Review: HitBTC Exchange

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Review HitBTC Exchange Cover

The developers of this exchange refer to it as one of the most advanced trading platforms in the crypto sphere. HitBTC is established in Hong Kong and started out in 2014.

I Want to Buy Cryptocurrency on HitBTC

Background Information

Rating 3.0 / 5

Pros

  • Low transaction fees
  • High liquidity
  • Stable uptime
  • Available and stable order matching
  • Multiple language support
  • Multiple cryptocurrency support
  • Supports fiat deposits and withdrawals

Cons

  • No mobile application
  • The exchange was hacked in 2015
  • Delay in withdrawals
  • Does not support fiat deposits

The HitBTC exchange is one of the few exchanges that was developed as a result of a partnership or collaboration between traders, software developers, and finance professionals. This team effort and collaboration led to the development of this advanced trading platform that has been designed to meet the needs of users. Since its launch, this exchange has received praise for its fault tolerance system, its high availability of liquidity, and uptime.

This exchange is a multi-faceted one that supports the trading of over 150 cryptocurrencies. This includes; ICO’s, tradable assets, and tokens. Launched in 2013, the developers of this exchange put over £6 million in venture capital funding. This exchange has continued to add not just new cryptocurrencies but also new trading tools, the latest of them being the ICO feature that facilitates the adding of tokens to the exchange.

This exchange brands itself as the leading and most advanced exchange for a number of altcoins. The core-matching feature of this exchange is made of a superior order matching algorithm and real-time clearing. The exchange has been developed with certain impressive features like the; Rebate system that makes the exchange attractive to some of the most powerful market makers. Unlike most of the other exchanges, the HitBTC exchange does not have a withdrawal nor a deposit limit. This feature sets this exchange apart from most of the others that have been developed.

HitBTC Exchange Homepage

Transaction Fees (Payment Methods)

Like the other exchanges that have been developed, the HitBTC exchange charges a fixed amount for all transactions that are to be carried out. This exchange makes use of the maker-taker model in order to maximize utility at the same time narrowing the spreads on their market. For reminder basis, the takers on the exchange are those that take liquidity away from the exchange at the same time placing orders that match with one of the already existing orders. Makers, on the other hand, refer to those that provide liquidity on the site by providing or creating limit orders that are under the asking price for buying.

On the HitBTC exchange, takers are charged about 0.1% of the transaction cost. The makers on the exchange do not have to pay any fees at all. This feature separates this exchange from that of the others developed. One thing that would discourage most people from making use of this exchange is the fact that it does not support fiat deposits and bank accounts cannot be linked.

Security

Although this exchange experienced a hack in 2015, it is still one of the most secure exchanges at the moment. The exchange has deployed multiple strategies to keep the information and the account of users safe. The developers of this exchange encourage their users to deploy the Two-Factor Authentication system. To ensure that the coins of users are safe, it Integrates a cold storage system for most of its coins, it also relies on the advanced encryption technology that will help customers hide their information from hackers.

The exchange also suggests that users input a strong password that will ensure that no one is able to guess the password. Users are encouraged to change their passwords every two weeks. As an added security feature, the exchange will automatically send you a notification whenever your account is accessed through a new Internet Protocol (IP) address. The exchange also deploys the automatic logout feature.

I Want to Buy Cryptocurrency on HitBTC

Usability

How It Works

Like most of the other crypto exchanges, creating an account on the HitBTC exchange is quite easy. All you have to do is click on the “Register” button. You will have to provide a valid email address and then set up a password. Once you have provided this information, the exchange will automatically send you a mail with a link that will direct you to where you will be required to activate or verify your account.

  • You will have to provide an email address and generate a password
  • Then click on the “Register”
  • Once this is done, an e-mail will be sent to the email address provided

How To Make Deposits

To make deposits, you have to generate a wallet address. You have to click on the “Deposit” tab. You then have to choose from the row that corresponds to the currency you seeks to deposit in, then click on “Fund”. Once this is completed, you will get a wallet address.

How To Make Withdrawals

To withdraw on the HitBTC exchange, you have to click on the “Account” tab, then click on the “Withdraw” tab. You will be presented with a column that includes a button for every currency in your account. All you have to do now is select the currency to withdraw, the amount, and then paste the wallet address the funds are to be sent to.

Trading on the exchange is quite easy as well. You have to simply move from the general or main HitBTC account to the trading account. You will be required to click on the “Exchange” button, then you choose your trading pair from the list of available instruments.

Offered Coins

This exchange supports the trading of the following coins;

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Tron (TRX)
  • Dash (DASH)
  • Lisk (LSK)
  • Ethereum Classic (ETC)
  • Zcash (ZEC)

Review HitBTC Exchange Interface

Customer Support

This exchange has one of the most active customer support teams. There is a comprehensive and precise article written by the development team that covers the account, security, legacy, and KYC policy. When it comes to response to the complaints of customers, it has been reported that the exchange is quite slow in that area. The most common issue customers have complained about is that of withdrawal delays and loss of funds. They do not have a chatroom.

Mobile Application

This exchange does not have a mobile application but can be accessed through web browsers via smartphones or laptop computers. There are currently no talks on the development of a mobile application.

Conclusion

The HitBTC exchange prides itself as the most advanced trading platform, which is not entirely true as users are not offered in-depth analysis, charts, and graphs. While this exchange has been developed for advanced traders, it still lacks a vital option which is that of not supporting fiat deposits.

I Want to Buy Cryptocurrency on HitBTC

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REVIEW OVERVIEW
Security
Usability
Offered Coins
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