HitBTC is a perfect definition of different strokes for different genders. Oh, I hope I got the saying right. Many people have varying opinions about the exchange. So many described it as a digital scam, others described it as a mistake of exchange, while some others described it as one of the best exchanges available.
Further research disclosed that this is a result of personal experience. So, after reading this article, you will decide whether you want to trust them or not because we will bring them to the limelight and discuss their features. So, is HitBTC legit?
Introduction
HitBTC is one of the early bitcoin exchanges with a specialty in altcoin spot trading. It was founded in 2013 in Hong Kong by Hit Solutions Limited.
It offers the exchange of popular cryptocurrencies such as Ethereum, Bitcoin, Litecoin, and others. It also offers some digital assets. HitBTC is alleged to have started with USD 6 million capital and has a team of experienced technology engineers, finance experts, and system architects.
However, the exchange is notorious for not being transparent with who the team members or even the founders are, and this makes people not trust them fully.
The Irony of it all is that they made public their physical location which is in Chile as Hit Solution limited. Their mailing address is also public as Av Vitacura 2969, Las Condes, Regia, Metropolitan, Chile.
Is HitBTC legit?
Despite all the past bad records, HitBTC has risen to become a major competitor of some popular exchanges like Binance and Bitfinex.
It’s been 8 years since it was launched on February 14th, 2014, and it has been an interesting ride.
Within these years of being in existence, HitBTC has been accused by some and praised by others. The major red mark that the exchange had over the years is the issue of lack of transparency. It seemed as though each year came with its problem.
In 2015, BTER and Excoin exchanges were hacked, and this coincided with the time that HitBTC went offline, making the rumor appear to be true. They didn’t also bother to release a statement about the rumors or even debunk it.
Fast forward to 2017 and 2018, users started complaining of issues with fund withdrawals, slow response time, and some other issues. Subsequently, the London-based parent company Hit Techs Ltd, got dissolved in may 2017, further adding another question mark.
Again in 2019, HitBTC disabled user withdrawals. Following the numerous complaints that ensued from this account withdrawal. As disclosed by Cryptonews.com, a HitBTC spokesperson made the following comment “Sometimes when the security measures are triggered, withdrawals can be frozen momentarily. This happens for safety reasons and we do it because the security of our customers is our top priority.”
However, despite all these records, HitBTC has risen to become a major competitor of some popular exchanges like Binance and Bitfinex.
For the question of whether it is legit, the exchange is legit. It all depends on you to decide whether you want to trust them despite the bad records they have in the past.
Read: Coinbase Pro Review
Features of HitBTC
- Services offered by HitBTC
There are various services offered and they include:
- HitBTC trading platform – in addition to trading which is the major service offered, they also provide advanced trading features, a demo mode, and a sleek UI specifically for people who are not yet ready to invest fully in trading Bitcoin yet.
- HitBTC offers OTC trading – over-the-counter trading is available for people that want to buy or sell over $100k worth of Bitcoin or Cryptocurrency.
- Margin Trading – Using MetaTrader 5, the exchange offers cryptocurrency margin trading to traders who want to leverage their trading opportunities.
- HitBTC offers API – They also offers different API together with additional programmatic access to their trading engine.
- HitBTC Fees overview – The exchange has different fee structures for different users and transactions. They will not charge you when you make a deposit, but you will be charged when you place orders and withdraw funds.
If you are an unverified user you will pay a 0.1% maker fee and a 0.2% taker fee. If you are a verified user, your trading fee will depend on the volume of your trade. This is usually analyzed after 30 days and you will also fall into the exchanges tier system.
The trading fees HitBTC offers verified users are similar to the ones offered by some popular exchanges like Bittrex or Binance.
- Account opening and Verification – Like other exchanges, the first thing you will do is to open an account. After the account opening, you will go on to verify the account. It is important to get your account upgraded to get an elevated status. For the verification you need:
- name and surname, nationality and date of birth
- Address, city, zip code, and country
- Your ID, passport, or driver’s license
- A picture of you holding a document for identity
- Phone number
Although the exchange makes room for verification, users are allowed to choose whether they want to verify the account or not.
Additionally, aside from the basic verification, you can still upgrade to the PRO version. You can get more information on the website.
- Customer service – The exchange has customer service support for its users. There are two ways to get support from the customer service and they include:
- You can reach out to the exchange support team by submitting a ticket feature.
- HitBTC has a knowledge base that comprises written articles about the features of the platform.
- Managing your account – You can manage your account through the website. There is also a mobile app available for iOS and Android devices which you can get through Google play store and Apple App store
- security overview – HitBTC put in place some security measures to help users keep their accounts safe. Some of the measures put in place include strong password, Two-factor authentication (Google authentication) crypto wallet address whitelisting, Universal 2nd factor (Yubikey), session termination tool and activity log, cold storage custody, and Auto logouts after 30 minutes of inactivity.
For HitBTC to stay this long without being hacked, it goes a long way to prove that they have strong security. However, there is a rumor speculating that HitBTC was hacked when BTER and Excoin exchanges in 2015, but they are still mere speculations.
- Easy user interface – if you are an inexperienced trader at the time of signing up to HitBTC, you will find it difficult to navigate the HitBTC website. HitBTC designed its website with advanced trading options having experienced traders in mind.
Pros of HitBTC
- Wide range of Cryptocurrencies – you have the access to trade a wide range of Cryptocurrencies in the exchange.
- Low trading fees – the trading fees of HitBTC are moderate and can compete favorably with some popular exchanges.
- Availability of Demo account – the exchange offers new users the opportunity to trade their cryptocurrencies on their demo platform until you are ready and comfortable to start trading on the HitBTC platform.
- HitBTC offers different services – the exchange offers a wide range of services that you can participate in ranging from over-the-counter trading, margin trading, API, etc.
Cons of HitBTC
- The exchange has a transparency issue – due to the bad reviews and issues the exchange had in the past, some investors are finding it hard to trust them again.
- It is not very suitable for beginners – the platform was designed with advanced features to soothe advanced traders, so beginner traders will find it hard to navigate.
- It is unregulated – The exchange is unregulated so it makes one question its credibility.
Cryptocurrencies available in HitBTC
- Ethereum
- Bitcoin cash
- Bitcoin
- Ethereum Classic
- Tether
- Ripple
- Litecoin
- Monero
- Tron
- EOS
- Zcash
Is your Cryptocurrency safe with HitBTC
The exchange has put up strong security measures like the two-factor authentication to ensure that your Crypto asset is safe with them.
It is now left to you to ensure that you do everything you are asked to do during account creation and verification.
If you have decided to ignore the bad reviews they had in the past, you can trade with them. However, always invest what you can afford to lose.
Conclusion
The exchange has come to stay. Trading with them can be a good choice because they have improved over the years and offer a wide range of cryptocurrencies. Check if your country or region is eligible to trade with the exchange. You can decide to try first with their Demo account.