HitBTC Review 2022
In the world of cryptocurrencies, finding an exchange that would suit all your needs and wishes as a crypto trader is a challenge on its own. But, what about finding a platform that rewards you for the transactions you make? Mission impossible, right? On second thought, there just might be one trading platform that corresponds to this description of an ultimate crypto exchange.
Labeled as one of the safest and largest spot trading markets in the industry, HitBTC supports over 800 trading pairs and offers more than 500 spot trading instruments. Up to here, there’s nothing unusual about this exchange, right? But, what about the part when you get paid for your transactions? More on this, in the article that follows. Introducing you – the HitBTC Bitcoin exchange.
About the HitBTC Exchange
Established in 2013, HitBTC is a UK-registered trademark global cryptocurrency trading platform with representative offices in Hong Kong and Chile. On this trading platform, you can efficiently and easily trade most of the prominent cryptocurrencies, as well as a huge number of other altcoins and tokens.
Its large range of cryptocurrencies and low fees makes it an excellent destination for finding small-cap coins of great value. On the other side of the ‘crypto-coin’, the unlicensed status of this exchange generates certain concerns around its proprietorship and physical presence, which aren’t entirely clear.
There are several trading alternatives offered on the HitBTC cryptocurrency exchange, including spot trading and OTC (over-the-counter) marketplaces. It’s also one of the very few crypto exchange platforms accessible to automated trading bots. Namely, HitBTC provides a number of APIs to enable its IT skilled clients to trade automatically.
The HitBTC UI
When you open the user interface of this exchange, you’re readily welcomed by an elaborate chart displaying the current market conditions, the active trading pairs, the 24 trading volumes, as well as the price changes as they occur. Below the live chart, there’s a brief introduction of the safety protocols and the technology that safeguard the financial processes on this trading platform.
Near the bottom of the HitBTC UI, there are several easily accessible vaults where you can find all information on the fee tiers of this exchange, as well as look for support from the team of crypto professionals that are at your disposal 24/7. All in all, it’s a neat and intuitive interface that hides a wealth of knowledge behind its informational tabs and guides you through the trading operations available on the HitBTC platform.
The HIT Token
The HIT token is an ERC20 utility token powered by the HitBTC trading platform. Due to its status as a native token of the HitBTC trading platform, it serves as the basis of the HitBTC ecosystem, providing holders with many benefits:
- It serves as collateral for margin and futures trading;
- It earns rebates for HIT token holders in accordance with the Higher Affiliation program;
- It earns higher staking rewards for the HIT holders;
According to the HIT token whitepaper, its developers plan on bringing even more profitable features to HIT users that would increase their gains, including:
- Reduced fees for the prospective futures contracts;
- Launching a new affiliation program that would offer even higher affiliation rewards;
- Assigning governance power to the HIT token holders that would allow them to participate in the future development of the token;
- Lower margin interest rates and increased leverage limits on margin trading as the last, but not the least of the benefits that will result from the strategy of the HIT token development team.
Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Zcash (ZEC), Stellar (XLM), Cardano (ADA), Litecoin (LTC), Neo (NEO), EOS (EOS), Tron (TRX), IOST (IOST), Tether (USDT), Dash (DASH), Monero (XMR), DogeCoin (DOGE), and over 500 other altcoins are all listed among the coins accepted by the HitBTC cryptocurrency exchange.
In addition, HitBTC arguably offers the largest number of currency pairs accessible for trading.
This exchange allows depositing only cryptocurrency funds. In the past, HitBTC allowed users to deposit and withdraw money in fiat currencies such as US dollars (USD), British pounds (GBP), or Euros (EUR), but it no longer does so, so there is no possibility to link your HitBTC account with your bank account.
Being a digital currency exchange focused on providing the ultimate user experience in crypto trading, the HitBTC platform accepts all popular methods of payment for buying BTC, but only to users who have completed their KYC authentication process. These methods include Visa or Mastercard credit cards, debit cards, wire transfers, bank transfers, fiat currencies, ApplePay, GooglePay, etc.
Trading Fees and Limits
Margin trading on the HitBTC platform involves paying a small interest rate in exchange for an open margin position. This deposit fee ranges from 0.021% to 0.099%, depending on the type of cryptocurrency used to make the transaction. There are also borrowing fees pertinent for each of the trading pairs listed on this exchange. The borrowing limit is applicable for both short and long positions.
