HitBTC Review for 2023
Quick Summary: HitBTC was founded in 2013, which makes it one of the oldest Bitcoin exchanges. Since then, HitBTC has made a name for itself as a go-to platform for buying and selling low cap altcoins such as XRP, DOGE, TRX, and many more.The exchange is also one of the few crypto platform open to bots, offering a range of APIs that help tech-savvy users trade without a hassle.
Aside from these, HitBTC also remains one of the few crypto exchanges that hasn’t been hacked before. So, if your top priority is the security and safety of your funds, then HitBTC is surely among the list. And if you don’t really want to risk your hard-earned money, you can practice using the platform’s demo account feature.
To sum it up, all these features make HitBTC one of the top altcoin exchanges when it comes to liquidity and available markets!
Although cryptocurrency exchanges have been in existence for the better part of a decade, there is still much that is unknown regarding how these exchanges work and exactly how secure they are. With the proliferation of hackers and security breaches, an exchange can rarely boast of zero hacks in the history of its existence.
This HitBTC review explores the security management practices and the technology behind one of the most popular exchanges in use today.
Table of Contents
HitBTC Exchange Platform at A Glance
- Website: https://hitbtc.com/
- Country: Hong Kong
- Mobile App: Available
- Deposit Methods: Bank Transfer and crypto
- Fiat Currencies: USD EUR, AUD and many others.
- Cryptocurrencies: 450+
List of Features
- If the user wishes exchange Bitcoin or any other cryptocurrency. In this case they could use the HitBTC cryptocurrency-to-crypto exchange to purchase cryptocurrency or deposit Bitcoins and other currencies that are supported. HitBTC exchange doesn’t ask for verification as a element of the KYC procedure.
- Additionally, it has an account demo for beginners. The new traders can test trading on this trading platform by using the demo account, without having to make any HitBTC deposits.
- Based on numerous reports, the site has minimal fees for trading. The cost for the Maker is 0.1 percent, and the HitBTC fees for takers are 0.25 percent.
- The traders are able to buy and sell a variety of digital assets with hundreds of currency pairs. The exchange provides a broad selection of crypto assets that are suitable to trade, and it is one of the most popular exchanges that allow for the inclusion of a variety of new projects.
- HitBTC provides a robust and easy API for traders, and they can utilize their crypto trading bot which is compatible when integrated with the API.
- HitBTC is regarded as a secure exchange and is among the very few exchanges which haven’t suffered hacking attacks before.
Pros
- HitBTC trading fees are very low in comparison to the trading fees on other exchanges.
- The interface and order book for users is simple to navigate.
- There are no thresholds for withdrawals and deposits. operations.
- It is a great choice of cryptocurrencies , when compared with other exchanges.
- No HitBTC KYC limits.
- Users enjoy attractive maker rebates
- Users do not need to go through the KYC process.
- HitBTC provides the highest level of security through two-factor authentication (2FA) and the latest encryption technology.
- HitBTC platform provides high exchange liquidity.
Cons
- Not the best choice for novices.
- It is not a licensed exchange.
Crypto Exchange Review: HitBTC
Since being founded in 2013 and launched in 2014, HitBTC has remained one of the top cryptocurrency exchanges worldwide specializing in altcoin spot trading. As one of the frontrunners in the crypto world, it led the industry to create and implement the basic prototype for currency exchange and trading that is still in use today.
Even in the highly competitive crypto exchange world, it maintains its high visibility and retains its track record of having the widest selection of cryptocurrencies available. It is also noted for its relatively low commissions.
The unofficial report is that HitBTC was established by a team of technology engineers and finance experts. There may be some truth to this since the exchange’s interface has been criticized as not being very user-friendly. Although it’s more geared toward the experienced user, there is a demo account available for amateurs to make transactions before committing fully.
The exchange boasts high liquidity and a wide selection of currencies. At this time of this HitBTC exchange review, over 380 cryptocurrencies were supported, and over 800 cryptocurrency pairs were available.
According to CoinMarketCap, with round the clock operations, HitBTC boasts a daily trade volume of over $1 billion and records over four million monthly visits. The exchange is officially registered in Hong Kong with additional offices in Chile and Malta, and there have been reports of additional offices in Denmark and Estonia.
