HitBTC Test & Experiences ▷ Everything about the crypto exchange!

HitBTC Logo

Trying to decide if HitBTC is the right crypto-exchange platform for you? Our thorough review will help you decide.

HitBTC, based in Hong Kong, is a digital currency exchange owned byHIT solutions, Ltd. The exchange was founded with some of the best technical resources in the field and also employs experienced traders, fin-tech professionals and high quality software developers. The results are reflected in the growing popularity of HitBTC.

HitBTC Website

About HitBTC

HitBTC was founded in 2013 with over $6 million of venture capital and targets a trading volume of more than $300 million. This exchange has brought its users a high level of stability and availability, making it one of the most reliable platforms available.

You can consider HitBTC if you are interested in trading Altcoins. The exchange offers a variety of coins, including BTS, DASH, EOS, XMR and ZEC. The site also has a core matching engine that allows users to have real-time clearing together with order matching algorithms.

Features

If you are an avid crypto currency trader, you will be happy to know that HitBTC offers many features that make things easier. The exchange offers not only the advanced technologies mentioned above, but also low trading fees. These are just some of the features you get with the HitBTC exchange. Here are some more additional benefits:

- No restrictions on withdrawals or deposits of crypto currencies

- Over 150 instruments to choose from

- Strengthened security measures

- No registration required

- Full access to trade

- Unlimited top-up credit

- High liquidity

- Various charts and graphics for trading information

- Easy to use platform

- Tips and tricks for trading on the website blog

Why use HitBTC?

In addition to low fees and high liquidity, HitBTC makes it easy to set up your account and start trading. We will guide you through the short setup process below. The fact that the exchange supports so many coins means that investors and traders can buy or sell coins that may not be available on other exchanges.

If you are an active trader, HitBTC could be useful for you, as the exchange would allow you to profit by setting limit orders. The site also offers users the ability to download their full trading history as well as the full trading history of the site. This demonstrates transparency on the part of the Exchange and demonstrates its willingness to comply if audited.

Opening an account

Registering with HitBTC is easy and takes only a few minutes.

Important information

- Access to more than 150 cryptos.

- Start trading in a few minutes.

- Easy to operate.

- Free helpful trading tips.

First you go to the homepage of the exchange and select the option "Register".

It may be a little hard to see, but the screenshot highlights the "Register" button in the upper right corner:

HitBTC Website Registration

Once you click on "Register", you will be taken to a page where you can enter an email address and password. Once you have entered the required information, a confirmation screen will appear. This screen will ask you to visit your email account and verify your information. Open the email, click the link and HitBTC will activate your account, and you're ready to go!

HitBTC deposits and withdrawals

If you want to deposit money to your HitBTC account, you must first create a wallet address. Select the green 'Deposit' button in the top right hand corner which will take you to your account page.

From there you can select the desired currency by clicking on the "Funds" option.

HitBTC deposits

If you select "Funds", the selected option will be expanded to display a series of numbers and a QR code.

HitBTC Deposit address

Remember that each digital asset in your account has its own unique wallet address, and some currencies require additional information such as a target tag when you move XRP. Be sure to take this into account when you start the deposit transaction.

After your balance is received on the HitBTC exchange, you will see a pending transaction at the bottom of the account page. Your account will be debited with your digital assets shortly thereafter.  

You stay on the same account page to also withdraw your digital assets. Find the crypto currency you want to withdraw, then click the "Withdraw" option in the appropriate column. Remember that these coins must be in the main account to withdraw them.

HitBTC withdrawals

Enter the amount you wish to withdraw and then enter the recipient's address, making sure you check the address again as you cannot cancel the transaction. As with deposits, some digital currencies require additional information, so make sure you specify this.

For example, with XMR you must provide the Payment ID together with your wallet address. The only restriction on withdrawing your funds is that it must be sufficient to cover the transaction fee. You will find the amount of this fee directly below the "Amount" field in the payout line.

If you have enabled 2-factor authorization (which we will talk about in a moment), you will need to enter the authentication code when you select "Withdraw". When this is complete, you will receive a notification informing you that you must confirm the withdrawal process by email.

