HitBTC Cryptocurrency Exchange Review
The web world is crowded with experts analysts who have multiple opinions on cryptocurrency exchanges. Time and again, they question the legitimacy of the cryptocurrency exchanges. Questions are also getting raised on the legality of the usage of cryptocurrency for transactions. There are other sections of advisors and experts who actually advise on trading tips of cryptocurrencies. In this situation, as a normal user of cryptocurrencies one can feel insecure. To get over this insecurity, investors needs to know about the cryptocurrency exchanges. They need know how these exchanges operate. They need to know how trading can be done through exchanges. One such cryptocurrency exchange which has made its own mark in the field of cryptocurrency trading is HitBTC.
What is HitBTC?
HitBTC is a cryptocurrency exchange, which has markets available for trading between multiple types of cryptocurrencies. This includes Ethereums, Bitcoins, Litecoins, Dogecoins, USDT, Monero etc. This has become a global trading platform that supports multiple type of currency. This exchange was founded in the year of 2013. HitBTC specializes in trading of digital assets, tokens, and ICOs. It is one of the trade exchanges in the world, which is known for highest uptime. This actually makes this platform dependable and reliable. The platform also has wide range of tools, which are available to the users. Users can use these tools to maximize their trading profit. This exchange platform was formed with the help of dedicated collaboration of experienced traders, finance professionals, and software developers. One of the best feature of this platform is its “core matching engine” which is one of the most innovative product and is responsible for advanced order matching algorithms, real time clearing etc. This feature is also responsible for making the platform fault tolerating, guaranteeing maximum uptime with high availability.
Some of the salient features of HitBTC are the following:
- Guaranteed higher liquidity
- State of art matching engine technologies
- No limits for deposits & withdrawal of the digital assets
- Lower fees
- More than 150 instruments available to the traders
- Higher level of security
- Availability of most advanced APIS: REST API and FIX API
User Review of HitBTC:
There are only few exchanges which actually simpler signup processes, and this one is one of them. As a user you just need to provide a valid email address and set a password to open the account. Then one can proceed to the secondary requirements for account opening which are very minimal. The account can be opened even with a temporary email address as well. Unlike most of the other exchanges, verification is not mandatory for the users unless they want to trade with fiat currencies. After registering on this platform, the user will be able to open a General account where he can make unlimited deposits of cryptocurrency along with unlimited withdrawals. So, it can be seen, how easy it is to open the account, and with how much ease a user can operate on this account.
However, on the disappointing side, the accepted payment methods are limited. This include only, SEPA, wire transfers, and cryptocurrencies. So there is no debit card and credit card. In order to transact with fiat currencies, users need to verify their account. The verification is done by providing proof of identity, proof of residence and proof of ownership of the bank accounts, where the user will move his funds. The verification is done by the compliance team, in a very detailed way and it can take quite some to get completed. While the verification happens, users can only trade. They cannot make any deposit, withdrawal, sell. Even though the website policy mentions that verification is completed within three business days. But most of the time, support team will be overburdened by huge number of application, which takes some time to get cleared off. Even though there are no limits, post verification the user limit in general account is set to 2,000 €/$ per week & 10,000 €/$ per month. In case a user wants unlimited option, then he can contact support to convert his account into “Qualified”.
The user can go for unlimited transfers more than the specified limits, but in that case the money will be credited to the user account in instalments, which might be done in successive weeks. This is an undocumented rule on this platform, and is definitely one of the downside of this platform. For FIAT currencies the deposit fees are quite hefty. However, deposits made in digital currencies incur no fees. The best part is around 50 alt coins are accepted on this platform, and all of them can be used as digital currencies. There is a 2 percent network fee charged for all the withdrawals, which is again undocumented, and doesn’t find any mention in user guidelines.
