HitBTC Crypto Review 2018: An Honest Review
HitBTC is a global platform that bills itself as “the most advanced Bitcoin exchange”. It is well known for low fees, a rapid trade engine, and a vast range of currency pairs. The exchange has highly liquid markets for trading digital assets, tokens, and fiat currency (USD, EUR, etc.).
This European-based exchange is a favorite among professional traders. Its vast instruments, extremely low fees (.1%!), in-depth interface, and anonymous trading make it an attractive exchange for seasoned traders.
The interface, longer wait times, and range of instruments may be negatives for newcomers. Still, any exchange with the most cutting-edge technology is going to attract traders.
In this review, I’ll cover everything you need to know about this London-based exchange.
Two-step authentication, advanced encryption, and a relatively clean track record are all pros for HitBTC. Negative reviews on the web abound, though. Still, the security is strong.
HitBTC’s Basic Account allows for anonymous trading of cryptocurrencies, albeit at modest levels.
Ease of Use
Anonymous trading is a nice touch, but fiat currency deposits/withdrawals take ages. The interface is detailed and confusing. Demo mode is the only saving grace (much more on this later).
Despite a clean and efficient-looking ticketing system, there are more negative reviews for support than positive ones. Some say black hole; others just say long wait times.
Hard to find a better place to trade. There’s a fast engine, low commission fees, 150 instruments, and a highly detailed interface for pro traders. The “Troll Box” is a nice touch.
HitBTC has a good reputation as a place for professional traders, but negative reviews abound. Users have complained about everything from support to withdrawal times to lack of location transparency (are they in London or Hong Kong?!).
In general, HitBTC is a good platform for pro traders that know what they’re doing. But negative reviews about support, a long verification process, and confusing interface mean it isn’t the best place to start. They’ve been accused of being “shady” numerous times.
HitBTC is a cryptocurrency exchange (a place where crypto users trade with each other) based in London (or so they say). It was originally started with a six million euro investment, and was a true group effort between traders, developers, and investors. It was started with the goal of creating an advanced trading platform for professional traders. Most would agree it delivered.
The core matching engine (the mechanism that carries out trades) is lightning quick, it is highly liquid*, and it supports a drove of cryptocurrencies with a highly advanced dashboard. Another reason seasoned traders choose HitBTC is for its range of trading options—anonymous trading is possible for low levels and high-volume trading with no limits is possible after verification. Its fees are also comically low.
* New Term: Liquidity - The easier it is to turn something into cash, the more liquid it is. For example, a house has extremely low liquidity because of all of the red tape and price. HitBTC has a high trading volume and this makes it relatively easy to turn your crypto to cash.
Verdict: HitBTC is a good place for high-volume professional traders, but lack of support, a detailed interface, and high verification hurdles make it a rough place for beginners.
HitBTC has some of the most in-depth and trader-friendly features on the market.
What is a Digital Currency Exchange?
A digital currency exchange is a platform that allows users to trade cryptocurrencies (like Bitcoin) for others digital assets such as fiat currencies, other cryptocurrencies, or even other assets like tokens.
HitBTC matches buyers and sellers and takes a small fee for its troubles.
Why is HitBTC so Popular with Traders?
I’ve already covered it quite a bit, but to reiterate this important point, HitBTC is popular with professional traders. It is the 5th largest exchange by volume.
Aside from their technology, seasoned veterans prefer HitBTC for a few reason. Namely:
Is HitBTC Safe?
In terms of overall security, HitBTC has a good reputation. Despite what some detrimental reviews around the web report, the site takes security seriously. Their record is unblemished (there was a minor incident in 2015, but no user funds were affected)
One caveat is that they are a bit shady in terms of their location. The community at large is still not sure of where they are actually located. Still, they require a lot of verification to start trading large amounts. In general, they employ state of the art cryptography for your security.
WARNING: When linking 2FA to your device, be extremely cautious. Changes can only be made through the app or extension. WRITE DOWN YOUR BACKUP CODE!!! It is the only way to sign into your account should you lose the phone.
