HitBTC Review
HitBTC is a Hong Kong-based company and everywhere you go on the internet you are met with the company tagline – “the most advanced Bitcoin exchange” – which is quite the claim in one the of the fastest growing frontiers of the Internet. The site has a long history – in relative terms – having been up and running since 2013 – therefore, it has some expertise and some experience to back up the claim.
HitBTC developed as part of a collaboration between traders, finance professionals and software developers. Therefore, the site is interesting in that it attempts to appeal to all potential audiences in the cryptocurrency sector.
It is the nature of the matching algorithm – which is efficient and effective – that is the detail behind this bold claim of innovation. They promise real-time clearing – which is impressive. However, the USP of the site is its friendliness to trading bots – thanks to the quality of their API. Their target market is professional traders – so the trading bots are an essential component of appealing to this demographic – as is the relatively high trading volume managed by the site.
Pros
The site has received a lot of praise in forums and reviews for its uptime and fault tolerance. The site experiences high availability. This is essential for the professional traders, who need secure and reliable access to their assets.
The innovative matching algorithm allows for instant clearing and one of the most advanced FIX API and REST API in the sector. The site also offers a demo mode, where you can use the features of the website without using any real money. All the transactions you make are purely for practice purposes – but you can see the consequences of the actions you take.
Low fees but high security give traders the best of both worlds.
Cons
Verification can be difficult and take a long time. This is the only way you will be able to use fiat currency with the site. Funding your account can also take some time – taking up to 14 days for your money to appear in your wallet. Withdrawal requires even more patience – with up to 20 days of waiting time.
The interface is designed for professional traders. This means if you are new to trading cryptocurrency the functions and features of the site can complicated. It may be better to trade with a site that are aimed at the everyday person.
Payment Methods Accepted
Once verified you can use fiat currency. You can deposit funds using wire transfers such as SWIFT and SEPA – or local UK bank transfers. You can also use credit cards.
Supported Countries
HitBTC is prevented from trading in some countries due to regulation. This means US traders are not accepted on the HitBTC exchange. Other countries not accepted include: Afghanistan, Democratic Republic of the Congo, Central African Republic, Cuba, Iran, Iraq, North Korea, Lebanon, Liberia, Libya, Nigeria, Somalia, South Sudan, Sudan, and Syria.
Privacy
There are three levels of verification at HitBTC. There is general, verified and qualified. For general admission you need only to click on a link in an email to activate your account. This takes seconds.
To fund your account with fiat currency you will need to verify your account to get out of the general admission portal of the site. To verify you will need to email compliance at HitBTC and request this using the email you registered with. You will need to provide some form of personal ID such as a passport or a driving licence. You will need to give your:
- address
- bank account information
- proof of residence
- proof of bank account ownership
Screenshots and electronic documents are not accepted – and the document should be paper-based and carrying the bank letterhead. This means scanning in original documents to send through.
If you want to withdraw more than $25000 currency in one day, then you will need to apply for qualified status with the compliance team via email.
Limits and Liquidity
The site enjoys high liquidity and unlimited top ups for the balance.
Limits on general accounts are 5000 Euros worth of cryptocurrency per day. You are not permitted to withdraw – or deposit – fat currency on a general account.
The limit on verified accounts is a maximum of 35000 euros of crypto-withdrawal per day and $2000 fiat limit per week. This is limited to $10,000 per month for both deposits and withdrawals.
If you go to the final tier – by gaining a qualified account – you not need to pay for any crypto deposits and you have a limit of $25000 per day. You can also withdraw this amount each day. The fiat currency limit is $10000 per week, with a maximum of 50,000 per month.
Speed
Speed for verification, deposits and withdrawals is an issue for the site. This can take many days of waiting. This is strange considering the matching algorithm is so advanced that it can manage real-time clearing.
Reputation
HitBTC did experience a hack in 2015. However, the background of the founders – in finance, trading and software – mean they take security very seriously. There is a 2-step verification process for all users through the Google Authenticator – this is used for log in – then it is used again when attempting to withdraw money. This is the case no matter how small the trades.
HitBTC is most well thought of for its treatment of affiliates. They reward those who offer referrals highly – offering people a decent passive income should they wish to claim it.
Fees
The site is relatively cheap to use for trading. There is a 0.1% charge on every market trade. LP orders have a 0.01% rebate on execution. The straightforward fees system makes using the site transparent and straightforward.
Customer Support
If you have a question that needs an answer, then you are going to have to set up a ticket. This ticketing system allows you to choose from general questions, payment, and technical and verification questions. There are also forums and FAQs, where you can explore problems that people have regularly experienced.
HitBTC Alternatives
Paxful
Paxful aims to be a community for virtual currency traders. Paxful is a peer 2 peer trading site that focuses only on Bitcoin.
Coinbase
Coinbase is a leading crypto-exchange with a quality reputation and a safe place to store virtual currency. This is the go-to place to hold your digital wallet.
CEX.io
This is a UK based Bitcoin exchange and provides cross platform trading. The site is known for having a high liquidity order book.
