In early 2019, just a few days prior to the annual â€œProof of Keysâ€ event, HitBTC came under fire for disabling user withdrawals. However, the exchange didnâ€™t make a big deal out of the situation. One of the more notable rumors surrounding the exchange includes the 2015 hack of BTER and Excoin exchanges. HitBTC also went offline at the same time, but never acknowledged any losses or that it experienced a security breach. HitBTC offers active markets for more than 800 trading pairs. Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. You should consider whether you can afford to take the risk of losing your money.
— Do I need to verify my account to start trading? When you create an account on Bitfinex by linking your email address, your account becomes verified on the Basic level.
Since cryptocurrency popularity is growing you can find such a variety of platforms that allow you to buy, sell and trade cryptocurrencies. While having more options is a good thing, you might also encounter some issues when choosing a cryptocurrency trading platform for your needs.
They should look for the IP address or location they don’t recognize. Just in case there’s an IP address that the user doesn’t recognize, they terminate all the sessions with one click. They also have options that let them automatically log out of all the sessions at a regular period. The process of depositing and withdrawing is simple and straightforward. All users have to do is to navigate to the “Account” tab and select the cryptocurrency. The withdrawal process usually takes several minutes and highly depends on the cryptocurrency and network speed.
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In this post I will review the company, its services and share some of my personal experience with them. It does offer one of the broadest cryptocurrency markets selection in the entire industry, and its trading fees are the lowest, too. The exchange is relatively secure and easy to use but is a better fit for more experienced traders. That said, the actual mechanics of how the site works and how a user trades are surprisingly straightforward. As such, trading on HitBTC may not be too difficult even for complete beginners.
They need to specify the amount they would like to withdraw, and it immediately shows how much they will receive after calculating the commission. In the chart, the users should choose a currency they want to trade from the list. As soon as they choose the currency, the page refreshes automatically and shows the information about the selected trading pair. HitBTC offers numerous trading pairs for trading on HitBTC with leverage. HitBTC exchange offers an affiliate program where the traders can earn through referrals. This platform offers several rewards to their affiliates, thereby offering a good passive income for them. However, it does have some transparency issues, which put red flags on this exchange.
The anonymity of HitBTC provokes concerns from the public side. Some people over the Internet even allege that the only reason why HitBTC is hiding its identity is that this project is a scam. However, most of the problems were addressed by the company later and it doesn’t seem that there are any real reasons to suspect HitBTC in being a fraudulent platform.
There is no reason why HitBTC should not hold a regulatory license, especially when one considers that the exchange has been operational since 2013. Ultimately, you should spend some time assessing whether you feel comfortable depositing your hard earned money with a platform that has no regard for regulation. A HitBTC exchange review also shows that they have pretty much from the beginning been open to the idea of altcoins being added and community involvement in the process. For example, they launched a voting program in May 2014 that allowed the community to vote which altcoins should be added. Full list of fees is accessible only to those with HitBTC accounts. Many of the complaints can be found on the company’s Twitter profile and in the currently banned subreddit r/hitbtc. Some interesting user comments can be found in the bottom of this post and in the comments of this review by Blockonomi.
In this regard, HitBTC withdrawal fees are some of the highest amongst all cryptocurrency exchanges. Buy bitcoin or deposit some other cryptocurrency and start trading immediately without verification. The encryption technology used on HitBTC means it’s safe and secure to trade on the platform, however once again, there aren’t many more details available on the site. HitBTC’s KYC and verification process is reliable and ensures users under 18 years of age are prohibited from opening an account and trading.
It provides trading in multiple traditional currencies to cryptocurrency pairs and cryptocurrency to cryptocurrency pairs. This will attract first-time cryptocurrency traders because they can turn fiat into crypto very easily. Low trading fees, small bonus when acting as a maker, none deposit fees for the altcoins. All you do at HitBTC is perform nice trading without spending hitbtc review time on stupid routine. You might love how it all feels, but at the end of the day, it is still your decision to make. Another unique feature of HitBTC is that it allows demo trading, which is extremely rare in the world of cryptocurrency exchanges. Most exchanges, when asked about demo trading, simply tell you to make minimum trades of $1 and treat that as your demo.
When the deposited funds are added to the account, the user can proceed with making a trade. The user clicking the exchange button will be taken to the trading area. On the trading screen, they can enter the crypto they would like to buy and click their preferred trading pair to buy coins. After creating the account, the user should proceed with HitBTC login and deposit funds. If they are using a bank transfer to deposit funds, they should undergo a verification process which will take some time. If they are depositing using cryptocurrencies, the user need not verify their identity, and it takes not more than 20 minutes for the funds to show up in their account.
Make the most out of your trading bot with our leading API and its low latency data and execution feeds. Our terminal is built on the best technology and lets you trade effortlessly any of the HitBTC currency pairs. The fee structure at HitBTC is presented in a simplified manner for each section.
The robot-friendly API of HitBTC uses low latency data for the cryptocurrency market. Users can find more information on API and API documentation on the website. The Demo option is available at the bottom of the screen, or you can directly click here to enter the demo. Please note that users have to create a separate account for the demo platform. In this program, you will receive around 4000 USDT worth of cryptocurrency. Using that, you can experiment with strategies and portfolios. The biggest and primary concern for the Hitbtc exchange is their accountability because the company location for where it operates is not known.
Using it, you can buy cryptocurrency instantly with your bank card and send it directly to your HitBTC wallet to start trading immediately. In 2017 and 2018, many users have complained of slow HitBTC support response times, and some users also experienced issues with fund withdrawals.
HitBTC is an exchange for the experienced cryptocurrency trader interested in trading altcoins. HitBTC reviews show that it has been given mainly positive feedback from customers. Its 2-factor authentication and encryption technology has appealed to many users, who have left positive feedback. However, the fogginess surrounding company owners, licensing and lengthy withdrawal times is a cause for concern amongst clients. Overall, HitBTC reviews show it seems to be deemed as a ‘mid-level’ exchange, with pros and cons. It is trusted by clients but could also benefit from improvements to increase client satisfaction, including adding a live chat customer service feature. Three years ago, HitBTC futures trading became available on the platform, allowing an enhanced customer offering.
The approval process typically takes 2-3 business days. To apply for PRO status please register at bequant.io and go to the account verification page to get approved. Once the process is complete you will be contacted by a dedicated account manager.
The likes of Coinbase hold licenses with both the FCA and CySEC . You will then see your unique deposit address for the coin you want to fund your account with. Click on the blue ‘Copy’ button to copy the wallet address to your clipboard.
This step is critical for the maintenance of the safety of your account. For turning this option on you may use Google Authenticator app or Authy app. Another security feature available for HitBTC users is whitelist. User security is reportedly secure via stringent security procedures, including cold storage and encryption technology. HitBTC also offers 2-factor authentication and various whitelists. HitBTC is a crypto exchange that has over 800 trading pairs.
By going onto your account settings and the KYC tab, you can verify your account – you’ll need to upload various photos and documents to confirm your address and other details. There should be a button to ‘request verification’ once you have filled in the KYC details. Accessing HitBTC markets from a restricted jurisdiction can result in account closure and liquidation of open positions on the account.
Author: Romain Dillet