3.3 out of 5 based on 8 reviews.Overall rating:
|Location||Hong Kong, China|
|Features||The website has a demo model that allows newcomers try trading without risks|
|Deposit Fees||Yes (depends on payment method)|
|Withdrawal Fees||Yes (depends on the cryptocurrency type)|
|Tradeable Coins||Bitcoin (BTC) Ethereum (ETH) LiteCoin (LTC) Bitcoin Cash / BCC (BCH) Monero (XMR) Tron (TRX) Ripple (XRP) EOS (EOS) DASH (DASH) NEM (XEM) Dogecoin (DOGE)|
- High trading volume
- Affiliate program
- High security level
- Verification is long and requires a lot of personal details
- High fees
- Long deposit and withdrawal waiting time (up to 20 business days)
Enter “HitBTC” in a Google search bar and you will see a Wikipedia page about this website. Well, not bad for a cryptocurrency exchange! Most similar websites don’t have any Wikipedia information. HitBTC is operated by HIT Solution Limited and located in Shing Road, Hong Kong. They are active players in the world of cryptocurrency since 2013.
If you visit HitBTC.com you will see a sign that says “The most advanced bitcoin exchange”. But is it really so? Let’s talk about this platform and find out if they are as good as they claim to be.
How it works?
Registration won’t take you more than ten minutes – just fill out a small form and get a notification on your email. However, this is not all – if you are there to use fiat currency, make sure to verify your identity. To do so, you will have to contact HitBTC via email and request account verification personally. Make sure to use the same address that you registered with them before. Include the following information to your letter:
- ID scan or photo
- If you are going to use fiat, make sure to provide bank account info
- Proof of residence
- Proof of bank account ownership
Be very attentive when filling this list and make sure to review the instructions they have located on the official website.
Also, there are three types of verification available at HitBTC:
- General (daily limit is EUR 5,000 worth of crypto, no fiat transactions)
- Verified (limit for cryptos is 25,000 EUR per day, fiat limit is $2,000 (USD, EUR) per week and $10,000 (USD, EUR) per month)
- Qualified (crypto limit can be more than $25,000 per day, FIAT deposit/withdrawal may be $10,000 (USD, EUR) per week and $50,000 (USD, EUR) per month)
Every level has its own advantages. The qualified level means that you are able to trade with high volumes of currency, so if you are not a big player, than you don’t really need one.
HitBTC has a pretty long deposit and withdrawal waiting time. It might take 2 weeks to fund your account and 20 days to withdraw funds.
There is an amazing feature at HitBTC – a demo mode. This is especially good for beginners, since they can try out all features and play with the website to become familiar and comfortable with the trading process. At the same time, they don’t need to pay real money and therefore they lose anything. Try out different functions and practice how transactions are made. No risks!
As for the fees at HitBTC, they are surprisingly low – 0.1% on all trades and LP orders have 0.01%.
They care about your safety, therefore provide 2-factor verification through Google Authenticator. This is necessary for all withdrawals and logins. The only minus here is that it is not included automatically when you create an account, so you will have to set it up manually in your account settings (Account > Settings > Security). We recommend you to do this right after registration, because it is crucial to keep your account safe.
As for the website, this is something that newcomers won’t like. There are tons of helpful information for experienced traders, but beginners will find it too overwhelming. However, don’t worry – a demo mode is your choice and a good way to get familiar with everything on the website.
- Demo mode for newcomers
- Affiliate program – a good way to receive some passive income through your referrals
- The website allows high trading volumes
- There are useful and unique features for newcomers as well as for the experienced traders here
- Fees are low
- Verification is long and complicated
- Customer support works through a ticket system, so if you have an urgent question, nobody will assist you fast
- Only three types of the most popular coins are available – bitcoin, ethereum and litecoin
This website is something different from the most exchange/trade platforms. An opportunity to get a demo account is a real step forward comparing to the rest of competitors: a great chance to feel what cryptocurrency trading is without making damage to your budget. Should you try it out? Well, make yourself a demo account and let it talk for you.