All over the world people are looking on means on how to make money with Crypto. Today we take a look at HitBtc review. What is Hitbtc? read the review below to find out. Ok, with that being said, let´s go!
Owner: Hit Techs Limited
Price: They only charge 0.1% on every market trade
Clients: Cryptocurrencies Traders
Overall rating: (2 / 5)
They claim to be the most advanced Bitcoin exchange today. Let’s see how advanced they really are from their counterparts. Let us talk about HitBTC.com and what do they bring to the table. HitBTC is known for being able to be friendly enough to people that are into creating trade bots, thanks to their API’s. When you try and search Google for “HitBTC”, a Wikipedia information shows up, not bad for a Bitcoin website! In most cases, you are unable to get any results from Wikipedia when you search for Bitcoin websites.
Anyhow, Wikipedia says that the company is EU-Based, which is quite odd as their website says that they are operating by “HIT Solution Limited” which is located at Unit 19, 7/F, One Midtown No11 Hoi Shing Road, Hong Kong. They have been in business since 2013 and boasts their efficiency when it comes to their matching algorithms.
How fast is the verification with HitBTC.com?
Registration is a breeze with HitBTC and it literally just took seconds and I got my confirmation link on the email provided. But that doesn’t stop there, if you want to fund your account using FIAT, then you need to verify your account and get it out of the “general admission”. How do you get your account verified?
In order to have your account verified, you need to contact HitBTC at email@example.com. And request to have your account verified. Please be advised that you need to use the email address that you registered with them to send the verification email. Make sure that your email should include the following details below:
- Personal Information (Government issued ID’s)
- Bank account information (For people that want to use FIAT)
- Proof of Residence
- Proof of bank account ownership
You can read more about the details on how to get verified through this link. A note found at the end of the verification guide page says:
“Screenshots and/or electronic documents are not accepted, this document should be paper-based and drafted on original bank letterhead.”
You need to keep that in mind before you submit any requirements to them so that you wouldn’t encounter any problems when it comes to verifying your account.
Verification types offered by HitBTC
These are the levels of accounts that you would be able to get with HitBTC, each of these levels have their own advantage. Of course, the higher the level, the higher the trading volume.
For “General” accounts, you can, of course, deposit cryptocurrency for free and your daily withdrawal limit is EUR 5,000 worth of cryptocurrency per day. FIAT transactions are not available for the general verification tier.
The second tier would be “Verified” and you get free deposits for cryptos and a maximum of EUR 25,000 worth of cryptocurrency withdrawal per day. FIAT limit would be $2,000 (USD, EUR) per week and $10,000 (USD, EUR) per month; for deposits and withdrawals.
The final tier is called “Qualified” and, of course, you do not need to pay for any crypto deposits. If you think that $25,000 worth of cryptocurrency withdrawal is not enough for you then you might want to apply for this verification tier. A “Qualified” account can withdraw more than $25,000 worth of cryptocurrency per day and FIAT deposit/withdrawal would be $10,000 (USD, EUR) per week and $50,000 (USD, EUR) per month.
Deposits and Withdrawal waiting time
Funding your account can take up to fourteen (14) business days. And when it comes to the withdrawal of funds this can take up to twenty (20) business days.
HitBtc Review. What’s really exciting about their website is that only HitBTC.com offers a demo mode in where you can play with their websites and features and try to feel comfortable with trading without losing anything! With just a few simple clicks, you would be able to enter the “Demo Mode” where all transactions are made for practice purposes.
HitBTC trading fees
Trading fees are surprising low with them as they only charge 0.1% on every market trade and LP orders have a 0.01% rebate on execution.
An in-depth guide can be read through this link regarding their fees.
HitBTC has, of course, a 2-step verification process for all users through the commonly used Google Authenticator. This security feature is used for all logins and withdrawals. Bad thing is that this is not included when you register with them. To enable your 2-step verification security, you need to go to Settings > Security and then setup your account. It is always wise to keep your account secured no matter how small your trades are.
Website Interface for HitBTC
The website interface is something that newbies would not like. It is filled with all the information a seasoned trader would need, but too much information for a new person who just came into Bitcoin trading. Good thing that the Demo Mode is there to help you out in getting familiar with everything on the website.
HitBtc Review – Is HitBtc a scam?
The interface is intuitive, responsive and easy-to-use, friendly with trading newbies but complex enough for advanced traders. The demo page seems to be experiencing problems, at least by the time we tried it.
The withdrawal process is known to be slow, and many claims about fund retention and scamming have been raised.
I followed the normal procedures which include transferring your balance to your main account but then a funny thing happened. My money just “disappeared”. It did not appear on my recent transactions and the current balance dropped to zero. I immediately contacted HitBTC and got the following reply:
As you can see from the email this was on November 16th 2017. This update is being written on November 26th (ten days later). Since then I tried contacting HitBTC several times but only received a very vague response claiming:
The issue you reported requires additional investigation. We have escalated the issue to our second-level support experts and flagged it as high priority. We will keep you posted on the progress.
Due to HitBTC’s lack of transparency and customer complaints of missing funds, we do NOT recommend using this exchange. Instead, we recommend other similar platforms with far fewer headaches.
Overall, my suggestion for you is to use a better altcoin exchange that you can rely upon for support and one that lets you sleep in peace. The most important thing about exchanges that don’t innovate and are less customer-centric are more likely to pull an exit scam. The foundation is the most important aspect of a reliable crypto exchange and that’s something HitBTC is definitely lacking.
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I wish you the best!
Crypto trader and blogger on: