What is HitBTC?
HitBTC is a cryptocurrency exchange situated in Europe founded in 2013 and is now run by HitTech Limited, established in Chicago. Despite its name, which includes the abbreviation BTC (Bitcoin), HitBTC is a multi-currency exchange rather than a Bitcoin-only platform. It accepts over 400 cryptos, including all of the major digital assets.
This platform has tools and features that will satisfy even the most discerning and knowledgeable traders, allowing them to engage in real-time trading with minimal latency, high dependability, and peak performance.
HitBTC was the first to provide reliable and quick REST, WebSocket, and FIX APIs to automated and traders.
|· The platform has a high level of liquidity, which lowers costs and allows for immediate order matching and execution.
· An advanced order matching engine ensures that all orders are fulfilled.
· Deposits and withdrawals of digital assets have no upper or lower limits.
· As a result of the strong liquidity, there are low fees.
· On the HitBTC platform, traders can trade over 150 different assets.
· Multi-step authentication and advanced encryption are used to maintain a very high level of security.
· HitBTC provides powerful REST API and FIX API solutions for automated trading software users.
|· On HitBTC, there are territorial constraints on who can trade. For example, the exchange does not accept clients from the United States.
· There have been a lot of complaints about the site crashing. Perhaps the HitBTC hasn't adjusted well to the recent rise in bitcoin trading volumes.
· Some customers have also expressed dissatisfaction with hidden surcharges.
10 points summary:
|Instruments||A wide range of cryptocurrencies and financial instruments|
|Minimum deposit||No minimum deposit|
|Base currencies||Several base currencies|
|Education||Trading-based blogs to educate traders|
|Customer support||Live chat support, email support|
On regular occasions, HitBTC organizes trading contests to motivate traders to participate in trading on this platform. There are big bonuses and prize money to be won in these contests.
Is HitBTC safe or a scam?
For the first four years of its operation, HitBTC performed admirably, with no complaints. However, the growing number of customers trading Bitcoin and other cryptocurrencies appears to have overloaded the crew, as seen by numerous complaints on the internet. While it is too early to declare HitBTC a fraud, the company might be classified as a legitimate corporation with a few scam reports.
|· Trade stocks, forex, cryptocurrency, and more
· a $200 minimum deposit
· PayPal acceptance.
|· A few scam issues detected in the last few years in this platform|
Is HitBTC a legit company?
HitBTC is now ranked among the top 50 best exchanges in the ranking of trading floors with the biggest daily trading volume. For the past 24 hours, the exchange's total trading volume has exceeded $3 billion. BTC-based orders account for nearly a billion dollars. Cardano (ADA) has $330 million in liquidity, followed by Ethereum (ETH) with over $200 million, XRP, and Litecoin. The exchange supports 422 currencies and offers 947 trading pairs as of February 2021.
HitBTC offers its services to anyone, anywhere in the world. Although the company focuses its efforts primarily on the Estonian and European markets, the HitBTC exchange is open to customers worldwide.
How are you protected?
Firstly and most importantly, while HitBTC has never disclosed any third-party attacks, it is crucial to remember that there have been several reports of users being hacked in the public domain. While such charges cannot be proven beyond a reasonable doubt, if the common consensus is that HitBTC has been the victim of several hacking attempts, it is likely to be true.
If such is the case, which cannot be proven, HitBTC's decision not to make the hacks public is quite concerning. HitBTC isn't that safe exchange for depositing money since there are simply too many unfavourable opinions regarding the platform.
HitBTC's safety features:
Nonetheless, here's a rundown of the security features offered by HitBTC.
- Authentication using two factors (2FA) Fiat money users must identify themselves when logging in.
- When logging in from a new IP address, you will receive an email confirmation.
- Your withdrawal addresses should be added to a whitelist.
On HitBTC, a native utility token called the HIT Token is now accessible for Margin Trading!
That's true. You can now trade HIT against the following pairs with 3x leverage: HIT/USDT, HIT/ETH, and HIT/BTC.
