- What Is the Best Possible Time to Trade - October 26, 2020
- How To Identify Seasonal Patterns in The Stock Market - September 16, 2020
- The Best Way To Manage Risks in Trading - August 26, 2020
HitBTC saw the light of the day in 2013, and it is owned and managed by Hit Solutions, a limited liability company based in Hong Kong. The platform is the product of a close collaboration between seasoned traders, software developers, and finance professionals who came together to develop a cryptocurrency exchange that would meet the needs of all players.
Little is known about the actual founders of this cryptocurrency exchanges, but it managed to raises over $6m from Angle investors prior to launch. The brand has earned a stellar reputation as the worlds most advanced cryptocurrency exchange, thanks to its flawless uptime and reliability.
HitBTC offers advanced trading services compared to other cryptocurrency exchanges and lots of coin listing. It boasts one of the most advanced REST API and FIX API in the market. It is a favourite for traders who love creating trading bots for Bitcoin. The cryptocurrency exchange has developed a matching algorithm that is one of the best in the crypto space, helping traders to execute trades efficiently.
HitBTC has footprints in over 90 countries. It lists more than 300 cryptocurrencies across more than 850 trading pairs. HitBTC is a popular platform for new token offerings and one of the largest crypto exchanges based on the volume of bitcoin transactions.
HitBTC offers a wide variety of currency pairs if you’re looking to trade crypto for crypto. In total, the platform supports over 500 instruments. The exchange is also a magnet for many new (and sometimes shady) token offerings.
Commissions and Fees
HitBTC charges trading fee based on a multi-tier system. The more you deposit and trade at HitBTC, the lower the fees you will be charged. The total amount (converted in BTC) that you have deposited and traded over the last 30 days from the date of the trade determines how much you will pay in trade fees.
To better understand trading fees at HitBTC, you must first understand how its software functions. HitBTC operates under the market-taker model. The taker refers to a trader who places a trade that matches instantly with another existing order within the platform. In essence, takers reduce the number of orders on the platform.
The Maker refers to any trader who adds new orders on the exchanges. I.e., Places a limit order that is below the asking price of the buy but above the best bid price for the sale. The table below shows how the trade fees are structured on HitBTC: Trading fees on HitBTC is about 0.1% per market trade. This is low compared to other cryptocurrency exchanges that charge up to 0.05% per market trade.
When a trader performs LP orders, they get 0.01% rebate on successful execution. For those who want to earn commissions from the HitBTC affiliate program, there is an ongoing program that rewards clients for successful referrals.
Generally, HitBTC is compared to Binance largely because both platforms are crypto only. With this in mind, Binance offers a better exchange rate of 0.1% flat, and it has a better reputation than HitBTC. On the other hand, HitBTC is richer in useful features and tools, and its user interface is more intuitive and easy to navigate than Binance.
Trust, Security, and Safety
HitBTC is secure. The broker has a 2-step verification system that makes it difficult for third parties to access your account even when they have your password. The 2-step verification is powered by Google Authenticator.
Each time you want to log in, withdraw or make deposits, you will have to complete the 2-step authentication process. While this feature is available on the platform, it isn’t automatically enabled. You have to go to the settings after registration to enable the 2-step authentication by yourself.
The desktop interface is full of resources that would be ideal for seasoned traders who have ample experience in trading. New traders might become overwhelmed by the amount of information available on the website.
There are live feeds, charts, technical indicators and many other options that an experienced trader could take advantage of, but these can be overwhelming to a new trader looking to starting trading cryptocurrencies.
The one thing traders really love about HitBTC is the way it enables them to manage their funds easily. The platform allows traders to maintain two types of accounts. The “Main Account” and the “Trading Account.” The main account allows you to store funds, and if you want to trade any of the cryptos held in the main account, you must first transfer the balance to the trading account.
Until recently, HitBTC didn’t have a mobile app. Only web and desktop versions of the platform were available. However, the platform recently announced that it had completed the last testing phase of the HitBTC mobile app for Android and iOS devices.
Now, users can make trades and manage their assets directly from their mobile device. The mobile version doesn’t have all the functions of the web version, but you will have all you need to perform trades. It is also less cluttered than the web and desktop versions, which makes it ideal for both new and seasoned traders.
