HitBTC is one of the world’s leading crypto exchanges. With a focus on security and liquidity, it offers advanced trading tools to help traders take advantage of market volatility.
HitBTC is an advanced bitcoin exchange that offers a wide variety of trading options. The platform allows users to trade in over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dash.
Are you trying to figure out whether HitBTC is the right cryptocurrency exchange for you? Our comprehensive evaluation will assist you in making your decision.
HIT solutions, Ltd. owns HitBTC, a digital currency exchange based in Hong Kong. The exchange was built by some of the industry’s finest technological minds, and it also employs seasoned traders, fintech experts, and high-quality software engineers. The popularity of HitBTC is increasing as a consequence of this.
HitBTC was founded in 2013 with over $6 million in startup funding and has a trading volume of over $300 million. This exchange has provided its customers with excellent levels of stability and uptime, making it one of the most dependable platforms accessible.
If you’re looking to trade Altcoins, HitBTC is a good option. BTS, DASH, EOS, XMR, and ZEC are among the currencies available on the exchange. A core-matching engine is also available on the site, which provides customers with real-time clearing and order matching algorithms.
If you’re a cryptocurrency trader, you’ll be pleased to learn that HitBTC has a number of tools that will make your life simpler. The exchange not only provides the sophisticated technology stated before, but it also has cheap trading costs. These are just a handful of the things that HitBTC’s exchange has to offer. Here are some more advantages:
- There are no restrictions on cryptocurrency withdrawals or deposits.
- There are over 150 instruments to select from.
- Measures to improve security
- There is no need to register.
- Trading with full access
- Balance that can be topped up indefinitely
- Liquidity in abundance
- Several charts and graphs for trading data
- Platform that is simple to utilize
- Tips and techniques from the site’s blog are traded.
Why Should You Use HitBTC?
HitBTC makes it simple to open an account and begin trading, in addition to its cheap fees and great liquidity. We’ll go through how to set everything up in less than 10 minutes. Of course, the fact that the exchange supports a large number of currencies helps. This implies that traders and investors may purchase and sell currencies that aren’t accessible on other exchanges.
If you conduct a lot of trading, HitBTC may be a good match for you since the exchange allows you to profit from limit orders. Users may also download their complete trading history, as well as the site’s full trade history, from the site. This demonstrates the exchange’s openness, as well as its readiness to cooperate if it is audited.
Creating a Bank Account
It’s easy to sign up with HitBTC, and it only takes a few minutes.
- 150+ cryptos are available.
- In minutes, you may begin trading.
- It’s simple to use.
- Trading advice that is completely free.
Start Trading Cryptocurrency in Minutes With HitBTC
To begin, go to the exchange’s main page and click the “Register” button.
The “Register” button in the upper right corner may be difficult to notice, but it is highlighted in the image below:
When you click “Register,” you’ll be brought to a page where you’ll be asked for your email address and password.
You’ll receive a confirmation page once you’ve completed all of the required information. You’ll be taken to your email account to validate your details on this page. You’ll open the email and click the link to activate your account with HitBTC. Once you’ve done that, you’re ready to go. It takes hardly no time at all.
Deposits and Withdrawals at HitBTC
You must first establish a wallet address before depositing money into your HitBTC account. Go to your Accounts page by selecting the green “Deposit” button in the top right corner.
By selecting the “Fund” option, you may choose the currency you wish to deposit.
When you choose “Fund,” the chosen choice expands to show a string of numbers and a QR code.
It’s important to remember that each digital asset in your account will have its own wallet address. If you’re transferring XRP, certain currencies need extra information, such as a Destination Tag. When you begin the deposit process, make sure to include this.
You’ll see a pending transaction at the bottom of the accounts page once your money arrive on the HitBTC exchange. Your digital assets will be credited to your account soon after.
You’ll continue to withdraw your digital assets from the same Accounts page. Locate the cryptocurrency you want to withdraw, then choose “Withdraw” from the drop-down menu in the appropriate column. To withdraw these coins, keep in mind that they must be in the primary account.
Put the amount you wish to withdraw in the first box, then the receiving wallet address in the second box. Because you won’t be able to reverse the transaction, double-check the address. Some digital currencies, like deposits, need extra information, so be careful to give it.
When using XMR, for example, you must provide your Payment ID as well as your wallet address. The sole condition for withdrawing money is that they must be sufficient to pay the network charge. In the withdrawal row, just below the box labeled “Amount,” you’ll see the amount of your network charge.