Trading is pretty comfortable on this site. HitBTC offers different type of ordering. This includes market, good-til-canceled, good-til-date/time, day, immediate-or-cancel and fill-or-kill. There are wide range of trading pairs supported by the site. Another dampener for traders is, the platform is not available through any apps. So, if a trader wants to do some trading on the fly, he won’t be able to do that. The site is also not accessible through third party apps, like meta trader. However, a user can still open the desktop site on his mobile, and do trading. Although, the interface in this case will be very difficult, and might lead to errors. Like many exchanges, HitBTC uses 2FA for user authentication for account protection. Also, the emails which are sent through the site are completely encrypted, as HTTPS is available on the site. It has to be noted, that HitBTC sends sensitive information pertaining to withdrawal and user account details.
The web interface is quite intuitive and responsive, and can be accessed without any form of lag. Moreover, for newbies the user interface is simple enough. One can start trading without getting confused on the interface. However, the main concern of this site is its slow withdrawal process, where user claims that funds are simply withheld for some time. This has also given rise to questions regarding scams on this site.
How to open a account on HitBTC?
Opening an account on HitBTC could be as easy as opening an email account. One needs to enter an email address, and set a password. Click HERE to Register. Yes, before clicking on register don’t forget to check the box, which says you have accepted the terms and conditions. Once this part is done, there will be an email sent to email address of the user by HitBTC support team. There will be an activation link inside the mail, the user needs to click on the activation link in order to activate the account. The email will contain the confirmation link. Now once the confirmation is done, the user can login with the email as username and the password provided during the initial registration. Once user is logged in, he can enable the 2FA (2 factor authentication) from the security option under the settings section., in order to protect the account and increase the account security. Here, one needs to go to verification settings, and select the options for with 2FA will be enabled. These options include 2FA for withdrawal, login, for accessing settings page. A user can select all of them, or either of them based on his requirement.
How to buy Bitcoins with HitBTC?
Bitcoins can be bought easily on this platform, once the proper process is followed. In order to buy the bitcoins with the fiat currency (which is only through USD or EUR only) through this exchange, one needs to verify the account first. The user can sign up for a normal or a general account on HitBTC. for this, one can simply go to the website, and can register there using their email address & password. AS per the process, the website will prompt the user to confirm the email address which was provided during registration. Email confirmation is mandatory before the activation of the account. If the user has opened a general account, user can make deposits. User can also trade, and withdraw the cryptocurrencies at their ease. This doesn’t require any additional steps. In order to fund the account with fiat currencies, the user has to go through the detailed verification process. This could be completed in the few steps.
In order to get verified, first one needs to navigate to the “Settings” option. Settings option will be available only once the user has logged into the account. After this the user needs to click on the “Account Verification” tab. From there, user has to follow the steps given there, and prepare the required documentation in order to send over email to HitBTC verification team.
Requirements for the documentation include:
- Name, address and other personal information
- Bank account information
- Colour copies of the supporting documents, such as: Identity proof document (passport/ID card/driving license)
- Proof of residence or address proof. This includes document such as utility bills, income tax returns or it could be any of the other accepted documents which is listed on the site.
- Proof of ownership of bank account ownership. Supporting documents could be bank statements or a covering letter from the bank.
Once all of the required documentation is collected as well as compiled, the user needs to follow the directions on how to scan the collected documents, and submit these files. This includes the size as well as format of the file. Verification is generally completed three to five days. The incoming verification requests are queued and the same is processed in the same order in which they are received. This might be the reason, while it takes some time to get verified.
User Review on buying Bitcoins in HitBTC
While most of the users reviewed that buying Bitcoins on this platform can be very easy and straightforward. However, the verification process takes long time. Sometime, it can take around two weeks, against the declared timeline of five days. Verification has to be completed , before the user can start buying Bitcoins.
How to trade Bitcoins on HitBTC?
One can start trading the cryptocurrencies almost immediately. This could be done instantly once the trader has created an account. It has to be noted that account verification is not required to trade on this exchange. This includes bitcoin, Ether, or any other form of digital currency that is supported by this platform. One has to start trading by making a deposit. So this will be the first step. If you some bitcoin, or another type of supported cryptocurrency is already there, one can simply deposit the funds into the designated wallet registered on HitBTC, simply by clicking the “Deposit” button.
