Review: Guide to HitBTC Currency Exchange (Next Big Exchange Maybe)

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HitBTC

There have a couple of talks about Cryptocurrencies i.e, Bitcoin and Litecoin and recently Oxford Online Dictionary added the word Cryptocurrency in the dictionary.

In this way,  I’ve just found a really great way to exchange Bitcoin, Litecoin, USD, EUR in one place called “HitBTC“.

Where HitBTC is a currency exchange based in Denmark. It also offers its users to trade between Bitcoins, Litecoins, U.S. dollar, and Euro so easily.

HitBTC is a good marketplace where users can trade Bitcoins against USD, EUR, LTC or vice versa just like we do in Forex market (Don’t know how Forex market works, read the review about eToro Forex Broker).

Basic Concept of Exchanging Currencies with HitBTC:

Following is the basic concept of HitBTC:

At the very first place, HitBTC is a currency exchange market where people exchange currency to each other.

For example: If you have 2 Bitcoins and want to sell them at an amount of $670 for each then in HitBTC you will need to place a sell order which decides the price on each BTC you wish to sell. Once you do that your sell order will then placed in the order book.

Now, in your trading account the amount of 2 BTC will be locked until your order is filled or you decide to cancel it.

Note: It takes times to execute an order (It will not be executed on the spot). What you need to remember is that there must exist a user who is also looking to buy Bitcoins at the same price that you specified in your order book. Here, the system will match your sell order and buy order of the counterparty and both orders will be considered as filled.

However, it can also happen when a user submits to buy 1 BTC at a price of $670 then your order will be partially filled and leaving behind the other 1 BTC in your account.

You can also use HitBTC for trading purpose but if you want to buy and sell Bitcoins for trading purpose, click here.

Currency Pairs Supported by HitBTC

Following are the currency pairs that are supported by HitBTC currently (as of May 30, 2014):

  • BTC/USD
  • BTC/EUR
  • LTC/USD
  • LTC/EUR
  • LTC/BTC
  • USD/EUR

Some Security Tips for Bitcoin Users

Bitcoin Wallet Security

It is highly recommended to keep secure your Bitcoin wallets either they are online or offline. In order to secure your Bitcoin wallets just follow this comprehensive guide to secure Bitcoin wallet.

But in short, your should add two-factor authentication on any of your Bitcoin online account and it is the only best way known to prevent hackers from hacking your account.

Note: Two-factor authentication prevent the brute force attacks on your Bitcoin online accounts and prevent hackers from hacking online account by asking for phone verification.

No matter if your account’s password leaked, still the hacker will need to go through further phone code verification process.

To enable two-step verification on HitBTC accounts, follow these steps:

  • First of all, install Google Authenticator (Android or iOS) on your mobile device
  • Go to Google Authenticator Settings → Add new button under Your software authenticators
  • Just follow the steps that appear on the screen
  • You will now need to input the code generated by the Google Authenticator on your mobile device every time you log-in to “hitbtc”
  • Password Security

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Withdrawal / Funding options by HitBTC

  • Bank Wire Transfer
  • Bitcoin address
  • Litecoin address

Features

  • Cutting-edge technology places and matches your order in milliseconds.
  • Fast turnaround on deposits, withdrawals and support requests with flexible payment validation.
  • You can use Google Authenticator for two-step verification. Protected by SSL.
  • Demo trading mode.

Features for professional traders

  • WebSocket subscription for prices and trades
  • Asynchronous WebSocket-based trading interface
  • FOK and IOC orders

Conclusion

People have been using HitBTC to exchange money among the wide range of audience world-wide if you are looking for exchanging your BTC in exchange of any other currency join hitBTC.

For the quickstart guide, click here.

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