hitbtc.com Review 2020 – Scam or Not?
HitBTC claim to be the most advanced Bitcoin exchange today. They are known for being friendly enough to people that are into creating bitcoin trading bots, thanks to their API’s, while offering a safe and secure solution for bitcoin and altcoin trading. HitBTC is one of the largest and oldest spot trading markets in the industry with over 800 trading pairs and 500+ spot crypto instruments.
Let’s review HitBTC.com and see what do they bring to the table, how advanced they really are compared to their counterparties.
- The company behind HitBTC
- How fast is the verification with HitBTC.com?
- Verification types offered by HitBTC
- Demo model
- Trading Fees
- Order Types on HitBTC
- Trade and Win
- Exchange Security
- Website Interface for HitBTC
- Customer Support
- Affiliate program with HitBTC.com
- Supported Countries
- Supported Coins
- FAQ – Frequently asked questions about HitBTC.com
The company behind HitBTC
HitBTC was founded in 2013 by technology experts on the field of both trading and programming to deliver tools and features satisfying even the most sophisticated traders’ needs. Real-time trading, low latency, highly reliable system with peak performance. This is what the founder had visioned when they started building HitBTC.
According to bitcoin.it, HitBTC is a European bitcoin exchange that stated with 6 million venture capital investment in Hong Kong in 2013. You may find on their About us page that their headquarter is at Unit 19, 7/F, One Midtown No11 Hoi Shing Road, Hong Kong, but they focus on the European bitcoin and altcoin trading market.
HitBTC is pretty active on several social media platforms. On Twitter they have more than 240k followers where they share all the important updates related to the site, along with interviews, interesting topics, and partnerships especially offer related to trading bot applications. You can also follow HitBTC on Facebook together with their 20k followers their news and updates. Their Telegram channel is to help all the users who have issues to resolve immediate issues which do not require an identification of the account. They take spamming as a very serious offense, so they immediately ban all those scammers who just join the group to defraud others, making is a safe place for HitBTC traders. On the Github repository, you may find the documentation related to their API. And finally, they also run a separate Reddit thread just to provide updates and solve the issues raised by their users more quickly.
How fast is the verification with HitBTC.com?
Registration is a breeze with HitBTC and it literally just took seconds. You need to provide an email and password along with your country of residence and name. After filling out the details you got a confirmation link that lets you into your trading account.
On the next screen, you are prompted to secure your account with 2FA authentication, but you can skip this step and do this later on. It is highly recommended though to set up a secondary authentication measure with Googe Authenticator or YubiKey to make sure you avoid any unauthorized access to your account in case of password leaking.
With the starter account you can start trading right away, just bear in mind that you are limited only to cryptocurrency deposits and withdrawals, and the limits are also set to 1 BTC daily and 5 BTC monthly withdrawal without verification.
But that doesn’t stop there, if you want to fund your account using FIAT, then you need to verify your account. How do you get your account verified on HitBTC?
Go to Settings under your account and click on KYC.
You will be given a form that you have to fill out to proceed with identity verification. Upon completing this, HitBTC asks you to provide the following personal information:
- Personal Information: Name, Date of Birth, Nationality (as listed on a Government-issued ID)
- Residential Address
- Bank account information (For people that want to use FIAT)
- Proof of Identity (in a form of a government-issued photo ID)
- Selfie with your ID
- Mobile number
A note found at the end of the verification guide page says, that the IDs must be valid for the next 3 months, must be a photo of the original document, not a photocopy and all the pictures must be clear, color, and high resolutions.
You need to keep that in mind before you submit any requirements to them so that you wouldn’t encounter any problems when it comes to verifying your account.
Although generally speaking HitBTC is a crypto-to-crypto exchange, through a new feature you can buy bitcoin without leaving the platform. In partnership with Freewallet and Simplex, you can easily purchase the coins needed for the first deposit without going through long and tedious registrations on other sites.
Verification types offered by HitBTC
These are the levels of accounts that you would be able to get with HitBTC, each of these levels have their own advantage. Of course, the higher the level, the higher the trading volume.
For “Starter” accounts, you can, of course, deposit cryptocurrency for free, and your daily withdrawal limit is 1 BTC of cryptocurrency per day. FIAT transactions are not available for the starter verification tier.
The second tier is “Trader” and you get free deposits for cryptos and a maximum of 100 BTC worth of cryptocurrency withdrawal per day. This verification level also lets you buy and sell cryptocurrencies in exchange for fiat currencies.
The final tier is called “Pro” and, of course, you do not need to pay for any crypto deposits. If you provide additional documents regarding your bank account and your financial situation like the source of funds or opening an account for a business you can enjoy even higher limits.