If you activated two-factor authorization (which we’ll discuss shortly), you’ll be prompted to input the authentication code when you choose “Withdraw.” Once that’s done, you’ll be prompted to confirm the withdrawal procedure by email.
Go to your inbox and look for a message from [email protected] There will be a label that says “Withdraw Request” and a link that you may click to confirm the transaction. Before the transaction is cancelled, you have one hour to confirm it. You’ll be sent back to your account page after you confirm it.
Features of Security
Because blockchain transactions can’t be canceled or reversed, you’ll want to make sure your money is safe from hackers and other bad actors. There are a few things you may do to assist prevent this from occurring.
Authentication using two factors
When utilizing a cryptocurrency exchange, two-factor authentication is required. Without your authentication code, if someone gets their hands on your password, they won’t be able to confirm transactions.
To enable two-factor authentication in your HitBTC account, go to the “Settings” page. The gear icon may be found in the site’s upper right corner. Once you’ve arrived at that screen, choose the “Security” tab. To confirm 2FA and improve account security, follow the steps outlined here.
You may even create a stronger password while you’re in the “Security” page if your current one isn’t up to par. A strong password is one that is unique and prevents brute force assaults on your account.
Remember that your password should not include any personal information, dates, or simple words. You should update your password at least once a month, if not more often. Keep your password private and don’t share it with anybody. On its website, HitBTC claims that its customer service representatives would never ask for your password.
You may activate whitelisting in the same manner that you enabled two-factor authentication and changed your password. Select the “Whitelisting” tab from the “Settings” gear icon.
Whitelisting is a new HitBTC feature that enables users to create a list of authorized withdrawal addresses. If your account is hacked, whitelisting will prevent your money from being transferred to an address you haven’t specified. It’s the ideal solution for securing your digital assets with a triple-checked security precaution.
When you’re ready to begin trading on HitBTC, transfer your money from your main HitBTC account to your Trading account. Select the blue arrows between the two accounts labeled “Transfer” from your “Accounts” page.
After that, you’ll need to specify how much you wish to move. To finalize the transaction, click the “Transfer” button once you’ve entered the amount.
You’ll see the coins in your Trading Account after that process is completed. You may now proceed to place an order. Select the trading pair from the “Instruments” section of the “Exchange” tab.
Once you’ve found the cryptocurrency you wish to trade, use the Sell and Buy boxes in the bottom left corner to choose the kind of order you want. If you hover your mouse over the given question marks, the site will provide a short explanation of each kind of order.
You can view a history of your orders in the “My Orders and Trades” area on the right side of the screen. On this tab of the exchange, there are a few more choices. You can manage your transactions across marketplaces using the “Reports” option. Select “My Orders” from there to view order status, trade history, and current pending orders.
The Order Book, located at the bottom of the “Exchange” screen, displays the most recent sales. You may also keep track of pricing and market depth as individuals sell and purchase the cryptocurrency you’ve selected.
Types of Orders
HitBTC provides a variety of order types, so if you’re a trader, you’ll understand what we’re talking about. For those who aren’t as familiar with buying and selling, here are the order types HitBTC has to offer, along with a short description of each:
Orders on the Stock Exchange
You may use these orders to purchase or sell your preferred digital currency at the current market price. When you place your purchase, this is the best price available. Any fees on orders are estimates since the price may change in real time.
Orders to Discontinue
Stop orders are used to execute transactions at a certain price. When the stop price is achieved, these orders become market orders, unlike limit orders (which we’ll discuss later). Stop orders do not need money to be set aside and will not appear in your order book until they are triggered.
Limitations on Orders
When a transaction hits a certain price or better, a limit order will be executed. Buy limit orders will be for the limit or any amount less than the limit, while sell limit orders will be for the limit or more. If you know your trade price, they’re fantastic. The assets in your account are reserved after you make an order on HitBTC, so you can see them or see them in your Order Book.
Stop-Limit Orders are a kind of stop-loss order that is used to
Finally, stop-limit orders enable you to place a limit order at a certain price. The stop-limit order becomes a limit order if the stop price is achieved. You can specify both the limit and the stop price when using a stop-limit order.
The limit order is activated when the stop price is achieved, and the limit price you provide is used. Stop-limit orders, like stop orders, do not appear in the Order Book until they are triggered, and they do not need you to have money in reserve.
