HitBTC Review: Fees, Features, Pros and Cons
HitBTC is a renowned trading exchange. Here at BlockchainBiome, we look at HitBTC review, how to create an account on HitBTC, how to trade on HitBTC, it’s fees, trading commissions, withdrawal limits and much more. This HitBTC exchange review is all you need to get started with HitBTC.
What is HitBTC?
HitBTC has made giant strides in making cryptocurrency trading easy for all users. It is one of the most well-received trading platforms in the world. It is run by a Hong-Kong based company and was started in 2013.
HitBTC provides support for over 300 tokens. HitBTC has one of the best customer supports amongst cryptocurrency trading platforms. It is largely considered to be a successful trading platform with a high volume of trading on the platform carried out daily.
Creating an account on HitBTC Exchange
- Visit HitBTC official site.
- On the main page, choose the ‘Sign Up’ option on the upper right corner.
- After that, you will be taken to the registration page.
- Fill out details such as your email, password, country, full name and phone number.
- Select ‘Register’.
- Next, activate your account. Go to your email and verify the account by clicking on the link in the email. This email is generally sent within the 2-3 minutes of registration.
- You will then receive a thank you message for signing up and will be taken to the trading page.
Enabling 2 Factor Authentication on HitBTC
2 Factor Authentication will provide enhanced security. It provides security to private information and funds.
- Log onto your account on HitBTC official site.
- Navigate to the ‘Settings’ page. This ‘Settings’ option is on the upper right corner of the page.
- Choose the ‘Security’ tab.
- Download an authenticator application such as Google Authenticator on a suitable device (like a mobile phone)
- Scan the QR code with the authenticator application.
- Obtain the validation code from the authenticator application and enter it in the field on HitBTC.
- Write down the backup code for extra security.
- Choose ‘Confirm’.
- Check your inbox for an email with a link to confirm the authenticator application.
After that, 2 Factor Authentication is enabled. Enter the code that you received to log into your HitBTC account. This code must be entered every time you wish to access the site. This code will be needed when you try to withdraw funds from the account.
The code, however, is also vulnerable. It can be obtained illegally through phishing attacks or code generating attacks. Therefore, the user needs to take sufficient measure to ensure that he/she does not get locked out of the account.
Loss or Reset of 2 Factor Authenticator on HitBTC
If the device with the 2-factor authenticator application is lost, then, you can log in with the backup code that gets generated during the enabling of 2-factor authentication. The backup code will allow you to access your account in the off chance that you have deleted the authenticator application or lost the device itself. Therefore, it is imperative that you write down this backup code when you are enabling 2-factor authentication.
HitBTC Review on Security tools
HitBTC carries out session termination automatically. All sessions not currently being used, get terminated. Additionally, you can terminate all sessions by choosing ‘Terminate all sessions’ on the ‘Settings’ tab.
Email notifications every time you log in from a new IP
The sentence is pretty self-explanatory, isn’t it? This feature allows users to track their own activity. Any suspicious activity can be monitored.
This feature needs to be enabled. To do so, move to the ‘Settings’ page. Then go to the ‘Security’ tab and choose the time after which you will get logged out automatically. You can choose ’30 min’, ‘1 hour’, ‘8 hours’, ‘1 day’, ‘7 days’ and ‘Never’.
HitBTC allows users the opportunity to view all the actions that have taken place through the user’s account. In the ‘Security’ tab on the ‘Settings’ page, you can view all the activity. Activities such as the withdrawal of money, change of password, enablement and disablement of 2 Factor Authentication, a deposit of money and various other important activities can be viewed on that tab.
Option to create a whitelist of withdrawal addresses
You can create a list of addresses to which you can withdraw funds. This ensures that addresses that you do not recognize cannot get funds from your account. Even if your email gets compromised, the hacker cannot withdraw funds into his/her account.
Markets and currencies on HitBTC
HitBTC currently consists of over 300 coins. It is the global leader in BitcoinCash and is one of the top 5 exchanges in the world by volume. HitBTC also displays notifications for the convenience of the user.
It provides support to leading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dash, Ripple and many more. You can find the entire list of coins on HitBTC.
Verification on HitBTC Exchange
HitBTC requires verification if the user desires to deposit funds into the account through fiat currencies such as USD or EUR.
To verify your account:
- Log into your account on HitBTC official site.
- Go to the ‘Settings’ tab on your account.
- Select the ‘Account Verification’ tab.
- Documents for the verification process need to be sent. These documents include government-issued identification, address proof, and bank statements.
- The documents need to be formatted and sized properly to adhere to the requirements of the website.
This verification process generally takes about 5 days.
No support for Fiat currencies on HitBTC
Fiat currencies for trading are not allowed by HitBTC. Trading can only be carried out in cryptocurrency. It cannot be associated with a bank account either. Bitcoin can be bought through fiat currencies through Visa or Mastercard.
Trading on HitBTC
Deposit funds into your account
You would need a trading account for carrying out the trade. Fiat currencies can be deposited into the account, but, cannot be traded.
