feeds.

• Web compatibility.

HitBTC Signup

The platform has a relatively simple signup process once you access it on the web. On the interface, just click on the register option and fill out the required information. Verify your account using a valid email address which will also help you set up a secure password. It’s that simple!

Several account types with distinct features are offered, so you will have the option to choose an account that suits well. The different accounts enable traders to select and trade assets using the regulations and conditions attached to each account type. It is best to match your account to your style.

Supported Countries.

HitBTC can be accessed by many traders from several countries as it has a wide global reach. Nonetheless, some countries cannot trade on the platform due to regulatory prohibitions or financial restrictions imposed on them.

A notable sanction is against the US due to legal barriers. Other countries include Iran, Lebanon, Libya, Liberia, and Syria.

Trading Tools.

HitBTC offers a wide variety of trading options and tools. Tips are provided for most transactions on the interactive interface of the platform. Some exchanges will only let you carry out trades without much information.

HitBTC trading, however, will deliver much of the information that you will need to figure out before trading. Experienced traders will appreciate various graphs and charts on the platform while unsure beginners will be more grateful to the trading tips and more information on the blog.

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You don’t need to worry even if you don’t know how to trade your assets. The blog information is more than enough to guide you. You may then ask, are there any charges on the platform?

Creating a general account with HitBTC is entirely free so that you can get started with no limitations at all. That said, there are also no fees or charges for the unlimited deposits of cryptocurrencies that you make.

Deposits of fiat currencies in USD or EUR are supported by the platform in addition. These deposits, unlike digital assets, will attract a fee on them as a charge depending on the currency used and the size of the deposit.

Trades are charged among the lowest fees in the market while being made which makes the platform really friendly.

Execution fees are as low as 0.1% on immediate transactions and even lower with non-immediate transactions. These are granted a 0.01% rebate. Cryptocurrency withdrawal similarly is completely free.

Respective currencies may charge network fees though. Fiat currency withdrawal will be charged depending on the type of currency and amount.

Deposits and Withdrawals.

These processes are very unique and relatively easy and the time you have to wait for balances to reflect is less. To deposit, you will first need to generate a wallet address. The deposit button allows you to do this. You can simply spot it as it is green on the interface.

A list of the available currency options will appear from which you should choose your preferred option. Click fund on that option which gives a wallet address with a string of letters, numbers and a QR code.

Every asset in your account possesses a unique address for faster transactions. Additional identifier fields may be included for certain currencies for more secure trading. Such include the Destination Tag for XRP and Message for XEM. Always include these every time you initiate your deposit. Otherwise, you will need to contact customer support. The funds will soon get to HitBTC after which a pending transaction will be displayed in your account. The funds will be credited soon after.

The HitBTC withdrawal option can be found in the accounts tab. It displays a withdrawal column that features a button for every currency you have in your account. Coins can only be withdrawn from the main account so you need to complete transfers from the trading account.

Decide on the amount or quantity to withdraw and keenly paste it on the receiving address, yours presumably. Double check and be sure since the transaction is irreversible. A sending transaction may need more information for certain digital assets and you need to be very careful about it.

Keep in mind some of these requirements before proceeding. Most importantly, enable two-factor authentication for withdrawals before making any withdrawal.

Proceed by typing your authentication code after selecting withdraw. You will get a notification informing you that you must use your email to confirm the withdrawal. Check your email for the withdrawal request labelled mail from support@hitbtc.com. Click on it to confirm your withdrawal request.

You can always check and view withdrawals in the reports tab under payment history. The latest transactions section also displays the withdrawals. You will find some of the withdrawals with three yellow dots which indicates that they are being processed and others with green marks that show that they have been completely processed.

Traders can withdraw and deposit funds on the HitBTC platform via the following channels:

1. Credit cards

2. Wire transfers that include SEPA and SWIFT Euro transfers.

Trading on the HitBTC Platform.

You will need to have funds in the trading account for you to take advantage of the amazing trading options and features available to users. You can simply do this by moving funds from your main account to the trading one. Just click the blue arrow between the two accounts on the accounts page and input the amount to transfer.

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With coins in this account, you can set up orders. You can comfortably and securely trade. The trading screen can be found on the exchange option where you can select trading pairs. Trading pairs are accessed from the instruments section.

