Launched in 2013, HitBTC has set itself up as a low fee cryptocurrency trading platform that offers an abundance of data features and technical tools of benefit to the seasoned trader as well as a demo trading facility aimed at newbies who are still on their training wheels. Here we present a quick run through of this exchange that will hopefully give you a good idea of, whether trading altcoins or looking to buy bitcoin, HitBTC should be on your checklist of worthy crypto exchanges.
Getting Started – Sign up and making a purchase
Account creation at the HitBTC exchange is a very simple process. Simply click the ‘register’ button which is displayed on the main page of the HitBTC site. This will take you to the registration page where you will be prompted to enter an email address and password. Once you’ve done this, an email containing a verification link will be send to the provided email address.
The HitBTC exchange requires verification of a new account in compliance with KYC (Know Your Customer) regulations. This stipulation requires the provision of copies of government issued personal identity documents (passport / driving license etc.), proof of address (utility bill etc.), and proof of bank account ownership (bank statement etc.)
Whilst the site is fully functional on mobile devices, at present there is no official HitBTC app on the market for Android or iOS.
Fees and Commissions
Market price buys incur a 0.01% trade fee, whereas as limit buy orders actually receive a 0.01% rebate. The purpose of this ‘balancing’ is to promote liquidity and encourage market making activity.
While HitBTC does provide a means to buy bitcoin via a credit or debit card, this is currently the only utilization of fiat currency on the site. All deposits, withdrawals and transactions must be carried out using bitcoin or another supported cryptocurrency.
Deposits to a HitBTC account are subject to 0.0006 bitcoin fee, regardless of the amount deposited.
Withdrawal fees vary depending on the currency in question. Currently the rate for Bitcoin is 0.001 BTC per withdrawal.
Support, Security and Privacy
HitBTC strongly encourages site users to enable two factor authentication upon log in to the exchange. The HitBTC support section of the website provides a very thorough rundown of the security risks relevant to cryptocurrency exchanges and the measures that the individual can take to mitigate them. There are also a handful of security tools provided such as log in notifications and an account whitelist that facilitates you with control over which wallets your funds can be withdrawn to.
The first line of customer support at HitBTC is the ‘Support Center’. This area of the site provides articles and guides under several categories that cover many of the most common enquiries and aspects that HitBTC account holders tend to face.
Should a resolution to the experienced issue not be found in the support center, the HitBTC support team can be reached via a contact form. What’s more, there’s a HitBTC community forum which is home to discussion on a variety of HitBTC and crypto related topics.
Round Up and Final Thoughts
The HitBTC exchange is one of the longest standing, large scale cryptocurrency exchanges. Even just a few years are relative eons in the high volatility crypto world, with its market bashing dramas and astronomical surges, it takes resolve and skill to maintain any sort of consistency of service, and HitBTC shows itself to be a good example of an exchange that has weathered the storms and built upon its experience.
HitBTC brings to the table a broad selection of unique as well as useful tools and features, trading options and guides, wrapped up in a very well presented, pleasing to the eye website. A site which is balanced in its appeal to veteran traders looking for a depth of trading options and tools, as well as beginners looking for a simplified means of getting in to the market.
Of concern to those who require liquidity and hence speedy deposits and withdrawal to and from their account may be the reports here and there of HitBTC users experiencing protracted delays withdrawing their funds, as well as hiccups and sluggishness in reaching a conclusion to the verification process. Furthermore, there are also complaints about the lack of speed and professionalism the HitBTC support team have shown in dealing with customers’ issues.
Obviously, all large cryptocurrency exchanges will experience busy periods, and during these times the cracks will begin to show, so we wouldn’t be overly concerned with these aspects, certainly not enough to be put off using this exchange.
So, to sum things up, we would say that the HitBTC crypto exchange is very much worthy of your time and attention if what you are seeking is a well-established exchange that covers all bases, has a high trading volume, and offers very reasonable fees, particularly for market makers and limit orders