Navigate to the e-mail and find the message from support@hitbtc.com. You will see a label saying "Cash Out Request" and a link to confirm the transaction. You have one hour to confirm the transaction before it is cancelled. Once you have confirmed it, you will return to your account page.

Security features

Since block chain transactions cannot be cancelled or reversed, you should ensure that your money is protected from hackers or other malicious intruders. There are a few things you can do to ensure that these things do not happen.

2-factor authentication

The use of 2FA is an absolute must when using a crypto currency exchange. If someone accidentally accesses your password, they cannot confirm transactions without your authentication code.

To set up 2FA in your HitBTC account you have to navigate to the "Settings" tab. You will see the gear symbol in the upper right corner of the website. Once you reach this page, click on the Security tab and follow the instructions here to confirm 2FA and provide better security for your account.

HitBTC 2 factor authentication

Password

While you are in the Security tab, you can also set a stronger password if you feel that your first password is not up to date. A strong password is a unique password that protects your account from brute force attacks.

Remember that you should not use names, dates or simple words for your password. If possible, you should change your password at least once a month, if not more often. Keep your password safe and do not give it to anyone else. HitBTC states on its website that its support members will never ask for your password.

Whitelisting

You can activate the whitelist in the same way as you activated 2FA and changed your password. Click on the Settings gear icon and select the Whitelisting tab.

HitBTC Whitelisting

Whitelisting is a new feature that allows HitBTC users to define a list of approved addresses for payout purposes. If your account is compromised, this is a great tool, as the whitelist prevents your money from being sent to an address that you have not listed. It's the perfect tool that you can use as a triple-checked security measure for your digital assets.

Trade

When you are ready to start trading on HitBTC, you will need to transfer your money from the main HitBTC account to the trading account by clicking on the blue arrows between the two accounts marked "Transfer" on the "Accounts" page.

HitBTC Trading Overview

Once you have entered the amount, click the 'Transfer' button to complete the transaction.

HitBTC Crypto Transfer

As soon as this step is completed, you will see the coins in your trading account and you can place an order. Navigate to the "Exchange" tab and then select the trading pair from the "Instruments" section.

HitBTC Exchange Instruments

Once you have found the crypto currency you wish to trade, you can select the type of order you wish to place in the "Sell" and "Buy" boxes in the lower left corner, and if you need information about any type of order, the page will provide a brief description when you hover your mouse over the provided question marks.

HitBTC Limit Orders

In the "My Orders and Trades" area on the right side of the screen you will see an archive of your orders. There are a few other options on this tab of the exchange. The "Reports" option allows you to manage your trades across markets. From this point on you can select "My Orders" to view the order status, trading archive and current pending orders.

At the very bottom of the Exchange screen is also the Order Book, which displays the latest sales. You can also view prices and market depth while the crypto currency you select is sold and bought.

Order types

HitBTC offers many types of orders that you as an active trader will surely know. For those who are not so heavily involved in buying and selling, here are the types of orders HitBTC offers, along with a brief explanation

Market orders

This type of order gives you the opportunity to buy or sell your chosen digital currency at the current market price. This is the best price you will receive when you place your order. As the price can vary in real time, all fees for the orders are only an estimate.

Stop Orders

Stop orders execute trades at a certain price. These orders differ from limit orders in that they turn into market orders when the stop price is reached. Stop orders do not require any reserved funds and will only appear in your order book once activated.

Limit orders

A limit order is executed when a trade reaches a certain price or better. The buy limit order is lower for the limit or any amount, while the sell limit order is lower for the limit or higher. Once you place an order with HitBTC, the assets are reserved in your account so you can view them or see them in your order book.

Stop limit orders

Finally, stop limit orders allow you to create a limit order and set it at a specific price. When the stop price is reached, the stop limit order becomes a limit order. By using a stop limit order, you can set both the limit price and the stop price. When the stop price is reached, the limit order is triggered with the limit price you have selected. Similar to stop orders, stop limit orders do not appear in the order book until they are activated and do not require your money to be reserved.

HitBTC Exchange Security

We've discussed how to make your personal HitBTC account more secure, but why is the exchange itself more secure? This is a particularly serious question considering that the platform was hacked in 2015, just a few years after the launch of the website.

