If you have been trading cryptocurrencies online then you must know about HitBTC exchange. HitBTC has a daily trade volume of over 250 million USD (as of March 2018). This figure would give you an idea about the trading volume and audience using HitBTC exchange.
The company is said to be operating from unknown location but is parented by Hit Solutions limited which is a Hong Kong Based corporation.
The website claims to have core matching engine is among the most advanced technological products in its class and implements innovative features such as real-time clearing, advanced order matching algorithms and has been acclaimed for its fault-tolerance, uptime and high availability
- High liquidity
- Cutting-edge matching engine technologies
- No limits on deposits/withdrawal of digital assets
- Low Fees
- More than 150 instruments available
- High level of security
- The most advanced REST API and FIX API
Now said world’s most advanced online exchange wasn’t really much advanced as it went through a major crisis and got hacked in early 2015 but did not disclose any loss reports and said no user lost it’s funds.
Well after being in a big crisis it still gained its value as of now it has after being backed up in February 2016 and got a 3 million dollar investment from Israeli entrepreneurs which gave all the boost required for it being a functional giant again.
The Website is also most generous giving back to active traders and Start Up entrepreneurs which you will learn in this Article.
A recent tweet about HitBTC giving RPM tokens.
The features of HitBTC are quite amazing and have got a simple understandable user-interface.
The main page has got a login and sign up options.Signing up for HitBTC is really simple it will ask for email and password and then and email confirmation.
On the main page, there are charts showing live stats about rates of different cryptocurrencies going up or down and also their trading pairs, for example, USD/BTC.
After signing in you will get a home page with some graphs about the pair selected versus the trade.
As you can see from the image above, there are pairs and below are instruments you can select from DOGE or LTC or anything you want to make pair and trade from the chart is custom made by HitBTC they also have Trading View Chart option and you can switch from HitBTC to trading view.
The website also has got Robot API feature for specially those people who have got trading bots to do trading online instead of them many website claim to have Robot API features but they don’t work properly so this platform might be the most perfect for you because of its advanced functionality.
From charts to pairs instruments this website has got some more amazing features as there is a tab of System Health. HitBTC System Health provides key metrics for the system performance and availability, including live statistics of incoming/outgoing transactions.Being on front of market they want to be as open as possible.
This option not only allows user to know about the websites functionality but also gives key hints to everyday trader about what or when to do. This feature also notifies about any kind of maintenance going on.
Deposits and Withdrawals
HitBTC takes deposits and withdrawal damn seriously like every other cryptocurrency exchange. The currency support is that it almost have every alternative coin present at the moment to deposit or withdraw your currency in the accounts tab where you have a range from bitcoin to Zr coin you may not have even heard of it but it is there.
When it comes to depositing funds there is a credit card deposit option also but it redirects to an external payment predecessor called changelly where you can buy from major 3 currencies like BTC,BCH and ETH using master or visa card in euro or USD by simply just putting the address and making payment using your credit card.This claims to be faster then ordinary credit card to Cryptocurrency buying website.
Withdrawal is also easy in USDT ( tether) which is equivalent to USD developed by online exchanges due to stability problems as fiat currencies are much stable then crypto currencies.
Withdrawals can also be made in all of the cryptocurrencies as well as deposited also so there are a lot of options for you.
When it comes to country i did not saw any specification or asking for country during sign up process it gives us a hint that this exchange supports almost every country on the globe.
Pricing on HitBTC is done also in an advanced and innovative method which is based on maker and taker model.
Taker is the one who trades and maker is the one who sets limit in the order book by setting limits of the bid to close the trade on.
Taker is charged with 0.1% fee which is standard everywhere while Maker gets 0.01% reward by HitBTC by providing liquidity (cash) to the market by managing a successful bid and exchange does not charge in this case which means only 0.01% fee for traders.
This is what an order book looks like in HitBTC with current buy and sell bids and ask prices.
Security features are amazing in HitBTC all the trades are encrypted and the coins are kept offline in cold storage (no network access and offline hardware wallets).
The website also prompts new comers to active two factor Authentication which means you can use any application or browser extension that uses Time-based One-time Password Algorithm to set Two-Step Authentication.
HitBTC officially uses Google Authenticator to set up two factor authentication.
On security tab you can also view your private keys and current devices and IP addresses from where you are logged into HitBTC and from the IP you have signed into HitBTC.
On this Security tab you can also set automatic log out by different time intervals.
HitBtc also has got a troll box on the main market page where you can chat with different traders for fun or for knowledge.
This is an amazing feature for new comers to get information fairly quicker then others.
HitBTC has also got an API page for those full time traders who want to embed HitBTC in their custom software.
This option may also come Handy for Vendors who have got their own market places and can use HitBTC for displaying charts,book etc.
API option is also for developers who want to collaborate in the well being of HitBTC. Developers can test and create new API’f for HitBTC and maybe rewarded as well.
Adding Custom Tokens
For Entrepreneurs this platform is a hit show as it provides startup currencies an option to being listed on platform like this.
The process is fairly simple and required project website,email,Reddit links, Bitcoin Talk forum links and general description about the currency about it’s block chain and other.
Your information is usually reviewed usually in a week after all the processes and review your tokens will be listed with trading pairs like BTC,ETH and USDT.
This feature is really helpful for entrepreneurs and startup founders who need a global level recognition for their projects and this platform is most suitable for them because HitBTC has the most global level recognition and huge fan base.
Well for such a huge exchange like this customer support is the con of this beloved platform.
Traders often wait for a response for 7 days and still get no reply there are General FAQ’s and Support Center Emails with no Call Center Services.
There is an official twitter account of HitBTC which is quite active and recognized Traders can also find lot of information and news updates regarding HitBTC.
Scam Alert: There are no phone helplines if someone calls from international numbers Like USA or UK and claims to be HitBTC never give your account information or secret credentials as there is no call service and HitBTC never calls on your phone number of people have reported about scam calls and HitBTC has Tweeted to clear this to Users.
Well HitBTC really being said is now the worlds most advanced online exchange with that being said we got Unexpected reviews online.
Being said small time traders used some cuss words to praise HitBTC because of it’s bad customer support team where users even waited 7 days but received no response.
Some people also mentioned about its trading divisible and methods which are worth mentioning and are really hard for newbies to understand.
While everyday traders praised its trading volume,security features,tips and User Friendly Interface.
Well that is our review of HitBTC as this platform is expanding and has really large trading volumes compared to other platforms working this exchange might be a Yes situation for everyday traders.
While problem still arouses in the customer support and withdrawal times on some tokens but there is no doubt about he capabilities and volumes of this website with respect to its number of instruments and security features and who cannot praise the User Friendly interface and rewards to traders.
Some steps with customer support might do the job for small time and newbie traders as well.