Safe or a Fraud: A HitBTC Review

HitBTC is a cryptocurrency exchange that was launched in 2013 in Hong Kong. Some of its available cryptocurrencies are Bitcoin, Ethereum, Litecoin and many more. It is beginner friendly although it has no mobile app.

When it comes to trading volume, HitBTC is stable in being part of one of the highest rated on the market. Although liquidity is a critical element, it should not be the only role that is considered upon using an exchange. We will scrutinize the features that you need to know in this HitBTC review.

The User Interface

When comparing it with most other exchanges, their price chart interface is almost the same. One big contrast though, between HitBTC and other exchanges, is their categorization of funds on the tab “account”. This is due to HitBTC giving its customers two accounts, both with dissimilar purposes—a main account and a trading account.

The main account is planned to be where your cryptocurrency funds are stored. The funds in that account cannot instantly be exchanged. That’s where the trading account comes in. You must place the funds from your main account to the trading account, which is programmed especially for exchanging, not keeping funds.

Once you study this, it is much easier to interpret the functions of the interface. Although, if you are a new customer, you may believe it to be quite odd. This is because most cryptocurrency exchanges only use a one-account system. Thus, when there are two accounts, it can cause quite a confusion.

The Security of HitBTC

HitBTC went on a brief hiatus in 2015, not too long after their launch. When that happened, some of the customers were complaining about their money from the exchange, they reported that they had trouble withdrawing. That complaint could have been due to the safety measure, “exchange freezing user funds”, because Bter, another exchange, after a compromise in their database resulting to theft. This gives the customers the idea that exchanges can freeze funds when they please, a negative outlook when it comes to security.

However, typically, there is security in the exchange. Now, the security team had decided to upgrade their system and use the two-factor authentication (2FA). The 2FA can be activated for different tasks (e.g. logging in, withdrawal of funds, and adjustment of settings). For safety measures, there is now an option on the time you will be logged in to your account before being logged out automatically (30 minutes, 1 hours, 8 hours, 1-7 days, or never).

For securing most of its funds, HitBTC uses cold cache. With HitBTC, there is a distinctive attribute called the “whitelist”. It gives you the liberty of adding any of your trustworthy deposit addresses. This feature is meant to hinder someone, including hackers, from being able to withdraw to an address that is unfamiliar to you or not in your control. HitBTC should be able to take action, in any case, in the attempt of a withdrawal using your e-mail account.

Fees of HitBTC

The fees or HitBTC are set at 0.1%, this means, the makers need not to pay any fees. Conversely, the makers usually receive a 0.01% rebate for each trade. This makes the trading fees of HitBTC more competitive as compared to other cryptocurrency exchanges.

There is a distinctness for HitBTC fees for withdrawals, they are not based on transaction volume (e.g. If you withdraw 10 BTC or 0.5 BTC, the will charge will be the same fee—also 10 BTC or 0.5 BTC). Fees are zestful and regulate instinctively with the market. For those withdrawing large amounts, that is good news. But for those who withdraw small amounts can see it as bad news. Juxtaposing it with other exchanges such as Binance and Bittrex, the fees for withdrawal of HitBTC can be considered low for others, however, some may see it as high, too.

Options of Currency

HitBTC is different from other exchanges because of the availability of various currency options. By November 2018, it is said to have over 200 contrasting cryptocurrencies accessible on this trade. HitBTC has a variety of cryptocurrencies, some not found in other popular exchanges.

Unfortunately, depositing fiat directly though HitBTC is not available anymore.

Experience of Customer Service

As reviewed by different customers. HitBTC is quite slow and at times do not respond to queries from them. Although HitBTC has a Reddit, which is their social media platform for addressing customer issues, many still complain that they have been left hanging in the queue.

It is also worth noting that due to some technical issues, certain coins can get “stuck” in the trade. With that, HitBTC may also continue risking their users trust issues by prohibiting them to regulate their own money and halting determined coins.

To Conclude…

Although HitBTC can be aggressive when it comes to exchanging and withdrawing fees, including richness of cryptocurrency exchange alternatives, there are still many matters that the trade must address. They may be able to improve their money safety, experience with customer service, and explanation on different trade strategies.

 

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