The HitBTC cryptocurrency exchange has been operating since 2013 and over the past time has managed to gain a reputation as a reliable platform for trading cryptocurrencies. You can trade more than 800 crypto pairs, and both pure cryptocurrency pairs (for example, LTC/BTC) and pairs with fiat currency are available. In this review, we will get to know the exchange in more detail and find out whether a beginner should start trading here.
History of the origin of the exchange
The official date of creation of HitBTC is 2013. It owes its appearance to Dave Merrill and a group of his partners. Then they decided to create a trading platform to work with the increasingly popular cryptocurrencies. Initial investments in infrastructure development and software creation amounted to €6 million.
Today, the cryptocurrency exchange is in the TOP 15 in terms of Bitcoin trading volumes. More than 250,000 BTC are traded per day. There should also be no problems with liquidity for other tokens. For example, 20.93% of the total Bitcoin Cash volume is traded here.
HitBTC has no restrictions on the geography of its work. The developers continue to pay increased attention to Estonia (where the project was created), as well as the European region. But there is no discrimination against traders from other regions. The trading conditions are the same, there are no additional requirements.
The site is available in English and Chinese, so traders from the Middle Kingdom can also work with HitBTC. The exchange is also interesting because new promising cryptocurrencies appear here almost immediately after the ICO. You can buy them at a favorable rate.
List of cryptocurrencies
Another feature that sets HitBTC apart from the list of other popular exchanges is the range of cryptocurrencies supported by the platform. Today, the exchange provides the opportunity to trade more than 200 tokens and cryptocurrencies. The exchange contains coins that are not available on other top exchanges. This makes the platform unique and traders receive additional liquidity.
The entire list of cryptocurrencies is traded in pairs with BTC, ETH, USDT, DAI, EOS, TUSD, EURS. And although there is no option to deposit or withdraw fiat money on HitBTC, there are several stablecoins on the platform.
Registration procedure for HitBTC
To register, go to the official website https://hitbtc.com:
- Click on Register in the upper right corner.
- Fill out the registration form.
- A registration confirmation will be sent to your email. Follow the link in the email to verify your email account.
The account has already been created, you can buy or sell cryptocurrency. In your personal account, it is advisable to enable two-factor authentication immediately after registration for greater security.
Here, in the settings, you can set other security parameters. For example, set a timer, after which you will automatically log out of your account and other details.
Conclusion
Users write positive reviews about the HitBTC exchange, because it is a convenient platform for work, where the developers have tried to pay attention to even the smallest details.
The switching of the site design color from light to dark in the “Day-Night” modes deserves special thanks. Despite the lack of Russification, the interface is completely understandable, and there are no difficulties in using the exchange functionality. Among the advantages of the HitBTC exchange are many currency pairs for trading and the absence of mandatory verification for small volumes.
How to get verified
In principle, if you plan to top up your account and withdraw only cryptocurrency from HitBTC, then you can do without this process. For unverified accounts there are no restrictions on working with crypto assets, just as there are no limits when withdrawing them to your wallet outside the exchange.
You need to undergo verification, for example, so that you can top up your account not only with electronic, but also with fiat currency. It will also be possible to withdraw money in dollars or euros. This is more convenient than withdrawing cryptocurrency, then changing it in an exchanger, losing it on the exchange rate, and only then receiving the currency on a bank card.
There is a verification form in your personal account. From the documents you will need:
- a document confirming your identity, an international passport or a regular passport will do;
- document confirming the registration address;
- bank account information and documents confirming that you are the owner of this account;
- You will also need to provide complete information about yourself in your account.
Registering on HitBTC is very simple, immediately after that you can submit documents for verification. This will take 3–5 business days, during which time you can work with cryptocurrency without restrictions. After consideration and approval of the application, you will be able to work with fiat currency.
Please note that there are no fields for uploading documents. Those wishing to undergo verification should contact technical support via email. This will give you instructions on what to do next.
