This leading European Bitcoin exchange claims to be one of the most advanced Bitcoin exchanges on a global scale. The platform is not available to US traders due to regulatory restrictions. HitBTC has one of the best APIs in the industry. It is known to be one of the friendliest APIS for users to create trade bots. The daily trading volume on the exchange as per Coinmarketcap is roughly 28,000 BTC.
This quick guide will touch upon the pros and cons of HitBTC while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose HitBTC?
Advanced order matching engine
No limits for deposits or withdrawals.
Low trading fees
High level of security
What’s not to like?
Geographical restrictions barring US citizens
Numerous complaints of random site crashes
Many clients have complained about hidden fees
Brief Background of HitBTC
The cryptocurrency exchange was developed in 2013 by a team of engineers and finance experts. It has since then gone on to accommodate more than 300 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, and USDT.
The exchange has performed fairly well owing to its team comprising of high-level finance professionals, outstanding technical minds, and experienced traders.
What is the Trading Fees on HitBTC?
The platform employs the “maker-taker” trading fee model for narrowing the spread and maximizing liquidity. HitBTC is serious about stimulating trading activity within the exchange, which can be seen from the extensive incentives offered to liquidity creating makers.
You have the option of selecting your order type while purchasing crypto. The trading fee depends on whether you want an order executed immediately or later. A transaction fee of 0.1% is applicable to all orders. However, there is a rebate of 0.01% offered on Limit and stop-limit orders.
How to Deposit and Withdraw Funds?
HitBTC offers several deposit and withdrawal options. These are:
Wire transfers that include SWIFT and SEPA Euro transfers. This attracts a fee of US$9 and £5 for local UK bank transfers. Withdrawals have a flat SEPA surcharge of €0.9.
HitBTC is slow when it comes to deposits and withdrawals. It can take up to 14 business days to fund your account. While withdrawals can take longer till 20 business days.
Unlike other popular exchanges, HitBTC charges a fee for deposits and withdrawals as well. There are no fees for deposits made in digital currencies. There are 50 altcoins accepted as deposits, including Bitcoin.
The fee depends upon the amount and the currency. For instance, deposits less than €50,000 incur a flat fee of €5, and 1% for amounts €50,000 and above.
USD deposits are much simpler. A 1% fee is charged regardless of the sum. However, the minimum amount to be deposited is $6 and the maximum is $45.
Withdrawals come with a fee as well depending upon the amount. There is also a minimum limit set on the withdrawal amount. Where cryptocurrencies are concerned, only the network fee is charged. For fiat withdrawals, there is a 2% fee.
You should know that you would need to get your account verified if you want to transact using fiat. This requires providing proof of your identity, residence, and ownership over the bank accounts. It takes a minimum of 3 business days for verification. If successful, your limits would be set at 2,000 €/$ per week and 10,000 €/$ per month.
Is HitBTC Versatile in Terms of Trading?
HitBTC offers a wide range of trading pairs that can attract any trader. It also supports EUR, USD, and Bitcoin. Some of the more popular altcoins from its dossier of 50 coins are Litecoin, Dogecoin, Ripple, Ethereum, Ethereum Classic, and Bitcoin Cash.
There are more than 150 crypto trading pairs, the majority of which are crypto-crypto pairs. However, there are also a few crypto-fiat currency pairs.
The platform offers the following order types:
HitBTC also offers margin trading to its users through the MetaTrader 5 Terminal. The leverage offered is between 1:3 and 1:10.
How User-Friendly is HitBTC?
The HitBTC interface is filled with tons of information, which might benefit the seasoned trader but works to only confuse a beginner. You may want to check out their Demo Mode before signing up for the platform. It will give you a good idea of how the website runs and whether you like it.
HitBTC Customer Service
The customer service support platform uses a ticketing system whenever you have a query. For DIY help you can foray through their general questions, verification questions, technical questions, and payment questions.
The Bottom Line
No doubt, HitBTC has some unique features and is a highly popular exchange. There are many things that set them apart from other trade exchanges. Fiat and diverse crypto support are just the beginnings. However, the cluttered interface may make it difficult for you to navigate through your purchases and sale. You may want to check out the easier interfaces on other exchanges and get back to HitBTC when you have a slight inkling.