The buy and sell boxes allow you to choose the type of order you wish to complete. Hovering over the visible questions marks gives you a concise brief description of the options. Market, limit, stop and stop limit are the options available.

Additional features are available to enable you to keep track of your trading history. Your history will be found in the orders and trades section. Reports, on the other hand, will be used to manage trades across markets.

In the reports section, go to my orders to have a view of orders, cancel an order, see their full status, export trading history and perform other tasks as well.

An order book is available at the bottom of your trading screen showing the market depth, latest sales, and prices for your selected cryptocurrency in the market.

Bonus Affiliate Program.

HitBTC rewards users with its affiliate program for attracting new users to the platform. The exchange uses a referral system where affiliates are given custom links to invite their friends to the platform. Once your referee starts trading you get bonus rewards from their transactions. Bonus can be as high as 75% of trading fees.

You can make profits in this easy way. They even have tools for affiliates to track which link attracts most customers. Multiple links can be created and named accordingly mostly depending on use. The links can be tracked for earnings, signups, and turnover. Rewards are withdrawn at a certain amount.

Security Concern.

HitBTC experienced hacking back in 2015 after launch. As an experienced exchange, the platform now takes security very seriously. Multiple strategies have been put in place that keep accounts and information safe.

A variety of security features are available for users on the platform including 2-factor identification for access to account settings, log in, and withdrawal. History of activity such as login is kept which the users can review and make complains if their accounts are maliciously accessed from strange IP addresses.

What’s more, select cryptocurrencies have cold storage wallets which give the user an option to use offline storage of coins.

The platform goes as far as featuring a security tab from which you can check the activity of your account for threats. The tab’s most amazing and amusing option is the automatic log out option. It enables to choose how often your account automatically logs out itself.

Time intervals range from half an hour to as long as a week. There is also a ‘never’ option. Automatic log out is a key security feature for accounts. This option will terminate all sessions and automatically log out all the active sessions except the one you are using to perform the action.

Several security suggestions are also available in this section advising the users on the best security measures for their accounts. Contact can be made in case of complaints with the customer support team through these channels: Online support form Live chat family Email:support@hitbtc.com

Pros

Trading cryptocurrencies and related assets using HitBTC platform have numerous advantages. What are they?

• High liquidity of the HitBTC platform that provides instant processing of orders and reduces costs of transactions.

• Digital assets withdrawals and deposits are not capped and there are no lower or upper limits to these transactions. Fiat withdrawals and deposits are supported for some users.

• High liquidity consequently creates low fees for transactions.

• There is guaranteed execution of orders because of the much-advanced order matching engine.

• Several assets, up to 150, can be traded on this smart HitBTC platform

• Multi-step authentication and advanced encryption maintain a very high-security level on the platform

• Advanced FIX API and REST API solutions are available for automated trading software users. These are advanced building application protocols.

• A multi-language support that includes live toolbox for the users.

• Stable uptime.

Cons

• Geographical restrictions limit access to platform. US clients, for example, are not accepted.

• Users have complained of numerous site crashes maybe due to the lack of a stable response to the surge in trading volumes of cryptocurrencies that have occurred.

• Verification for the registration process needs sending and scanning of sensitive information and multiple personal documents. This may discourage new users from the platform.

HitBTC in a Nutshell

The HitBTC platform is almost as old as the cryptocurrency regime and has been part and parcel of the cryptocurrency community from the start. It has had plenty of time to figure and iron out most issues with the exchange.

As a result, it features a lot of very useful features and a user –friendly interface plus numerous trading tips and options.

Nothing is perfect though. The platform, unfortunately, has been subject to some complaints and criticism from the users. They have complained that the verification process may be cumbersome and slow requiring sending and scanning of personal documents.

Withdraw times were also termed as slow. Some online reviews also indicated problems with customer support with long waiting hours for responses. You may need to be patient.

HitBTC constantly adds support for modern cryptocurrencies to their exchange while seeking user views and taking their inputs into consideration. Monthly voting options for users are aired to choose tokens that can be added. The exchange is developing rapidly for sure. Overall, HitBTC is worth a shot. Being a well-established exchange boasting high liquidity and volume it is potentially worth your interest. If you also need access to an API certainly this is the place for you. A great exchange.

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