Exchanges

HitBTC Review

Website : hitbtc.com
Established : 2010
Support :
Country : Hong Kong
U.S. Clients Allowed : No
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Background

While it always claims to be the most advanced Bitcoin exchange today, HitBTC does not officially give any information on the country of its location. Some sources claim they are based in Europe; others suggest they are based in Hong Kong.

Wikipedia says HitBTC exchange is Europe-Based, which is pretty strange as the exchange’s website claims that it is operating by “HIT Solution Limited” which is located at Unit 19, 7/F, One Midtown No11 Hoi Shing Road, Hong Kong. HitBTC has been in the exchange business since 2013 and claims to be proud of its competence when it comes to its matching algorithms.

Most of the world cryptocurrency exchanges are not regulated, which continually brings a bit of concern when trading with them. Regulatory bodies like the FCA and CySEC do not recognize crypto exchanges as entities to be monitored. HitBTC is also not a standard financial payment provider, as it only provides banking services to “institutional investors and major market makers.”

At this point, no one is certain about where this exchange is located, and they are not regulated.

HitBTC is one of the most famous cryptocurrency exchanges, as made evident by the BTC trading volume. Other than that they offer a wide assortment of altcoins.

The exchange was hacked in early 2016, but it didn’t give much information on the incident. While traders haven’t complained about that particular event, a lot of negative feedbacks are available on the forums. The issues clients complain about range from all types, from a slow verification process to coins “lost,” to not withdrawal denials, to basically every problem one can imagine. Apart from that, there are claims the bitcoin volume at this exchange is artificially raised.

Account Verification

To have your trading account verified, you need to reach HitBTC at compliance@hitbtc.com, demanding to have your trading account verified. Note that you need to use the email address that you open your account with, to send the verification request email. Make sure your email should include the following details: Personal Information (as it is on your government issued ID), Address, Bank account information, Proof of Residence, Proof of bank account possession.

A note found at the end of HitBTC’s verification guide page says: “Screenshots and electronic documents are not accepted, this document should be paper-based and drafted on original bank letterhead.”

You need to bear that in mind before you submit any documents to them so that you wouldn’t face any problems when it comes to account verification.

There are three different levels of accounts that you can get with HitBTC, namely: General, Verified, Qualified. Each of these levels has its advantage. And the higher the level, the higher the trading volume.

For ‘General’ accounts, you can deposit cryptocurrency for free and your daily withdrawal limit is 5,000 EUR worth of cryptocurrency. Transactions in fiat currencies are not available for the general verification range.

The second level is “Verified,” and you get free deposits for cryptos and a maximum of 25,000 EUR worth of cryptocurrency withdrawal per day. The limit on fiat transactions: both deposit and withdrawal, is $2,000 (USD, EUR) per week and $10,000 (USD, EUR) per month.

The final level is called ‘Qualified,’ and you do not need to pay for any cryptocurrency deposits. Any client having a qualified account can withdraw over $25,000 worth of digital coins in a day, and fiat currency deposit or withdrawal would be $10,000 (USD, EUR) per week and $50,000 (USD, EUR) per month.

Trading Platform

hitbtc platform

Like other cryptocurrency exchanges, HitBTC offers a web-based trading platform. While this has the definite disadvantage of increasing your browser’s resource consumption, it still does let you access your trading account from any device. This is not the case with top forex trading platforms, like MetaTrader4. That being said, the layout offered by HitBTC is reasonably user-friendly.

Charting on HitBTC trading platform is rendered by TradingView, and a pop-up feature is given for more accurate analysis. And placed next to it is the financial instrument list, which more importantly, is divided into four sections. The order book also seems neat enough, set at the bottom of the page.

HitBTC Fees

HitBTC, unlike most exchanges, charges a fee of 0.10% in trading from those who buy/sell from the first available bid/ask, so-called market “takers.” However, traders who contribute to the market’s liquidity by placing their bids and asks are paid a 0.01% rebate. These are pretty competitive fees, given the fact some exchanges charge fees from market makers, instead of granting them rebates.

Taker fee nowadays goes as high as 0.25% for the traders operating with low volumes.

Deposits and Withdrawals

HitBTC exclusively allows bank transfers from institutional level clients. The regular traders must transfer their cryptocurrencies directly. Wallets are provided for every major digital coin available at HitBTC, which basically means all major currencies.

Funding your trading account will take about 14 business days to be approved. And the withdrawal request approval can take up to 20 business days.

Is HitBTC Safe?

HitBTC is a famous cryptocurrency exchange. It allows trading in more than 150 different cryptocurrencies, with new ones being continually added. The exchange does not allow fiat currency transfers from regular investors. However, what serves as a significant source of concern about HitBTC comes from the excess of negative user reviews about them on online forums. While some of these reviews may be fake, there is too much negative criticism that we can’t dismiss. For what its worth, it is still your decision to make at the end of the day.

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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HitBTC exchange review

HitBTC exchange review
7.2

Ease of use

Fees

Support

Security

Pros

  • High trading volume
  • Anonymous accounts
  • Intuitive interface
  • Relatively low fees
  • Good support

Cons

  • Difficult verification process
  • Slow withdrawals
  • No Mobile App