Security of the HitBTC Exchange
We’ve spoken about how to protect your own HitBTC account, but how safe is the exchange itself? This is a particularly significant issue given that the platform was hacked in 2015, just a few years after its debut.
HitBTC wants its customers to know that it values security as an exchange that has been operating for a long. The exchange uses a number of different ways to keep your account information secure and safe. To begin, ensure that your account has a strong password and that two-factor authentication is enabled.
HitBTC also keeps the overwhelming majority of its money in cold storage, depending on sophisticated encryption to keep your information safe from hackers. Additionally, if and when you access your account from a new IP address, the exchange sends you an email.
Users may also choose to end all sessions, which logs them out of all currently active sessions. This option can be found under the “Security” page, which is where you set up your password and 2FA. You can also choose how long your session will go before you log out if you want it to stop after a specific amount of time. You may choose from the following options: 30 minutes, an hour, an hour and a half, an hour and a half, an hour and a half, an hour and a half, an hour and a half, an hour
Finally, if you’re concerned about your account’s security, you may check your most recent activity under the “Security” page. You can check when you last logged in to your account, change your password, withdraw money, enable 2FA, and so on.
HitBTC currently does not provide phone or chat assistance to its customers. Ignore any phone numbers that advertise themselves as HitBTC assistance. If you have any problems, you may contact HitBTC’s support team. You may use this page to browse through documents in order to discover the best solution to your issue.
If you can’t locate what you’re looking for, the site will provide you a form to fill out and someone will contact you. Before contacting HitBTC through Twitter or Facebook, consumers are encouraged to utilize this method.
Fees for HitBTC
HitBTC, like Binance, operates on a taker and maker fee basis. When you place a limit order and must wait for it to be filled, you will be charged maker costs. Takers aren’t hesitant to accept the present market price.
- HitBTC maker fee: you’ll get a 0.01 percent refund on your transaction if you use HitBTC. This is a bonus for getting people to use the exchange.
- Taker fee on HitBTC: 0.1 percent
The cost of executing a transaction for each coin affects HitBTC withdrawal fees. HitBTC withdrawal fees, on the other hand, are comparable to those of other cryptocurrency exchanges such as Bittrex and Binance.
Overall, HitBTC’s fees are very reasonable. What’s even more amazing is that if you just use limit orders and receive your 0.01 percent refund for each transaction, you can actually profit from trading on the exchange.
Advantages and disadvantages
Even though it seems to be, no transaction is flawless. Here are some of the advantages and disadvantages of using HitBTC.
- Hundreds of cryptocurrencies are supported.
- Uptime that is consistent
- Low fees
- Simple to use
- Deposits and withdrawals are free of charge.
- Liquidity in abundance
- Withdrawal timings are slow.
- There is no mobile app available.
- There is no telephone or email assistance.
- Payment choices are limited.
7.8/10 – a well-established and trustworthy exchange, but sluggish response times may irritate some customers.
HitBTC is one of the best exchanges since it has been operating for quite some time. It’s had plenty of time to iron out problems and fix faults. It also has a lot of useful features, such as trading advice, a large number of cryptocurrencies, and an easy-to-use UI.
However, there are a few factors to bear in mind. Withdrawing money from the exchange may take longer than normal on occasion. Furthermore, getting confirmed by the exchange is a time-consuming procedure that necessitates the submission of personal papers to HitBTC. HitBTC customers have lately posted negative reviews, claiming to have had terrible customer service experiences. They complain about exorbitantly lengthy wait periods, as well as blocked accounts and the inability to withdraw money.
Overall, HitBTC is a reliable exchange that deserves to be considered. This is particularly true if you trade in a high-volume environment or if liquidity is a priority for you. The recent frequency of complaints and blocked accounts, on the other hand, is cause for worry. This is particularly aggravating since HitBTC’s customer service is very poor.
While HitBTC is a good exchange with a lot of features, we advise you to approach with caution due to recent events.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
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Frequently Asked Questions
Is HitBTC exchange safe?
There are a lot of security risks with using an exchange to trade cryptocurrencies, but HitBTC is one of the most secure exchanges that currently exist.
Is HitBTC legitimate?
Yes, HitBTC is a legitimate exchange.
How do I withdraw Bitcoin from HitBTC?
In order to withdraw your Bitcoin from HitBTC, you will need the following information:
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