Popular crypto-to-crypto- exchange, HitBTC, directs its services toward experienced traders. For those with a presumed level of expertise, HitBTC has over 800 cryptocurrencies on offer. This exchange is the ideal choice for investors seeking professional-level trading services, such as margin trading, Over-The-Counter services, and API integration for sophisticated trading bots. If you’re a skilled trader is search of a secure exchange platform on which to diversify your portfolio – HitBTC is it.
Pros and Cons of HitBTC
• Competitive fees
• Diverse selection of altcoins
• Next-gen matching engine
• REST API and FIX API
• High liquidity
• No mobile apps
• Slow withdrawals
• Arduous verification
What Services Does HitBTC Offer?
With over 800 cryptocurrencies on their books, HitBTC offers one of the widest ranges of cryptocurrencies on the market. A great place to locate new and upcoming coins, HitBTC provides peer-to-peer crypto-to-crypto trading.
For more sophisticated trading, HitBTC provides margin trading, while Over-The-Counter services are available for large investments.
While the sign-up process is pretty simple and quick, the verification can be a lengthy task that can take a few weeks to be approved. Following the regular KYC procedures, users are asked to provide personal details and identification to ensure there is a match – and then await approval.
Depositing Funds on HitBTC
This is a crypto-only exchange, which means you cannot exchange using FIAT currency (GBP/USD/EUR etc). Luckily for first-time users, HitBTC is in partnership with Changelly, which enables you to buy bitcoin outright with a credit card.
Crypto sent to your HitBTC account can take up to 14 days to appear in your wallet.
HitBTC is certainly not a platform for beginners. The interface, while sleek and modern looking, is designed for someone with a prior knowledge of how to navigate such as system. Despite this, if you’re a keen learner and would like some practice, HitBTC has Demo mode.
However, for pro traders, the intuitive dashboard provides all necessary trading information – order histories, sales records, charting etc – but in a clean and easy-to-read format. For those who enjoy TradingView, HitBTC has an API for integration. HitBTC also has a robot-friendly API for integration with trading bots.
Withdrawals are straightforward but has excessive wait times – usually up to 20 days before funds appear in your account. There is no FIAT withdrawal and fees are charged per coin, so make sure to look them up on the website.
Known for its low trading fees, HitBTC’s fee structure is based on a maker/taker model. The exchange charges takers a miniature sum of 0.1% for market trading. Makers not only pay nothing, they also get a 0.01% rebate to reward their market-making behavior. Like most exchanges, HitBTC also reduces fees the more volume you trade.
Deposits are charged a flat rate depending on the coin, such as 0.0006 BTC for bitcoin deposits. Withdrawal fees also vary per coin, ranging from 0.001 BTC for bitcoin and 0.003 LTC for Litecoin.
How Secure is HitBTC?
HitBTC was known for its hack back in 2015, which has caused them to buckle up tight on security measures.
The first personal security measure is 2 Factor Authentication provided by Google Authenticator. Users are invited to sign-up from the get-go. Once on your dashboard, your transaction history is evident immediately under the ‘Security’ tab – alerting you to unusual behavior. You’ll also find you can set automatic logout times just in case the account has been left open. The system also sends auto-emails when you log on to alert you to strange activity.
In terms of company-wide security, HitBTC hold users funds in hardware wallets or cold storage – this means that hackers cannot access the funds as there is no link between the internet and the funds. This shuts down any routes hackers may have. These cold storage units are guarded heavily with state-of-the-art surveillance and heavy private security teams.
The high level of encryption used on SMS and email notifications prevents hackers gaining a backdoor to user information.
HitBTC Support Services
HitBTC is not designed for the novice trader and does not provide educational materials to cater to this level of learning. The FAQ and support sections on the website do provide functional instructions to help with the operations on the platform – but nothing detailed regarding crypto trading.
If you need more specific help, you can head over to the ticketing system to speak to someone via email. You’ll usually get a reply within 48 hours – but it could be considerably longer.
What’s the Final Verdict?
If you’re brand new to crypto trading, HitBTC isn’t the ideal place for you. With no educational resources, a complex dashboard, and no FIAT deposits, HitBTC has high entry barriers for beginners.
Despite this, thanks to the advanced trading features and technologies, combined with the immense array of altcoins on offer – HitBTC is a speedy and robust platform for experienced crypto traders. Having ridden out a security hiccup in 2015, the exchange now provides top-level security, high liquidity, and API integration to cater to skilled crypto traders looking to diversify their portfolios.