HitBTC markets itself as the “most advanced Bitcoin exchange,” and it has a long history, in operation since 2013. HitBTC has the markets you need to trade such currencies as Bitcoin, Ethereum, Dogecoin, Litecoin, Monero, and USDT, among others. HIT Solution Ltd., a Hong-Kong-based company, runs HitBTC.
The development of HitBTC was the result of collaboration between experienced traders, finance professionals, and software developers, leading to an advanced platform that can meet everyone’s needs. The system’s core matching engine has innovative features, including advanced order matching algorithms and real-time clearing. It has also received praise for high availability, uptime, and fault tolerance.
- 1 HitBTC Features
- 2 HitBTC Trading Tools
- 3 HtBTC Signup
- 4 HitBTC Deposits
- 5 HitBTC Withdrawals
- 6 How To Trade on HitBTC
- 7 Order Types Offered by HitBTC
- 8 HitBTC OTC Trading
- 9 HitBTC Fees
- 10 HitBTC’s Market-Making Contracts
- 11 HitBTC API for Trading Bots
- 12 HitBTC Affiliate Program
- 13 Is HitBTC Safe?
- 14 Conclusion
- 15 HitBTC
- 16 Pros
- 17 Cons
HitBTC offers numerous advantages for traders, including a high liquidity and the cutting-edge matching engine technologies mentioned above. There are also low fees, strong security measures, no limits on deposits or withdrawals of digital assets, over 150 instruments to choose from, and the most advanced FIX API and REST API.
Additionally, HitBTC does not require registration, delivers full access to trading, and has unlimited top-ups for your balance.
- High liquidity
- Cutting-edge matching engine technologies
- No limits for deposits/withdrawal of digital assets
- Low fees
- More than 150 instruments available
- High level of security
- The most advanced REST API and FIX API
HitBTC Trading Tools
Some exchanges only let you trade without much information. However, HitBTC delivers most of the information that you will need to decide before trading. Those who are more experienced with trading will appreciate the various charts and graphs that HitBTC offers. Beginners who are unsure of what to make of the information or how to go about cryptocurrency trading will appreciate the information on the blog, which includes plenty of trading tips.
Registering a new account with HitBTC is relatively simple. Click “Register” in the upper-right corner of the website and fill in the required information. You will need an email address and to set up a password. Go to your email and click on the link in the message from HitBTC to confirm your address and activate your account.
To deposit into your HitBTC account, you first must generate a wallet address. You can click on the “Deposit” button, which is green. From there, you choose the row corresponding to the currency you wish to deposit and click “Fund.” You will now get a wallet address, both the string of numbers and letters and a QR code.
Remember that every asset in the account has its own unique address. Certain currencies include additional identifier fields, like the Message for XEM or Destination Tag for XRP. You should make it a point to always include these when you initiate your deposit. If you don’t, you will need to contact support. Once the funds get to HitBTC, the bottom of your accounts page will display a pending transaction, and the currency will be available soon after.
To withdraw coins, go to the “Accounts” tab. Look to the “Withdraw” column, which includes one button for every currency in your account. To withdraw, the coins must be in your main account, so complete a transfer from the trading account if necessary. Then, you can click “Withdraw.”
Choose the quantity to withdraw and paste in your receiving address. Always double-check the address since you cannot reverse the transaction. Keep in mind that certain digital assets need more information for a sending transaction, so take extra care. An example would be with XMR; you must specify the payment ID as well as the wallet address. The only minimum withdrawal amount is more than your network fee value, which you can view right below the field for “Amount.”
After selecting “Withdraw,” type your authentication code, assuming you enabled two-factor authentication for withdrawals. You will see a notification that you must confirm the withdrawal via email. Go to your email address and open the email from email@example.com that is labeled “Withdraw request.” Click the link to confirm to send the transaction and return to your account page.
You can view the withdrawal in “Reports – Payment History” or in “Latest Transactions.” During processing, there will be three yellow dots. Once processing completes, these dots become a green mark.
How To Trade on HitBTC
To begin a trade, you must first move funds from your Main HitBTC account to the Trading account. On your “Accounts” page, click on the blue arrow between your two accounts. You will be prompted to input the amount to move and then click “Transfer.”
Once the coins are in your account, it is time to set up the order. Go to your trading screen by clicking “Exchange” and choose your trading pair from the “Instruments” section.
Now, you can choose which type of order you want to complete in the Buy and Sell boxes. The website gives you a brief description of each – market, stop, limit, and stop limit – if you hover over the relevant question marks.
You can see your history of trades within a given market by looking at the “My Orders and Trades” section. You can also manage trades across markets by clicking on “Reports.” From there, go to “My Orders,” and you will be able to view orders, see their status, cancel an order, export trading history, and perform other tasks.
At the bottom of the trading screen you can see the order book which shows the latest sales, market depth and prices that people are buying and selling your selected cryptocurrency at.
Order Types Offered by HitBTC
Market orders allow you to sell or buy the instrument of your choice at the market price, which is the best available price when you place the order. Totals and fees are estimates since this price varies in real-time.
Limit orders let you execute a trade at a price you specify or better. So, limit orders to buy are for the limit or a lower amount, while limit orders to sell are for the limit or a higher amount. This is ideal if you know the price at which you are willing to trade. When you create this order, the funds are reserved in your account and you can view them; they also appear in the order book.
Stop orders execute trades at specific prices. This is slightly different from limit orders because once the market gets to the stop price, the stop order actually turns into a market order. These orders don’t show up in the order book until they are activated and don’t require any reserved funds.
Finally, stop-limit orders let you make a limit order for a specific price. When it reaches this stop price, your stop-limit order turns into a limit order. With this type of order, you specify the stop price and a limit price. Reaching the stop price is what triggers the limit order, using your selected limit price. Like stop orders, this order won’t show in the order book until activation and doesn’t require any reserved funds.