What’s really exciting about their website is that HitBTC.com offers a demo mode where you can play with their websites and features and try to feel comfortable with trading without losing anything! With just a few simple clicks, you would be able to enter the “Demo Mode” where all transactions are made for practice purposes.
You can sign up at https://demo.hitbtc.com/ where you are given 2000 USDT play money to start trading right away and get a feeling about how the platform works.
HitBTC trading fees
HitBTC uses a maker-taker fee model, where the trading fees start at 0.1% for market makers and 0.2% for takers who draw liquidity from the market with their orders.
The more you trade on HitBTC the lower trading fees you get. The discounted trading fees are starting from 10 BTC monthly turnovers and you can also enjoy a 30% trading fee discount right away once you have verified your account. If you manage to reach 100 000 BTC monthly trading volume you even get a rebate when you are providing liquidity to the market.
An in-depth guide can be read through this link regarding their fees.
Order Types on HitBTC
HitBTC offers a wide variety of basic and advanced order types.
With an ordinary Market order, you can place a buy or sell order at the prevailing market price. The market price, in this case, is the best available price at the time the order was placed.
There are several types of Limit orders available at HitBTC. In case of a limit order, the order is executed only if the limit price or better is reached. The order execution can be set in various ways for a limit order. Good-til-canceled order remains open until they are completed or canceled. Day orders are open until the end of the day at 0:00 UTC time, similarly, Good-Til-Date orders will be open until your predefined deadline and after that is expires. Fill-or-Kill orders are executed immediately with its entire balance, otherwise canceled, in contrast, Immediate-or-Cancel order allows partial execution with the remaining balance of the order which is not executed being canceled. Additionally, you can post limit orders in Post-only mode, which means it will only be entered into the order book if it is matching an existing order, otherwise, it expires, which guarantees you will pay only the market maker fee, not the taker fee.
And finally, there is a special, complex order type at HitBTC called Scaled order. This is a set of multiple orders which are distributed in a price range.
Trade and Win
Recently HitBTC introduced a new feature on the platform: trading tournaments. You can join other traders in a competition to race for the largest trading win in a given time period. Traders can join the tournaments up to 12 hours before the end. The entering pot is the same for everyone and the prizes are credited to that user whose trading balance is the largest at the end of the competition.
Contests are organized by other users on the platform not directly by HitBTC, so each tournament can have its own set of rules you need to follow. Tournaments are available for both BTC and other altcoins.
HitBTC urges you to set up a 2-step verification process for all users through the commonly used Google Authenticator and other popular 2FA authenticator applications. This security feature is used for all logins and withdrawals. You are prompted to turn on 2FA right after sign up and every time you reload a screen until you have managed to secure your account. It might seem an annoying feature first, but it is just real in place to protect users from scams and thefts.
To enable your 2-step verification security, you need to go to Settings > Security and then set up your account. It is always wise to keep your account secured no matter how small your trades are.
Website Interface for HitBTC
The website interface is something that newbies might not like. It is filled with all the information a seasoned trader would need, but could be too much information for a new person who just came into Bitcoin trading. Good thing that the Demo Mode is there to help you out in getting familiar with everything on the website.
If you want something answered, they have a ticketing system that serves as their customer service support platform. You can choose from General Questions, Payment, Technical, and Verification Questions through this channel. You might want to also read about people that are having problems with their HitBTC account through this forum post on BitcoinTalk. This might give you an idea of how they operate. It happened in the past unfortunately too many users that they were not able to withdraw their funds from the platform due to inappropriate verification or incorrect account setup.
Affiliate program with HitBTC.com
You can also be an affiliate with HitBTC and earn through your referrals! They actually give a lot back to their affiliates, so do not miss out if you want to be a part of people that has good passive income with them.
All countries are allowed except: USA, North Korea, Sudan, Crimea and Sevastopol, Cuba, Syria or any state, country or other jurisdiction that is embargoed by the USA.
There are hundreds of altcoins pairs available to trade on HitBTC. You can trade these altcoins against Bitcoin, Ethereum, USD Tether, DAI, TUZUSD, EURS, and EOS.
Here is the complete list of supported coins on HitBTC.
