You’ll need to have an external wallet setup for each cryptocurrency you wish to withdraw. If you’re planning on holding them for a while, it’s a good idea to invest in an offline hardware wallet. If the whitelist is enabled, you will only be able to withdraw cryptocurrency to whitelisted addresses. This prevents a hacker from adding new addresses to your account for 48 hours after they gain access. If you go through the password recovery process, there will also be a 48-hour lock on withdrawals.
Before making financial investment decisions, do consult your financial advisor. Using the “Search” field that you’ll find at the top of the page find the cryptocurrency and click the “Deposit” column. While many of you would probably say that long verification is not a bad thing , I know that some people prefer platforms that allow registering and verifying an account in a few easy steps. The system will be calculating your trading volume for the last 30 days and determine the fee rate for your account every day. It doesn’t matter if a platform is easy to use, has low fees and other exceptional features if your account can be hacked at any second, leaving you empty-handed. Without further ado, let’s jump to HitBTC review and find out more about this cryptocurrency exchange.
Beware!! Use another Crypto Exchange!!
Trading can be done manually or via the API – the test mode is as responsive as the regular exchange platform. 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 , even for beginners — at least, that is what general reviews state. 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.
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. 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. Having HitBTC launched in Hong Kong, the company received nearly 6 million dollars from so-called angel investors.
RELATED CRYPTO EXCHANGES
Moving on in our HitBTC review, let’s look at some of the trading fees. The HitBTC price for trading is based on the “maker taker” model. HitBTC trading fees aim to narrow the spread on cryptocurrency markets and increase liquidity. The way the HitBTC trading fees model works is that “makers” add liquidity to the book and “takers” remove liquidity from the book.
While all exchanges are focusing on providing superior support, HitBTC seems to be lacking on that. It has no mobile app, although it does offer third-party APIs for mobile phones, a dedicated app would be better! This means that you can only access through a web browser on your phone, which frankly we would advise against or via a computer, this all means that you can’t trade on the go. For a beginner, we would not advise trading on the go but experts will want this functionality.
For some cryptocurrencies, you will also need to copy and paste your payment ID that’s also called “Destination Tag”. To initiate a transaction copy and paste your wallet address at a third-party service. All traders will be happy to hear that HitBTC is developing a mobile app for iOS and Android devices that you can download on Google Play Store and Apple’s App Store. As you can see in the picture below, starting from Tier 9, you will be paid 0.01% back of the trade that you make. You can go to the settings page and enable automatic logouts. Don’t forget to choose a preferred time period after which you’ll be automatically logged out, for example, 1 day, 2 days, etc.
- You can then send your purchased Bitcoin to the specific address listed on HitBTC’s exchange.
- The user needs to select the corresponding row they wish to deposit and click “fund.” When this is done, the user gets a wallet address with numbers and letters along with a QR code.
- This account can withdraw more than $25,000 worth of crypto currency per day.
- Its 2-factor authentication and encryption technology has appealed to many users, who have left positive feedback.
Not sure if this chat is more helpful than the support ticket, but there’s always a chance that fellow users or moderators will answer your question quicker there. Only those users who have 0.01 BTC in their account can write in chat. In the past, KYC on HitBTC was not a mandatory procedure and some users were getting angry when they were requested to complete a KYC check suddenly. Some even have been thinking that these KYC checks are only an excuse for illegal withdrawal delay. Currently, completing the KYC procedure is a must on HitBTC. One cannot deposit any money before providing the requested personal data.
Once you reach tier 8, that is trade 50,000 BTC per month or more, HitBTC will start paying you a rebate of -0.01% per every completed trade. HitBTC remains one of a few exchanges that hasnâ€™t been hacked before. Get the latest news and best offers from the crypto community by joining our newsletter.
Supported Countries and Cryptocurrencies
Another issue that a lot of users wouldn’t realize until they trade. There is also no mobile app offered by HitBTC and their roadmap is nothing to be talked about. HitBTC has an awesome Rest & Streaming API interface, providing programmatic access to the exchange’s trading engine. The company is based in the Seychelles, and although not much information is available about its team, we expect that over a dozen people are involved with the operations of HitBTC.
Satisfied users usually praise the exchange functionality and a big number of available trading pairs. Other people mention such flaws as a slow support team and technical shortcomings of the exchange. The exchange has both FIX and REST API. RESTful API provides access to the market data, order book, and so on. It also allows placing and canceling orders and performing other trading operations.
Users couldn’t complete any operations with Metaverse ETP funds. By not allowing users to control their own funds and shutting down/freezing certain coins, HitBTC runs the risk of creating continuous issues https://forex-review.net/ for some traders. Not long after its launch in 2015, HitBTC went offline for a short period of time. During this event, some users complained that they couldn’t withdraw funds from the exchange.
It is fair to say that this number is gradually growing despite the sporadic backslides. At the moment of writing, HitBTC was ranked 52nd on the list of cryptocurrency exchanges that have hitbtc exchange review the biggest daily trade volume. On paper, the withdrawal process should be as easy the deposit process. Start by selecting the Deposit icon from the top right corner of your screen.
Advantages of HitBTC
This create a major issue and leave a lot of dust in our HitBTC account. Any exchange in the modern day must provide their clients enough instructional resources. According to available information, one third of traders lack the foundation in financial investment and economics knowledge necessary to regularly succeed in this industry. It’s challenging to fully grasp and visualize the extent of the cryptocurrency trading market. The value of it was estimated to be $2.4 quadrillion in the last decade. Choosing an exchange for myself turned out to be more difficult than I thought because literally every platform has a lot of negative comments.
OTC on HitBTC is curated by the exchange partner Trusted Volumes. First off, HitBTC has a cutting-edge matching engine that makes trading easier and faster than on many other exchanges thanks to advanced order matching algorithm and real-time clearing. It means that no matter how much you want to withdraw the exchange will charge the same amount of money . This amount gets adjusted automatically in accordance with the market prices in order to make the HitBTC users’ transactions fast. The trade volume on HitBTC is over $2.5 billion per 24 hours.
HitBTC allows you to trade the most popular cryptocurrencies and widespread fiat currencies, including USD and EUR. The main company’s goal is to introduce crypto traders to the most advanced technologies. 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 can take quite a while at HitBTC, so we’ll show you how to deposit using a cryptocurrency. The reason for this is that you don’t need to verify your identity, and it usually takes no more than 20 minutes for the funds to show in your HitBTC account.
To find a reliable exchange where you can start an account, just use ourExchange Filtersand we’ll help you find the right platform for you. Founder of CryptoCurry – famed for his insightful input on the future of cryptocurrencies and blockchain technologies. 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.
Lastly, you can only buy and sell coins that are divisible by 100, 1,000 or 10,000. This is not ideal especially for those smaller traders who want to trade the more expensive coins. For those traders of you that would like to use their advanced API, then the market making functionality could be an attractive addition.