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Reviewing HitBTC: our experiences with the crypto-exchange for exchanging Bitcoin, Ether and Tether for countless coins

Our HitBTC review with answers to all questions about registration, deposits and withdrawals, fees and trading information.


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Reviewing HitBTC: our experiences with the crypto-exchange for exchanging Bitcoin, Ether and Tether for countless coins (c): HitBTC

12.03.2018

In terms of trading volume HitBTC is one of the top exchanges for Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, USDT and a long list of many other coins. Is it worth using this exchange? We will introduce HitBTC to you with this report.

 





Overview of HitBTC

  • available on the market since 2013
  • headquarters and management of the stock exchange are unknown
  • trading of Bitcoins, Ethereums, Litecoins, Dogecoins, Monero, USDT,  many Altcoins and a variety of ICOs
  • verification is not mandatory
  • no deposit and withdrawal of FIAT money possible
  • no margin trading
  • API offered to software developers
  • available in English and Chinese

HitBTC is one of the leading and, according to own data, most advanced crypto-exchanges world-wide. According to the coinmarketcap.com ranking, HitBTC regularly ranks among the top 10 crypto-exchanges in terms of traded volume. Most of it is part of trading Bitcoin Cash, Bitcoin, Ethereum, Dash and Monero. There are a variety of tokens and associated currency pairs are offered, which are constantly expanding with the intake of ICOs - currently there are already over 450 tradable pairs! Unfortunately, there is no official information about the base and owner of the provider. On the homepage "HIT Solution Ltd" is indicated as company, which stands behind the exchange. Allegedly, it was founded with 6 million euros of venture capital through a collaboration of software developers, financial experts and experienced traders. Further information, which have been confirmed in particular by other sources, cannot be found here. There are a lot of speculations on the internet. Among other things, the now dissolved Hit Techs Limited is considered as operator and the base of the exchange is assumed, among others, in Hong Kong (which is most probable), London, Chicago, Copenhagen or Tallinn.


Registering on HitBTC

To register on HitBTC, just click on this link:

https://hitbtc.com/signupapp

There you have to enter your e-mail address and a password and confirm with "register".

HitBTC © "HitBTC"

Then you will be sent an e-mail with an activation code.

HitBTC © "HitBTC"

After you have confirmed the link in the mail, your registration is complete and you can register on the homepage on https://hitbtc.com for the first time. It looks like this:

HitBTC © "HitBTC"

Increasing your security level

Before using HitBTC, it is recommended to adjust the security settings right after logging in for the first time.
These can be found under "settings" (gear icon in the menu bar) and then under "security". Here you can change the password or also set whether you will be automatically logged out after a certain period of time and control with which devices and IP address you successfully logged in the last time.

The most important setting is the activation of a second factor for personal login authentication. For this purpose, the app "Google Authenticator" is offered, which is available for free in the App Store of Apple and Google Play Store.

With this app you scan the displayed barcode and enter the code currently generated in the app. Then you have to "confirm" your Google Authenticator is immediately linked as a second factor. With this you will have to enter your password and the code displayed on the Google Authenticator app every time you sign in.

HitBTC © "HitBTC"

Important note: please write down the "backup code" displayed on HitBTC. With this code you can log in if you should not have access to your smartphone or in case you lost it.

Verification

Verification, i.e. the essential proof of your identity and residence, is not mandatory on HitBTC. As a rule, after a successful verification on exchanges, the amount of the maximum payout or deposit amount will increase. With HitBTC, there is currently no payout and deposit limit for unverified accounts. The home page merely mentions that HitBTC's risk management team is responsible for the overall oversight of the trader's activities and approves large disbursements in accordance with the AML / KYC anti-money laundering regulations. It is not clear which amount is meant here to approve this. Since there is basically no limit for payouts, verification can therefore be optional to avoid possible future reviews.

Somewhat contradictory is the statement on HitBTC that with a verification of your bank account data, a deposit or payout of FIAT money is possible ("bank account information (in case you want to deposit and withdraw fiat)" / https: // hitbtc. com / settings / verification).

This does not seem possible at the moment, as there is no account at HitBTC where a FIAT currency could be deposited. The note that currently no purchase / sale is supported by a FIAT currency, is also confirmed in the official HitBTC forum by the support ("Unfortunately, it is impossible to deposit fiat money to our exchange.", January 31, 2018; see: https://forum.hitbtc.com/discussion/4536/can-i-deposit-fiat-usd).
Nonetheless, anyone who intends a verification has to submit the following information in English to the HitBTC Compliance Department (compliance@hitbtc.com) for review and approval:

  • personal information (name, first name, date of birth, country of birth)
  • address
  • bank details, if FIAT money is to be paid in and out (not yet supported)
  • copy of identity card or driver's license
  • proof of domicile, e.g. in the form of an electricity, telephone, internet service bill, bank statement, credit card statement, tax return or something similar
  • account holder proof via bank statement

HitBTC © "HitBTC"

Deposits and payments on HitBTC

Deposits

To trade on HitBTC, you must first deposit funds. To do this, one of the supported crypto-currencies must be sent to the appropriate wallet on HitBTC.

First you have to click on "deposit" in the menu. Then you select the appropriate cryptocurrency in the table that you want to deposit. By clicking on the corresponding line, a wallet address will be generated. To this address you must sent the balance to the appropriate currency from another wallet. The displayed recipient address can either be copied or scanned as a barcode.

