HitBTC Review: The Ultimate Guide to Trading, Security, and Fees

Introduction

Choosing a suitable cryptocurrency exchange is harder now as so many exchanges exist. HitBTC is widely known for its simple user interface and high-volume trading. It is a place where both newcomers and trading professionals will be able to trade with ease. In this in-depth HitBTC review, we will dig into the exchange fees, services, customer support, trading, and much more. Let us get started and look in detail in this review now.

Overview

What is HitBTC?

Hitbtc is one of the oldest and fastest-growing cryptocurrency exchanges in the world. It was founded in 2013 by the Ullus Corporation in Hongkong. It is one of the largest Spot trading markets with more than 500 digital assets and 800+ trading pairs. It owns Hit Token (The HitBTC token) an ERC20 utility token created by HitBTC.

It offers Spot, margin, derivative and OTC trading with a maker fee of 0.10% & taker fee of 0.25%. The demo account for new users is definitely a good feature to try out the platform without any fear of losing an asset. Moreover, the exchange offers exclusive rebates to HIT owners and gives discounts for HIT trading pairs. 

The exchange provides a demo account for new users to get used to the platform. With a demo account, users can trade without fear of losing tangible assets. 

Features

• Trading Types – The exchange offers Spot, Margin, Derivatives, and OTC trading
• Trading Fees – The maker fee for beginners is 0.10% and the taker fee is 0.25%. 
• Advanced API – it provides fast and secure API for smooth trading. Eg;- REST, Web Socket & Fix API
• Security – The majority of the assets are stored offline in cold storage. Other security features include whitelisting, 2FA, high encryption technology, etc
• Demo Trading Account – It provides a demo trading account for new users to get accustomed to the platform
• Staking – You can earn passively by staking relevant cryptocurrencies from your account. The APY is in the range of 1.1%-14.5%. 

Cryptocurrencies available on Hitbtc

Hitbtc offers more than 500+ cryptocurrencies and 800+ trading pairs. It supports more than 47 fiat currencies on its platform. Some of the popular cryptocurrencies on the platform are:

• Bitcoin
• Ethereum
• Tether
• XRP
• Litecoin
• Solana
• The Sandbox
• DYDX
• ATOM
• Ripple

How to create an account on Hitbtc?

Let us learn how to create an account on the Hitbtc exchange

1. Log on to the HitBTC website
2. Click [Sign Up]
3. Confirm the email and agree to the terms and conditions
4. Now you can deposit/ buy cryptos on the platform
5. We recommend you secure your account by enabling 2FA
6. Once you enable it, you will get an OTP every time you log in to your account
7. For account verification, you need to submit documents like a passport, driving license, and a selfie video/ photo

How to buy cryptocurrency on Hitbtc?

Let us learn how to buy cryptocurrency from this exchange

1. Log on to the website
2. Click [Buy Crypto]
3. Select your preferred fiat currency and the cryptocurrency you want to buy
4. Choose the payment provider (Moonpay, Banxa, Mercuryo)
5. Click [Continue]
6. Fill in the necessary payment details and Click [Continue]
7. The order will be processed in a few minutes
8. You will get a notification once the transaction is complete

How to sell cryptocurrency on Hitbtc?

Let us learn how to sell cryptocurrency on the Hitbtc exchange

1. To start trading, you need to transfer your funds from your Main account to your Trading account first by hitting the arrows under the “Transfer” button. 
2. Next, enter the desired amount and click “Transfer.”
3. Then proceed to the trading terminal, select a trading pair in the “Instruments” section, and set up an order.
4. There are 4 types of orders available: market, limit, stop, stop limit. A brief description of each type is available upon hovering your cursor over the question mark. For example, you want to sell BCH via market order on BCH/ETH market. Select the desired market and currency

5. Then enter the amount, and click “Sell Market” to proceed.
6. The history of your trades on the particular market is available in the “My Orders and Trades” section.

How to deposit cryptocurrency on Hitbtc?

Let us learn how to deposit cryptocurrency into this exchange

1. Log in to your Hitbtc account
2. Click [Deposit]
3. Choose the currency you want to deposit and click [deposit] near the cryptocurrency
4. Copy the wallet address
5. Paste it in the previous exchange withdrawal gateway. Select the network carefully
6. Follow the necessary steps in the previous exchange
7. You will get a notification once the transaction is complete

How to withdraw cryptocurrency on Hitbtc?

Let us learn how to withdraw cryptocurrency on the Hitbtc exchange

1. Log in to your Hitbtc account
2. Click on [Deposit]
3. Choose your cryptocurrency and click [Withdraw]
4. Paste the new destination address from the new exchange/ wallet, Choose the correct network, add a Memo and tag if necessary, and click [Continue]
5. You will get a notification once the transaction is complete

Exchange Fees and Supported payments

The exchange does not charge deposit fees for depositing cryptocurrencies. However, withdrawal fees vary according to the cryptocurrencies you want to withdraw. 

The exchange follows a maker-taker model to determine the trading fees. Trading volume is taken into account for calculating trading fees. Note that for a beginner or a general trader, the maker fee is 0.1% and the taker fee is 0.25%. 

An additional discount is given if the user is holding HIT tokens. Note that the Taker fees cannot go below 0.02%

Futures Trading fees are fixed for all tiers at 0.02% for Maker Fees and 0.05% for Takers Fees.

Margin Trading – If a position is liquidated – either by reaching the liquidation price or by the trader, a Liquidation Fee in the amount of 0.5% of the position’s value is charged in the quote currency

Futures Trading – If a position is liquidated – either by reaching the liquidation price or by the trader, a Liquidation Fee in the amount of 0.5% of the position’s value is charged in the quote currency

Mobile App

It has a good mobile app which is available both on Google and Apple App store. It has more than 4-star ratings with good customer reviews. With the mobile app, you can keep track of your portfolio, the latest market trends and price movements, and many more. 

Customer Support

The HitBTC exchange has a support webpage where users can find details regarding crypto fundamentals, trading, deposits/ withdrawals,  fees, and levels, Hit Token, etc. They also have a chatbot in case you need a quick view of articles related to your query. You can also email them which will be replied to in 24 hours. 

Recent Updates

May 2023 – HitBTC is actively seeking to onboard new tokens and coins onto its platform. The exchange is eager to host innovative projects and invites interested teams to take the initial step by completing the application form provided.

Conclusion

The HitBTC exchange tells that it is one of the most advanced and secure cryptocurrency platforms in the world. It surely is one of the longest-standing platforms in the cryptocurrency industry. 

Some of the plus points of HitBTC are it has 450+ digital assets with more than 960+ trading pairs. Secondly, it uses a maker-taker model for calculating trading fees and also considers trading volume and HIT holdings while calculating your trading fees. The more trading volume, the more discounted trading price. The more HIT tokens you hold or use in pair trading, the more discounted the trading price.

It had an affiliate program that was launched in 2016 but it was stopped very soon due to technical problems. Currently, it has no referral/ affiliate programs. 

This exchange is good for traders looking for a wider range of digital assets and lower trading fees. But you need to note that the company CEO and head employees remain invisible in the era of the internet. However, the security and transparency of this exchange are major concerns. 

FAQs