But if coins are not there, then transfer the funds to trading account first.To start the trading, one needs to transfer funds from the Main account to the Trading account. This is not at all complicated ,and is very easy to do. This can be done easily by hitting a “blue arrow” which is there between the accounts. Specify the amount which is needed to be transferred and then click “Transfer”.After the coins have been transferred, and the transfer reflects in the trading account. The user needs to proceed to the “trading terminal”. One needs to select a trading pair, which will be available in the “Instruments” section and set up the order instantly. There are four different types of orders available on HitBTC. These are:
üMarket: In market order one can buy as well as sell a given instrument, at the given market price. The market price in this case is defined as the “best available” price for the particular instrument at that particular moment when the order has been placed. However, there are changes in price in real-time, hence the fee is shown only as estimates rather than the exact values.
üLimit: A user can execute a particular trade at a specified price or “better (limit price)”. Thus, a limit order will be to buy an order at the limit or lower than that. While, a limit order for a sell would be to sell at the set limit or higher than that. Limit orders are practiced by those traders who have already decided on a particular price, at which they are going to buy or sell. As a user whenever you are creating this form of order, a particular amount of funds will be reserved on the account. One can see the reserved amount, by logging on to the account, under the “On orders” section. Also Limit orders appear on the order book as well. So, a user can check from the order book as well.
üStop: This type of order needs to be selected when a user wants to execute a trade at a particular price. This price is also known as stop price. Whenever the “stop price” is reached, a stop order is converted to a market order. A good thing about stop order is, there is no requirement of reserved funds. Also, this kind of order will not appear in the order book until the order is executed.
üStop limit: This will also create a “limit order” at a particular price which is again referred as stop price. But this works differently. In this case when the stop price is reached, a “stop-limit order” is automatically converted into a limit order. So in this case a user needs to specify two type of prices. First, one will be the stop price, which if reached triggers the creation of a “limit order”. The second price will be the “limit price” for the particular limit order. Again, it has to be noted, that this type of order also doesn’t require any reserved funds. This will also not appear in the order book, until and unless they are executed.
The trading history of a particular market is available under the “My Orders and Trades” section. One has to note that the cancelled as well as rejected orders are reflected on the interface for a 24-hour period.
Once the funds are there in the account, user can also visit to the “Exchange” tab in order to begin the trading. Through this tab, a trader can buy & sell currencies. Under this tab the trader can also view the charts & orders. A trader can also chat with other traders, with the help of “trollbox” option.
Users might be curious enought to take the advantages of “stop and limit options” and other order types while trading on this exchange. Those users might be pleased to know that HitBTC actually supports different types of order types. This includes:
One can manage the trading process for all the markets by clicking on the “Reports” button. This is just like a personal “control centre” that is located there. One can select “My orders” tab in order to look up for the orders there. Similarly, one can check their order status. They can even cancel the order if needed. This is the place from where the trading history can be exported. In fact, much more can be done from this tab. The “Reports” section is a powerful tool that helps a user to build their trading strategy perfectly. It also helps the user to learn more about trading.
User Review on Trading:
Most of the users have acknowledged that trading is pretty easy on this account, and one can trade at ease once the deposits are made to the account. However, the deposits might take longer as it is done through the bank transfer. While some users also felt that unlike some of the other crypto exchanges, here the trading can be done straightaway even if the verification is pending or no verification is done. This definitely saves lot of time for the user owing to the fact that, verification procedures are time consuming. Indeed, this is one of the silver lining of this platform. Even though trading is pretty easy on this platform with easy interface and host of feature, post trading withdrawals have been always a problem. This is something, which deters the users from using this platform.
Is HitBTC a scam?
This is a registered company, and definitely one of the most famous digital currency exchanges that currently operates in the market. This platform offers wide range of digital currencies, which can be traded for generating profits. But while we say this, there are two things which should be considered before start trading on HitBTC and choosing it as your trading partner. This is more important for those traders, who rely on flat currencies for trading. This exchange accepts only bank transfers, it can be quite a lengthy process of fund transfer. The withdrawal process will also take long time as it will be done through bank transfer. Apart from this the verification process also takes some time, since it is done it stages, and most of the time there will be large number of applicants. Sometimes this delay in processing, deposit and withdrawal gives rise to perceptions, that this platform is a complete scam. Users generally don’t understand these delays, and often dub these delays as probable scams. However, this might not be the scam, it might be just a longer processing time. As a remedy, if you are a trader, you should have more mainstream cryptocurrencies like Ethereum or Bitcoin. This will be much faster, as it would not require any form of deposits from bank or withdrawal to the bank account. In fact, this can be one of the greatest idea to use Alt coins for investing in HitBTC.