HitBTC has been offering margin trading since July 2020. Traders can use this tool to open positions with smaller initial deposits and leverage to raise the size and profit of their positions, depending on the trading pair they choose. The profit and loss (P&L) are determined proportionally, and traders can keep their positions open by adding additional money to their margin account.
What is the risk level?
Margin trading is a high-risk business. Suppose the market responds in a way that you didn't foresee. In that case, you might lose your entire investment, or even more, if you contributed new money to enhance the collateral while the margin position was open. The exchange will ensure that none of the funds given to you is lost. If prices fluctuate in such a way that your order appears to be losing money, the exchange will issue a "margin signal," requiring you to either increase your collateral or close your position. In this situation, you will lose all of your money. Therefore, it is not advisable to begin margin trading without first gaining a thorough understanding of current market patterns.
HitBTC has come with a few accounts that have several features that can be beneficial to the users. Moreover, all these accounts are quite simple to use and come with instructions on the exchange about the ways of operating them.
What are the account types?
A few such accounts are the master's account, sub-accounts, wallet account, spot account, etc.
What are the differences between sub-accounts and master accounts?
A sub-account is an account that the master account creates and manages.
You can spread your funds amongst sub-accounts, track and control their trading and payment activities, and limit them from specific operations without directly accessing them by using sub-accounts.
What is the procedure for creating a sub-account?
You must complete your KYC verification before you can create a sub-account. The "Sub-accounts" option will become available once your account has been validated. Please keep in mind that the HitBTC account you created will now serve as your master account.
Create and confirm your password, then enter the email address with which you want to create a sub-account.
You should receive an email from us with a secure link to the email address you used to create a sub-account. The creation of your new sub-account is confirmed by clicking the link and following the procedures.
Wallet Account and Spot Account:
A wallet account is used for external transactions (like depositing and withdrawing money) and keeping monies.
Orders are placed using a spot account. All of the coins you buy and sell end up in your Spot account.
Transfer monies from your Wallet account to your Spot account to be able to place orders.
If you forget to transfer funds to your Spot account before placing an order, you will receive an "Insufficient funds" error.
If you don't move the coins you have to your wallet's account before you try a withdrawal from the exchange, you'll get the same issue.
This operation cannot be performed with an existing account.
The account should now be marked as "Invited":
Simply click the "Create sub-account" button to get started.
How do I open a HitBTC account?
As with most other popular exchanges, open a trading account in HitBTC is a simple process. The following is a stepwise guide for it.
Opening an account step by step:
Step 1: Create a HitBTC account:
To begin, go to the homepage of HitBTC, and click the 'Sign Up' option. The button is located in the top right corner of the page.
After that, you must enter your email address and create a strong password. Then, to proceed to the next stage, click the 'Sign Up' option.
Following that, you will be required to provide your country of residence, full name, and phone number.
Finally, you must go to your email inbox and click on the verification link sent to you by that HitBTC. You'll need to copy and paste the code from the email into a new tab after the link has opened.
Step 2: Add money to your HitBTC account:
After you've created your HitBTC account, you'll need to fund it with some money. But, first, you must go through a verification process to deposit money into a bank account. At HitBTC, this can take a long time, so we'll show you how to deposit using a cryptocurrency. The reason for this is that you do not need to validate your identity, and the funds normally appear in your HitBTC account within 20 minutes.
Click the green 'Deposit' button at the top of the page. After that, you should see a long list of coins that you can use to make a deposit. Simply type your desired currency into the search box to get started. Then, click the blue '+' button beneath the deposit column once you've discovered your coin.
You'll then see your one-of-a-kind deposit address for the coin you'd like to use to fill your account. To copy the wallet address to your clipboard, click the blue 'Copy' button. Then go to your private wallet and paste in the HitBTC wallet address to transfer the cash.
