HitBTC is one of the largest cryptocurrency exchanges in the world for daily trading volumes. The platform lists hundreds of supported coins, and its fees are highly competitive. However, the platform has a somewhat “murky” reputation in the public domain. Nevertheless, if you’re thinking about opening an account with HitBTC, be sure to read our comprehensive review first. We’ve covered everything from fees, regulation, supported coins and countries, user-friendliness, and more.

What is HitBTC?

Launched way back in 2013, HitBTC is one of the oldest cryptocurrency exchanges in the industry. The platform allows users to buy, sell and trade hundreds of different cryptocurrencies, 24 hours per day. One of the main concerns regarding HitBTC is accountability. The reason for this is that it still remains to be seen where the company is actually based. For example, at the time of writing the exchange offers a mailing address in Hong Kong, however, it also claims to have official representatives in Chile and Estonia. This should act as a major red flag when dealing with an exchange, not least because if anything happened to your funds, it would be difficult to know where to turn to.

Nevertheless, HitBTC allows users to deposit funds using real-world money. While this includes a direct bank transfer, the platform does not support debit/credit cards or e-wallets. One of the main selling points to HitBTC is that the platform offers some of the cheapest fees in the cryptocurrency exchange arena.

How does HitBTC work?

If you have ever used a cryptocurrency exchange before, then HitBTC works in exactly the same way. The company operates as a third-party middleman between buyers and sellers, making a profit in trading fees along the way. All you need to do to get started is register a Bitcoin account, deposit some funds, and then proceed with your cryptocurrency purchase. If you then plan on keeping hold of your coins long-term, you should consider withdrawing them to a private Bitcoin wallet, as opposed to keeping them in your online HitBTC wallet.

Due to the number of supported coins that HitBTC lists on its platform, the exchange is also useful if you are looking to engage in day trading. However, the platform offers a number of advanced features within its main trading area, so you’re best off doing this only if you are an experienced trader. In order to diversify its product range, HitBTC also allows you to trade on margin. However, once again, this is best suited for those with advanced knowledge of trading.

HitBTC fees

Although there is much not to like about the HitBTC platform, one of its strongest attributes are its extremely low fee structure.

• Deposit and withdrawal fees
• Debit card deposits: N/A
• Credit card deposits: N/A
• SEPA (European Bank Transfer): 0.90 EUR
• UK bank transfer: £5
•  International bank wire (SWIFT): $9

Trading fees

Unlike some of the other cryptocurrency exchanges we have reviewed, the trading fee system is very straightforward at HitBTC. In a nutshell, regardless of how much you trade, you will always pay 0.01% in trading fees. This is charged at both ends of the transaction. For example, if you bought $5,000 worth of crypto, and then sold the same $5,000 worth of crypto, you would pay two lots of $5. These fees are extremely competitive, meaning that the platform is potentially suitable for high-frequency traders. It is also worth mentioning that HitBTC offers a rebate program for market makers. For those unaware, a market maker is somebody that provides an exchange with liquidity. If this sounds like you, you will get a rebate of 0.01%.

How to sign up and trade on HitBTC

Although we would suggest using a safer cryptocurrency exchange, if you do want to open an account with HitBTC, we’ve created a simple step-by-step guide. We’ve shown you how to register, deposit funds, and make your first trade.

Step 1. Open an account with HitBTC

You will first need to head over to the HitBTC homepage and click on the ‘Sign Up’ button. You will find the button at the top right-hand side of the page.

Next, you will need to enter your email address and then choose a very strong password. Click on the ‘Sign Up’ button to move on to the next stage. You will then be asked to provide your country of residence, your full name, and your telephone number. Finally, you will then need to head over to your email inbox, and click on the verification link that HitBTC sends you. When the link opens a new tab, you will need to copy and paste the code that was contained within the email

Step 2. Fund your HitBTC account

Now that you have created your HitBTC account, you will now need to deposit some funds. If you want to deposit funds using a bank account, you will need to go through a verification process. This can take quite a while at HitBTC, so we’ll show you how to deposit using a cryptocurrency. The reason for this is that you don’t need to verify your identity, and it usually takes no more than 20 minutes for the funds to show in your HitBTC account. At the top of the page, click on the green ‘Deposit’ button. You should then see a long list of coins that you can deposit with. For ease, simply enter your chosen coin into the search box. Once you’ve found your coin, click on the blue ‘+’ button underneath the deposit column.

You will then see your unique deposit address for the coin you want to fund your account with. Click on the blue ‘Copy’ button to copy the wallet address to your clipboard. Then head over to your private wallet, paste the HitBTC wallet address in, and transfer the funds.

Step 3. Buy some crypto

Once your deposited funds show up in your HitBTC account, you can then make your first trade. At the top left-hand side of the page, click on the ‘Exchange’ button. You will then be taken to the main trading area. This can look quite intimidating if you’ve never traded before. On the right side of the trading screen, enter the coin that you want to buy, and then click on your chosen trading pair.

Step 4. Complete your trade

Once you’re on the trading screen for the coin you want to buy, scroll down below the main chart. You should then see the ‘Buy’ box. In the ‘Amount’ box, enter the amount of cryptocurrency that you want to buy. Once you are happy with the figures showing in the trading box, click on the green ‘Buy Limit’ button to complete your trade. As HitBTC has one of the largest trading volumes in the industry, your trade should be executed in a few seconds.

Is HitBTC regulated?

Although HitBTC meets and enforces regulations related to anti-money laundering for those depositing with real-world funds, the platform is not regulated by any licensing bodies. This is a major concern, as you are essentially trusting your money with a cryptocurrency exchange that is unregulated. There is no reason why HitBTC should not hold a regulatory license, especially when one considers that the exchange has been operational since 2013. Ultimately, you should spend some time assessing whether you feel comfortable depositing your hard-earned money with a platform that has no regard for regulation.

Is HitBTC safe?

First and foremost, while HitBTC has never reported any third-party hacks, it is important to note that there is a significant number of complaints in the public domain about users being hacked. Now, while such accusations cannot be substantiated with any certainty, if the general consensus is that HitBTC has suffered multiple hacking attempts, then it is likely to be true. If it is, which once again cannot be proved, then it is very alarming if HitBTC decided not to make the hacks public knowledge. For us, there are just too many negative reviews about the platform, and thus, we cannot endorse HitBTC as a safe exchange to deposit money with

HitBTC security measures

Nevertheless, here’s a breakdown of security features available at HitBTC.

• Two-factor authentication (2FA) when you log in
• Fiat currency users must identity themselves
• Email confirmation when logging in from a new IP address
• Whitelist your withdrawal addresses

Ultimately, we feel much more comfortable depositing funds with a cryptocurrency exchange that is heavily regulated. The likes of Coinbase hold licenses with both the FCA (UK) and CySEC (Cyprus).

Does HitBTC have a wallet?

As is the case with most third-party cryptocurrency exchanges, HitBTC only offers a web wallet. This type of wallet offers the lowest security on your funds, not least because you have no control over your private keys. This means that should the platform get hacked, your funds are largely at risk.

Does HitBTC have an app?

In March 2019, HitBTC announced that it was getting close to launching its native mobile app. Although the app is now available to download free of charge via the Google Play store, it is still in development mode. As such, you should not attempt to use the app until the exchange announces its official launch date. If you don’t, you run the risk of running into security issues.

This post was written by Bryce MacCarthy.