What Coins Are on HitBTC?
As one of the largest exchanges, HitBTC offers over 380 types of currencies. Here are the ten most popular currencies currently being traded and bought:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Ripple (XRP)
- Tether (USDT)
- Litecoin (LTC)
- Monero (XMR)
- EOS (EOS)
- Tron (TRX)
In terms of the largest daily trade volume, the HitBTC platform is currently in the 13th spot. This placement is due to its high liquidity and low fees.
Payment Methods
To get started on the HitBTC platform, users register an account and fund it via a debit/credit card, cryptocurrency deposit, or bank transfer. Once the account is fully verified, users are free to buy, sell, and trade cryptocurrencies.
Trading Fees
One of the significant features when using HitBTC is the low trading fees compared to other cryptocurrency exchanges. Another major factor is that the exchange charges a flat commission for withdrawals, regardless of the transaction amount.
This commission is a specific dollar amount that depends on the cryptocurrency being used. At the time of this HitBTC exchange review, if a customer withdraws BTC (BitCoin) or ETH (Ethereum), the fee would be around $13. If withdrawing Tether coins, that charge would be about $0.70.
Maker Fees
| Volume Tier | Token Tier | ≥ 0 | ≥ 100 | ≥ 300 | ≥ 500 | ≥ 1000 | ≥ 2000 | ≥ 5000 | ≥ 10000 | ≥ 50000 | ≥ 100000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
0 | ≥ 0 BTC | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
1 | ≥ 100 BTC | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
2 | ≥ 200 BTC | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% |
3 | ≥ 500 BTC | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |
4 | ≥ 1000 BTC | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
5 | ≥ 1500 BTC | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
6 | ≥ 2000 BTC | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
7 | ≥ 3000 BTC | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
8 | ≥ 4000 BTC | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
9 | ≥ 5000 BTC | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
10 | ≥ 6000 BTC | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% | -0.01% |
Taker Fees
| Volume Tier | Token Tier | ≥ 0 | ≥ 100 | ≥ 300 | ≥ 500 | ≥ 1000 | ≥ 2000 | ≥ 5000 | ≥ 10000 | ≥ 50000 | ≥ 100000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
0 | ≥ 0 BTC | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.18% | 0.18% |
1 | ≥ 100 BTC | 0.2% | 0.2% | 0.2% | 0.2% | 0.18% | 0.18% | 0.18% | 0.18% | 0.16% | 0.16% |
2 | ≥ 200 BTC | 0.2% | 0.2% | 0.2% | 0.2% | 0.18% | 0.18% | 0.18% | 0.18% | 0.16% | 0.16% |
3 | ≥ 500 BTC | 0.2% | 0.2% | 0.2% | 0.2% | 0.16% | 0.16% | 0.16% | 0.16% | 0.14% | 0.14% |
4 | ≥ 1000 BTC | 0.02% | 0.02% | 0.02% | 0.02% | 0.16% | 0.16% | 0.16% | 0.16% | 0.14% | 0.14% |
5 | ≥ 1500 BTC | 0.2% | 0.2% | 0.2% | 0.2% | 0.16% | 0.16% | 0.16% | 0.16% | 0.12% | 0.12% |
6 | ≥ 2000 BTC | 0.18% | 0.18% | 0.18% | 0.18% | 0.16% | 0.16% | 0.16% | 0.16% | 0.14% | 0.14% |
7 | ≥ 3000 BTC | 0.16% | 0.16% | 0.16% | 0.16% | 0.12% | 0.12% | 0.12% | 0.12% | 0.1% | 0.1% |
8 | ≥ 4000 BTC | 0.14% | 0.14% | 0.14% | 0.14% | 0.12% | 0.12% | 0.12% | 0.12% | 0.1% | 0.1% |
9 | ≥ 5000 BTC | 0.12% | 0.12% | 0.12% | 0.12% | 0.1% | 0.1% | 0.1% | 0.1% | 0.08% | 0.08% |
10 | ≥ 6000 BTC | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.08% | 0.08% |
Limit Orders
There are no fees when making cryptocurrency deposits via debit or credit card, and HitBTC does not impose any upper or lower limits on deposit and withdrawal amounts.