Step 3: Purchase some cryptocurrency:
You can make your first transaction after your deposited funds appear in your HitBTC account. Click the 'Exchange' button in the top left corner of the page. After that, you'll be escorted to the main trading area. If you've never traded before, this might be rather daunting. Enter the coin you want to buy on the right side of the trading screen, then click on your preferred trading pair.
Step 4: Finish your transaction:
Scroll down underneath the main chart on the trading screen for the coin you want to acquire. The 'Buy' box should appear after that.
Put the amount of bitcoin you want to buy in the 'Amount' box. Then, to complete your trade, click the green 'Buy Limit' button whenever you're satisfied with the figures in the trading box. Your trade should be completed in a matter of seconds, as HitBTC has one of the greatest trading volumes in the market.
The exceptionally cheap cost structure of the HitBTC platform is one of its main features.
Fees for deposits and withdrawals
- Deposits via debit card: N/A
- Deposits by credit card: N/A
- 0.90 EUR for SEPA (European Bank Transfer)
- $9 International bank wire (SWIFT):
- UK bank transfer: £5
Fees for trading:
Dissimilar to a few other cryptocurrency exchanges, HitBTC's trading fee structure is fairly simple. In a nutshell, you will always pay 0.01 per cent in trading costs, regardless of how much you trade.
At both ends of the transaction, something is charged. So, for example, if you bought $5,000 in cryptocurrency and subsequently sold $5,000 in cryptocurrency, you would pay two $5 lots.
These fees are incredibly low, indicating that high-frequency traders could use the platform.
It's also worth highlighting that HitBTC has a market maker rebate scheme. For those who don't know, a market maker offers liquidity to an exchange. If this describes you, you will receive a 0.01 per cent rebate.
For newbies, HitBTC exchange provides a sample site where they may practise trading cryptocurrencies. By clicking the demo option on the screen's bottom or putting demo.hitbtc.com into your browser, you can register and use the demo platform.
For the demo platform, you'll need to register a different account. After that, you can start playing with strategies and hypothetical portfolios or simply get acclimated to cryptocurrency trading and the HitBTC platform with a sample account that provides you with about USDT 4000 worth of cryptocurrency.
Deposits and Withdrawals:
HitBTC offers a variety of deposit and withdrawal options. There is a cost structure for each choice.
Deposits and Withdrawal options:
Traders can use the following channels to deposit and withdraw funds on HitBTC:
- Wire transactions (SWIFT and SEPA Euro transfers): A fee of $9 for wire transfers and £5 for local UK bank transfers is charged. The only difference is that the SEPA surcharge is a flat amount of 0.9 EUR.
- Use of credit cards
What is the minimum deposit on HitBTC?
The HitBTC exchange does not need a minimum deposit, so you can begin trading with tiny sums until you gain confidence. In addition, the reduced fees are a significant advantage of using HitBTC. The transaction and trading fees are 0.1 per cent, which is significantly less than the fees charged by several other exchanges.
How do I withdraw money from HitBTC?
You need to visit your Account page to withdraw your coins. There will be a "Withdraw" column with buttons for each cryptocurrency.
To begin, double-check that the coin you want to withdraw is in your Wallet or Spot account. If necessary, transfer funds from your Spot account, then click the "Withdraw" option.
Enter the amount you'd like to take out. Important: Your withdrawal request will not be executed if the amount has more than eight digits after the decimal point.
In the "Address" field, paste the target address. Check to see that you're using the proper address. It is impossible to undo a transaction once funds have been sent.
Note: If you get an error when trying to withdraw a coin or have any other problems, please consult the article I can't withdraw a coin.
To complete transactions, some digital assets and receiving parties require additional destination IDs. Some providers, for example, will give you both an address and a Payment ID. So, for example, if you want to withdraw XMR, you'll need to provide both the address and the Payment ID.
Please double-check that you've specified both accurately before proceeding. Leave this option blank if the destination account does not require a Payment ID.
The amount of a withdrawal should be larger than the network fee. The fee amount is displayed just beneath the "Amount" section.
