HitBTC Exchange Review

Overview

Interface

The HitBTC interface is power packed with information, which a seasoned investor may require but may confuse the new user. The good thing about it is that the website has a demo version that may help investors in getting familiar.

There are three Kinds of accounts one can have on HitBTC, each of these levels have their own advantage, primarily, the higher the level of your account, the higher trading volume you get. The three types of accounts are

1. General: General accounts allow investors to deposit cryptocurrency for free and the daily withdrawal limit is EUR 5,000 worth of cryptocurrency per day. FIAT transactions are not available for the general verification tier.

2. Verified: Verified account users 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.

3. Qualified: Qualified account users do not need to pay for any crypto deposits. This account holders 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.

Currency Support

The exchange supports Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, USDT, and more than 300 cryptocurrencies in total. It also supports fiats for higher verified accounts

Fees

HitBTC employs maker-taker model. "Takers" are charged with 0.1% fee from the trade. "Makers" are not charged a fee. On the contrary, they receive a 0.01% rebate from the trade. It is a reward that HitBTC pays to the "maker" for providing liquidity to a market. It consists of a percentage of the fee that the exchange receives for the executed order.  To explain a Taker is the investor who places an order at the market price that gets filled immediately and Maker is if an investor place an order which is not immediately matched by an existing order, that order is placed on the order book which is filled by another's investors order.

Security

For customer account, the exchange uses a 2FA feature to log in. It uses only Google Authenticator. There is an additional verification feature for withdrawals which the exchange recommends users to use. Other additional security tools include email notification when login is from a different IP. It also has an automatic logout.

Are you new to crypto? Check out the complete guide to cryptocurrencies

Customer Support

The exchange has a strong FAQ page and also uses a ticket system for raising a query like many others. Users can select from General Questions, Payment, Technical and Verification Questions through this channel.  Users may also want to also read about people that are having problems with their HitBTC account through this forum. Its wait time is fairly long. The Reddit page still has a lot of unsolved complains and its Twitter and Telegram support has an equally long wait.

Conclusion

Like many other exchanges, HitBTC has its fair bit of challenges but it does offer a wide range of tools which gives it an advantage over the competition. One thing is for sure that HitBTC has enough to offer to both inexperienced and expert traders. But it fails in terms of innovation and is slowly losing out to many newer exchanges. Its also needs to pull up its socks as far as customer service is concerned