Here is a link to a Reddit thread that attempted to paint HitBTC as a scam site; however, it seems that this person merely locked themselves out of their account. Also, the poster’s integrity was heavily questioned based on his claim and post history. Feel free to read for yourself.
HitBTC Fees and Limits
HitBTC is extremely popular among traders for its low commission and favorable rebate offering. Basically, if you make an order that increases the liquidity on the site, you get a rebate of .1% on that transaction. If you decrease the liquidity, you get charged a .1% commission. A full explanation of the fee structure is available on HitBTC’s website.
HitBTC Fees vs. Other Exchanges
Here’s a quick comparison of HitBTC’s commission vs. other popular exchanges:
Deposits are accepted in cryptocurrencies, SEPA, and wire transfers. Cards are not accepted. The fees are as follows:
HitBTC’s limits are hierarchical in nature. The more verification you give, the higher your limits.
- Qualified: It’s possible to contact support and have your limits increased further. A “Qualified” account can withdraw more than €25,000 worth of crypto and up to $50,000 in fiat per month.
Note: Funding can take up to 14 days and withdrawals can take up to 20 days. Sometimes, depending on the queue, it can be longer. I found plenty of horror stories around the web.
HitBTC Demo Mode
Note: Demo Mode is currently down as HitBTC tries to improve the product. Check back for updates soon.
One awesome feature of HitBTC is Demo Mode. This is really the only beginner-friendly feature that I found. It allows you to make trades and become acquainted with the settings and interface. All transactions made won’t count, so you won’t risk lightening your wallet.
Once you’re in demo mode, you can make adjustments, check out the graphs, and make trades without having to sweat the outcome.
What I Like
HitBTC is one of the largest and most comprehensive platforms by BTC volume on the market. It is a great place to trade high-volumes of currencies at reasonable rates. However, it isn’t without its drawbacks, and its reputation around the web is in doubt to say the least.
How to Use HitBTC and Get Verified
Setting up an account is a breeze and verification isn’t necessary for small amounts. However, if you wish to increase your limits and access fiat currency, you need to take things a step further.
Here’s how to use HitBTC and get verified.
How to Use HitBTC
Just register your email address and you will be sent a link.
2) Verify Your Email Address
3) Log in Again
Unlike other sites, HitBTC doesn’t auto log you in from the link. I had to log in again with the password I had chosen.
How to Get Verified
If you want access to fiat and higher limits, verification is necessary. It isn’t easy, but it is well worth it for professional traders. First, navigate to the verification requirements so they are in full view.
1) Click Settings
2) Click the Account Verification Tab
3) Compose an Email With the Requirements You See
Now that the requirements are in front of you, contact support at email@example.com from the email associated with your account with the following information:
Identity documents can be:
Proof of residency documents must be:
Note: Screenshots and/or electronic documents are not accepted, this document should be paper-based and drafted on original bank letterhead.
Support claims that it may take 3-5 business days for verification, but numerous reviews around the web stated otherwise. If the site is overloaded, it could take a while.
I think the extensive verification process, solid reputation, advanced security measures, and increasing trade volume all answer the question “is HitBTC a scam?” with a solid NO.
Despite being the 5th largest trader by volume and one of the most advanced platforms on the web, reviews have not been kind to HitBTC.
But for every negative review, there was a positive one from a trusted source. In general, the crypto crowd still stands by HitBTC as a good platform, even if it has support issues and is not user-friendly.
What the Bad Reviews Say: Bad reviews usually revolve around long verification times and high withdrawal fees for fiat. Some even went so far as to say they were thieves and scam artists. Those allegations are unfounded though. What does seem to be true is that verifications and withdrawals can take ages at times. One major “negative” is how tight security is. Many claimed to be locked out of their accounts because of suspicious activity or lost credentials. Not sure if extra tight security is really a negative, though.
