If you are well-acquainted with bitcoin and other cryptocurrencies, as well as the encryption technology, the chances are that you know what HitBTC is. Among a huge variety of trading platforms, providing numerous opportunities for crypto exchange and trading, there is one crypto exchange service that we will take a closer look at today. Let us provide an honest and substantial HitBTC review: we will share our experience, tell you about the services available on HitBTC, show some insides of the company. Get ready — we are about to start.
For those who have never heard of HitBTC: HitBTC is a cryptocurrency exchange platform. Those people who have access to HitBTC (which does not require any special preparations, you just open the HitBTC page in the browser and start using this platform) get an opportunity to perform exchanges of their cryptocurrencies from one to another (for example, one of the popular currency pairs is BTC/Eth or the exchange of BTC on Ethereum between users).
The word pair is used not by accident — this is an official term to illustrate the couples taking part in cryptocurrency exchange, for example, BTC/USDT, Eth/USDT, and others.
So, now you see that the number of possible pairs of cryptocurrencies is rather big. Other new token offerings are also present on the HitBTC platform. But you have to be careful with these tokens — in general, HitBTC has a weak customer support team, and you might accidentally be involved in a money-fraud operation. There is nothing you will be able to do after it. Even an experienced trader can be fooled if the platform’s security features are weak, not to mention the newcomers, who become victims more often.
But, first things first, let us demonstrate a general HitBTC review.
HitBTC as a cryptocurrency exchange platform
HitBTC services are completely available from 2014. Having HitBTC launched in Hong Kong, the company received nearly 6 million dollars from so-called angel investors. There is no too much information about the management performance of this Hong Kong-based crypto exchange company.
This fact makes attentive users think of the reliability of the HitBTC platform. Who the team members of this corporation have remained a riddle, which is why the trust of people is “lame.” Check this page devoted to the BTC-e’s history, and you will get what we mean.
What Can HitBTC Suggest You?
The first, and, probably, main service HitBTC provides its users with is their trading platform — the service traders use for trading cryptocurrencies. The positive side of HitBTC is that its user interface is rather intuitive and simple (in English), even for beginners — at least, that is what general reviews state.
If you are this kind of a beginner and not ready to risk real money, use the demo mode offered by HitBTC when trading BTC.
Token listing is another option offered by HitBTC exchange. Token listing is a feature that allows companies (who potentially act like traders or want to attract traders from the outside) to release their own tokens using this service.
Margin trading — another service provided by the HitBTC exchange. Cryptocurrency margin trading, crypto/money speculating activity, is supported by this platform as well.
For successful cryptocurrency traders who are interested in really huge trade on HitBTC, involving crypto with a nominal value of more than 100 thousand dollars, there is an option of OTC trading here. With the help of it, you can buy large sums of Bitcoin or other cryptocurrencies.
Which Payment Methods Can I Use On HitBTC?
Another rather positive feature of this service for exchanges is that it provides approximately eight hundred crypto possibilities. But, for better or for worse, fiat money is not accepted on HitBTC, so direct wire transfer is impossible.
But if all you have is dollars in the wallet, do not get upset — start with learning what Thether is. But, Thether is not the only stablecoin applicable to be used in HitBTC. Briefly, stable coins are meant to support fiat currencies to stay relatively stable. For example, a popular USDT stable coin is equal to 1 dollar and thus is supposed to keep it despite any circumstances.
So, you can use stablecoins on the HitBTC exchange service for sure.
Where Can I Use HitBTC?
HitBTC is an exchange service available in the majority of countries all over the world. And yet, there are some exceptions — let us show them to you.
Users from the following countries cannot use the HitBTC network for exchanges:
- The United States
- South Sudan
- North Korea
- Crimea and Sevastopol
Which HitBTC Trading Fees Do I Have To Pay?
HitBTC fees are rather standard: the user has to pay a taker fee and a maker fee. Maker and taker are, respectively, the roles of the users. The rule on HitBTC for deposit fees is simple: the larger transaction you perform, the less amount of trading fees you have to pay.
For more information about fees on HitBTC — follow this link.
How Is HitBTC Different From Binance?
If you visit any review sites, in the comment section, there are always extended debates about which exchange service is better: HitBTC or Binance?
- It is not surprising why trading experts compare these platforms: they have many similar features. First of all, they both support crypto exchanges only. You can easily use BTC or Eth here, whereas the dollar or euro will have to be transformed before the trading process starts.
