What is the HitBTC exchange?
The HitBTC exchange was established in 2013 and is based in Hong Kong – it is owned by the company HIT Solution Ltd. The site is the brainchild of a combination of experts in their field, from traders, to technical professionals, to high-level financial workers.
What does the HitBTC exchange say about itself? Well, it says it is the most advanced bitcoin trading platform in the sector. It aims to deliver the most reliable, the fastest and the most powerful platform solution.
The HitBTC exchanges is an advanced trading platform – and does have a number of innovative features to keep professional traders happy. At its core it offers speedy transactions, allowing you to trade in the major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Monero, and more.
How HitBTC works?
The HitBTC exchange has a number of features of interest. The trading tools on the site are supported by extensive information to help inform your work – this includes charts and graphs – but also basic information in the form of a blog for beginners.
To begin with you will need to register for an account. You can register simply enough by just verifying an email address, by clicking on the link sent. This activates your account and you are ready to start depositing funds. There is no option to deposit fiat currency onto the site, meaning you will need to transfer cryptocurrency from another exchange to fund your account. To begin trading you will need to move your funds from the main account to the trading account.
The interface for trading is simple – offering a simple dialogue box of choices to complete for your trading pair. There are lots of order types for you to select from the drop-down menu. These options include: limit orders, stop orders, stop-limit orders and good till cancelled orders.
The HitBTC exchange also offers OTC (over the counter trading). This means you can make high-volume trades without using the public order books – in other words – you deal directly with the person owning or requiring the cryptocurrency. This offers a quicker and more flexible deal but obviously comes with some risks. This really only works well on orders over 100K USDT or equivalent. The scheme is called Trusted Volumes – and it is a two-sided liquidity provider.
The site also allows trading bots – which some will see as a positive, and others not.
Key information about HitBTC
Before offering a HitBTC review it is important to give you the key information about the site, so you can start to make your own judgements. It is important to understand issues of security, reliability and fees.
The fees on the site are designed using the maker-taker model. This allows the site to maximise liquidity on the site. Takers are those that remove liquidity from the site and makers are those who provide the liquidity. You are a maker if you create a limit order below the asking price for buying. If you are a maker, you are not charged a fee and actually receive a 0.01% rebate across the trade. If you are a taker then you are charged 0.1%.
HitBTC is one of the few exchanges to offer free trading to makers. They even offer a Market-Making Contract. Market makers receive performance reports – but can only take up an MM contract on a specific trading pair. However, there is also an affiliate program – encouraging traders to bring new people to the site. You can earn up to 75% of the fees of the new person to the site as a reward for your services. Therefore, rather than being a site that takes away from your earnings, there is potential for you to make a passive income from the HitBTC exchange.
In terms of security, HitBTC have experienced a hack – but this was in 2015. Like most of the top exchanges, the site takes security seriously. You are strongly encouraged to take up 2FA security – which means registering a mobile phone, as well as email, to your account. The site also runs a system of cold storage – which means most of the funds are held offline and out of the reach of hackers. Your data security is also taken seriously – with SSL encryption on the site. A unique feature of the site’s security is that the verification email includes a link that sends you to your account from a new IP address.
Reliability of the site has never been called into question – it is fast in trades. There have been some delays in withdrawals – and some have complained about the quality of customer support. Generally, the reviews offered on HitBTC seem to suggest it is a reliable site that is worth some investigation.
Your HitBTC Review
- most people choose the exchange because of the easy-to-use interface. The drop-down menus make the setting up of an order particularly straightforward.
- transaction speeds are quicker than most of the top cryptocurrency exchanges – making this particularly popular with professional traders
- there is a means of making a passive income from the site – by referring new users and being a maker rather than a taker on the platform
- it is a well-established site, with years of trouble-free trading
- the site offers the most extensive range of altcoins on the market – with over 600 altcoins available to traders
- the customer service on the site is said to be slow
- the amount of time you wait for withdrawal can counteract some of the speed of transaction you will have enjoyed
- there is no facility to deposit fiat currency, which means you will need to go to another exchange to purchase cryptocurrency before transferring it to your HitBTC account.
Overall HitBTC Review
Our overall HitBTC review must be positive. The unique selling point of the HitBTC exchange is the capacity to trade without fees – and to even make money on the trades. The range of trades available make this an interesting proposition for advanced traders – but with a simple interface that makes it simple for beginners too.