According to the exchange, the OTC service is opened for users looking to trade above $100,000 worth of 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.
- HitBTC is based on traditional stock trading applications and is reported to have well-designed security systems and processes.
- Discover the origin of decentralized finance, blockchain technology, and cryptocurrency with our articles What Is DeFi, How to Buy Cryptocurrency, and more.
- There is a minimum requirement for a withdrawal of your affiliate commissions and that is 0.1BTC.
- Choose your favourite crypto coin and select a “Instant/Market Order” to buy it instantly.
- HitBTC has an awesome Rest & Streaming API interface, providing programmatic access to the exchange’s trading engine.
When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. HitBTC offers robust security measurements and will protect your assets even if your personal details, such as account information and email address, are compromised. What is more, it supports more than 380 cryptocurrencies, over 800 crypto pairs, and has low trading fees. However, it doesn’t offer any fiat, so there is no way for you to link your account, which further implies that only cryptocurrency withdrawals and deposits are supported.
KYC/AML
HitBTC is one of the popular cryptocurrency exchanges which is preferred for trading platforms that US traders cannot access. According to its official terms of use, the USA residents are not permitted to use the service, which also includes other jurisdictions within the USA. While the verified users fall into the category of the HitBTC tier fee system that determines the higher trading fee tier system depending on the trading volume carried out in the past 30 days. This exchange is good for traders looking for a wider range of digital assets and lower trading fees.
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However, like any exchange, HitBTC has its positives and negatives that have been expressed by numerous traders. Ultimately, we feel much more comfortable depositing funds with a cryptocurrency exchange that is heavily regulated. The likes of Coinbase hitbtc exchange review hold licenses with both the FCA (UK) and CySEC (Cyprus). Now that you have created your HitBTC account, you will now need to deposit some funds. If you want to deposit funds using a bank account, you will need to go through a verification process.
This is possible thanks to the exchange’s demo account system, which provides free access to most of the platform’s services. Designed as an educational and training platform, users can seamlessly try out new strategies or cryptocurrencies without exposing themselves to any risks whatsoever. A quick analysis showcases that while HitBTC provides great trading fees, it unfortunately charges some of the highest fees for withdrawals amongst competing cryptocurrency exchanges. “The world’s largest and most advanced cryptocurrency trading platform” —or so they say. Despite the well publicized hack, the company takes security seriously. This major platform offers everything that HitBTC has and beyond.
How to Buy Crypto on HitBTC
Hence, if you wanted to withdraw more than the limit that they have on the exchange then you will have to verify your account. 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. Furthermore, there is a huge number of negative reviews about HitBTC, many of which centre on hacked accounts. In March 2019, HitBTC announced that is was getting close to launching its native mobile app. Although the app is now available to download free of charge via the Google Play store, it is still in development mode.
HitBTC digital currency exchange interface is available in English, Korean, Chinese, Portuguese, and Spanish, attracting crypto enthusiasts from all across the globe. This exchange was launched to support users who would like to trade cryptocurrencies. HitBTC has also launched a demo trading and an application that can be used for voting altcoins. Based on this, the users can select their preferred cryptocurrencies to trade on the platform. When the deposited funds are added to the account, you’re all set to start trading. You’ll be directed to the trading area after clicking the exchange button.
Trading can be done manually or via the API – the test mode is as responsive as the regular exchange platform. Some of the plus points of HitBTC are it has 450+ digital assets with more than 960+ trading pairs. Secondly, it uses a maker-taker model for calculating trading fees and also considers trading volume and HIT holdings while calculating your trading fees. The more HIT tokens you hold or use in pair trading, the more discounted the trading price. Hitbtc is one of the oldest and fastest-growing cryptocurrency exchanges in the world. It is one of the largest Spot trading markets with more than 500 digital assets and 800+ trading pairs.
Don’t invest in crypto assets unless you’re prepared to lose all the money you invest. In order to diversify its product range, HitBTC also allows you to trade on margin. However, once again, this is best suited for those with an advanced knowledge of trading. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. The lack of transparency has made HitBTC a scapegoat for the crypto community, causing a lot of (possibly ungrounded) red flags for investors.
On the surface, the ability to buy IOU’s or ICO tokens seems like a positive, but some users have speculated that HitBTC may be selling IOU’s at a higher price to make a profit. At this time it’s not clear how selective the process is, but it seems like they are trying to differentiate from other exchanges by offering the lowest barrier to entry to get listed. HitBTC uses cold storage to secure the majority of its funds, and relies on advanced encryption technology to prevent important information from being hacked.
How many cryptocurrencies are tradable on HitBTC?
The account offers several advantages like two-factor authentication, low fees, and the ability to restore access to the user account if passwords are forgotten. HitBTC features multiple levels of verification – unverified accounts are referred to as starters, whereas verified accounts get an upgraded account status. One essential feature of the HitBTC exchange is that the user trades without verifying their account. These issues are not insurmountable, but they are definitely more confusing that many new users are willing to tackle. That’s why alternatives like eToro give users a much easier way to profit from cryptocurrency investment.
You can also visit the “Reports” page, and click on ‘my orders’. To withdraw funds, simply click on the icon in the withdraw row of any Coin you wish to withdraw. Before we dig into the finer details of HitBTC, let’s take a quick walk through the signup and registration with at the exchange as well as the steps required to begin your first trades. This also provides a possible avenue for US investors, who are restricted by many ICO’s from participating, to finally get in early. On HitBTC, “Takers” are charged with a 0.1% fee from the trade.
We will talk about how to use it, as well as discuss the strengths and weaknesses of this project. Nevertheless, HitBTC allows users to deposit funds using real-world money. While this includes a direct bank transfer, the platform does not support debit/credit cards or e-wallets.