One of the most attractive features of this crypto exchange is probably the fact that it does not charge any fee if you transfer coins to your friends. In order to send the coins faster, you can create your list of friends and then use the provided QR codes.
When it comes to increasing liquidity and reducing the disparity between the purchase (offer) and sale (bid) prices quoted for an asset, HitBTC employs the “maker-taker” strategy. With this fee model, the maker is incentivized to add liquidity to the book, whereas the taker is encouraged to remove liquidity by making a purchase that accepts a current order in the books.
Generally, there are 3 types of fees on the HitBTC trading platform, depending on the type of account a user holds: starter account, general account, or verified account. The fees charged for the starter and general account users are fixed at 0.1% for the liquidity makers, and 0.25% for the liquidity takers.
Further down the road of this fee scheme, the motivation for the makers comes in the form of a rebate, i.e a reward that HitBTC pays to the liquidity providers while charging the liquidity takers a relatively low fee of 0.5%.
HitBTC Fee Tier System
HitBTC offers a fee tier system that encompasses only the verified accounts on the platform. The main aim of HitBTC’s fee tier is to lower the transaction fees for its users. This system focuses on the most frequently used trading tools on the exchange.
The HitBTC tier fee structure has 10 levels encompassing over 30 days of BTC trading volume that serves as a base for the fee calculations:
|Level||30-days Trading Volume (BTC)||Maker Fee||Taker Fee|
|1||≥ 0 BTC||0.09 %||0.09 %|
|2||≥ 10 BTC||0.07 %||0.08 %|
|3||≥ 100 BTC||0.06 %||0.07 %|
|4||≥ 500 BTC||0.05 %||0.07 %|
|5||≥ 1000 BTC||0.03 %||0.06 %|
|6||≥ 5000 BTC||0.02 %||0.06 %|
|7||≥ 10000 BTC||0.01 %||0.05 %|
|8||≥ 20000 BTC||0 %||0.04 %|
|9||≥ 50000 BTC||-0.01 %||0.03 %|
|10||≥ 100000 BTC||-0.01 %||0.02 %|
Basically, the more you trade, the lower the fees you pay for the transactions. Even more to it, HitBTC will compensate you as a reward for your contribution to the liquidity of the trading platform when you reach levels 9 and 10 of this fee tier system.
HitBTC Withdrawal Fees
When you move your Bitcoin assets from your HitBTC account, you will be charged a withdrawal fee in the amount of 0.00085 BTC. In terms of Bitcoin withdrawal fees, this charge is consistent with the worldwide industry average, which is 0.000812 BTC.
Is HitBTC Safe to Use?
In order to ensure that all trading activity is compliant with international anti-money-laundering (AML) and Кnow Your Customer (KYC) guidelines, the HitBTC Risk Management team supervises all financial transactions on its platform. The security steps implemented by HitBTC throughout the verification process are intended to prevent global money laundering and counterfeit operations from taking place on the HitBTC cryptocurrency trading platform.
Moreover, the HitBTC exchange protects its consumers’ funds by offering cold storage, which keeps them safe from any potential internet fraud or abuse. This method of safeguarding the funds on this platform is supported by the 2FA protocol for enhanced safety of users’ digital assets.
The 2FA (two-factor authentication) protocol is an indispensable technological solution regarding the security of all online transactions. It is of critical importance that you enable this double identification protocol on any online platform that stores your sensitive information or finances. On HitBTC, you can do it by following these 3 simple steps:
- First, open the ‘Security’ tab by a tap on the ‘Settings’ button (It’s located in the top right corner of the HitBTC homepage).
- Next, download a 2FA app that you think will work best for you (Authy, Google Authenticator, or FreeOTP).
- Finally, set up the downloaded 2FA application by following its in-app tutorial.
The exceptionally high level of security also reflects in the fact that this online exchange has never been a target of a cyber attack since its launch in 2013.
HitBTC is an exchange with a multilingual customer support team that’s 24/7 at your disposal. One of the first things you’ll notice when you open the platform’s user interface is the language button in the top right corner of the UI. If you’re not familiar with the English language, you can switch the UI language to Chinese, Korean, Spanish, or Portuguese for more convenient use of the HitBTC exchange platform.
