Table of Contents
- HitBTC- Introduction
- HitBTC Review
- How to trade at HitBTC? Complete Trading Guide
- How to Open Account at HitBTC?
Today, we will talk about HitBTC exchange. In this article, we will talk about how to open an account on the HitBTC, its merits demerits, public reviews, its fees, trading options and in the end answers to frequently asked questions from the user’s point of view. HitBTC is a European platform for cryptocurrency exchange. HitBTC initiated in 2013. It is operated in Chicago by Hit Techs Limited. This platform provides access to multi-currencies from the list of altcoins under the single rooftop of HitBTC. HitBTC platform registered on Hong-Kong authority with the number 2510720. It is a private company limited by shares. In 2015 this exchange was hacked at the same time when BTER and Excoin hacked. But HitBTC did not reveal how many coins were stolen and give the statement that no user funds are affected by this hack. As it is an exchange of multi-currencies and an individual can also trade using fiat currencies. For the deposit and the withdrawal of fiat currencies within Europe, processed by using SEPA transfers and wire transfer can be used for the transfer of funds in other countries.
Related reading, see: 10 Best Bitcoin and Cryptocurrency Exchanges
HitBTC established in 2014, is serving the traders of Bitcoin since then. It is the best platform for the users new in the trade of cryptocurrency. HitBTC has designed a very easy user interface that a new user can get access to the trading options easily. The Signing-in process is an easy task at HitBTC and navigation throughout the HitBTC is simple and easy. For a new user, it is difficult to understand how the trading process of any exchange work but at HitBTC a user should not worry about it because HitBTC provides a demo mode for gaining the trust of its users. Under this demo mode option, a user can experiment with trading types of HitBTC before putting their money in the live market. An individual can say a feature that can make HitBTC different from other exchanges is its demo mode. The security of the HitBTC is also one of the features that create its position among the people. The 2-factor authentication adds an extra layer of security to the user’s account. Moreover like many other exchanges, it provides the option of cold storage, saving maximum funds of users. So HitBTC is one of the best exchange. It offers low fees. The deposit and the withdrawal of cryptocurrency are free at HitBTC, while a user has to pay a fee for the fiat currency. It offers privilege to the makers; there is no maker fee while the taker fee is also very low.
Related reading, see: 3 Methods to Buy Bitcoin With PayPal Instantly
How can you pay at HitBTC? Currency Support
HitBTC supports more than fifty altcoin currencies, but it focuses majorly on the latest market trends. Nowadays the major market is the exchange of Bitcoin and Litecoin for USD and EUR. So the major trade from HitBTC reported with Bitcoin and Litecoin, and from fiat options, it is from USD and EUR. HitBTC does not charge any fee for the cryptocurrency deposit and withdrawal, but HitBTC charges a fee for the fiat currency options.
Related reading, see: 6 Ways to Buy Bitcoin Without Verification or ID Anonymously
In which Countries HitBTC has offices? Geographical locations
No physical address is on the official website of the HitBTC. A user can contact HitBTC through customer support and personal relation email address, but there is no address, and phone number mentioned. It is operating globally, providing its services to the users around the world with the collection of its currency options. HitBTC is a Hong Kong-based exchange. It is available in two languages English and Chinese.
Creating account is easy and free. There is no fee charged for the depositing of the cryptocurrencies on HitBTC. But if the user is interested in depositing fiat currency then he will be charged with a fee depending upon the size of the trade. But this platform is famous for its low fees for transfer of currencies. Immediate transfer of amount takes 0.1% execution fees. While for non-immediate transfer of amount the user needs to pay 0.01% execution fees. Similarly, withdrawal of the cryptocurrencies is free from the HitBTC. While if a user is withdrawing fiat currency, then he will be charged for it with some fees. HitBTC applies maker-taker concept with the purpose of maximizing the liquidity and reducing the spread of the market and promoting the makers for the trading cryptocurrency. The taker fee at HitBTC is 0.1% from the trade. Whereas there is no fee for makers at HitBTC, even makers receive 0.01% rebate from the trade.
Related reading, see: 30 Fastest Growing Cryptocurrencies to Invest (Promising Altcoins)
User Security at HitBTC?
Security is the priority at HitBTC as their support team has openly stated about the dynamic security types at different forums. It offers several different options for securing the account. Including two factors identification for login, automatic logouts, access to account settings and withdrawal. It also keeps track of the login history which can be accessed by the user, or he can easily see if the unknown IP address accesses it. It also provides the option of cold storage wallets for the cryptocurrencies that allows the user to store their funds offline to provide them more security. The database of HitBTC monitored on daily bases to check any malicious activities.
How responsive is the Customer Support of the HitBTC?
Customer support of HitBTC is available via three channels, a medium that operates in working hours where the HitBTC team tries to address the issues of the people within a day. It has a support ticket and email system in which a user can ask for his query by submitting tickets via email. It also has an FAQ, that is not an extensive guide, but it still covers most topics with sufficient detail. A user can choose what he is interested in by clicking on the support button from HitBTC official website. A user can get information from the General questions about opening an account to the questions about the verification process, about the trading options, etc. These answers help the user to get an idea of how HitBTC operates or as a user is it is good to choose HitBTC.
