Starting from the very basics, let’s reveal where is HitBTC located. The exchange was launched in 2013 in the United Kingdom. However, it’s current office location is in Hong Kong. Plus, they have an office in Chile. It’s reported that the team attracted over $6 million during the investment round to start the exchange.
Today, HitBTC reviews more than 870 trading pairs with various cryptocurrencies and stablecoins. The most demanded ones are BTC and ETH at $370 and $70 million in daily volume, respectively.
The website supports English, Chinese, Korean, Spanish, and Portuguese languages. It’s cool that the starting page includes all the required info: basics, active markets, guides, core features, support links.
In our HitBTC exchange review, we will check how to start using the service and how to ensure that HitBTC fraud is absent.
How to use HitBTC?
The launch process is simple and takes less than five minutes. You should sign up by providing your email, get a password, and accept the terms. Then, activate your account using the email link. Well, so how to use HitBTC next?
Things are a bit complicated here. Generally, the exchange asks clients to verify their accounts to get access to more features like lower fees and streamlined services. To complete the verification, you should submit a few docs and contact the support team. Feel free to use the guides to find out how to do this correctly.
However, it’s still unclear how the HitBTC exchange works with limits. Some users state that there are several verification levels with different withdrawal limits. For instance, newcomers can’t work with fiat currencies and have the min withdrawal of €5,000 only. But the platform representatives responded that they don’t have deposit and withdrawal limits at all, and there are only two verification levels.
Overall, we suggest contacting the HitBTC support to clarify this situation.
Further, let’s review HitBTC fees. They’re pretty simple as you can easily find the fee schedule based on takers/makers and verification levels. The more trading volume your account features, the lower fees will be. Here, takers pay from 0.02% to 0.07% while makers even can get rebates up to -0.01%. It’s a reward for users who improve the markets’ liquidity levels.
Is HitBTC safe?
To understand if the HitBTC safe, we should realize how the exchange protects its customers. Of course, it offers 2FA that can be used for account logins, withdrawals, and any settings’ changes.
Secondly, HitBTC has an automatic exit feature. Clients can order the system to log out after a certain time of inactivity. The termination function is also helpful as it can quickly and all sessions regardless of the device used. You can use IP tracking to check which sessions are active and what are their parameters.
As with any major exchange, HitBTC down issues happened, according to user reports. However, it doesn’t mean that HitBTC scam issues exist because these problems are purely technical. Thanks to good security, the exchange protects its clients and ensures a seamless experience.
We hope that you liked this HitBTC review 2020. As a short conclusion, we want to show you the pros and cons related to the exchange.
- A lot of trading functions for clients;
- Demo trading accounts;
- Fiat-based deposits and withdrawals;
- Great security measures;
- HitBTC API that supports bots;
- Low fees, rebates for market makers;
- Over 870 trading pairs, it’s close to the record numbers;
- Verification isn’t obligatory.
- Issues with crypto transfers and performance;
- No mobile apps;
- No support for American users;
- An unclear situation with limits.