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. 

Homepage of HitBTC exchange

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.

Pros:
  • Extremely Low Fees
  • 150 Instruments for Trading
  • High Liquidity
  • Basic Anonymous Trading
Cons:
  • Long Verification Process For High Limit Trading
  • Slow Withdrawal Speed
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    Not Beginner-Friendly
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    No Credit Cards

Features

Security

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.

Privacy

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).

Anonymous trading on HitBTC is available

Support

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.

HitBTC is promising quick response

Trading

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.

Reputation

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?!).

Overall

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’s makes big claims, but doesn’t back them up in my opinion

HitBTC’s makes big claims, but doesn’t back them up in my opinion

About HitBTC

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’s dash is detailed and complex, but a goldmine for advanced crypto info. Not beginner-friendly

HitBTC’s dash is detailed and complex, but a goldmine for advanced crypto info. Not beginner-friendly

HitBTC Features

HitBTC has some of the most in-depth and trader-friendly features on the market.

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    Currencies: A myriad of cryptos are supported including BTC, LTC, DOGE, QCN, and NXT. Account funding is also available in USD or EUR.
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    Payment: Crypto, SEPA transfer, bank wire.
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    Verification: Basic anonymous trading is possible. For higher limits, the verification process is lengthy.
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    Speed: Withdrawal/Deposit times can be lengthy with fiat
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    Dashboard: Graph, chatbox, activity, instruments, market depth, trading view
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    App: No.
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    Instruments: 150.

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.

Bitcoin Cach is currently the most traded cryptocurrency on HitBTC

Aside from their technology, seasoned veterans prefer HitBTC for a few reason. Namely:

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    Coins from A-Z: In addition to the heavy hitters like Bitcoin and Litecoin, HitBTC offers trading in coins from ADX to Zeus Shield Coin. There are well over 100 altcoins.
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    Advanced Tools: From their neat price widget to their advanced API, HitBTC offers an experience that few can match.
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    Dashboard: We’ve already covered the dash, but it bears repeating. It is extremely detailed.
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    Coin Voting: One unique offering from HitBTC is their coin voting system. The community votes on which new coin it wants to see and the platform delivers. The first winner was Dogecoin.
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    Low Fees: Orders are charged a .1% commission fee. However, if yours is executed immediately, you get a rebate. Withdrawal fees are a bit more invasive but still reasonable. The fee chart is available from support. SEPA withdrawals, however, are considered steep. It’s 30 euros to withdraw less than $50,000, so you better make it count.
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    High Liquidity: The high trading volume of HitBTC means high liquidity. It’s quite easy to turn your digital asset into fiat or other assets.
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    Dependable API: For advanced traders, the API is stable and provides a good experience for algorithm trading.
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    Troll Box: It’s generally full of nonsense, but this chat box on the dash makes for good fun. You might even learn something from some of the better chatters.

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.

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    Two-Factor Authentication: The only drawback here is you must activate it yourself. Read how to activate it here at support.
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    Recent Activity Chart: At the bottom of your Settings page, a Recent Activity Chart lets you know if anyone is trying to log-in.
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    Withdrawals: Extra verification is built into the withdrawal process.
Active sessions and recent activity are clearly visible. The 2FA setup is also fairly straightforward.

Active sessions and recent activity are clearly visible. The 2FA setup is also fairly straightforward.

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:

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    Bitfinex: .2 %
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    Bitstamp: .46 %
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    BTC-E: .2 %

Deposit Fees

Deposits are accepted in cryptocurrencies, SEPA, and wire transfers. Cards are not accepted. The fees are as follows:

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    Crypto: No fee (except Bitcoin).
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    USD: 1 % regardless of the sum (min: $6 / max: $45).
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    EUR Bank Account: €5 < €50,000 / 1% > €50,000.
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    BitCoin: Due to high transaction fees and demand, HitBTC now charges a fee of .0003 for depositing BTC.
Crypto deposits are free once you pay

Withdrawal Fees

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    Crypto: A brief overview of withdrawal fees for popular currencies is available on the website. A few popular ones: BTC: 0.00085 | ETH: 0.00215 | LTC: 0.003.
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    Fiat: A €30 flat fee for withdrawals < €50,000 | 2% flat fee for wire transfer

Limits

HitBTC’s limits are hierarchical in nature. The more verification you give, the higher your limits.

