Hitbtc Cryptocurrency Exchange 2020 Review

No surprise, people get nervous when they search for help and the support team is not answering for several days. When both issues that I’ve mentioned come together, the situation looks even worse. These orders give an opportunity to sell or buy the chosen instrument at the market price .

The importance of using 2-factor authentication can’t be underestimated. This step is critical for the maintenance of the safety of your account.

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The only way to deposit funds into your HitBTC account is via cryptocurrency transfer. HitBTC offers its services to users in countries around the world, including the UK.

One of the unique advantages of HitBTC is that it provides support for the FIX protocol. This is something that you don’t see with a lot of cryptocurrency exchanges.

Hitbtc Customer Reviews And Known Issues

The rating results published on Cointelligence are based on an independent rating system developed by the Cointelligence team. They do not reflect any official governmental approval or regulatory compliance.

• As such, if you are a U.S. resident, or a U.S. citizen living overseas, then you’ll need to use a different exchange.
• However, most of the problems were addressed by the company later and it doesn’t seem that there are any real reasons to suspect HitBTC in being a fraudulent platform.
• CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage.
• All transactions made won’t count, so you won’t risk lightening your wallet.
• This is why it’s critically important to keep in mind that unsupported tokens deposited into your HitBTC account cannot be sent back.
• Copy and paste the address at a third party service to initiate a transaction.

The transaction and trading fees are 0.1% which is way lower than some other exchanges demand. This review aims to make it easy for the user to decide which crypto-exchange they would prefer to use. HitBTC is an intuitive and reliable exchange, allowing users to trade some of cryptocurrency’s most popular assets. You can either deposit funds in fiat money or directly in cryptocurrencies.

Deposit And Withdrawal Fees

OTC on HitBTC is curated by the exchange partner Trusted Volumes. It means that no matter how much you want to withdraw the exchange will charge the same amount of money . This amount gets adjusted automatically in accordance with the market prices in order to make the HitBTC users’ transactions fast. HitBTC offers a wide variety of currency pairs if you’re looking to trade crypto for crypto.

The bank says it is the “first bank in the Baltics to start offering crypto trading.” Large Estonian Bank … This is one of the most common security features when it comes to top-tier crypto exchanges. HitBTC allows you to trade the most popular cryptocurrencies and widespread fiat currencies, including USD and EUR. The main company’s goal is to introduce crypto traders to the most advanced technologies.

Prize Coin Prz Token To Be Listed On Lbank Exchange

Despite these red flags, my personal experience with HitBTC remains positive – the exchange does its job, even though high withdrawal fees weren’t a pleasant experience. Many users online seem to complain about forced know your customer checks when withdrawing funds, so a good practice would be verifying your account before starting to trade on HitBTC. Founded in 2013 and launched in February 2014, HitBTC is an advanced cryptocurrency exchange specializing in altcoin spot trading.

If the user wants to withdraw funds, they need to go to the account section, choose the coin and click the withdraw button. They need to specify the amount they would like to withdraw, and it immediately shows how much they will receive after calculating the commission. The completely anonymous nature of their team is another major red flag.

Cryptocurrency News

Submit a ticket feature, allowing you to reach out directly to the exchange’s support team. Once you sign up, you’ll see that HitBTC forces you to active 2FA measures on your account. Until you do so, some features of the exchange will be locked, which is good for your security. While such fee structure works for large-volume traders, it may be irritating for small traders dealing with small amounts of crypto.

However, the platform offers a number of advanced features within its main trading area, so you’re best off doing this only if you are an experienced trader. Launched way back in 2013, HitBTC is one of the oldest cryptocurrency exchanges in the industry. The platform allows users to buy, sell and trade hundreds of different cryptocurrencies, 24 hours per day.

Let us talk aboutHitBTC.comto see what they bring to the table and how advanced they really are from their competitors. If, however, you require just a specific conversion of the occasional fork or cryptocurrency, they will probably get what is hitbtc the job done. HitBTC gets a mixed of positive and negative reviews online. Fees can vary from 0.25% to -0.01% for extremely large orders . I haven’t actively used it for trading until the Bitcoin Cash and Bitcoin Gold forks came about.

Wallets

Although HitBTC used to support fiat currencies like USD, it does not keep it anymore. However, users can still buy supported 800 different crypto assets on the exchange. It also allows users to make transactions directly from their bank account.

Although we provide information on the products offered by a wide range of issuers, we don’t cover every available product or service. If you are unsure you should get independent advice before you apply for any product or commit to any plan. Unfortunately, there’s limited information available about the team behind the platform and where it is based. The HitBTC website lists a representative office in Chile and a mailing address in Hong Kong, but few other details. We write product reviews and comparison articles in the field of cryptocurrency. Extensive knowledgeable articles about HitBTC platform features and how users can make a profit by using them. Once a user reacher at tier 8 with 50,000 BTC per month or more, this platform pays a rebate of -0.01% per trade to the users.

That being said, even if you’re a fan of less popular coins, the chances of finding them on HitBTC are truly high. HitBTC is one of the popular European bitcoin exchange platforms that was founded back in 2013 and started with a 6 million USD Venture Capital investment.

Supports

If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us. However, it does have some transparency issues, which put red flags on this exchange. Therefore, it depends on you and your risk tolerance level – Whether to trade on it with completing the KYC and regulating extra securities or not? Just remember the golden rule – never trade more money than you can afford to lose, and go with your gut feelings. A Ticketing feature, which allows users to contact the HitBTC support team directly. High competitive fees, as the trading fees are lower than the average industry trading fee. It has no mobile app, although it does offer third-party APIs for mobile phones, a dedicated app would be better!

• Please come back later, they are probably already fixing this.
• If you have concerns and questions you can contact the support team or use the so-called “Trollbox” on the main page of the website.
• Therefore, it should act as a significant red flag, as it would be difficult to locate them if, due to any reason, something happens to the funds.
• If you can’t find a cryptocurrency exchange in the list above and want it to be added, post a link to it by opening an issue here on GitHub or send us an email.
• Coinbase was far easier to use, we could deposit funds with a debit/credit card and e-wallet, and customer support was top-notch.

Another trading feature available on HitBTC is OTC trading or “over the counter” trading, which means high-volume trading that doesn’t show up in the order books. In OTC the traders make a deal directly without affecting the market price of the asset. The trading fee for OTC is 0.1% and the deals should be worth at least 100,000 USDT .

The platform not only has a history of moving from jurisdiction-to-jurisdiction, but it has a significant number of bad reviews in the crypto community. If the safety of your funds is your top priority , we instead prefer heavily regulated platforms like Coinbase. Not only do they hold two regulatory licenses, but the platform is simple to use, it allows you deposit funds using multiple fiat options, and you can even short coins. Deposits and withdrawals are subject to the standard laborious AML and KYC requirements for proof of identity etc.

• The interface might be good for expert traders, but it is not meant for newbies or first-timers.
• By picking the right coin at the right time – click the button to learn more.
• Beginners on the platform will like the intuitive, user-friendly interface and the easy-to-start platform.
• It has not been revealed yet, who was the founder of this website, or the mastermind of this platform.
• The exchange adjusts withdrawal fee amounts on a constant basis and claims this policy is implemented to ensure funds arrive quickly when the network load is heavy.

Thanks to this feature, this exchange is more attractive to trading bot developers. Many of the complaints can be found on the company’s Twitter profile and in the currently banned subreddit r/hitbtc.

Author: Omkar Godbole

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