While being a well-established trading exchange, HitBTC never disclose officially or neither they provide information, that in which country they are based. Some reports suggest that they are based in Europe, while other reports suggest that they might be based in Hong Kong. This leads to wide spread speculation, that this platform might not be regulated at all. Thus, it also questions the legitimacy of this platform. However, it is also true that most of the companies who operate in the crypto currency marker are not regulated. This also brings a bit of worry for the traders, while they are using this platform for trading. Also, most regulatory agencies do not provide recognition to such organizations. Only certain exchanges like CEX.IO have got recognition from UK’s FCA. This actually develops lot of confidence on the part of the investors. This organization is also not a registered payment provider since it only provides its banking services to the institutional investors as well as major markets. So, there are limited options for the retail investors. In early 2016 HitBTC was hacked, however company didn’t provide any information on this hacking incident. While traders haven’t complained much at that particular incident, it was enough to generate negative feedbacks in the available forums. So basically, the reported issues include all the types. It starts from slow verification procedure, to currencies “lost” or on hold, to delayed withdrawals and other sort of problems. Even though HitBTC clearly mentions in their site, that enforce compliant rules needed for AML (Anti Money Laundering) and KYC (Know Your Customer). Also, they claim that they are compliant to regulations set out by the FATF.
User Review on HitBTC:
The user review on HitBTC has not been very positive. This is one of the reason, why it has not been able to rise as one of the preferred trading exchange. Even though it is quite popular amongst the user, but definitely it is not the preferred one. Most users’ complaints that the company actually trades with the users’ funds, whenever the users opt to deposit or withdraw. This a serious allegation. Many users have complained that the fund actually vanishes somewhere, whenever they make any deposit or withdrawal on this platform. Users complaint that their fund is actually traded, and the fund is deposited or credited to the bank only once user starts complaining about this. The long delays hold the user from doing any form of trade on this platform. Even though it is understood that HitBTC makes use of bank transfers for deposits or withdrawal, but that should take maximum of 14 days. But as per the user reviews available on different platforms, sometime it takes more than a month. This is something which annoys the traders to the core, and gives rise to speculations on legitimacy of this exchange platform. Users shared their opinion as HitBTC makes deposits pretty easy, but the withdrawals are definitely painful. Many people have mentioned that in this situation they have approached the customer care. But the customer care will either not respond or will take a long time to respond. The user has to do multiple follow ups over email to get a proper response from the customer care team. Another reason why users think this is scam is, even though the transfer is done to the back account, the transaction doesn’t reflect in the blockchain. So, the users are basically not aware whether the transaction is completed or not. In this case the BTCs remain blocked for a period of time, and after sometime either the currency is transferred to the bank account or transaction is reverted back. Few users also complain that when the coin values are quite high in terms of USD, the withdrawal is not allowed during those time. Even though the withdrawal is done, it takes along time for it to materialise. This actually holds trader’s profit as they traders cannot maximize the profit when the currency value is high. Keeping these issues in mind, it cannot be confirmed how legit this platform is? Neither, we can confirm whether it’s a scam or not. As a remedy it is always suggested to use alt coins for trading in this exchange along with cold wallets.
Is HitBTC completely safe?
This could be a very difficult question to answer first of all, because no one knows about the origin of HitBTC. As per the information given in the website, it is based in UK. But the contact address given in the website is for HongKong. Hence, there is a bit of ambiguity regarding the originality of this platform. With this ambiguity users can’t consider this platform completely safe. Just like most of the exchanges, this exchange is not regulated as well. Neither it is approved by any of the regulatory authority. In this situation, the HitBTC can frame their own regulations independently without thinking much about the traders. Also, if there is a dispute, one doesn’t know whom to approach in for the dispute redressal. So, it cannot be said that HitBTC is completely scam, but at the same time it cannot be deemed as complete safe.
