2023 HitBTC Review: Is HitBTC Legit? In-Depth Analysis Revealedadmin
However, our HitBTC review would not be complete if we did not cover these points. In any event, you should never leave a large amount of coins on an exchange irrespective of its reputation. For those traders of you that would like to use their advanced API, then the market making functionality could be an attractive addition. Below is a table of the market maker contracts that are available at HitBTC. If you are one of these traders that would like to participate in the market making on the HitBTC platform then there are a number of Market Making contracts that you can enter into with them.
You’ll find all the needed information on how to do that below. Since we’re already done with the positive aspects of this HitBTC review, it’s time to jump to the less pleasant part and discuss what this crypto exchange is missing. Remember, though – if you’d like to check out some better alternatives, feel free to visit Coinbase or Binance.
There are a large number of cryptocurrency exchanges available and knowing their operation, advantages and disadvantages, features and restrictions is essential before starting to use them. Today we are going to talk about HitBTC one of the best known cryptocurrency exchanges in the sector. After account verification, you will be upgraded to Trader status, giving you an instant reduction to 0.09% for both maker and taker fees.
HitBTC Mobile App
On this page, users can view key metrics for the system’s performance and availability, including live statistics of incoming/outgoing transactions. They allow you to send a maximum of 100 API requests per second per IP address. One can compare this to the likes of Poloniex which has a limit of 6 p/s and Kraken which has tiered rate limits. Another exciting feature on HitBTC’s platform is OTC trading. To withdraw funds, simply click on the icon in the withdraw row of any Coin you wish to withdraw. Signing up on HitBTC is a very simple and seamless process.
If you want your account to be extremely secure make sure to create a strong password. Also, it’s recommended to have a dedicated email account for trading and keep your coins in secure cryptocurrency wallets. The most recommended cold wallets include Ledger and Trezor. The reason why they’re so secure is because your private keys are stored offline. HitBTC is one of the popular European bitcoin exchange platforms that was founded back in 2013 and started with a 6 million USD Venture Capital investment. Here is how the lowest tier HitBTC fees fare with other popular cryptocurrency trading exchanges.
I have to say that is quite disappointing as no one will be there to help you in case you’ll be having any issues when creating your account, verifying your identity, trading crypto, and so on. Now, while HitBTC mobile app is available, it’s still in a development stage, meaning that the app is not stable and you might experience certain issues when using it. In most cases, it’s recommended to watch some tutorials or simply start trading small amounts that you wouldn’t be afraid of losing.
RELATED CRYPTO EXCHANGES
Even if it proves to be ungrounded, we still advise traders to be careful with HitBTC and stay on the lookout for alternatives. What we do know is that the exchange was located in Hong Kong but registered in Chile under the name Hit Solution Limited. You can find the exact address on their website (hitbtc.com). There are also reports that the platform came to be thanks to a $3 million venture capital investment from angel investors. If the user wants to withdraw funds, they need to go to the account section, choose the coin and click the withdraw button.
There are even rumors of it being a scam, but it is more likely that the team couldn’t keep up with the number of users and transactions. New users should read the latest forum discussions before trading. As mentioned earlier on, HitBTC supports hundreds of trading pairs and cryptocurrencies. Some of the most notable ones include BTC, BCH, LTC, ETH, ETC, EOS, DASH, XMR, ZEC, PAX USDT, and many others. Professional traders are encouraged to contact HitBTC in order to obtain more advantageous trading fees.
The exchange is best suited for advanced users, but beginners can also get the hang of it in due time. To create an account on HitBTC, simply click the red ‘sign up’ button placed in the upper-right corner of the page. Then, enter an email, password, and any other data that is requested. HitBTC is not known for forcing know-your-customer verifications on its users, but it’ll be necessary if you’re planning to use fiat or exchange large amounts of digital currencies. While HitBTC was initially designed to serve as a fiat-enabled cryptocurrency exchange, it has removed many of its fiat integrations due to regulatory concerns. Nowadays, fiat deposits are only possible if users rely on the Changelly integration, which allows the purchase of crypto via debit cards and credit cards.
- HitBTC provides enough measures to maintain funds and data safety.
- This crypto-only exchange is one of the most well-regarded on the market, and may even be preferable for certain types of traders.
- That said, many users believe that KuCoin is one of the simpler exchanges on the current market.
- This airdrop was a crucial point that turned dYdX into a fully decentralized exchange governed by its community.
- If you want your account to be extremely secure make sure to create a strong password.
HitBTC is explicitly limiting the participation of low volume traders in the OTC trading — the minimum trade volume allowed in the OTC desk should be equivalent to 100,000 USDT. The OTC trading fees are higher than the usual trading fees on HitBTC. The OTC desk on HitBTC is hitbtc exchange review provided in partnership with Extendeddealer.com. This option especially can benefit the high-volume traders as the market fluctuations can seriously crop the profits in short periods of time. OTC trading provides an environment for stable prices independent from the trends.
Features of HitBTC
Hi there, we’re happy you’re satisfied with the platform, we always aim to provide users with a wide range of crypto assets. The key reason for this is that we cannot ensure your funds are in safe hands. Firstly, the platform is not in any way regulated, which is a major concern considering they’ve been around since 2013.
Due the number of supported coins that HitBTC lists on its platform, the exchange is also useful if you are looking to engage in day trading. However, the platform offers a number of advanced features within its main trading area, so you’re best off doing this https://forex-review.net/ only if you are an experienced trader. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you with that other person .
You will need to create a separate account for the demo platform. For the inexperienced cryptocurrency buyer or trader, navigating the HitBTC website is, at first, a dizzying experience. Much of this initial complexity comes from how HitBTC is focused more on the experienced trader than on people new to cryptocurrency.
Through the OTC layer of insulation provided by HitBTC, price fluctuations will have little to no impact on prices. Those who are interested in the service, must apply via the exchange’s partner website, TrustedVolumes. In the end, HitBTC is still a desirable platform for advanced traders. Even though the reviews around the web tend to be negative, the advanced tools, fast trade engine, and detailed dashboard are all positives in its favor.
Speaking of differences, we should note that Huobi collects higher trading fees (starting at 0.2% both for takers and makers). Huobi provides twice as few trading pairs as HitBTC, however, the latter has a smaller trading volume. Nevertheless, HitBTC’s liquidity is nearly matching the one of Huobi Global.
HitBTC is known for the fact that thanks to the API, the exchange can be quite friendly to people who are involved in the creation of trading bots. Thanks to the “Robot-friendly API”, make the most of your trading bot using the leading API and low latency data for the entire cryptocurrency market. You can find more information on API and API Documentation.