What the Good Reviews Say: On the flip side, there are plenty of reviews where the users have 0 issues with the platform. Deposits show up on time, trades happen like they should, and withdrawals arrive in bank accounts unhindered.
If you want better customer support, more anonymity, or beginner-friendliness, there are plenty of alternatives to HitBTC around the web.
Binance is a Chinese crypto exchange that has gained a lot of traction since it opened its “doors” a few years ago. With a bevy of coin options, USD trading, and an advanced dashboard for seasoned traders, it’s a good alternative for US or China-based traders. Neither of its 2 versions—Basic and Advanced—are user friendly, but it’s well worth a try for experienced traders. What really sets it apart are its neat competitions. Do you want to win a Porsche? You can do it here!
“The world’s largest and most advanced cryptocurrency trading platform” —or so they say. Despite the well publicized hack, the company takes security seriously. It is highly regarded within the community. It’s current monthly volume is a staggering 114.8 BILLION! This major platform offers everything that HitBTC has and beyond. Margin trading, margin funding, and a suite of order types all appeal to experienced traders. It’s even got a sweet mobile app.
Cex is a popular trading platform known for its high level of security and worldwide coverage. If you’re looking for an exchange that accepts credit cards, this one is it. Competitive commissions, margin trading, and transparent compliance are all reasons for choosing this platform over HitBTC.
Read our Cex.io Exchange Review.
HitBTC vs. Bittrex | Comparison - Is HitBTC the Best Bitcoin Exchange?
HitBTC and Bittrex are two of the largest trading platforms on the market. Each one has its advantages and drawbacks. Both have solid reputations and are desirable for currency traders. This review of Bittrex vs. HitBTC will help you decide for yourself.
Bittrex is the next-generation currency trading platform. It is one of the fastest and most comprehensive trading platforms on the market. Based in Las Vegas, they are a major player on the American market. This crypto-only exchange is one of the most well-regarded on the market, and may even be preferable for certain types of traders. Industry leading security, full regulation, and stability are reasons that traders keep coming back and putting trust in Bittrex.
Bittrex might be preferable as a platform overall compared to HitBTC, but only for certain traders. Good support and an even better reputation give it an edge over HitBTC. It has many currency options and very low fees that compete with anyone on the market.
But it is crypto only. There is NO FIAT TRADING. You cannot work with USD, EUR, or any other real-world currency. This makes it not beginner-friendly and extremely restrictive. If you’ve already got crypto, consider Bittrex over HitBTC. If you want fiat, HitBTC is your choice.
Bittrex: Great for crypto-only traders.
HitBTC: Great for fiat and crypto
Throughout my research, I noticed the same questions popping up over and over. They are answered here.
Q: Is HitBTC Safe?
A: Yes, without a doubt. They take security very seriously and have an unblemished track record. 2FA, cold storage, and extra withdrawal verification are just the tip of the iceberg with them.
Q: Can I Use a Credit Card on HitBTC?
A: No, HitBTC does not accept cards.
Q: Does HitBTC Accept PayPal?
A: No, it does not.
Q: How Do I Get Verified on HitBTC?
A: You must send a detailed email with your personal information, address, and bank account information. Please see the above section on verification.
Q: How Do I Fund a HitBTC Account?
A: If you wish to deposit, you just click the deposit icon next to your currency of choice and use your bank account or SEPA transfer.
Q: How Long Are Withdrawal Times
A: HitBTC is not well regarded for its withdrawal times. They can take up to 3 weeks or more!
In the end, HitBTC is still a desirable platform for advanced traders. Even though the reviews around the web tend to be negative, the advanced tools, fast trade engine, and detailed dashboard are all positives in its favor. It is definitely NOT beginner friendly, and support may cause a lot of headaches. But for high limits, a range of currency options, detailed information, and very low fees, it is worth the pain.
Every negative about HitBTC is in regards to support and long wait times. That’s easy to live with in my opinion. Especially considering the security and flexibility.
HitBTC is a good platform for experienced traders, just be prepared to wait to get your money.