Arbitrage in HitBTC
Before using arbitrage, a trader should clearly know what is it, and how to profit from arbitrage? In the fields economics & finance, arbitrage is referred as the process of taking proper advantage that might arise because of price difference between “two or more” markets. This could be described as a striking a perfect combination of matching deals which actually capitalize upon the derived imbalance. So the profit will be the difference between the market prices.
So, in common term arbitrage could be referred as taking advantage of the price difference between the same or similar kind of financial instruments. For example, a trader buys an asset in different markets, and then the same seller sells them elsewhere at a better price. One has to note that it is not required for the price to get changed, but the trader is required to profit from the price difference, by the different providers. Even though the brokers as well as exchanges to bring uniformity in the prices however because of existence of multiple as well as external factors, bringing price uniformity is a difficult task.
But it has to be remembered that even though traders can earn profits from arbitrage, the profit will be smaller than from the price that is making a huge jump to the trader’s way, as with the arbitrage the differences are generally small. However, while performing lot of these transactions, with large transaction values one should be able to make good gains, without making any prediction or even without a wider knowledge of the existing markets. Also, the prime advantage of arbitrage is that, as the trader is not speculating the price but cashing it out immediately, with the price that has been agreed. Hence, it is essentially a risk-free transaction, and the profits are quite instant.
As trader you should know, when you can use the arbitrage. This will reduce the risk of making loss. Arbitrage can take place when any one of the following conditions are fulfilled:
- If the same asset is not at the same price in all markets currently. Assets include stock and currencies.
- If two instruments or assets, with similar kind of cash flows which trade at different prices.
- If an asset which has got a fixed price in future is currently trading at a much lower or at discounted interest free rate. This might happen due to some current conditions, that might be due to internal and external factors.
So, it is true that arbitrage is not something which is similar to trading, as the trader is not looking to buy a particular asset, and then sell it off at a later period for a higher price. Here, the transactions need to take place immediately, in order to avoid any form of risk. The change in price and profiting from the same take place, if speed is taken into account. A trade should be fast enough to make profit from price discrepancies in the relevant markets, without incurring a loss due to any change in price.
With any kind of trading there are certain perceived risks involved. However, in case of real arbitrage, there is no risk involved. If the trader finds a substantial form of differences in different markets, different platforms or by different providers. Traders should have the opportunity to invest fast enough on instrument, and do a cash out immediately or trader can simply change into another asset. Then it could become a simple way to earn profits without any risk of incurring loss in the transactions. This could be the probable difference between arbitrage and normal trading. So, we can say that arbitrage is not any involved speculation. It is about finding the right kind of opportunities and acting on it at a faster pace.
User Review of arbitrage on HitBTC
User review regarding usage of arbitrage on HitBTC is positive. Experienced traders have been able to make use of arbitrage, by doing a price discovery of the assets in different exchanges. Users have also published their testimonials in different review site, mentioning that they have been able to earn healthy incentives with the help of arbitrage.
Buying Dogecoin (DODGE) on HitBTC
Dodge is a cryptocurrency which is completely decentralized. It is also a peer to peer digital currency, which facilitates sending money online. This internet currency is one of the initial cryptocurrency, but it has become popular only recently. DODGE can be traded or bought just like any other cryptocurrencies available in the market. One can also withdraw DODGE to their wallets. DODGE unlike its peers BTC or Ether is not currently available on all the exchanges. HitBTC is one of the few exchanges, which actually trades DODGE. DODGE has emerged as one most popular alt coins on this platform, as there were some introductory rebates from HitBTC on the transactions of DODGE.
User Review of trading DODGE on HitBTC
Users have shared their positive reviews on trading DODGE on this platform. Most of the users felt that initial rebate offered for 12 months on DODGE trading have been really helpful, keeping the transactions cost low. Similarly, withdrawal of DODGE has been pretty faster, with users have mention on an average it takes less than 5 minutes.