Bank transfers or wires carry a small per-transaction fee, depending on the currency in use. Of course, these fees are continually changing, so buyers would need to verify the commission rate at the time of withdrawal. Still, HitBTC offers some of the lowest trading fees, which is a plus for large-volume traders.
HitBTC Trading Services
Although the exchange is more tailored toward professional traders, the trading process is relatively simple. Users deposit the preferred currency into their wallet and move funds between the primary and trading accounts. After completing the transaction, users then have the option to transfer funds to an external wallet.
There is the option to use sub-accounts for different trading strategies. Users can also participate in trading contests, where they match skills with other traders.
While the platform’s interface can be confusing to those new to the cryptocurrency world, experienced users will welcome the many options. Some features include:
- A comprehensive history of all transactions
- Graphs illustrating the trading history of a particular cryptocurrency pair
- Separate panels for buy or sell orders
- Transaction history of market orders and trades
- Timeline comparing the values of two or more currencies
Naturally, the dashboard is customizable so users can organize the various panels to their advantage. The platform is highly responsive, and trading currency pairs is effortless.
One of the most significant advantages of the HitBTC platform is the use of a robot-friendly API (Application Program Interact) that allows users to program a series of commands for either buying or selling.
Since the exchange operates round the clock, users can program either an automatic buy or sell command at a specific market price point or once certain criteria are met. This option ensures that users can capture a more significant part of the cryptocurrency market gains. Users also have the opportunity to automate any repetitive commands.
Traders can either use the existing programs or create their own based on personal strategies and comfort level. This way, users have greater control over their trading, but it’s important to note that there is no golden investment strategy in existence that guarantees success.
New users do have the option of a demo trade account where they can sample the various transactions and get a feel for trading tactics. This demo is a streamlined interface that doesn’t contain all the options of the professional one. There are no tools or charts available, and it is designed for the novice as a no-frills entry to the HitBTC platform.
Customer Support
As expected, there are some snags when dealing with a worldwide cryptocurrency exchange. The most common complaint among users and critics is a lax support team that isn’t always as responsive as one would hope.
An online contact form is the only official way to request support. While the company’s website lists an email, phone number, and even a Twitter account, some customers have reported that the chat option is a reasonable alternative to the support team since fellow users and moderators can often answer questions or helpful information. Another good source of information is the FAQ section.
Another criticism is the temporary blocks on certain coin withdrawals, which may take some time to finalize. These blocks generally occur with unusual transaction activities or if a security measure is triggered. These temporary freezes are done with user safety in mind.
A key source of praise for HitBTC is its functionality and the vast array of available trading pairs. It’s hard to find a more comprehensive exchange.
Safety Features
Although HitBTC is an unregulated exchange, it complies with all anti-money laundering (AML) regulations and Know Your Customer (KYC) requirements. However, some may argue that the purpose of using cryptocurrency is to avoid traditional banking institutions that require verification of user’s personal information.
While some users seek to avoid the restrictive regulations of traditional banking institutions, and others may have genuine concerns regarding privacy issues, the reality is that these security features are necessary and help HitBTC identify any malicious financial activity. These policies contribute toward the safety of the financial community.
The exchange places a high value on user privacy and has several layers of user verification methods in place. Of course, having a strong password is an essential first step.
For user security, two-factor authorizations are enforced. Users can’t gain full access to the exchange until they agree to this. Users can also configure their profile to see a record of all previous logins, including IP address and location to whitelist as necessary. This way, they can see if there’s been any fraudulent activity on their account. Other features include auto logouts after 30 minutes of inactivity and cold storage custody.
Summing It Up
HitBTC remains a key player in the cryptocurrency world and continues to provide excellent high-volume trades. Its combination of low trading fees and a wide selection of cryptocurrencies ensures it remains a favorite among amateurs and professionals.
Although some new users may find the withdrawal fees a bit high, the more experienced traders will appreciate the wide variety of market options available. All users will appreciate HitBTC’s commitment to user security and the use of advanced encryption and multi-factor authentication.
While heavily geared toward the professional dealer, it remains relatively user-friendly. With over $300 million in trading volume and close adherence to user privacy, there is no danger of this platform losing ground anytime soon. This HitBTC exchange review finds that it retains its standing as a relevant player and continues to be an outstanding favorite in the world of cryptocurrencies and crypto-related assets.
