Users are still confused where is the location of HitBTC company. Some sources say it is based in Europe, but the official website lists an address in Hong Kong. They have been in business since 2013, HitBTC only lets users trade Bitcoin (hence the name HitBTC). Soon after, however, it started allowing users to trade Litecoin, Ethereum, Dogecoin, Monero, Dash, and other popular cryptocurrencies. HitBTC provides proper markets for fiat trading, including USD and EUR trading pairs. HitBTC was hacked in early 2016 but didn’t provide much information on the incident. While users haven’t complained at that particular event, a lot of negative feedback is available on the forums. The platform is beginner friendly but only operates in English and Chinese. HitBTC is best-known for being a robot-friendly exchange. It offers a robust set of APIs that make it attractive to trading bot developers. It seems that users that have interest in cryptocurrency all admire the mechanics behind HitBTC but are suspicious of the fact that there is no physical address or real live identity associated with the website.
To register on HitBTC you would not need any extra information about your self. Registration is easy, there are no complicated tabs, providing an email address and setting a password is all you need to do. Verification is not mandatory unless you want to trade with fiat. After registering, you receive a General account with unlimited cryptocurrency deposits and withdrawals.
If you are looking to fund your account with fiat currency, you need to get your account verified. In order to have your account verified, you need to contact HitBTC at firstname.lastname@example.org. The email that you have registered and the email that you are sending a proposal from have to be the same. The details of the mail have to be correct, like personal information, address, bank account information, proof of residence, and proof of bank account ownership. They demand that information is not a picture or electronic document, only paper-based documents will be accepted. There are 3 levels of accounts that users can own.
General accounts can be used to deposit cryptocurrency for free and your daily withdrawal limit is EUR 5,000 worth of cryptocurrency per day. Transactions of fiat currencies are not available for the general verification tier.
Verified accounts is a second tier users can have, and they can get free deposits for cryptocurrencies and a maximum of EUR 25,000 amount withdrawal per day. Limit for fiat transactions would be $2,000 US or EUR per week and 10,000 USD or EUR per month. Amounts mentioned include deposits and withdrawals.
Qualified account is the last tier users can get. This option lets deposit without paying any fees. Qualified accounts are usually managed by professional traders that are thinking about withdrawing more than $25,000 worth of cryptocurrency per day. When it comes to fiat currencies, qualified accounts can deposit or withdrawal 10,000 USD or EUR per week or 50,000 per month. Funding accounts can take up to 2 weeks and withdrawal can take up to 3 weeks.
Make a deposit
The range of accepted payment methods is limited, including only SEPA and wire transfers, and cryptocurrencies. Of course, to make the deposit you need to be verified, that takes no more than 3 days. Fees depend on the amount deposited and the currency used. For EUR, there is a flat fee of €5 for deposits of less than €50,000, and 1% after that. Fees for customers using USD are simpler, with 1% charged regardless of the amount. Deposits in digital currencies are unlimited and incur no fees. Besides Bitcoin, more than 50 altcoins are accepted at the moment. Depositing digital currency is not complicated, you will get a code where you should send the amount you desire from your wallet. Wallets are provided for every major coin, available at HitBTC, which means basically every major coin.
Withdrawal is as easy to use as depositing. Withdrawals also generate fees which condition the minimum amount that can be retrieved from HitBTC. For cryptocurrencies, only the respective network fee is charged, while fiat withdrawals come with a 2% fee. If your coins are in the trading account, you should transfer them to the main account and then proceed. Users should specify the amount they would like to withdraw and paste the receiving address into the “Address” field. Once your money has been sent, it wouldn’t be possible to reverse the transaction. The minimum withdrawal amount should exceed the network fee value. The fee amount is being displayed right under the “Amount” field. As your withdrawal is being processed, three yellow dots are going to be displayed on the right in the particular row of this section. Once it had proceeded, dots are about to be replaced with green mark.
HitBTC has anonymous accounts that can benefit users and intuitive interface. The platform is adjusted to people that are not familiar that much with crypto exchange platforms. It has more than 50 cryptocurrencies supported. Fees can be relatively low depending on the location of the user, and the currency they use. The biggest plus for them is that all users can learn quickly how to trade currencies. With such a good interface they are very competitive on the market.
As we said above, HitBTC doesn’t want to reveal they’re true location. That affects users who assume they are a shady company. The whole structure could be described to clear to be true. Support of the organization is most of the times very slow. Being an introvert organization they are considered as unreliable. The worst thing about them is the bad review they get all over the internet. That is the last thing an online company can imagine. On every website that reviews cryptocurrency exchanges there is a bad review for HitBTC. It would be very hard for them to gain back the trust, but they will have to work on that.
Customers experience a wide variety of things on HitBTC. From withdrawal being slow to actually accusing them of scamming people. The reviews they get are always negative and always beneath the average. Many users claimed that they lost their money on HitBTC. It can’t get any worse when it comes to customer feedback to HitBTC.
They did a great job building a website that will be newbie friendly but considering so many bad reviews of people losing their money, it all drops down the drain. If they get out of the shadows someday, it may help them get some interest, but if they don’t do it, it will be a disaster for the organization. They have a good idea what to do with crypto exchange but the small things matter to, so eventually we will see them rise.