HitBTC Exchange Review
- Blockfer does not recommend trading on HitBTC
HitBTC is an unregulated cryptocurrency exchange with no supported fiat deposit or withdrawal options. The exchange has been operational since 2013 and claims to be headquartered in Hong Kong. There is little public information available on the company’s leadership structure, legal status, and asset security practices.
HitBTC Exchange - 2020 Comprehensive Review
HitBTC Exchange Overview
|Trading Fees||Maker: 0.07% / Taker: 0.07%|
|Purchase Options||Crypto Deposits|
|Trading Options||Spot Trading|
|Order Types||Limit, Market|
|Token Benefits||NO TOKEN|
|KYC Rules||Required For Withdrawals Greater Than 1 BTC Per 24 Hours And 5 BTC Per 30 Days|
|Convert Micro Balance|
|Customer Service||Support Ticket System|
|Promotions||Frequent Trading Competitions.|
HitBTC Mobile App Features
Live Chat Support
HitBTC Trading Fees (Maker & Taker)
|Tier||Monthly Volume Requirement||Maker||Taker||Maker|
*All new users should expect maker fees to be 0.1% and taker fees to be 0.2%.
Upgrading to higher tiers requires KYC verification.
Information on trading fees for higher tier levels is available here.
HitBTC Withdrawal Fees
HitBTC withdrawal fees are both flat and dynamic. The exchange adjusts withdrawal fee amounts on a constant basis and claims this policy is implemented to ensure funds arrive quickly when the network load is heavy.
Deposit fees are deducted from the amount of the incoming transaction. Users can find the deposit fee amount for any crypto asset below its corresponding deposit address.
HitBTC Markets & Volume
HitBTC Top Markets
|Crypto Assets||Price||Pairs||24h Volume|
HitBTC Supported Stablecoins
|Stablecoin Assets||Price||Pairs||24h Volume|
HitBTC Exchange Alternatives
|Trading Fees||Maker : 0.07%|
Taker : 0.07%
|Maker : 0.1%|
Taker : 0.1%
|Maker : 0.1%|
Taker : 0.1%
|Purchase Options||Crypto Deposits||Crypto Deposits, Credit Cards||Crypto Deposits, Credit Cards|
|Trading Options||Spot Trading||Spot Trading||Spot Trading, Margin Trading, Margin Funding, Futures Trading|
|Headquarters||Hong Kong||Hong Kong||Malta|
Pros and Cons
- Trading Fee Discounts - HitBTC offers trading fee discounts to high volume traders who upgrade their accounts by completing a KYC check.
- High Fees - HitBTC withdrawal fees are inconsistent and higher than the industry standard. The flat and dynamic fee structure is confusing and has led many users to question HitBTC’s transparency and ethics. HitBTC is one of the few exchanges that charges fees on crypto deposits.
- Poor Reputation - Numerous reports on Reddit and other forums claim HitBTC has stolen user funds.
- Unknown Leadership - Basic facts including who owns the exchange and its legal domicile location have not been verified.
- Low Quality Listings - 370+ crypto assets and 890+ trading pairs are available for trading on HitBTC. The majority of these listings are low cap altcoins with minimal liquidity.
- Maintenance Issues - It is common for HitBTC to perform system maintenance on crypto asset wallets, causing deposit and withdrawal shutdowns for extended periods of time.
- KYC Required - Users who do not complete a KYC check have a daily withdrawal limit of 1 BTC and a monthly withdrawal limit of 5 BTC. Some users have alleged HitBTC utilizes an unusual KYC process that requires them to provide sensitive private information. The company has been accused of preventing crypto asset withdrawals and stealing customer funds kept on the exchange.
- No Margin Trading - HitBTC does not natively support margin trading and directs users to a third party service offered by Weltrade.
- No iOS App - HitBTC currently only has an official Android mobile app. Users should be aware that there are several fake HitBTC apps in the Apple App Store.
Frequently Asked Questions
Does HitBTC require KYC?
Yes. Anyone looking to withdraw the equivalent of 1 BTC or more in a 24-hour period, or the equivalent of 5 BTC or more within a 30-day period, will have to complete a KYC check.
Is HitBTC safe?
No. HitBTC has a below average reputation compared to its competitors. Although no large-scale security breaches have occurred on HitBTC, many users have reported individual account hacks and claimed that the exchange has stolen their funds.
Does HitBTC have a mobile app?
HitBTC only offers an official mobile app for Android. The exchange does not have an iOS app and users should be aware that fake HitBTC apps exist.
Does HitBTC offer margin trading?
HitBTC does not offer margin trading natively on the exchange. HitBTC’s website links to Weltrade, a third party trading service provider. Blockfer recommends that users looking to margin trade consider other cryptocurrency exchanges options such as Binance and Huobi Global.
Does HitBTC allow US customers?
HitBTC began operations in 2013 and at the time, was one of the few exchanges available for trading crypto assets. Over the past few years, the reputation of the exchange has declined considerably due to numerous reports of stolen funds, account freezes, legal battles, and more.
These issues have been increasingly publicized over time and the company has had several years to address these allegations. Improvements have not been made and communication from management has been infrequent. As a result, user trust has reached an all-time low.
Overall, Blockfer does not recommend trading on HitBTC. There are far better options available to both retail and enterprise grade crypto asset traders and investors.
Legal & Regulation - Facts & Figures
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The cryptocurrency exchanges found in this category have been tested extensively by our team as part of the review process. Factors we analyze in our exchange reviews and comparisons include: liquidity, purchase options, user experience, trading fees, trading options, listed assets, reputation, mobile experience, and customer support.
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