Frequently Asked Questions
Here are a few of the most frequently asked questions regarding the HitBTC exchange.
What Countries Does HitBTC Support?
While HitBTC is a worldwide cryptocurrency exchange, not all global citizens can enjoy the experience. Citizens, residents, and companies from the following countries are forbidden to use its services:
- Afghanistan
- Central African Republic
- Cuba
- Democratic Republic of the Congo
- Iran
- Iraq
- North Korea
- Sudan
- Syria
- The United States of America, including all states, territories, and jurisdictions
When customers initiate an account on the exchange, they’ll be asked to confirm that they are not a resident or citizen of any of the above countries. While there are various reasons why a nation and its citizens are not accepted on the HitBTC exchange, it may be primarily due to regulatory restrictions or security issues.
Does HitBTC Have a Mobile App?
The app is currently in testing mode and will soon be available for iOS and Android devices. While there is a demo version available on the Google Play store, it does not have full functionality or all security protocols in place.
Once the app is launched, users will have access to all features of the platform. Until then, users can access the HitBTC exchange via a standard web browser.
Does HitBTC Provide a Cryptocurrency Wallet?
Like most cryptocurrency exchanges, HitBTC offers a web wallet. This wallet provides convenience when performing transactions but is highly susceptible to being hacked since the wallet provider retains control on a central server.
HitBTC has reported no security breaches or hacking attempts. However, it’s recommended that users keep only a minimum of coins in their web wallets for occasional transactions. The best practice is to store the bulk of currency in either a mobile, paper, or hardware wallet since these offer the highest levels of security.
Was There Any HitBTC Hack Before? Is It Safe to Use HitBTC?
Yes. At the time of this HitBTC exchange review, it officially remains one of the few exchanges that have yet to be hacked. HitBTC takes all standard security measures that include multi-factor authentication and email confirmation. Of course, clients should always use a secured network or blockchain when accessing their accounts or performing transactions.
How to Withdraw From HitBTC?
To withdraw your money You must go to your account page. There is a "Withdraw" column there, which has buttons, including one per cryptocurrency. First, ensure that the currency you wish to withdraw is within Your Wallet accounts and/or Spot account. Also, the very important thing is to make sure that the wallet address is correct.
Who Is Behind HitBTC - Where It Is Based?
HitBTC is a globally revolutionary cryptocurrency exchange managed under the control of Ullus Corporation. The platform based in Hong Kong was launched in 2013, making it among the longest-running cryptocurrency businesses of this kind. The company has rapidly gained an enviable reputation for its support of multi-currency as well as low fees and a high level of liquidity.
Can You Withdraw From HitBTC Without KYC?
It is generally accepted that you don't require the verification process before you can begin trading on the HitBTC application - your deposit will not be restricted or restricted in any manner. However, if you'd like to avail all of features on the crypto exchange , and also enjoy lower fees for trading it's recommended that you finish the KYC procedure.
Can HitBTC Be Trusted?
All in all, HitBTC is a secure exchange in terms of the technology it employs to safeguard your money. But, the exchange isn't transparency with regards to the team it employs and its location this is a big concern for many. address. Enter the 2Fa code of your account (if activated).
Can I Withdraw USDT From HitBTC?
HitBTC Users Cannot Move or Withdraw USDT.
Does HitBTC Allow Us Customers?
In accordance with the platform's official Terms of Service in clause 2.2. G. Residents in The USA are not permitted to make use of the service of exchange. This also includes all countries that is embargoed by USA.
How Do I Fund My HitBTC?
To transfer funds to Your HitBTC account, visit the "Account" page, generate and save your address, and then use it to initiate the transaction with an external service that you're using to manage your money. Go to the "Account" page or simply click the green "Deposit" button in the top right corner of your main homepage.
Can You Buy Bitcoin on HitBTC?
Yes, you can.
Adam Morris
Adam is a seasoned crypto expert who has been researching and writing all about the topic since 2017.
He’s spoken on crypto podcasts as well as being featured in large media publications such as Yahoo, Fortune, TheStreet, Coindesk, and many others.
He’s passionate about blockchain technology and how it’s going to change the world for the better.