HitBTC Review – Should You Trade with This Crypto Exchange?

Summary

If you’re affected by the cryptocurrency industry you may possibly have known about HitBTC. HitBTC is one of those elderly cryptocurrency exchanges around and boasts lots of trading currencies. is HitBTC they all state, though? Before you purchase, browse our detailed review of HitBTC and find out the reality.

About HitBTC

Out of each the exchanges from the cryptocurrency space now, HitBTC is maybe among the earliest. Age is frequently considered to become a worthy standard about measuring an organization ‘s standing, but do the benchmarks and standing mount up?

HitBTC

A Brief History of HitBTC

HitBTC was set as a cooperation between traders, technical architects, and practitioners in fund from 2013 using the assistance of a 6million investment. Hit Solutions Limited, a Hong-Kong company, now manages the market. The business also includes a representative office available in Chile. At the time of 2018, HitBTC has suspended operations in Japan because of regulatory restrictions.

Since their beginning, the business has strived to produce a marketplace built on the essential worth of dependability, functionality, and customer security, in addition to providing clients the very best cost available across stores.

Opening a Free Account on HitBTC

The practice of launching a merchant account on HitBTC is exceptionally straightforward. Simply, click the reddish “Sign Up” button located at the very best righthand of HitBTC’s internet site. Put in your E-mail and password (essentially a password never used on any website) to the corresponding boxes, then click on the “Sign Up” button down from.

HitBTC Signup

Afterwards, HitBTC will consult where you are, name, and contact number. The enrollment will be complete when the client confirms their email using a clickable connection in an E-mail delivered by HitBTC. It’s recommended users install proper security measures to maintain their accounts safe. At the time of 2019, HitBTC is offered in over 90 countries, interpreted in five distinct languages.

HitBTC Product Offerings

Many of the top-rated coins, in addition to much vague other replicas (altcoins) might be discovered on HitBTC. The market offers well more than 500 distinct components to trade, together with over 850 trading currencies. Bitcoin, Ethereum, Dash, along with stablecoins like DAI and TUSD is seen available on the marketplace.

HitBTC Account List

The bountiful number of options HitBTC gets makes the market an increasingly attractive location to trade cryptocurrencies. Though the stage supplies a huge selection of tokens, it ought to be noted, out of the financial safety, the purchaser must accomplish their own search for unethical and scams endeavors and tokens, since the market can host tokens in their stage which might well not be the very best for an individual ‘s portfolio.

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HitBTC Fees

HitBTC now implements a Maker/Taker commission program, together with .01% commission to anybody operating for being a Taker on the market. Conversely, the market rebates 0.01percent of almost any trade made being a Maker. This is only one among HitBTC’s benefits, but since Makers won’t need to pay for fees, but will probably undoubtedly be rewarded in earning money that is found on the market. This also assists the market not merely maintain their doors open by earning benefit, but also incentivizes clients to produce their very own costs, hence creating more money throughout the market. To review: A manufacturer creates their very own buy/sell points at the order publication (and pays no more fees( but also receives a 0.01% ), as opposed to opting to participate the trade at market cost (like a psychologist, and also paying for per 0.1% commission ), executing the trade instantly.

HitBTC’s Platforms, Tools, and Services

HitBTC now offers spot trading in their own platform. The marketplace functions like a great many different exchanges at the distance, offering users the option to set purchase and sell orders that have many cryptocurrencies. But, one vital distinction would be your option to set different sequence types. Person HitBTC Market1y imports provide just Limit and Market sequence types; HitBTC, nevertheless, offers Scaled orders, Market orders, along with 5 distinct Limit orders (like Good-til-Close; Day; Fill or Kill; Immediate or Cancel Order; and Good-til-Date/Time). The genuine trading window uses TradingView graphs and applications, offering TradingView’s top-notch charting software to fulfill with any trader’s needs.

HitBTC Market2

The market also supplies Market-Making contracts, which farther incentivize the Makers from the marketplace with discounts and bonuses. These month-long Market-Making contracts are found in a lot of categories, together with just a single trading set attached to each contract. Clients receive daily upgrades about their own trading performance. Once the monthlong contract is satisfied, the consumer is going to obtain a 0.01 to 0.04% reduction incentive, in addition to a potential 1-10000 USDT bonus as well as

HitBTC provides a referral application, allowing users to bring in up to 75 percent of their trading fees of anybody they refer to. The program allows for its employment of multiple connections, together with click data provided on each individual hyperlink. The greater volume a referral trades, the greater of a commission that the initial talking client is going to get. The market allows referral entry at 0.01 BTC, without any longer than 0.1 BTC having the ability to be pulled simultaneously.