HitBTC OTC Trading
OTC trading, or over-the-counter trading, lets users make high-volume trades without using the public order books. In other words, investors make a deal with their counterparty directly, and the market price of the token or coin does not become affected. HitBTC does offer OTC trading thanks to a partnership with Trusted Volumes. This is only applicable for trades with a volume of over 100,000 USDT (or its equivalent), and there is a commission of 0.1 percent.
Trusted Volumes current monthly turnover exceeds $1.5 Billion in cryptocurrency assets so if you have large amounts to sell this is a better option than selling on an exchange as large sells can trigger price drops.
Like any cryptocurrency exchange, HitBTC must charge fees of some sort to make a profit and keep running. HitBTC users the maker-taker model to maximize liquidity while narrowing the spread on their markets. As a reminder, “takers” are those who take liquidity away from the book, placing an order that matches immediately with one of the existing orders. “Makers” are those who provide liquidity by creating a limit order under the asking price for buying or above the top bid for selling.
Consider an example where BTC has the current sell price of 10,000 USDT to illustrate the difference between makers and takers. If you place an order at that sell price, 10,000 USDT, you are a taker. Your order is completed immediately. If, however, you choose a 9,950 USDT limit buy order, you would be the maker.
Takers get charged a 0.1 percent fee on their trades. Makers have no fee at all, a rare offering among cryptocurrency exchanges that provides HitBTC with an advantage over the competition. In fact, makers actually get a rebate from their trade of 0.01 percent. This rebate is designed as a reward for providing liquidity.
HitBTC’s Market-Making Contracts
To further benefit market makers, HitBTC offers Market-Making (MM) Contracts. These are monthly contracts that come with rebate bonuses and cash incentives. Market makers get daily performance reports with high levels of detail. Each contract only works with a single trading pair, and there are several categories of contract. However, market makers can only take one contract from each category. The contract specifies your volume range on the sell and buy side, as well as your maximum spread.
When you fulfill the contract at the end of the month, you receive a rebate bonus (between 0.01 and 0.04 percent) and a benefit of 1,000 to 10,000 USDT. Since you can have one of each type of contract, it is possible to get up to 0.1 percent in rebates plus 21,000 USDT monthly. You can get more information about the Market-Making Contracts or take one by contacting HitBTC.
HitBTC API for Trading Bots
The API for HitBTC is robot-friendly, so you can use your trading bot if you have one. The API also has low latency data, as well as execution feeds.
HitBTC Affiliate Program
HitBTC offers an affiliate program, which rewards users who bring new people to HitBTC. Affiliates get custom links they can use to invite friends to join HitBTC and start trading. Once your friend starts trading, you can get as much as 75 percent of their trading fees as a reward. In this way, you get more profits if you bring in more users and they have a larger trading volume. HitBTC even has various tools for affiliates to let them track which link brings in the most affiliates. You can create multiple links; name each one based on where you use it; then track signups, earnings, and turnover. You can withdraw your rewards once you reach 0.01 BTC, and you cannot withdraw 0.1 BTC at once.
Is HitBTC Safe?
HitBTC did experience a hack back in 2015 shortly after it launched.
As an experienced exchange, HitBTC takes security seriously. It has multiple strategies in place to keep your information and account safe. HitBTC strongly encourages users to take advantage of the two-factor authentication. It also uses cold storage for most of its funds and relies on advanced encryption technology to hide your information from hackers.
HitBTC also makes several recommendations for users to further protect their account. It suggests creating a strong password that you change every several weeks. You can set up the two-factor verification via the “Security” tab of “Settings,” activating it for withdrawals, logging in, and/or adjusting your settings. For added security, the exchange sends you an email notification whenever your account is accessed from a new IP address.
There is also the option to terminate all sessions, which will automatically log out all your active sessions, except for the one you use to perform this action. You can find the option in the “Security” tab. On a related note, you can enable automatic logout, which is once again on the “Security” tab. You can choose how often you are logged out automatically, with options of 30 minutes, 1 hour, 8 hours, 1 day, 7 days, or never.
If you ever have any doubts about your account security or whether you were hacked, you can also view your latest activity in the “Security” tab. This includes such actions as withdrawing money, enabling or disabling two-factor verification, changing your password, and signing in.
HitBTC has been part of the cryptocurrency community almost since the beginning, giving it plenty of time to iron out any issues with the exchange. It also has a lot of useful features, such as numerous trading options and tips, plus a user-friendly interface.
Some things to bare in mind are the fact that some users report slow withdrawal times and the verification process can be slow and cumbersome requiring scanning and sending of personal documents. There are also some bad reviews online left by HitBTC customers which mention problems with customer support with extremely long waiting times to problems such as withdrawals etc.
Overall, HitBTC is possibly worth consideration if you are looking for a well-established exchange with high volume and liquidity or need access to an API. Customer support certainly seems to be the area where the exchange is lacking.
Important Update: 21/8/18
There have been a growing number of complaints by users of accounts being frozen and withdrawals being prevented. You can read some of these on the r/HitBTC subreddit. As you can see, there have been a large amount of negative comments left on this post which have been countered by a number of users, these all use email accounts at vfemail.net which leads us to believe these are an organized attempt from people at HitBTC to counter the negative sentiment online about the company.
We would not recommend our users to trade on HitBTC at this time until things become more clear.
- Range of Markets
- Well-Designed Interface
- Reasonable Fees
- Well Established
- High volume and liquidity
- Poor Customer Support
- Verification Can be Slow
- No Fiat Payment Options
- Bots Trading on the Exchange
- Slow Withdrawals