How to withdraw your coins on HitBTC
In order to withdraw the coins, a user needs to go to the “account” tab. One can see the “Withdraw” column listed there. In this column user can find separate buttons listed for each of the currency. At first, one has to make sure that the amount which is to be withdrawn is actually stored in main account. This is a mandatory check which has to be done, otherwise the withdrawal might take place. Other the user can also transfer the amount from the trading account if required. Once it is confirmed that the required amount is available for withdrawal, the user can simply click on the “Withdraw” button. After this, the user needs to specify the amount which he would like to withdraw. Once the amount is specified, the user needs to paste the “receiving address” in to the “Address” field. One has to make sure that the correct address is specified, because once the withdrawal is initiated, it would not be possible to do a reversal of the transaction. Some of the digital assets might require some extra set of options for performing the withdrawals. For example, if someone is planning to withdraw, in that case one needs to specify the wallet address along with the payment ID. The user has to make sure that all the details are given correctly. Also, one has to make sure that the minimum withdrawal amount has to exceed the network fee amount. The fee amount will be displayed, under the “Amount” field. After the “Withdraw” button is clicked. It follows with the authentication process. This involves the authentication code and also usage of 2FA wherever 2FA is enabled for withdrawals. After this an email will be sent by email@example.com , with the subject “withdraw verification”. The user needs to confirm the withdrawal, by clinking on the link given in the email. Once this is done, withdrawal has been processed successfully. One can check the withdrawal history straightway by going to “Reports-Payment History”, which is available in the user account. One can also check the option “Latest Transactions”. During the processing stage, three yellows dots will be displayed beside the transaction. Once the withdrawal is done the symbol will turn green.
HitBTC team refutes that withdrawal might take time, there might be some background errors which might delay the processing.
As soon as the “Withdraw” button is hit, HitBTC calculates the transaction hash, and then it sends the transaction to the address which has been specified at the time of withdrawal. Once this part of the processing done, the rest of the processing time depends on the network and also on the receiving party. It is a known fact that transaction will be located on the blockchain, then it will be confirmed provided that there are no errors. Sometimes, in this situation it always makes sense to contact the receive party. Once the withdrawal has been initiated, the “transaction hash” should appear instantly or within few minutes. A user can check this, or keep a tab on this in order to ensure that the withdrawal is completed successfully. In case the transaction hash has failed to appear, even after a few minutes. Then in that case it will be advisable to report this issue to the support team. The support team will investigate this further, and the transaction might be reversed in case of any issue. Some of the block explorers actually, won’t show or report any unconfirmed transactions. In this case the user needs to wait a few minutes more minutes, and after that it should be there. This could happen when there is too much load on the network. There might be some kind of error in the blockchain. In this case, the only thing user can do is contact the support team, and provide them the “transaction hash”. The user might also get the error “Out of gas”, which might come up as the user is trying to withdraw ETHER to a contract wallet. This is something which is not supported on this platform.
User Review Withdrawal on HitBTC
If we scrub across the user reviews, there are lots of negative reviews about withdrawal made on this platform. Most of the users have complaint that withdrawal takes long time, even if the transaction hash has been generated on the portal. Sometimes the fund gets disappeared from the portal, after withdrawal has been initiated, even though the withdrawal doesn’t gets completed. Users also complaints, that when the coin value is high HitBTC intentionally withholds the withdrawal, even if it is confirmed on the portal. The withdrawal woes get worse when the users don’t receive any help from the support team. Most of the users said in their review that once the support teams generate the ticket, they don’t do any follow up or the follow up is done sometime even after weeks. Users have to multiple follow ups, to get an update on the tickets opened in this regard. Some users have also complained that they cannot initiate the withdrawal, because of errors with the 2FA process. Currently, it has to be admitted that user review regarding withdrawal process is largely negative, and is definitely preventing the new users to open their account with this exchange.
How to deposit digital assets in HitBTC?
It is a known fact that even before you start with the trading, a trader needs to make a deposit to his trading account.