The following notification will appear when you key in the authentication code (if 2FA for withdrawals is enabled on your account) and click the "Withdraw" button: "Please send me an email to confirm this withdrawal." Please locate the new message from [email protected] with the subject "Withdrawal confirmation" in your email inbox.
Check the amount and the destination address carefully before clicking the link to confirm your withdrawal. You'll be taken back to your Account page, where the transaction will have been completed successfully. Track and control your withdrawals on the Reports page, the Deposits and Withdrawals History section, or the "Latest transactions" area at the bottom of your Account page.
A blue circle and red cross icons will appear on the right in the corresponding row while your withdrawal is processed. Because the transaction has already been sent to the blockchain, the red cross (Cancel button) will vanish at some time. The blue circle is substituted with a green mark once the procedure is complete.
Your transaction was successful!
How long does it take to withdraw from HitBTC?
Usually, once your verification and the withdrawal process is complete, it will take about 48 hours for your amount to be transferred to your account.
When you withdraw BTC from HitBTC, you will be charged a fee of 0.00085 BTC. This charge is identical to the industry average for BTC withdrawals around the world (0.000812 BTC).
HitBTC runs several bonus and reward schemes from time to time to encourage the traders to participate on their exchange platform.
Does HitBTC have a Bonus?
The ARPA team will execute a Bonus Program Airdrop with prize money of 500,000 ARPA for users depositing ARPA on HitBTC to celebrate being included in our platform.
ARPA will provide you free tokens if you deposit your ARPA tokens on this platform, where you will get an additional 1% on top of your original holdings.
How do I claim my HitBTC bonus?
On this platform, create an ARPA wallet address and deposit your ARPA tokens there, the minimum quantity to qualify for a 10,000 ARPA bonus.
You can transfer your tokens between 15:00 UTC on March 9th and 15:00 UTC on March 16th, 2020. The event will end on March 16th, or when the bonus pool is depleted, whichever comes first.
Wait for your bonus ARPA tokens to arrive. Then, five business days after the Bonus Program ends, you will receive your bonus ARPA tokens by airdrop into your HitBTC wallet address.
The team at ARPA Token is providing the ARPA Bonus Program Airdrop. If you want to join, keep in mind that the Bonus Program Airdrop will be given out on a first-come, first-served basis.
HitBTC is a reputed platform due to the possibility of trading here in a wide range of cryptocurrencies for the users.
HitBTC only offers an online wallet, as do other third-party bitcoin exchanges. Unfortunately, this form of wallet provides the least amount of security for your assets because you do not have control over your private keys. This means that your savings are primarily in danger if the platform is hacked.
HitBTC said in March 2019 that it was close to releasing its native mobile app. Even though the software is currently free to download from the Google Play store, it is still developing. As a result, you should wait until the exchange publishes the app's official launch date before attempting to use it. You run the danger of encountering security difficulties if you don't.
You will be able to trade on the go, deposit and withdraw funds, track price fluctuations, and more once the app is up and running.
If you wish to access HitBTC on your phone until then, you'll have to use your regular mobile web browser.
Though the HitBTC support team is available 24 hours a day, the online help form is the only way to contact them. As a result, you're out of luck if you prefer live chat or telephone help.
Response times are prolonged, according to the great majority of online reviews. Therefore, before sending a query or concern, check the FAQ area to see a suitable answer.
HitBTC offers various trading blogs online from time to time to make users aware of different latest updates on trading.
HitBTC is a high-liquidity platform that processes orders instantly and lowers transaction fees. As a result of the platform's strong liquidity, transaction costs are cheap. In addition, there are also coins on the HitBTC market that are not available on other leading sites. This distinguishes the platform, and traders benefit from increased liquidity.
Overall, even though this exchange platform has a few drawbacks regarding scams, the other features like low transaction fees, liquidity, etc., are the reasons people prefer them, and they are one of the strongest exchange platforms worldwide.