- Secondly, both HitBTC and Binance are more than “tolerant” towards those who they accept for trading. These network systems are not famous for their security measures. That is why sometimes unreliable companies take part in the exchange as well, selling coins they place here by themselves.
- The customer support system leaves better to be desired for both trading options as well — this is a serious tech issue both platforms have to work on more carefully.
- As for the obvious differences, Binance is a more reliable place in terms of reputation, suggesting relatively lower fees. In contrast, HitBTC is better adapted for users, with a simple interface, and it suggests a wider range of available features.
Follow this link to check a deeper Binance review. We are more confident about Binance, so we recommend it, but the choice is yours, for sure.
What Is Wrong With A Support System Here?
Let us now try to realize why there are so many complaints about this trading service. The main issue here is their support system.
Users all over the world “spam” HitBTC account on Twitter (and used to do it with their account on Reddit as well, but now they lost this possibility) with messages concerning the speed of support provided by this trading platform. People send them emails with requests to develop the support system and fix withdrawal issues, but the progress is plodding.
However, HitBTC got a great TrustPilot score, which means that trading BTC, eth, or another crypto here is better in many other places. But, anyway, before you start, keep in mind that they let many “unreliable” coins be here — some security measures are turned a blind eye on.
Check this review to get more details concerning this situation.
Our User Experience With HitBTC
At first, HitBTC successfully makes a great impression on the majority of users.
Our journey started when Bitcoin Cash and Bitcoin Gold forks appeared. We created an account on HitBTC, which we regularly used if we managed to get bitcoin forks.
But the problems occurred when we tried to withdraw our deposit funds from this trading service. Our money just disappeared — the “funds were empty,” although we followed the rules.
We contacted their security team but received nothing, but “the issue is being processed.” It turned out that we were not the only ones who found themselves in this kind of situation. There were dozens of tricked, with similar problems.
This issue has been addressed at the conference about Bitcoin affiliate programs. And only after that, the problem was solved in our favor.
Now, we believe you understand our skepticism concerning the HitBTC service. There is even a petition against such a low quality of services they provide.
What Else Should I Know About HitBTC?
The question unprepared traders might be asking is connected to the ways of withdrawal. If you want to “ravage your funds” after the trade, you have to perform several steps.
Step 1 is pressing the “Deposits” button. This is the step you have to perform after you entered your account on the HitBTC platform. Basically, there are two key account types: Main account and Trading account. Check if your “funds” are on the main account, not on the trading one. Trading volume here is not a matter of much concern.
The next move is to press the “Withdraw” button. In the field, you are allowed to enter the amount of currency you would like to withdraw. Do not forget to type your wallet address (not the mailing address!) in the corresponding field.
Enter the two-factor authentication code (google authenticator code if applicable) for the account you use. The last move is to press the “withdraw” button once again. That is it — as simple as it sounds!
You might also be interested in the territory of residence of this company. The main office of HitBTC is placed in Japan, but you can also find their offices in Chile.
The Final Word
The opinions concerning HitBTC vary. Some state that this bitcoin (and not only) exchange is trustable enough. Others claim the opposite. We shared our personal experience of communication with this service, and, to put it mildly, we have some questions about their functioning.
Tastes differ, and it is the personal choice of each trader whether to trust one’s funds to HitBTC or not. We strongly recommend staying careful throughout the whole journey of working with this service.
Now HitBTC has its own mobile app. You can check this app, whether it is convenient for you or not, by yourself. But, we have to remind you of the fact that some countries are prohibited from trading on HitBTC, and the US is one of them.
Is HitBTC safe?
Whether HitBTC service is safe or not is a matter of debate. Despite the fact that HitBTC has a relatively high score on TrustPilot, the cases of fraud and badly performed functioning are not rare here. Whether to trust your capital to this service or not is up to you.
Can US use HitBTC?
There is a list of countries that cannot use HitBTC on their territories. People living on the territory of the United States cannot use this service for crypto trading.
Where is HitBTC based?
HitBTC was launched in Hong Kong, and this is where their main office is established. But they also have offices in Chile, which support HitBTC functioning as well.
What is the safest Bitcoin exchange?
There are numerous platforms allowing bitcoin exchange, and HitBTC is one of them. However, it is difficult to name it “the safest one.” We recommend checking Binance — a well-functioning trustable service for cryptocurrency exchange.