- In the support centre of the HitBTC exchange, you’ll be introduced to a rich knowledge base that contains not just brief answers, but elaborate articles on some of the most important ‘How to…?’ questions a beginner in crypto trading might have, as well as on.
HitBTC’s support team is also accessible to solve any issue, query, or complaint you might have via the platform’s social media channels and networks such as Twitter, Facebook, Telegram, Reddit, etc.
Has HitBTC Turned Into a Scam?
Unfortunately, it seems like this crypto exchange story was too good to be true. After the stellar success and its global expansion, more and more users of the platform are complaining about being unable to withdraw their digital assets, while the 24/7 professional support is allegedly nowhere to be found.
Does this mean HitBTC has headed for the crypto exchange graveyards? We certainly hope that it’s just a minor hiccup in the working process of this exchange and that in no time HitBTC will be back to its best practices of crypto trading.
Frequently Asked Questions
Does HitBTC have a mobile app?
Yes. The HitBTC exchange has developed a digital app for more convenient trading on their platform. It can be downloaded for free from the Apple Store or Google Play Market. The mobile app has three distinctive screens:
- The Coins and Tokens screen – This window gives you access to the coins and tokens that are currently listed on the HitBTC exchange, as well as the charts that show the market’s price fluctuation. The wallet for the desired currency may also be configured from this page. You can also easily pin some of the cryptocurrencies to your Watchlist by simply selecting them from the list.
- The Main screen – A variety of trading options are accessible from the Main screen, including the ability to receive cryptocurrencies, purchase them from other users and accounts, and swap them for other coins and tokens. The Main screen also offers you a report on your account balance, transaction details and history, an account settings button, as well as a newsfeed pool to keep you updated with the latest happenings in the crypto universe.
- The Buy screen – You can buy cryptocurrencies through this vault of HitBTC’s mobile application.
Does HitBTC provide a cryptocurrency wallet?
Yes. The mobile app developed by the team behind HitBTC also provides cryptocurrency wallets for your distinct coins and tokens. One wallet of this app can be used per one coin or token only.
How to create a wallet on the HitBTC mobile app?
In order to set up a digital wallet for your targeted coin of trade, first, you need to open the Coins and Tokens screen of the exchange’s mobile app where all supported cryptocurrencies are listed. Select the coin or token you want. Next, tap on the blue ‘Create Wallet’ button located at the right bottom of the screen. That’s all it takes to start trading via HitBTC’s mobile app. It’s really as simple as that.
If you no longer want to use a wallet, please note that it cannot be deleted while it stores some digital currencies. To do so, you must first empty it completely before you can remove it by clicking on the three vertical dots next to the coin’s icon and selecting the ‘Delete’ option.
What countries are supported by HitBTC?
Trading on this globally available platform is possible from almost any country in the world. The crypto traders may use the platform regardless of their location on the globe. However, the United States, Cuba, Crimea, Syria, and North Korea are exceptions due to some legal issues.
What is Trollbox on HitBTC?
On HitBTC you’ll stumble across a TrollBox vault, which is a chat room reserved for the traders on the platform. Here, traders may exchange the latest developments in the crypto industry, share experiences with each other, as well as chat with volunteer moderators of the discussions.
Given that HitBTC is a worldwide exchange platform that provides services to traders from all over the globe, it has several chat rooms where traders may share thoughts and experiences in different languages.
The Bottom Line
HitBTC is one of the oldest cryptocurrency trading platforms in the world. Established 4 years after the debut of the world’s first cryptocurrency Bitcoin based on blockchain technology, HitBTC Bitcoin exchange implements the two-factor authentication protocol for a double-identification of the users as one of its instruments for enhanced online safety. Moreover, this exchange strictly monitors all cryptocurrency transactions in line with the international anti-money-laundering regulations.
Trading volume has an effect on the number of trading fees you pay to trade on HitBTC. Namely, the more transactions you conduct on the exchange, the lower the fees you are obliged to pay. If you are one of the more dedicated crypto traders, you might even get to the stage of the fee tier when the exchange pays you for bringing more liquidity to the platform.
During our research, we came across various issues concerning HitBTC’s services. With no security concerns since its inception in 2013, finding fault with HitBTC’s trustworthiness and safety certainly triggers the red alert for caution, since a single move in the wrong direction may lead to devastating losses. We would like to believe that HitBTC is able to overcome the alleged withdrawal obstacles and that it will operate successfully once again.