HitBTC Review – Is HitBTC Safe or a Scam | Review in 2018

HitBTC Review: In relation to the wide variety of websites to shop for Bitcoins, there are lots.

The actual undertaking is to discover the depended on ones in which you are secure, even after sharing your records & adding your monetary details.

Every person is going nuts approximately with the current rate hike in bitcoins (17,000 i.e., highest of all the time) which have also attracted thousands and thousands of customers for bitcoins within few months.

Every one of us wants our pie of stocks to enjoy a bargain of return in near future. In case you are a newbie in the field of cryptos then you definitely should be seeking out a reliable trade platform that is pretty easy to apply to with value-efficient cost structure.

Not only this, but you must have a few more regular questions thriving in your thoughts like:

  • Which platform is simple to use?
  • Are they legitimate to use for?
  • What are the services available to clients? and so forth.

And I am pretty sure that if you are reading then you must have been looking for the answers to these questions. Right?

So, its time to bid a bye for all your worries of analyzing exchange platform because coinscage is here, with a view to help you to your manner of decision making.

Remember, I mentioned Bitpanda, Indacoin, and Kraken in earlier posts that are also the popular exchanges that permit you to buy Bitcoins via Credit Card, Debit Card or Fiat Currencies.

So, today I am going to give you a detailed review of HitBTC which is also a platform for cryptocurrencies exchange. Now without any further ado, let us get started.

What is HitBTC?

hitbtc

HitBTC is a cryptocurrency trading platform which has 150 trading assets which include cryptocurrencies, tokens and preliminary coin services (ICOs).

HitBTC is based in Estonia, founded by Dave Merrill in late 2013 as per wikipedia, however no information is given on their website. It started out as a joint assignment between builders, expert buyers and finance professionals with a €6 million funding.

Their main objective is to facilitate OTC trade which means,

“OTC (over-the-counter) trading service let you perform high-volume trades without going through the public order books. That means you make your deal directly with the counterparty without affecting the market price of the coin or token in question.”

The organization is paying more emphasis in the Estonian, and the European marketplace in general, however, it gives its services everywhere in the world.

HitBTC was hacked in early 2016, but not much information was shared about the incident. Though users didn’t file any complaint about it, there were many negative feedbacks like losing coins, delayed withdrawals, insider trading and what not.

Here is a quick screenshot of a Reddit thread where users shared their ill experience with HitBTC.

hitbtc reddit

What makes HitBTC different from others?

  • High Liquidity.
  • Cost-efficient Fees.
  • Good Security
  • Demo Trading
  • No limits for deposits and withdrawing of digital assets.
  • Supports more than 100 digital coins.
  • Cutting-edge matching engine technologies
  • The most advanced REST API and FIX API

Which cryptocurrencies are supported by HitBTC?

HitBTC has a numerous major as well as new cryptocurrencies listed on their exchange. There are 150+ cryptocurrencies available on their supported list with new crypto being added regularly.

Some of the major listed currencies are:

  • Bitcoin (BTC)
  • LTC
  • DOGE (DogeCoin)
  • NXT
  • BCN
  • NBT
  • XDN
  • QXN
  • XMR
  • FCN
  • LSK (Lisk Coin)
  • STEEM
  • SBD
  • SC (Sia Coin)
  • ARDR (Ardor Coin)
  • ZEC (Zcash)
Along with these digital currencies, HitBTC also supports two major fiat currencies and they are:

  • EUR
  • USD

What are the Supported Countries?

HitBTC is providing their services Worldwide with no restrictions on cryptocurrency.

What are the accepted Payment Methods?

It looks as if HitBTC is constantly looking to ease the buying and promoting techniques of bitcoins over the years. Currently, They support various payment methods:

  • SEPA
  • SWIFT
  • Wire Transfer
  • Cash Deposits
  • Cryptocurrencies

What is the fee structure?

Fee structure of HitBTC involves the following aspects:

  • There is no cost involved in the deposition of cryptocurrencies. It is absolutely free.
  • For the users, who are depositing fiat currencies will have to provide a minimal fee of 0.1%* depending on the amount they are depositing.
  • Withdrawing cryptocurrencies from HitBTC is unfastened, minus the typical network mining charge for the respective currency.

However, withdrawing out fiat from the platform does include some fees, again relying on quantity and sort of currency.

How long does it take to receive your funds?

It takes quite a very long time with bank transfer deposit and withdrawal. This include:

  • Bank transfer deposits can take up to 14 banking days.
  • Bank transfer withdrawal can take up to 20 banking days.

In my opinion, they should work on this major drawback of days taken. However, if I talk about cash deposits it will take around 3-4 working days.

If you take my opinion, I would suggest you do not make payments or withdraw via bank transfer. However, if you are patient about your BTC then you can go ahead with this option.

Is there any transfer limit?

  • Limits vary depending on the account.
  • Fiat currency is limited up to $2000 per day.

However, It can be raised to $10,000 USD or EUR daily and 50,000 USD or EUR weekly, if you are trusted and regular client.

Customer Support:

If I speak about HitBTC in phrases of their customer service, they try to give good support however, its not that amazing.

  • The Customer Care Support is available 24hrs a day.
  • The support sometimes might take more than a few days to get back with a solution.,
  • Additionally, they have active chat box in multiple languages for instant support.
  • Their FAQs section has almost covered all the general queries for you.

