Established in 2014, HitBTC is a cryptocurrency exchange platform which has grown to become quite a famous name in the cryptocurrency space. While some people are wary of the exchange, some can swear of its legitimacy.
To be honest, the HitBTC platform does have an attractive layout. It’s intuitive and straightforward, and even newcomers would have an easy time going through it. Yet, it is also pretty controversial.
Therefore, before you actually transact with HitBTC, please carefully read this review and do your research.
HitBTC Trading Information
Supported Cryptocurrencies
HitBTC maintains the most assortment array of digital currencies. It accepts more than 150 digital assets. Most of these cryptocurrencies are traded with Ethereum and Bitcoin.
Supported Currencies and Payment Methods
EUR and US dollar are the only supported fiat currencies.
Besides, you can fund your account via bank wire transfers or directly via cryptocurrency wallets.
Fees
In HitBTC, the transaction fees range from 0.10% to 0.25%.
Furthermore, traders get a 0.01% rebate of fees on every order that is not executed immediately.
A transaction fee of €5 is applicable for Sepa deposits of less than €50,000. For deposits above €50,000, the fee is 1 percent of the total. And for wire transfers, the fee is 1 percent of the total amount.
Regarding withdrawal of funds, a fee of €30 is charged on a Sepa transfer of less than €50,000, and more than €50,000 attracts a fee of 2% of the total sum. Moreover, a wire transfer incurs a 2 percent transaction fee.
Limitations
You get a transaction limit of 2,000 EUR/USD per week or 10,000 EUR/USD per month if you have a verified account. However, this can be improved by getting in touch with the HitBTC team directly.
Using HitBTC
Signing Up
– Go to the HitBTC website.
– Fill up the registration form by providing a valid email address and creating a password.
– You will only be required to supply some information for account verification if you are going to use fiat currencies for trading purposes.
– After completing your registration, you will be given the access to a General account. However, even this will make you eligible for unlimited deposits and withdrawals of digital currencies.
Funding
– You can fund your HitBTC account via wire transfers, Sepa or cryptocurrencies directly from your wallet.
– If you want to make deposits in fiat currencies, you have to go through an account verification process wherein your identity, residence, and the likes will have to be verified.
– After doing that, you can easily fund your account and get set to begin trading!
Trading
HitBTC provides multiple trading pairs in several orders such as immediate-or-cancel, good-til-canceled, market, good-til-date/time, and fill-or-kill. Before using the platform, you can see if you like the interface buy trying out an online demo account.
For trading purposes, you can check out the column under ‘Exchange.’ This will provide you with all the information and graphs that is necessary to make an informed trade. The exact technicalities of trading are, however, quite complex.
Is HitBTC a Scam?
Judging by the information cited above, HitBTC looks like a perfectly legit exchange with a wide assortment of digital currencies, relatively low fees, and the essential fiat currencies support. The company is not too vague; neither does it promise too much. However, if you do some research online, you’ll get a lot of scam alerts.
We can’t definitively affirm whether HitBTC is a fraudulent or scam exchange, but we can tell that cryptocurrency traders are not happy with its services.
Notable reviewers have claimed that when they try to withdraw the funds (crypto or fiat currencies) from the platform, all of it basically fades into thin air and they can’t access the funds.
Besides, a basic Google search would show a host of cautious signs.
Therefore, we can positively state that HitBTC isn’t a reliable exchange platform.
HitBTC Customer Support & User Reviews
You can reach the HitBTC customer support service via email.
However, when it comes to attending to users’ complaints, users online claim that the customer support is very imprecise with their messaging. Moreover, they simply stop replying to your messages after you file a few complaints.
Several users have complained about the fact that when they attempt to withdraw their funds, their whole account is debited yet they don’t see the transaction in their bank accounts or on the platform.
What can you use instead of HitBTC?
Based on all of the information that you’ve been provided in this review, you are highly advised to tread cautiously if you wish to transact with HitBTC. There’s no conclusive evidence that the company is a scam exchange. However, because they offer nothing unique and that there are so many criticisms leveled at them, there is no sense in taking the risk nevertheless.
When you’re dealing in digital currencies, you should only use platforms that are totally trustworthy and that have an established track record.
Conclusion
HitBTC is not worth it, scam or not. With so many great digital currency exchange platforms available in the cryptocurrency space, it certainly makes no sense for you to take the risk with a platform that’s so tricky and unreliable.