The deposit of fiat currency or cryptocurrency can be carried out by choosing the ‘Deposit’ button on their accounts.
Set up an order
On the trading terminal, choose ‘Buy’ to carry out the trade. All previous transactions can be viewed in the ‘My Orders and Trades’ section. You can set up various kinds of orders, read on below to find out more about the kinds of orders available.
Trades can be managed through the various tools provided by HitBTC.
Deposit Funds into your Account
A transaction from an external service can be made, to deposit funds into your account on HitBTC.
- Log onto https://hitbtc.com/
- Navigate to the ‘Account’ page.
- Choose the ‘Deposit’ option on the top right corner of the page.
- Search for the currency and hit the button present in the ‘Deposit’ column.
- This will result in your wallet address. Copy and paste this address in a service that allows you to send money or currency to a wallet.
- Some coins have extra fields called Payment ID. This would need to be copied to confirm the transaction.
Deposits generally do not take too long, and the deposit gets reflected in your account almost instantly. Due to technical maintenance, there might be delays, but, generally, the deposits are quick and smooth.
Set up an order
There are three kinds of orders available to the trader.
- Market orders
- Limit orders
- Scaled orders
Market order lets you buy or sell at the current market price. The best price available on the market when the order is being placed is chosen. The price changes are in real time. So, the fee for the transaction may not be accurate.
Stop orders let traders execute orders at a specific price. This price is also referred to as stop price. When this price is reached in the market, the stop order becomes a market order. Only the activation of the stop order will result in it being displayed on the order book.
Limit orders let traders execute at a specific price or better. A lower limit for the price of the order is set. The order is only carried out if a price of the limit or higher is reached. These orders appear on the order book.
Stop limit order
Stop limit order is used to create a limit order at a specific stop price. When the price reaches the stop price, stop limit order becomes a limit order.
Subtypes of limit orders
These orders last until they are canceled or completed.
These orders expire at midnight UTC on the day the order was placed, unless it has been executed.
These orders last until the specified day or time elapses or until the order is completed, whichever is earlier.
These orders must be entirely executed immediately. Otherwise, the orders get canceled completely.
These orders must be executed immediately. The difference between Immediate-or-Cancel and Fill-or-Kill is that, in Immediate-or-Cancel order, the order does not have to finish execution entirely immediately, the execution just has to begin immediately for it to not get canceled.
This feature allows the trader to set up multiple orders at once.
- Select the ‘Scaled’ tab.
- Specify the amount in the ‘Amount’ section.
- Specify the ‘Price step’. This defines the distance between successive orders in price.
- You can then see the number of orders in the ‘Order count’ field.
Manage Trade: Trading Tools
Charts represent the market. They reflect the real-time changes in the market.
Order Book consists of all propositions currently on the market.
The trader can view trading pairs and other valuable information through the various features on the platform.
Trading commissions on HitBTC
The two kinds of commissions on HitBTC are:
Fees are the commissions that the trader pays for carrying out trade and rebates are the commissions that get paid to the trader.
Fees are at 0.1% commission while rebates are at 0.01% commission. For creating new lines in the order book, the trader gets paid a rebate and for removing lines from the order book, the trader gets a fee.
HitBTC withdrawal limits
There are three types of accounts available on HitBTC:
With this account, there is no limit on the amount of cryptocurrency that you can deposit. However, you cannot carry out deposits through fiat currencies with this account. The withdrawal limit is €5000 worth of crypto per day.
With this account, you can deposit as much cryptocurrency as you would like to. Fiat deposits can be made in this account. The fiat currency withdrawal and deposit limit are set at €2000 per week and €10000 per month. The cryptocurrency withdrawal limit is €25000 worth of crypto per day.
With this account, you can deposit and withdraw as much cryptocurrency as you would like to. There are no withdrawal limits on cryptocurrency, but the withdrawal limits on fiat currencies are set. The withdrawal and deposit limits are set at €10000 per week and €50000 per month.
Customer Support on HitBTC
HitBTC is lauded for its excellent customer support. Customer support is generally fast and responds quickly. Customer support is available to the traders 24/7.
They have an FAQ section that answers most queries that a user may have while using HitBTC. The support team can be contacted through email, forum or by generating a ticket.
Is HitBTC safe?
HitBTC is one of the most well received and appreciated cryptocurrency exchanges in the market. It has great customer reviews and very good uptime. HitBTC twitter page and HitBTC reddit page also have great presence. HitBTC is safe to use and can be easily used by a beginner too.
Wrapping up HitBTC Review
It certainly is worth trying if you are planning to use cryptocurrency exchanges.
If you like this review on Hitbtc exchange then do share it with your friends and let them know this exchange, maybe this can help them and it’ll definitely gonna help us. Thanks in advance.
- Great Customer Support
- Easy to use interface
- Low fees
- Supports a large number of cryptocurrencies
- Different options to create orders
- No mobile app
- No support for fiat currencies
- Supports only a limited number of payment options