HitBTC Review (2022) Review
HitBTC is an exchange for an experienced cryptocurrency trader. The exchange offers high liquidity and it has a wide selection of altcoins. HitBTC was established in 2013 and since then it has grown a lot to exchange a wide variety of digital assets, including most popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dogecoin (DOGE), Monera (XMR), Tron (TRX), Dash (DASH), EOS (EOS) and Tether (USDT). In April of the same year, developers launched a demo trading, which is great news for newbies. Overall, it’s famous for its wide variety of coin listings and advanced trading features.
HitBTC provides its services all over the world without restriction. The strongest advantage is the availability of modern and convenient services for work: current exchange rates, charts, news, descriptions, transaction history, etc. It allows profitably selling/buying/exchanging various digital coins, another feature of HitBTC is an API for using bots, which helps to trade cryptocurrency automatically. Their platform that provides instant order processing and reduces transaction costs. Here is a list HitBTC can offer their users:
- Large range of cryptocurrencies
- No restrictions on depositing or withdrawing digital assets
- Advanced engine matching technology
- Wide range of tools available (over 500)
- Simple but extensive interface
- Margin and OTC trading are available
- Crypto can be bought for fiat money
As you can find on their website, security is one of their main aims. They say:” Our values are based on three tenets: reliability, security, and performance. With our deep understanding of technology, economics, and finance, and by applying knowledge and innovation, we have created one of the most sophisticated and technologically advanced trading platforms in the industry.”. They use two different types of custody: top-tier security for the top 10 currencies on the market, including all ETH tokens, and regular security for all other digital assets.
Using a demo trading account means that you don’t need to worry about losing money, you can learn and gain skills before you go live with trading. It’s a good educational tool for beginners. In other words, Demo accounts are an invaluable tool for new traders. As I have mentioned before, HitBTC has a demo account for newcomers to check out before they go live.
Broker fees can vary and change, there may be additional fees that are not mentioned in this review. There is a significant difference in HitBTC trading fees for verified and unverified accounts. There are no fees for making deposits with HitBTC. However, there are flat fees for withdrawals, and these can be quite high. The fee structure is explained and shown on their website. Transparently. You find it in their footer under “Trading Fee Tier”.
In the top pane of their website you have to simple options. Either sign up or sign in. Clicking on sign up, a short form comes up.
I received a confirmation email in a few seconds.
If you go for the demo account like me, click on “Demo” in the footer of the page, then type in your email and a password. You receive a confirmation email in a second and then you are in. Super simple and quick.
I was logged in a minute, and my first impression of the platform is, that it looks for the inexperienced cryptocurrency buyer or trader, navigating the HitBTC website, at first, a dizzying experience. The demo account I signed up for gives you approximately USDT 4000 worth of cryptocurrency. To start trading live, you need to go through the verification process and transfer funds to the Trading Account. The dashboard has these features:
- Table displaying supported cryptocurrency markets.
- One place for placing buying or selling orders.
- Graph displaying the depth of a particular market for a cryptocurrency pair.
- Two places showing the order books for buying and selling a chosen currency
Although the website looks clean and simple at first, you quickly realize, it is very much missing many information and a menu. It was difficult for me to find information about their features and products. The design is fine, colors too, it just seems empty. Most of the tabs you are looking for are in the footer, but even that isn`t enough. The first tab “Company” has information about the company, blog and legal info. Then you have the “Partners” tab, which you skip, of course, and still looking for product explanation you go to the next tab “For users”. You can choose from the fee structure, verification, bug report, the demo tab…but still no information about the features. I also missed the contact tab here, but there is a support portal. Clicking on this tab, you get to a “Knowledge base” I had no idea about, and which is useful for newbies. They have an army of “Follow us” social accounts.
As I have mentioned, they have an army of social network accounts. For example, you find Twitter, Facebook, Telegram, Reddit and others. The last post on Facebook is just a couple of days old, which is fine. There is no need to post every day, I think. They have there nearly 26 thousand followers. Their posts are usually marketing ads, short and striking. Twitter is a bit more loaded. Here they have over 279 thousand followers, which is praiseworthy. The posts are mirrored from Facebook.
Advantages and disadvantages
HitBTC offers a wide variety of currency pairs, but its shady reputation and mediocre customer support mark it as unreliable. There is no chatbot, no contact information, only a support portal. I found the website empty. Missing the main information about features and regulations and so on. Although they are active on the two most famous social sites Facebook and Twitter. HitBTC is available worldwide, which is good. It was very fast and simple to register, even into the demo account, but the platform was a bit dizzying for me.
I found some educational support going through their tab Support centre. They have a few educational articles there. No videos, seminars, the blog has all sorts of articles. Not nicely designed though, you can`t really tell, when does the article end and when a new one starts, you can’t choose an article either.
- Fast and simple registration
- Large range of cryptocurrencies
- They are worldwide
- Low trading fees
- Dizzying platform
- No contact information
- No chatbot
- Missing information on their website