First of all, user needs to login to his account. Then the user is required to generate the wallet address. This can be done by visiting the Account page or one cab click on the green “Deposit” button. After this go to the appropriate row of currency which will be used for deposit. Then click on the fund button. This will go ahead and generate the wallet address of the user. User has to make a note of this address, since this has to be used to initiate any form of transaction at the third-party services. One has to note that the address is unique for each asset. Hence, each asset will have separate address. There is no concept of common address for all the assets. Generation of address prevents sending coin to any other address. In other words, this will make sure that the coin goes to the designated address, and not to any other address. Some of the currencies like XEM, XRP, ZRC, ARDR will have additional identifiers such as designation tag or message. A user should not forget to include these additional fields, while making any type of deposit. Once the deposit has been initiated, and the funds actually reach HitBTC, one can still see a pending transaction notification at the bottom of the Account page under the “Latest transactions” section. A user need not worry in this case, as this will be refreshed periodically and ultimately the notification will go away.
The deposit time varies from one coin to another. It also depends majorly on the network speed. Once the transaction for deposit has been sent, there is no chance to speed the same. But once the user’s deposit has been located on the block explorer, it should be in the account with a short period of time. In case the deposit still doesn’t appear, then one needs to take care of the following pointer.
-> A user has to make sure that he is using the correct address. As we have discussed previously, each currency listed on HitBTC have their own separate address. For example, one cannot simply send Ethereum token OMG to a ETH address, or even BTC to a USDT address. If the user has done this mistakenly, then he needs to contact the support team, to check whether he is eligible for refund or not.
-> Wherever payment ID is required, user has to ensure that the correct payment ID is specified. There will be several coins when a single public address can be used for all the incoming transactions, and users own individual Payment ID is used to tie a particular transaction to the user’s account. In case the user has forgot to specify then again the transaction will fail. The user needs to contact the support team to check for a refund.
-> Before initiating the deposit, a user has to make sure that the HitBTC wallets have not been temporarily shut down for any kind of maintenance tasks.
This is an important check, since most of the time HitBTC will be updating their wallet software periodically. While the update is in process, there will be a notification reflected in the deposit section. Once, the update is done it takes some time to get itself synchronised with the blockchain. In this case deposit will be bit longer.
Also, if a ETH deposits is missing, then the user has to ensure that it is not sent from a contract because HitBTC doesn’t support any incoming ETH from contracts. It is almost difficult to recover or reverse the transactions which have been sent by mistake. This is because, blockchain transactions are not at all reversible. In case the user has accidentally sent the money to a wrong address, in that case it will mean that nobody has got the keys of that particular address. In this situation, it can be assumed that the coins are completely lost. One has to make sure before initiating a transaction that there is no typo error or any other form of mistakes in the destination address. However, if the user has accidentally deposited one currency to another currency’s address on HitBTC platform, then the recovery is definitely possible in this situation. The recovery is not an easy process, it requires lot of time as well as labour of the support team. User needs to be patient while the recovery is in progress. IF the recovery is feasible, the amount which has been sent by mistake is generally credited back to the originator’s account within 2 months. In some situations where recover is longer, it might take longer time as well. HitBTC generally charges around 100 USD as a recovery charge, to recover the amount.
User Review of Deposits on HitBTC:
Most of the user have shared their concerns, that just like withdrawals deposits take some time to get completed. Users have also complained that there are no user fees in general, but when the users go to the deposit page, they find that a nominal fee is charged as deposit fees. As a result, if the deposit fee is lesser or equal to the deposit fee then whole deposit is treated as commission fees. So, in this case eventually no deposit is made to the user account. Users also complain of deposit fees, which many users have termed simply exorbitant.
Fees and Limits on HitBTC
Like many other exchanges, HitBTC employs the “maker-taker” model. This is done with the sole purpose of maximizing liquidity. This will also encourage the makers. It will also narrow the spread on HitBTC’s markets. As a standard rule “Takers” are charged with “0.1% ” fee from the trade value, while “Makers” are not charged any fee as of now. On the contrary the “makers”, receive a rebate of 0.01% rebate from the trade value. A new user might understand that as per the maker-taker model, the “taker” is the trader who is able to remove the liquidity from the book by placing an order which matches immediately with an pre-existing order on the book. While the taker pays the fee from the trade, which is committed. The “maker” in this case is a trader who actually provides liquidity to the order book, by placing or initiating a limit order, below the best asked price for a buy and above the best bid price for a sell.