As a long-standing exchange, HitBTC wants its users to know that it values their security. There are several methods the exchange uses to keep your account information safe and secure. First, make sure that your account has a secure password and that 2FA is available.

HitBTC also uses a secure space for the majority of its funds, using advanced encryption features to protect your data from potential intruders. In addition, the Exchange will send you an email if you view your account from an IP at a new location.

Users also have the option to end all sessions, which will log off all active sessions. This option is located on the Security tab that you used when setting up your password and 2FA. If you want your session to end after a certain period of time, you can choose how long you can stay logged in. You can choose one of the following options: 30 minutes, 1 hour, 8 hours, one day, seven days or never be logged out.

If you are not sure about the security of your account, you can also view your recent activity on the Security tab. You can see actions such as changing your password, withdrawing funds, activating 2FA, or last login to your account.

Support

Currently HitBTC does not provide phone or chat support to its users. If you find that a phone number is advertising as support for HitBTC, ignore it. If you have a problem, you can visit the HitBTC support page . Here you can search the documentation to find the best solution to your problem.

If you can't find what you need, the website will provide a form for you to fill out and someone will contact you. HitBTC urges users to follow this route before contacting them via Twitter or Facebook.

HitBTC fees

Like stock exchanges likeBinance, HitBTC has a taker and brokerage fee model. Brokerage fees are when you enter a limit order and have to wait until your order is executed. Takers do not hang around and take the current market price.

- HitBTCH creator fee: You actually receive a 0.01% discount on trading, which is a reward for generating stock market action.

- HitBTC usage fee: 0.1%.

HitBTC's payout fees change according to the cost of processing a transaction for each crypto currency. However, HitBTC's payout costs are competitive compared to other crypto currency exchanges like Bittrex or Binance.

Overall, the fees on HitBTC are quite attractive. What's incredibly good is that you can actually benefit from trading on the exchange if you only place limit orders and receive your 0.01% discount for each trade.

assets and drawbacks

No exchange is perfect, even if it looks that way. Here are some of the advantages and disadvantages you will experience with HitBTC.

Advantages

- Supports hundreds of Altcoins

- Stable operating time

- Low fees

- Easy to operate

- Unlimited deposits and withdrawals without fees

- High liquidity

Disadvantages

- Slow removal times

- No mobile app

- No telephone or e-mail support

- Limited payment options

Conclusion

HitBTCis one of the better exchanges, especially because it has been around for some time. The stock exchange had a lot of time to solve problems and fix mistakes. It also offers many features like trading tips, a wide range of Altcoins and an easy to use user interface.

However, there are a few things to consider. There are times when it takes longer than usual to withdraw your funds from the stock market. In addition, stock exchange verification is a lengthy process that requires sending personal documents to HitBTC. Recently, there have been bad reviews from HitBTC users who report bad experiences with customer support. They criticize ridiculously long waiting times and even cases of frozen accounts or the prevention of money withdrawals.

All in all, HitBTC is a solid stock exchange that is worth considering. This is especially true if you trade with a high volume or liquidity is important to you. However, the recent emergence of complaints and frozen accounts gives cause for concern. This is all the more frustrating as HitBTC's customer support is severely limited.

We at BC1 recommend that while HitBTC is a solid stock exchange with many features, you should be cautious in light of recent developments.

Frequently asked questions: 

HitBTC was founded in 2013 with over $6 million of venture capital and targets a trading volume of more than $300 million. This exchange has brought its users a high level of stability and availability, making it one of the most reliable platforms available.

In addition to low fees and high liquidity, HitBTC makes it easy to set up your account and start trading. We will guide you through the short setup process below. The fact that the exchange supports so many coins means that investors and traders can buy or sell coins that may not be available on other exchanges.

Registering with HitBTC is easy and takes only a few minutes.

If you want to deposit money to your HitBTC account, you must first create a wallet address. Select the green 'Deposit' button in the top right hand corner which will take you to your account page.

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Thomas Cormik

Thomas Cormik started with the sole focus of educating his readers about Bitcoin and its potential impact on traditional financial systems. Thomas is proud to offer high quality content to the masses under the Bitcoin-News.one banner.

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