Moreover, HitBTC firmly believes that cryptocurrencies with the proper potential need to be given a chance to be supported by the major exchanges via famous vote.

Because of this, HitBTC has provided a Coin Voting Machine in which a selected coin can be included in the list via votes from customers and guests. To vote, users need to go to the vote casting web page, look for their desired e-currency and click the vote button.

In case you don’t see your favorite cryptocurrency on the list, you could usually nominate it by using clicking the recommend currency button.

One more feature of customer service they have that distinguish HitBTC from other is their Guest Mode.

It means, with this new feature anyone can explore markets easily. Everybody is allowed to check the very trendy marketplace records, charts, and order e-book, while not having to log into an account, offering more comfort.

For any query, you can submit your request here or you can send your query email:

Pros and Cons:

Like every coin has two sides HitBTC has also some great benefits along with some disadvantages.

Pros

  • Intuitive Interface.
  • Supports more than 150 cryptocurrencies.
  • Multi-language chat support
  • Cost-efficient prices.
  • Robust Safety.

Cons 

  • Demo interface is not fluid.
  • Difficult and time-consuming verification process.
  • Lack of a mobile app.
  • Shady structure.
  • Slow withdrawals.
  • No information about office and team.

History:

The HitBTC platform development began in 2013 with a 6 million USD project capital investments, as of the collaboration among software program developers, finance experts, and buyers.

In February 2014, HitBTC was officially launched with the subsequent devices: BTC/USD, BTC/EUR, BTC/LTC USD/EUR.

In April 2014, HitBTC launched complete demo trading, a unique buying, and selling characteristic that lets in for checking out buying and selling strategies and adjustment to API settings.

In might also 2014, HitBTC launched altcoins vote casting application aimed to permit the network to decide which opportunity cryptocurrencies ought to be introduced to the marketplace.

At some point in summer 2014, extra trading pairs with altcoins had been brought, such as XMR, NXT etc.

In September 2014, HitBTC became protected within the TeraExchange bitcoin rate index.

Is It safe to use HitBTC?

There have always been these types of questions striking in our thoughts before we take the very last step to use that unique platform. If I talk about HitBTC it has gained a great degree of reputation over time. The security factors include:

  • Two- Factor Authentication for secure login and process of the transaction.
  • HitBTC also keeps a document of login records which customers can see and sends e-mail notifications when money owed is accessed from an unknown IP address.
  • HitBTC does offer cold storage wallets for choose cryptocurrencies, giving customers the option to make use of an offline storage for their finances.

However, you should be aware of the fact that the platform has been hacked previously in 2016. They have also many negative reviews regarding the slow transaction and lost funds.

If I tell you about my opinion on HitBTC then it has always worked well for me except the time taken via bank transfers.

 How to get started?

To get started with HitBTC go to their official website to get registered. You need to provide Email and create a password for your account. Now you will be asked to confirm your account by giving a verification code sent to your account. Now before you can get access to all the features of your account. You need to verify your account.

How do I need to verify my account?

  • To get verified, you will first need to navigate to the “settings” icon when you are logged in to your account.
  • Select the “Account verification” tab.

From there, you may need to follow the stairs and compile the necessary documentation to send through electronic mail to HitBTC. This includes:

  • Name, address, and other personal information,
  • Bank account information
  • Color copies of documents such as Citizen ID Card, Proof of Residence, Proof of bank account ownership,
  • As soon as you have done with attaching all of the required documentation, you may want to follow the instructions concerning a way to test and post the files, together with proper sizing and formatting.
  • Verification normally takes 3-5 days.

How do I start trading?

You can start trading cryptocurrencies immediately when you’ve created an account.

No account verification is needed to trade bitcoin, ether, or some other digital foreign money supported via HitBTC.

Demo Trading

HitBTC has a great feature which I’m really fond of i.e. Demo Trading. Here you can simply build your strategies and trade cryptocurrencies without actually adding the funds.

Once you create an account you can simply go to demo trading section and check out everything that the site has to offer.

You can place Buy and sell order to improve your skills. This demo feature is a boon for those who want to test their trading bots.

So if you are new to the crypto trading world, then you will surely love this feature.

My take on HitBTC:

HitBTC has been one of the most reliable exchange platforms with the strong base of customer satisfaction. It has been improved with user-friendly interface over the years.

It supports more than 150 cryptocurrencies with major fiat currencies as well.

I know there are many downsides too but sometimes it is worth when you are getting good security for your currencies and negligible fee involved.

Customer Support Service has always gone well for me. I have received all the information regarding my queries within a day.

However, if I talk about improvement in a certain field then it will include:

  • It should accept credit cards.
  • It should have supported a mobile app.
  • The developer team should work on the time taken by bank transfers.

Here are the social channels of HitBTC:

Now I would like to hear your opinion on HitBtC. What do you think about HitBTC?

Till then read these hand-picked articles:

HitBTC Review

HitBTC Review
6.8

Ease for Beginners

9.0/10

Customer Support

6.0/10

Reputation

3.0/10

Fees

7.0/10

Payment Methods

9.0/10

Pros

  • Available worldwide
  • Lots of cryptpcurrencies
  • Low fees

Cons

  • No information about their location
  • Insider trading
  • Hacked in 2016
  • Not good community feedback

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