Related reading, see: How to buy Ripple (XRP) – A Beginner’s guide
Public Opinions/ Online Reviews about HitBTC
The user interface of HitBTC is responsive, intuitive and easy to use. It is a good exchange for beginners, but it is complex enough for expert traders. The process of withdrawal is very slow at HitBTC many people claimed about it, and it results in people start tagging the website with the tag of Scam don’t use it. The reviews about HitBTC on CryptoCompare and BitTrust are mixed, with a slight difference in recent times. It has 2.43 rating at BitTrust and 2.4 at CryptoCompare. People are also not satisfied with the customer support of the HitBTC according to them, HitBTC did not respond in time. It took several months a user was emailing the HitBTC about the trading errors but he did not get any response from them, and now he has closed his account and feels like he lost his amount on HitBTC and stopping people from investing into the HitBTC exchange.
Our Concluding Remarks – Is HitBTC a good Exchange?
HitBTC is a good exchange for the trading purpose. It has a very friendly user interface for the new user; even it has benefits for the advanced users. For casual traders, HitBTC is a good alternative. It supports more than fifty currencies. HitBTC provides users with good security techniques. A user can freely and securely transfer money using HitBTC. The deposit and the withdrawal at HitBTC are free, and it offers minimum fees. People have good and bad views about the exchange, some people are satisfied with its security, but few have issues with the customer support of the exchange which is the issue with every user of every exchange.
Related reading, see: The 5 Most Important Altcoins Other Than Bitcoin
How to trade at HitBTC? Complete Trading Guide
A user can start trading with the cryptocurrencies as soon as he has created and activated the account. No account verification is needed while you are trading with the HitBTC exchange for any digital currency. The user can simply deposit the funds into the suitable wallets by clicking on the deposit button. It is only possible if you have any cryptocurrency available. Once the user has funds in his wallet of the HitBTC, he can now visit the “Exchange” option of the HitBTC and start selling and buying of the currencies. This tab will provide the selling and buy the history of currencies; the user can view the new orders and charts, including the history of his orders. Another feature of the exchange tab is “Trollbox.” The user can use troll box for chatting with other traders of the HitBTC exchange. A user can use the type of order suits him. Like some users want to benefit from stop and limit options of the order and additional order types when making deals on the exchange. HitBTC includes several order types including market, good-til-date/time, good-til-canceled, day, fill-or-kill or an immediate-or-cancel order. Now if the user is interested in buying bitcoin with the fiat currency through the HitBTC, the user needs to verify his account first. The account you create is the account by which you as a user can trade deposit, withdraw the bitcoin or any digital cryptocurrency. But if you wanted to fund your account with the fiat currencies you need to verify your account.
How to Open Account at HitBTC?
There are five steps of opening account on the HitBTC. To open an account on the HitBTC a user needs to go to the official website of the HitBTC. The address of the website is www.hitbtc.com. A user interface will appear in front of you. That page contains the number of different options including register, sign in and language selection, market trends, etc.
To open an account on the HitBTC click on the register button given in the top right corner of the displayed window. Click on the register button, and you will go to the next page where you will add email address and password. The password must contain at least six letters including uppercase letter, lowercase letter, and a number or a symbol. The password must be on the given properties. If the password is not on the given properties, then it is not possible for the individual to open an account on the HitBTC. For signing up, the user must agree to the terms and conditions of the HitBTC. If the user does not accept the terms and conditions, he cannot open an account on the HitBTC.
After clicking on the register, button user will go to the next screen which contains the message about thanks for signing up with the HitBTC.
A confirmation email sent to the email address you have provided. Go and check your email.
Once a user clicks on the register button, he has now open account on the HitBTC. Now to go further account activation is required.
A user will see an email sent by the HitBTC; it is usually in the spam folder. Now this email contains a link which will go to the page where you can activate your account or activation code it is also attached to that email so; the user can copy and paste that code. But the easier and the most frequently used way is to click on the link and get to the desired screen.
When you click on the link, it will take the user to the main page of the HitBTC. By clicking on the Log in button user will go to the next window where he will ask to provide an email address and password and then click on the Log in the button as shown n figure below:
Now the next tab is the welcome page. Here you can see market trends and deposit and withdraw the currency.
But before you make any deposit it is necessary that you fund your account. So after activation of the account, the important and the preferred thing is to finance your account so you can start cryptocurrency exchange without any further delay.
Frequently asked questions about HitBTC
Can you pay via credit card, debit card, bank account, PayPal, and Cash?
The user can use any method to fund his account including debit cards, credit cards, bank accounts, etc. but there is a fee for the deposit and withdrawal of the fiat currencies.
How much time does it take to withdraw the funds?
According to some users, the withdrawal using HitBTC is a quite slower process as compared to the other exchanges of cryptocurrencies.
How to contact the customer support in case of an issue?
In case of any issue, a user can contact the customer support of the HitBTC by three different methods. One is by ticket systems, other is an FAQ, and the third one is contacting them during business hours.
How many countries does the HitBTC support worldwide?
HitBTC is operating globally. Like its network is covering the full world but with few exceptions.
User privacy at HitBTC