HitBTC Exchange Overview
HitBTC Cryptocurrency Exchange is a platform for an experienced cryptocurrency trader. It focuses more on transactions directly with the cryptocurrencies themselves than on the purchase of, say, the same bitcoin for euros or dollars. Nevertheless, despite the dizzying graphics and the table provided by the service, the work on it is intuitive.
The service uses two-factor authentication, which also makes it secure. However, there are some issues regarding HitBTC property and its location that are currently unclear. Also on some forums you can find reports of difficulties caused by the withdrawal of funds. This casts doubt on the reliability of this system.
The cryptocurrency exchange HitBTC was registered in the UK in early 2015. It offers trading pairs USD, EUR, GBP against BTC, as well as cryptocurrency-cryptocurrency trading pairs with a set of popular coins.
HitBTC trading volumes are constantly growing, and with them liquidity, as a result of which the difference between the rates of sellers and buyers decreases.
Thanks to its advanced API, HitBTC is popular with traders who prefer to use bots to trade.
The registration process is quite simple, and an email to confirm your account arrives within a few seconds. However, if you want to fund your account with fiat, you will have to verify your account. To do this, you will need to contact the exchange via e-mail [email protected] and inform that you want to pass verification. The application must include the details of the identity document, address and bank account information. All this information must be confirmed using scans / photos of relevant documents.
There are 3 levels of account verification in total. General allows you to make deposits in cryptocurrency and withdraw up to 5.000 euros in cryptocurrency per day. Fiat transactions are not available at this level. The verified level allows you to withdraw up to 25,000 euros in cryptocurrency per day. Fiat deposit / withdrawal for this level is limited to 2.000 euros / dollars per day and 10.000 euros / dollars per month. Qualified traders can withdraw more than 25,000 euros in cryptocurrency per day and deposit / withdraw fiat in the amount of 10,000 euros / dollars per week and 50,000 euros / dollars per month.
Deposits in fiat take up to 14 business days, withdrawal up to 20.
The amount of fees depends on the speed of execution of the order (liquidity increases or decreases as a result of your transaction). For instant transactions, a commission of 0.1% is charged. Orders that fall into the application book receive a discount.
The interface is loaded with tools for advanced users, so for beginners it may not seem the most convenient. Fortunately, HitBTC offers a demo of its trading platform, which will help you get comfortable before making your own money.
To ensure the security of their accounts, users can and should use two-factor authentication. It is used during the entrance to the site and withdrawal of funds. However, it is not automatically activated during registration, therefore, to enable two-factor authentication, you will need to go to your account’s Security Settings and do it yourself.
User support is provided through the ticket system. There are 4 sections available: General questions, Questions about payments, Technical questions and Questions about verification.
– large range of cryptocurrencies
– simple but extensive interface
-there is the possibility of joint trading with other users, which makes it possible to earn more for both parties.
– Not for beginners
– very slow tech support (in some cases do not respond at all)
– The issue of system reliability and security.
HitBTC does not charge a deposit fee. However, there are fixed fees for withdrawals. As an example, a list of one-time fees for withdrawing some of the most popular cryptocurrencies is given.
Bitcoin: 0.00085 BTC
Bitcoin Cash: 0.0018 BCC
Ethereum: 0.00215 ETH
Ethereum Classic: 0.002 ETC
Tether: 100 USDT
Stratis: 0.01 STRAT
Litecoin: 0.003 LTC
Dash: 0.03 DASH
Monero: 0.09 XMR
Bytecoin: 0.1 BCN
Ardor: 1 ARDR
Steem: 0.01 STEEM
There are also exchange commissions for trading, such as buying one currency from another. In this case, the commission is 0.1% of the total amount paid by the buyer. For example, if a user wants to buy 0.01 BTC with a peg (USDT), then 144.0732 USDT will have to be paid for the total amount of bitcoin. And as shown in the figure, you still have to pay a commission of 0.14407320 USDT for using HitBTC.
As can be seen from the table above, the commission is quite large. If we take for example other cryptocurrency exchanges, then the commission there will be much less and more profitable for users. Moreover, eToro also charges a withdrawal fee and inaction. The withdrawal fee is exactly 25 US dollars, while the withdrawal of funds goes only from $ 50 and above. The fee for inaction is $ 10 per month, provided that the user has not been active for 4 months.
However, despite the above, HitBTC protects its users with two-factor authentication, which in the settings can be set for each transaction separately. Also, in the ‘security’ section of the ‘settings’ menu, the user can see the inputs from different devices into his account, where he can see information such as IP address and location. Also, if you notice some suspicion, then you can end all sessions. This function can be configured automatically for a certain period of time so that (for example, once a day) all sessions of the account are completed.
Deposits and Withdrawals
Users cannot buy cryptocurrency for fiat money, such as dollars, euros, etc. Instead, users deposit a specific cryptocurrency, forcing HitBTC to generate a wallet for it, and then transferring the cryptocurrency to it from a “third-party” crypto-exchanger. Similarly, in order to withdraw a certain cryptocurrency, users need to switch to a separate wallet of the cryptocurrency that they want to withdraw. To make transactions, users will need to provide the following data:
– bank account information
– color copy of the identity card (passport, driver’s license)
-colored digging residence