Top up your balance
Similar to most other exchanges on HitBTC, it is possible to top up your balance only in cryptocurrency. To do this, click on Account, and a list of all coins will appear. To top up your balance, click on the blue circle with a plus sign in the Deposit column, and the site will generate an address for you to send coins. For Bitcoin, a fee of 0.0006 BTC is charged for replenishment; for most other coins, the transfer is free.
On HitBTC, the wallet is divided into two - the main (Main Account) and the trader (Trading Account). To transfer funds between them, use the arrows in the Transfer column.
Trading volume and supported cryptocurrencies
It is convenient to work with the exchange’s statistical indicators through the cryptocoincharts.info service. After a quick review, the following conclusions can be drawn:
- If you focus on volumes, the most popular pairs on HitBTC are BCHBTC, BTCUSDT, XRPBTC, XMR/BTC, DASHBTC;
- On average, about 250,000 bitcoins are traded on HitBTC per day;
- In dollars, daily turnover on average remains in the range of $1 billion;
- The crypto exchange shows good volumes for other fiat currencies.
As for currency pairs, there are more than 150 of them. Note that in addition to top cryptocurrencies, exotic altcoins are also quite actively traded here.
Market position
HitBTC Rating
Over its six-year operating experience, HitBTC has constantly appeared in at least the TOP 20 cryptocurrency exchanges, and also often found itself in the TOP 10.
Currently, the trading platform has secured the 15th position in the exchange ranking in terms of CoinMarketCap trading volume.
Daily trading volume on HitBTC exceeds $3.5 billion:
Position of HitBTC in the ranking of cryptocurrency exchanges by trading volume
The exchange offers more than 300 different cryptocurrencies and over 800 currency pairs. The HitBTC exchange actively supports the EOS ecosystem, so pairs with this cryptocurrency are most common. The top three trading pairs include ETH/USD – 22.66%, BTC/USD – 22.05%, LTC/USD – 5.36%.
How to fund your account and withdraw money from HitBTC
There are several ways to deposit money into your account. To do this, click on Deposit in the upper right corner:
- You will see a list of cryptocurrencies in which you can top up your account. To top up your crypto account, simply click on the icon marked “+”.
- To deposit funds, you need to send crypto from your wallet to the specified wallet number.
Please note that a small commission is charged for replenishment. This commission goes to pay the miners who confirm the transaction, and not to the exchange itself. When replenishing, for example, in Bitcoin, the commission will be 0.0006 BTC.
You can also top up by bank transfer and SEPA, Swift transfers. You can even send cash to the crypto exchange details through a bank branch. However, options with bank payments are unprofitable due to the time it takes for funds to be credited to the account.
Withdrawing money from HitBTC follows the same procedure. Only now you will need to indicate your wallet to which the exchange will send your cryptocurrency. As for fiat currencies, they will become available only after verification.
A few words about safety
In conclusion, I would also like to say a few words about additional security, which definitely will not be superfluous. If intruders penetrate your account, they may well steal the funds you have accumulated, and given that HitBTC supports a large number of pairs, in particular cryptocurrencies, the scale of thefts can be quite impressive.
To ensure that this never happens, the exchange administration offers its clients additional precautions, including:
- Automatic exit . If you are not active on the site for a long time, the system will automatically close your account. It is possible to fine-tune the idle time so that the system does not react if you decide to just wait a little. The exchange also has a special “Terminate all session” button, which will undoubtedly be useful for people who often access the exchange from other people’s devices.
- Two-factor authentication . You should not rely only on your password, no matter how complex or original it is. HitBTC strongly recommends enabling Google two-factor authentication for all important transactions, and this especially applies to withdrawals to third-party resources.
- Activity control . You can always check the activity of your account, from which devices and at what time you visited it. Therefore, if you suddenly notice an IP address in the activity graph that does not belong to you, then immediately notify the resource administration about this, and also change your password.