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    General: Your limit is €5,000 per day of crypto. Fiat transactions are not allowed.
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    Verified: €25,000 worth of crypto per day. $2,000 worth of fiat per day/$10,000 per month.
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  • 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

If you jsut want to try trading, you can use 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.

To access it, just click the Try Demo button on the dash.

To access it, just click the Try Demo button on the dash.

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.

Likes:
  • Low Commission
  • 150 Instruments
  • Advanced Technology for Fast Trading
  • Demo Mode
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    Free Crypto Deposits
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    Comprehensive Dashboard
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    Clean Security Track Record
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    Anonymous Trading
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    High Liquidity
Dislikes:
  • A Bit Shady (where they’re based, bad support, etc.)
  • Poor Customer Support
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    Not Beginner-Friendly
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    No Credit Cards
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    Withdrawal Fee Is Steep for Small Sums
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    Long Deposit and Withdrawal Times

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

1) Register

Just register your email address and you will be sent a link.

2) Verify Your Email Address

You will be sent a link to verify your email. Click it.

You will be sent a link to verify your email. Click it.

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.

4) Deposit

Depositing is a breeze. From the dash, click Deposit.

Depositing is a breeze. From the dash, click Deposit.

Then, choose the currency you wish deposit and click the icon. Remember, in order to deposit fiat currency, you must get verified.

Then, choose the currency you wish deposit and click the icon. Remember, in order to deposit fiat currency, you must get verified.

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

The Settings cog is located in the top right corner of the dash.

The Settings cog is located in the top right corner of the dash.

2)  Click the Account Verification Tab

It is necessary to be verified to withdrawal your funds from HitBTC

3) Compose an Email With the Requirements You See

Now that the requirements are in front of you, contact support at compliance@hitbtc.com from the email associated with your account with the following information:

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    Personal Information
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    Address
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    Bank Account Information

Identity documents can be:

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    Passport
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    ID Card
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    Driving License

Proof of residency documents must be:

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    Utility Bill
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    Bank Statements
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    Tax Returns

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.

Verification may take a few days

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.

Here is the link to the verification page.


HitBTC Reviews

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.


HitBTC Alternatives

If you want better customer support, more anonymity, or beginner-friendliness, there are plenty of alternatives to HitBTC around the web.

Binance

Binance exchange logo

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!

Bitfinex

Bitfinex exchange logo

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.io

CEX.io exchange logo

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.

About Bittrex

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.

Likes:
  • 190 + currency options
  • Easy verification
  • Low fees
  • Good support
Dislikes:
  • No fiat trading
  • No fiat payment options

​Verdict

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


​HitBTC FAQ

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!


Final Verdict

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.

HitBTC Crypto Review 2018: An Honest Review
5 (100%) 1 vote
Kevin Meng
 

Writer, musician, and world wanderer from the USA. After years of writing and traveling, I happened upon a group of crypto traders in Thailand and was fascinated with the ideas of decentralization, transparency, and accessibility. The crypto revolution is in full swing and we can’t escape its power…..but this is just the beginning.

Click Here to Leave a Comment Below 7 comments
Sem - a few months ago

HitBTC exchange is big and huge amounts of money pass every day. The transaction fee is the smallest I know. 0.1% for market order. Trading is carried out with coins with large capitalization, it is possible to trade without account verification.

Reply
    Andrej Holesa - a few months ago

    Good additional information.Thanks:)

    Reply
Chad - a few months ago

Wow, it’s a big review! Completely agree with you. I also don’t look at negative reviews, because personally I had no problems with withdrawing or with support.

Reply
    Andrej Holesa - a few months ago

    We are glad you like it.Thank you:)

    Reply
Norbert K - a few months ago

I have never noticed any problems with this exchange so far, although I have been using it for a year already. Sometimes it hangs, but it’s not a problem at all.

Reply
    Andrej Holesa - a few months ago

    We have similar experiences.

    Reply
Peter - a couple of months ago

I have no idea why others have so many problems with Hitbtc. Maybe they just refuse to follow instructions and instead of blaming themselves, they blame support.

Reply

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