Note: some crypto-currencies, such as Ripple (XRP) or XEM, ZRC, ARDR have additional fields in the addresses, such as destination tags or message, which must be specified when sending.

HitBTC © "HitBTC"

Payments

Payments are similar to the deposits. To withdraw coins, navigate via the menu to your "account". As with the deposits, each line receives the current account balance of the corresponding coin. The payouts are made from the "main account". So, first make sure that you transfer the balance from your trading account to the main account.

Then you can enter the desired payout amount via "withdraw". From this, the payment fees (flat fee) will be deducted and you will see the effective payout amount under "you will receive". Then you enter the destination address to which the credit is to be sent. With the button "withdraw" you have to confirm the transaction.
If you have activated a second factor for withdrawals, you still need to enter this code. In addition, an email will be sent including a link that you must confirm in order to complete the payout.

HitBTC © "HitBTC"

Trading on HitBTC

After you have deposited funds on HitBTC, they are transferred to the main account first. In order to trade with this balance, you must transfer it from there to your "trading account". Just click on it in your currency account. For example Ethereum by clicking on the blue arrow, enter the desired amount and confirm by clicking on "transfer":

HitBTC © "HitBTC"

After the coins have been transferred to the trading account, you can switch to the trading page by clicking on "exchange".

Under "instruments" you can select the desired currency pair that you would like to trade. Using the tabs "BTC", "ETH", "USDT" you select the desired base currency and then click on the second one, i.e. the quoted currency of the pair.

HitBTC © "HitBTC"

The following order types are available:

  • market + stop market order
  • limit / stop limit order
  • scaled order

For the limit order, you can also specify the following conditions for your buy or sell order:

  • good-till cancelled: the order remains valid in the order book until it is executed or deleted by yourself
  • day: the order is automatically cancelled if it was not executed the same day (00:00 o'clock)
  • fill-or-kill: if the order can be executed, the whole order must be completed with a single trade. If this is not the case, the order is deleted
  • good-till-date / time: the order automatically expires at a date and time specified by yourself
  • immediate-or-cancel: the job is deleted if it cannot be executed immediately

HitBTC © "HitBTC"

While the market / limit order is likely to be widely known, we will briefly discuss the scaled order introduced on HitBTC since November 2017.

HitBTC © "HitBTC"

For this order type, an algorithm executes multiple buy or sell orders according to specific criteria that you can be set by yourself. The first value you need to state is the total amount you would like to trade. This amount will be automatically split into individual orders according to your other terms. These are next to the interval, from maximum and minimum price, in which the order is distributed, the individual price steps and the number of orders. In addition, the following extra options can be selected: flat, upscale and downscale. “Flat” means that the amount within the price range is distributed evenly across the orders. “Upscale” means that more tokens are added to an order when the price is higher, while "downscale" means that fewer tokens are bought / sold when the price goes up.

As soon as the desired settings have been made for your order - no matter if market, limit or scaled order - you have to confirm it with “buy” or “sell”.

HitBTC © "HitBTC"

The status of all orders can be checked under "reports", which you can access in the menu.

Stability of the HitBTC system

Many exchanges cannot handle the rush of visitors and consequently there are often time delays or unwanted performances. To get a picture of how stable HitBTC is, the operator has introduced a "system health page" since mid-January 2018. There it is possible for every user to see the availability and performance of the page in real-time.

HitBTC © "HitBTC"

This form of transparency is offered by some, but by no means by every crypto- exchange. We welcome this transparency for the traders, which is completely in line with the blockchain concept: transparency, openness, security - as HitBTC itself points out on the homepage.
The system health page can be accessed directly via the menu or via this link: https://hitbtc.com/system-health.

Fees on HitBTC

HitBTC charges the fees according to the maker / taker model. The taker, who takes liquidity, pays a fee of 0.1% for the trade. The maker who creates liquidity does not pay any fees, but receives a 0.01% discount on the completed order. The trading fees are very cheap compared to other exchanges.
There are no fees for deposits. Payments include the following fees:

  • BTC 0.001
  • ETH 0.00958
  • BCH 0.0018
  • DASH 0.03
  • XRP 0.509
  • XMR 0.09

The amount of the disbursement fees are displayed in the account under "withdraw" in the respective currency.

Review conclusion: our experience with the exchange HitBTC

The platform was very stable in the test. The operation is intuitive and the functionality is satisfactory. The range of the offered coins is enormous. However, the scarce amount of information about the provider made us suspicious, because we would like to know who we entrust our money to. Many seem to be unhappy with this fact and even a direct request in the support forum for headquarters and CEO has remained unanswered by HitBTC so far. (https://forum.hitbtc.com/discussion/2669/hitbtc-where-are-you-located-and- who-is-your-ceo-responsible-traders-want-to-know / p1). Recently, there have been increasing critical voices from users who have had problems paying or whose support requests have not been answered. There are many angry comments in the HitBTC support forum and on the official Facebook page. Although the exchange itself made a good impression, we cannot recommend it with a clear conscience at the moment. However, we will continue to check further developments and inform you on Hulacoins.

 



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HitBTC review HitBTC fees HitBTC support HitBTC API

566x Views | 0 Comments

C

2 Stars

In terms of trading volume the crypto-exchange HitBTC is among the top 10, but it offers little information about itself. Criticism about payout issues is piling up. Consequently the combination of these two elements make you suspicious. Too bad, because on the other hand the platform is stable and offers a widerange of functions and a variety of tradable coins.

Christian



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