Opening an Account
Opening an account on HitBTC is stress-free and takes just a few seconds to a minute. All you have to do is visit the website and follow the instructions. After creating an account, you need to get verified if you want to unlock more features. The verification process requires a government-issued ID card, proof of address, and proof of bank ownership.
All the documents must be paper-based with letterheads from the bank. Documents that don’t meet the requirements will be rejected. There are three accounts for verification: the general account, the verified account, and the qualified account. The higher the level, the more features you’ll enjoy.
Deposits and Withdrawals
The options for deposits and withdraws depends on the level of verification on the account. General accounts can make free deposits but have a withdrawal limit of about EUR 5,000 in cryptocurrency daily.
Those with general accounts cannot perform fiat transactions until they upgrade to the verified account. As soon as you have upgraded, your withdrawal and deposit limit will change to EUR 25,000 in cryptocurrencies daily. However, they can also make fiat transactions with a limit of EUR 2000 daily and EUR 10,000 monthly.
Those with the qualified account have all the features of the other two with a cryptocurrency withdrawal and deposit limit of EUR 25,000 and a fiat limit of EUR 50,000 monthly. While depositing may take up to 14 days, making withdrawals requires about 20 days.
The demo mode on HitBTC allows you to explore and experience the entire trading process without risking your capital. You can then upgrade to a real trading account to start placing real money bets.
HitBTC is purely for trading cryptocurrencies. So, you cannot buy stocks or other traditional assets on the exchange. All investments must be made in cryptocurrencies or fiat. Right now, the exchange has support for Bitcoin, Ethereum, Monero, Litecoin, and zCash and over 300 altcoins in total.
Research Tools, Insights, And Education
HitBTC has an extensive blog that covers market trends, technical analysis, and market update. There is also a forum where you can communicate with other traders and share ideas. The interface has charts and technical indicators that will guide you throughout the trading process.
HitBTC supports cold storage. Cold storage is an offline wallet that is more secure than other types of wallets. Very few exchanges offer this feature.
Another special feature of HitBTC is its affiliate program. The program rewards users for bringing new users to the platform. Each affiliate gets a dedicated link that they can use to invite their friends or their website visitors to join HitBTC.
In return, once the users you invited to join the platform create an account and start trading, the platform rewards you with up to 75% of their trading fees. In other words, the more users you direct to the platform and the higher their trade volumes, the more the profits you will get. The platform limits the minimum amount of affiliate reward that you can withdrawal at 0.1 BTC.
Cryptocurrency trading maybe just ten years old, but it has become more popular than anyone expected. Over the years, many cryptocurrency exchanges have emerged, and old Forex exchanges have integrated cryptocurrency trading into their platforms. HitBTC prides itself as a fully functional cryptocurrency exchange.
The platform has been a key player of the cryptocurrency industry since 2013, giving it a lot of time to streamline potential issues with its platform. HitBTC is fully insured, which is a welcome move given the increasing rate of cryptocurrency exchange hacks.
In a nutshell, HitBTC is an ideal platform for beginners and advanced traders. The platform has a high trade volume, an indicator of its strong financial health and liquidy.
However, the requirements for verification may be discouraging to those who prefer not to give out too much personal information. There is also the usually long waiting periods during deposits and withdrawals. Some traders have also raised issues with the quality of customer support services offered by the Platform.
To open an account on HitBTC, simply visit (HitBTC.com) and sign up for an account. Note that cryptocurrency assets are highly volatile. So, make sure you understand the terms and conditions before you start trading on any cryptocurrency exchange, including HitBTC.
Is this your final decision?
We suggest you visit one of the most popular trading platforms instead!
- HitBTC uses an advanced matching system that is still considered new technology.
- The exchange is among the top cryptocurrency exchanges by trading volume.
- It has a demo mode that allows users to place risk-free trade and learn.
- There is an affiliate program available for anyone who would like to earn commissions.
- Opening an account is easy and can be done within minutes.
- The minimum deposit is high when compared to other cryptocurrency exchanges.
- The verification process requires a lot of information.
- There have been some complaints on the forum about the limitations of the mobile app.
7 Binary Options review: HitBTC: 3 stars