HitBTC Exchange Review

HitBTC is a cryptocurrency exchange that was founded in 2013 and officially launched in February 2014. A HitBTC exchange review shows that during the early days, they offered trading in only a few currency pairs. Today the picture looks much different with them offering trading in over 300 currency pairs across 775 active markets, something that contributes to them being in the top 10 cryptocurrency exchanges by trading volume.

A HitBTC exchange review also shows that they have pretty much from the beginning been open to the idea of altcoins being added and community involvement in the process. For example, they launched a voting program in May 2014 that allowed the community to vote which altcoins should be added.

The security features they offer include, cold storage and two-factor authentication (2FA). This while they provide a comprehensive list of system health checks, including the status of deposits and withdrawals, that is publicly available. A HitBTC exchange review also shows that they offer trading contests with a top 10 leaderboard. This while they offer both margin trading and OTC trading. The latter is available for trades that is larger than $100K in USDT volume. HitBTC provides OTC trading in conjunction with Trusted Volumes, an OTC trading desk that seems to be involved in OTC transactions involving billions of dollars.

HitBTC is not without controversy. They are being accused of freezing accounts – leaving users unable to withdraw funds. This has placed them at loggerheads with influential figures in the crypto space such as Trace Mayer, John McAfee and Tuur Demeester.

The trading fees of HitBTC are divided into maker and taker fees and are based on the 30 days trade volume in BTC. For makers, they offer a special reward, called rebate for providing liquidity. The fees decrease as the trading volume increases. HitBTC has no limit on depositing and withdrawing digital assets, however, the network fees need to be covered. Individuals must transfer their assets in cryptocurrencies, while professionals can use bank transfer.

HitBTC does not only provide security features but also high liquidity, competitive spreads, 24/7 customer support, and the HitBTC API supports trading bots.

The website, as well as the trading platform, are kept neat and straightforward and offers a chat function for news and support. To start trading no registration is needed, and the trading platform supports market, limit, stop and stop-limit orders. What is unusual is, that at HitBTC each user has two accounts, the main account (store cryptocurrencies) and a trading account (only for trading), which have different functions. Also unusual are the three account tiers: general, verified and qualified in which customers are placed, because no explanation or information about them is given.

What stands out are the high number of negative user reviews and complaints, that contradict what HitBTC is promising.