BTC, ETH, BCH, BSV, XRP, LTC, EOS, TRX, ETC, ROOBEE, XMR, ZEC, KMD, NEO, ADA, DASH, VET, QTUM, XLM, BTG, STRAT, ONT, TNT, ICX, XTZ, IOTA, ZRX, OMG, BTC/USDC, MAID, STEEM, IOST, DGTX, ADK, DOGE, LSK, BNB, XVG, CRO, BTC/TUSD, WAVES, XZC, XNS, REP, NXT, VRA, GRIN, EMRX, GNT, MTL, BTS, SC, XEM, AE, DGB, BET, MKR, NANO, LINK, CENNZ, IDRT, NWC, BNT, BTC/DAI, EDO, BTM, CHSB, SMART, NEBL, ZEN, BTC/PAX, HEDG, ZIL, REM, ARDR, BTC/EOSDT, BAT, LAVA, ZRC, ENJ, CPT, NEXO, CHZ, ETP, SLV, METP, ARPA, IQ, CRPT, DATA, KIN, BTC/GUSD, NMR, LOC, SHIP, DRG, BTC/EURS, BTT, AVA, RAISE, REV, HTML, WINGS, IPX, PLBT, ORMEUS, MCO, BCN, TRIGX, PASS, BMC, HBAR, STORJ, NIM, DCR, SNT, PRE, BRD, DBIX, WTC, XUC, KRL, CUR, SUB, SENT, ETN, DENT, CVT, MANA, CND, RVN, RCN, LIFE, ABTC, BLZ, PAY, BCD, RLC, CDT, FUN, BTX, C20, UTK, FACE, PPT, AEON, GNO, MITX, ANT, PPC, BMH, HVN, LUN, CVN, CEL, XDN, HT, SPD, ELF, NCT, EDG, SWFTC, GNX, BETR, MATIC, ATOM, RFR, VSYS, DGD, REN, TRST, AGI, MTX, ONE, ABYSS, GAS, DCT, SBD, KNC, PLU, LEND, CMCT, DAG, LCC, NGC, SALT, EXM, SNBL, BITS, XMC, BDP, DADI, BANCA, PTOY, MITH, SCC, CSM, MIN, PLR, USE, DTR, POWR, PBTT, ADX, IGNIS, ALGO, QKC, XRC, FXT, VIB, STX, MTH, BCI, YCC, DOV, ARN, ACT, AXPR, SOC, MLN, ZAP, VEO, YOYOW, COV, HBZ, FET, XCON, LOOM, POLY, CBC, SRN, SBTC, PKT, GBX, PAXG, SIG, ERD, SUR, UUU, NTK, SOLVE, OCN, BDG, ELEC, UBT, ERT, SNC, BST, CLO, DRGN, MAN, SPC, WAXP, ACAT, BNK, APPC, BQX, TKY, SWM, QNTU, WIKI, ZSC, SPF, DIM, LRC, TRUE, PBT, NAV, PMA, KICK, DIT, SLX, GST, FLP, CURE, PITCH, EXP, TEL, STORM, TIME, FDZ, KIND, DNT, SEELE, MYST, NANJ, SWT, HGT, BCPT, EKO, OAX, PNT, SCL, BERRY, IDH, FTX, AMB, EVX, INK, COCOS, UTT, VITAE, GET, DAY, ART, KEY, PART, DAV, POA20, PHX, FYP, AUC, AMM, CHAT, NLC2, POE, IPL, TAU, OPT, DATX, PXG, FOTA, BOS, LNC, IHT, PETH, PLA, HOT, AUTO, HSR, XBP, XAUR, VIBE, USG, TV, TRAD, TKN, TDP, SNGLS, SMT, REX, PRO, POA, PHB, OKB, NUT, NPXS, NPLC, NEU, MOF, MG, MESH, MDA, LAMB, IXT, IOTX, HMQ, GUP, GT, FTT, ETHBNT, EMC, DRT, DLT, DICE, DAPP, CUTE, CELR, BTC/BUSD, BTCB, BRDG, BOX, APM, 1ST
FAQ – Frequently asked questions about HitBTC
What is HitBTC?|HitBTC is a cryptocurrency exchange where you can trade hundreds of altcoins against Bitcoin, Ethereum, and other major altcoins. The exchange is on the market since 2013 and provides a reliable trading environment for those who would like to trade with lesser-known coins. You can try out the features on HitBTC using a demo account where you are given 2000 USDT to test your trading skills in paper trading. Once you are up to speed, you can join the trading tournaments, where you can compete against fellow traders to win cash prizes in bitcoin and other altcoins.
Can US customers use HitBTC?|Yes, US residents may use HitBTC’s trading platform. At the moment there is no restriction on any countries’ residents for signing up and using HitBTC’s platform. You are required to provide your country of residence upon registration, however, you can use the platform without further verification up to 1 BTC daily and 5 BTC monthly withdrawal limit. Even if you decide to move to higher-level verification, you can still use HitBTC if you are from the United States because HitBTC is a crypto-only platform, which does not handle and fiat money so it is not required by law to have specific licenses to offer its services even to US residents.
How do I open a HitBTC account?|In order to open an account at HitBTC head to the signup button on the homepage. You are prompted to provide an email address and a password along with choosing your country of residence from the list. Once you fill out the information you will receive an email to confirm your registration. Accept their terms and conditions and provide your consent if you want marketing emails. Then you can log in and set up 2FA to secure your account. You can start trading right away after registration without verification up to 1 BTC daily and 5 BTC monthly withdrawal limits. Higher-level verification opens up higher limits and lowers trading fees, for this you need to provide a government-issued photo ID, a selfie with your ID, and a utility bill as proof of your residence. After opening your HitBTC account you can deposit bitcoins and hundreds of different altcoins that you can later on use for trading.
Is HitBTC a good exchange?|HitBTC is on the market for several years by now offering trading options for such coins that are not listed elsewhere. Their trading fees are a bit higher compared to other exchanges, but the range of coins and trading pairs available are far more diverse than you can find elsewhere. There is no mandatory KYC process on the platform and they also offer you the option to buy bitcoin if you do not have through their partnership with Simplex and Freewallet. With their trading tournaments, you can win cash prizes even beyond your trading profits.
Is HitBTC safe?|HitBTC has employed several safety measures to protect your funds on the exchange. You are prompted to use 2FA authentication on each crucial step, including login and withdrawals. Unfortunately, however, there are growing numbers of user comments on the internet where people complain about never arriving coins sent to the exchange and denied withdrawals even after multiple attempts to verify themself. But at the same time, they are trying to be transparent about their services, communicate on various social media channels as they have been on the market for several years. Make sure you read user feedback to see the complaints.
How do I withdraw money from HitBTC?|Go to your account on HitBTC.com where you can see the list of coins available to deposit, trade, and withdraw. Click on the coin you would like to withdraw from HitBTC. Here you will be given a form where you can enter the amount you would like to withdraw and the blockchain address you would like to send funds to. Make sure you use the designated address for each coin as HitBTC cannot reverse transactions that have been posted on the blockchain and transfers for incorrect addresses can not be reversed. Ther is a flat fee of 0.0015 BTC for each bitcoin withdrawal, otherwise, the fee is around 5-10 USD for altcoin withdrawals, make sure you check the fees before sending any money.
Can I withdraw from HitBTC without verification?|Yes, it is possible to use HitBTC without verification. If you do not pass the KYC process you can still send coins to and from the exchange, but the amounts are limited. Users without verification can send up to 1 BTC daily and 5 BTC monthly worth of altcoins out from HitBTC as a withdrawal.
Where is HitBTC exchange located?|HitBTC has a registered address in Hong Kong. The company behind HitBTC is Hit Solution Inc, with a registered address at Unit 19, 7/F, One Midtown No11 Hoi Shing Road, Hong Kong.
Who owns HitBTC?|HitBTC is owned by a company named Hit Solution Inc with a headquarter in Hong Kong. Unfortunately, there is no further information available online about HitBTC’s owners at the moment.
Can I trade KBC coin on HitBTC?|No, KBC coin is currently not listed on HitBTC. KBC or karatgold coin is a cryptocurrency that is designed to be used as digital gold, a secure and value stable medium of payment. It was introduced in 2018 to HitBTC following an ICO campaign which has gathered over 100 million USD funding however it was subsequently delisted in 2019 due to controversy of the project. Before trading KBC coin, make sure you read the warnings issued by the financial regulator of FSCA and Bafin about KBC.
Which coins are listed on HitBTC?|There are more than 300 altcoins and over 500 trading pairs are available to trade on HitBTC. Beyond bitcoin, you can trade with all major cryptos like ethereum, ripple, stellar, monero, or zcash but you also have the option to gain access to hundreds of lesser-known altcoins which are currently less popular but might have the ability to grow in the future. Here is the complete list of coins on HitBTC.
HitBTC Review Conclusion
HitBTC is a crypto-only exchange platform where you can trade up to 500 different altcoins with a lot of different advanced order types. The fees are a bit higher compared to other exchanges, but you can get volume discounts and rebates. Trading Tournaments are a new feature on HitBTC enabling you further prizes if your trading strategy is successful. With their demo account, you can get the idea of how it actually feels the rush in trading without damaging your wallet. Is it worth trying out? Well let the demo account do the talking for you, you might love how it all feels. At the end of the day, it is still your decision to make.
- Demo Mode
- Lot of small cap altcoins
- Getting verified needs a lot of information
- Fees are high
- No information on the company owners