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For your trader needing to produce trades of 100,000 USDT or longer at the same time, with no necessity of employing the people purchase a publication, HitBTC offers their Over The Counter (OTC) Trading. This essentially permits an individual privately to purchase lots of cryptocurrency minus the necessity of employing the people swap, together with HitBTC’s partner, Trusted Volumes, whilst the online party. Over 200 cryptocurrencies are available through Trusted Volumes, with a monthly revenue of $1.5 million worth of cryptocurrencies.

An exceptional execution that HitBTC is offering will be “TrollBox”, their talk client which enables traders onto the stage to talk with each other in realtime. This makes a kind of societal element from that which might be considered a just human ritual. The standard dialog ranges from off-topic banter to overall customer care.

HitBTC Market3

HitBTC additionally features a “System Monitor” that permits users to observe the variety of Deposits, Withdrawals, Trades, Transfers, and also some other maintenance status on the other side of the market. This is a convenient feature for virtually any customer who could be experiencing issues or waiting patiently for trades to finish. This feature helps hold HitBTC liable for any issues that might emerge on this stage.

HitBTC Monitor

Similarly to additional trades, HitBTC features trading competitions. These contests enable clients the opportunity at winning even a nominal selected like a decoration. Winners depend on overall trading volumes over the provided date parameters. A leader board indicates every user arguing for the best decoration.

HitBTC Contest

HitBTC Customer Service

HitBTC does possess a service centre that clients can go into searching for answers to common issues you could have. If an individual has some matter, it’s encouraged they start a service ticket using HitBTC directly. Through time, HitBTC’s standing has had a bang about their own lack of customer services. Extended withdrawal instances and prolonged reaction times have played with an immediate influence on the understanding most have of HitBTC.

HitBTC Twitter

A go through the opinions on the Tweets in these Twitter accounts may show negative opinion, together with lots of people asking and thinking support hasn’t resolved their issues. Many people have reported lost funds and locked wallets. This is highly concerning, and should be taken into account when considering opening an account with HitBTC.

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Differentiators

The vast amount of different cryptocurrencies available, in addition to the many trading pair offered make HitBTC a possible worthwhile exchange. This is somewhat of an oasis of alternative tokens that should fit anyone’s needs. The fact that HitBTC has implemented 5 different limit order types gives the customer plenty of options to best suit their needs. The system monitor is also a neat feature to allow users to see the total amount of transactions happening across the exchange at any given time.

Is HitBTC Safe and Trustworthy? Is it Recommended?

Long story short, it is not recommended that anyone use HitBTC. They have built themselves a reputation as a shady cryptocurrency marketplace exchange. The sheer amount of customers unleashing backlash at HitBTC on their Twitter and Reddit (their Reddit account was banned, and their subreddit was locked down due to loss of control). Many people have claimed their support issues not having been resolved; people have also claimed loss of funds/inability to withdraw. These are big red flags, and it is surprising a company could exist for so long and still have liquidity (average of over $300,000,000 USD in a 24 hr time frame). These issues, plus the fact that their website looks and feels a little outdated and rudimentary would be a great cause to look at the many other different exchanges in the space that have so a lot of more to offer than HitBTC. The “TrollBox” feature also makes the website feel unprofessional, as if 4Chan were executing trades.

Conclusion

While HitBTC has managed to operate as a cryptocurrency exchange since 2013, their severely lacking customer support has put a massive dent in their reputation; it may perhaps be the company’s Achilles heel. Despite their issues, the exchange still has a high turnover rate and could be a viable option for anyone looking for exotic coins, and does not take their security seriously.

HitBTC

2.55

Trust

2.9/5

Commissions and charges

2.2/5

Deposits and Withdrawals

2.3/5

Trading Platforms

3.4/5

Customer Service

2.0/5

Pros

  • System Monitor allows users to view the total transactions across the platform
  • Large amount of token offerings with many trading pairs available

Cons

  • Website looks and feels basic and clunky
  • Customer Support is severely lacking, with many users reporting unresolved issues
  • TrollBox chat feature gives the exchange an unprofessional tone

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