That's all, dear friends. Good luck with your trading and more profit.
Exchange commissions
In the case of trading commissions, it all depends on whether you are a taker or a maker. The difference is that the taker absorbs liquidity and is charged a commission of 0.1% of the transaction volume. But the maker (the one who creates liquidity) not only does not pay a commission, but also receives a 0.01% rebate.
Example:
- you want to buy bitcoin. The current sale price is $11,000, you can place a buy order at this price. It is executed instantly, you have absorbed part of the liquidity, which means you have become a taker and you will be charged a commission of 0.1%;
- if in the same situation you place a pending order at a price of, for example, $10,500, then you are already a liquidity creator. The commission is not deducted from you.
The difference is in execution. The taker immediately receives the execution of the order and pays a commission for it, the maker has to wait, and therefore the commission is not debited from him.
Advantages and disadvantages
Pros and cons of HitBTC The
HitBTC exchange is not particularly distinguished by the presence of unique functionality and options, and is significantly inferior to many crypto exchanges in terms of the number of capabilities. The main reasons why traders choose HitBTC:
- Wide variety of cryptocurrencies and cryptocurrency pairs;
- Multi-level commission system with privileges for large players;
- Nice design and simple user interface.
Among the disadvantages of the exchange, many more points can be identified:
How to use the HitBTC exchange
Here we will take a closer look at how work is carried out on the stock exchange in general. We will assume that you have already completed the task of replenishing your account; now all that remains is to figure out how to trade.
Exchange trading
A very important point is that margin trading is not available on HitBTC, that is, you will not be able to use leverage. Why the developers decided not to provide this option remains unknown.
To purchase tokens on HitBTC, you need to go to the Exchange tab. In this window:
- A window with a chart opens; the right side is reserved for selecting a cryptocurrency pair. There are 2 types of charts - from the exchange itself and from TradingView, you can switch between them right in this window. To trade normally, you need to analyze the chart, you will need indicators, tools for chart marking, so choose the option from TradingView.
- Below are fields for setting transaction parameters, as well as a list of your orders. Choose the order type carefully; you can trade at the market price and with pending orders. Choose the delay type carefully, there are several of them: Good time cancelled, fill or kill, etc.
- Below is information on applications and a chat window. Moreover, the chat is also in Russian.
For popular cryptocurrency pairs, orders are executed quickly. Problems with liquidity, and therefore with the speed of execution, can arise only on very exotic pairs.
The instructions for trading on HitBTC are simple:
- Decide on the direction of the transaction (buy or sell).
- Indicate the number of coins and the rate at which you want to make a deal.
- Click on Buy or Sell, your order then appears among the others and all you have to do is wait for it to be executed.
The scheme is the same with pending orders.
Additional tools
There is a very useful Markets link on the site; there is a lot of valuable statistical information here. You can get acquainted with:
- market spread – the difference between the Bid and Ask prices;
- statistics of growth/decline of crypto pairs. The pair with the largest traded volume is displayed, as well as the pair that has grown the most over the past day;
- market depth – displays the total volume of orders for sale and purchase.
The site also contains statistics on the operation of withdrawals and deposits for each of the cryptocurrencies. This data is available in the System Health tab.
Trading interface
The trading interface of the HitBTC exchange is fundamentally no different from any other exchange. If you have ever worked with other platforms, then everything will be intuitively clear. It should be said, however, that all the blocks of the trading window are very functional and thought out to the smallest detail. In addition, you can independently adjust the positions of all blocks on the screen as you need.
Trading interface. HitBTC Exchange Review
We will not describe in detail each block on the trading screen; we will only focus on those features that distinguish HitBTC from other popular exchanges. Namely, there is a chat here, thoughtfully named TrollBox . Chat on such large platforms is very rare and by the way, the chat even has a Russian-language room. Chat for the stock exchange is far from the most important thing today; it is more archaic than a cool feature.