A maker is entitled for rebates. Rebate is a kind of reward that a maker gets from HitBTC for providing liquidity to a market. This is made up of a percentage of the fee, that is received by the exchange for any order that is executed. So, a trader gets incentive if a trade outside of the “immediate market price” is matched with. In this case, no fee is charged to the trader and the trader get 0.01 percent incentive of the trade value.
The exchange platform maintains that there are no fees for deposits, the fees are only for the withdrawals. The fees for the popular currencies are given below:
BTC: 0.00085 BTC
oCC: 0.0018 BCC
ETH: 0.00215 ETH
ETC: 0.002 ETC
USDT: 100 USDT
STRAT: 0.01 STRAT
LTC: 0.003 LTC
DASH: 0.03 DASH
XMR: 0.09 XMR
BCN: 0.1 BCN
ARDR: 1 ARDR
STEEM: 0.01 STEEM
There are no limits on the deposits as well as withdrawals of the cryptocurrencies, which will be definitely beneficial to the traders. This option is specially favours for the makers.
User review on Fees & Withdrawals
Users do agree that no limitation on withdrawals and deposits is definitely one of the biggest benefit of this platform. However, this comes with a catch. The withdrawal fees are quite high on this platform compared to other trading platforms. Similarly, HitBTC doesn’t charge anything for deposits as it has mentioned in its website, but in reality, there is a deposit fee which appease on the deposit page, while making the deposit. So, with unlimited deposits and withdrawals, HitBTC is bound to maximize its own revenue, rather than passing any benefits to the traders. Most of the users have complained about the high fees of HitBTC.
Security on HitBTC
Like many other exchange platforms, HitBTC also follows 2FA (2 Factor Authentication) for user authentication and securing user accounts. 2FA is not mandatory as pet the regulations of this platform but it is definitely recommended to secure the user accounts. In order to enable 2FA, one needs to select “Google 2-step verification for login” under the security section. In order to work with 2FA, a user needs to install “Google Authenticator” app on their smartphones. Similarly, in order to make sure the platform is secured verification is required before buying, selling and making withdrawals. Also, HitBTC never disclose, where the funds are secured or stored. This include the vault details.
Additionally, users can activate some core security features from the security control centre. This includes, e-mail notifications whenever user login from a new IP. Any concurrent session, apart from the active one will be terminated if this setting is deployed from the security centre. Users can also set automatic logout, where the user will be automatically logged out after the specified time.
User Review of Security:
There has been security breach once on this platform, when the website of HitBTC was hacked. Though this was never officially acknowledged by the trading organization, but unofficially it was confirmed by many entities. Similarly, there was no confirmation on the loss that incurred due to this intrusion. Apart from this incident, there has not been any reported security issues. Users consider this platform as fast and secured.
Customer Support in HitBTC
A user can get support by going to the “support centre” listed on the main page under the user’s section. On this page, there are multiple sections which has important guides as well as common issues. In case a user wants to know how to do something, like creating an account, activating account security, making deposits etc., then the user can simply go to “HitBTC essential user’s guide”. Similarly, a user can go to “common issues” in order to learn about the common issues which are prevalent on this website. Some topic under this section will be delayed withdrawal and deposits, invalid tokens etc. On the similar line, if the user wants to learn about trading, then he can visit the “trading” section. Some important topics under this section are fees & limits, different types of orders, rebates etc. In case the user is unable to get his answers in any of the sections, then he can submit a new request by clicking on “Submit a new request”. One can also reach the customer support by directly emailing the customer support team. In case the user wants to educate himself more on this platform and learn about the trading, then he can go to the “blog” option located at the bottom of the page. On the blog page, there are multiple blogs available on different topics.
Review of Customer Service:
A common feedback from the users, across multiple forums is that, the customer service team takes long time to respond. In fact, sometimes they respond, only after multiple follow-ups from the customers themselves.
So now you know all about HitBTC, what are you waiting for? Open your account today, and start trading the cryptocurrencies.