Pay attention to the order creation window. Market and Limit order types , there is an interesting Scale Order option. Scale allows you to execute an order in several steps, gradually distributing the amount to each step. Such an order can also be of three types: up, down and flat. This is very convenient as you can execute a pending order more efficiently. Sell part of the amount at a higher price or buy at a lower price.
Security and reliability level of HitBTC
In terms of reliability, this exchange is approximately at the same level as the rest of the TOP10. Clients are immediately recommended to set up two-factor authentication and this is correct, there is no need to risk money. But we have all repeatedly witnessed how hackers easily stole huge sums from other exchanges, despite all their protection.
In 2015, information leaked that the exchange had been hacked. After checking it turned out to be a lie.
At the end of 2022 there were serious problems with withdrawals. HitBTC simply could not cope with the influx of clients. Massive reviews from traders are proof of this. And the development team has officially acknowledged the existence of this problem.
Otherwise, there were no serious problems with the exchange.
What is the HitBTC exchange
Dave Merrill is considered the founder of the HitBTC cryptocurrency exchange. In 2013, he assembled a powerful team of developers, experienced financial experts and crypto enthusiasts. Attracted the strongest PR company. And in February 2014, the first launch of HitBTC took place, during which it was possible to collect about 6 million euros. HitBTC is a trading platform with a beautiful design and intuitive menu. Among the advantages, it is also worth highlighting the fast engine and multi-currency support. The listing includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR), Bitcoin Cash (BCH) DASH, Zcash and others.
Reviews and rating of the exchange
On Bitmakler, HitBTC is confidently in the top ten.
As for the reviews about HitBTC, they vary from enthusiastic to messages in the spirit of “they stole the money, scammers.” By the way, there are not very many of the latter, and in most cases traders did not enable two-factor authentication.
There are reports that the minimum amount is changing in an unclear way. As a result, a small amount remains in the HitBTC account and it is not clear what to do with it.
Among the minor shortcomings, we note that the exchange is not very fast. It really lags when switching between different tabs. It's annoying.
We also note the leisurely technical support. She just doesn't respond to messages for weeks. When there was a problem with the conclusions, no one received an answer from them.
HitBTC reviews
The quality of any service is determined primarily by what the clients themselves think about it. Their reviews greatly shape the reputation of the exchange and help those who are exploring different options choose the best one. It is worth honestly admitting that not all HitBTC.me reviews are positive, but this is true for any service - there is always someone dissatisfied.
However, most clients are generally satisfied with the exchange, and the fact that the number of traders is growing, and HitBTC is among the leaders in cryptocurrency trading, emphasizes that this is one of the most convenient platforms for domestic traders.
If you are already working with this exchange, leave your feedback here, share your experience, and honestly tell us what problems you encountered. By leaving a review on the HitBTC cryptocurrency exchange, you will help someone make the right choice, avoid mistakes, and perhaps you yourself will find something useful among the success (or failure) stories of other traders.
Ultimately, the development of a crypto exchange and the strengthening of its position will benefit everyone who uses its services, and reviews left on the HitBTC exchange are one of the ways to help the development of the trading platform, and an increase in trading volume is a guarantee that you will continue to be able to make money on volatility courses.
The exchange exchanges BTU tokens for ETH tokens
Due to the fact that the intended and expected hard fork of the Bitcoin could not be implemented, HitBTC decided to convert half of the BTU tokens into ETH (Ethereum) tokens. More precisely, this decision was published by the exchange, and it was made by the users themselves, casting their votes for or against this idea.
In total, just over 800 people voted and almost half of them (48%) voted for the exchange. Slightly less, 40% of voters, were in favor of allowing the withdrawal of both BTU and MTC. The rest (12%) suggested doing nothing for now.
This way, Ethereum tokens will be created and users will be able to withdraw them to their ETH wallets or use them to top up their balance. If a hard fork does occur, the service will not make any changes to its work and BTU tokens will no longer be credited to accounts.
