HitBTC Referral Code – Get 20% Discount
As with any other business, cryptocurrency companies seek to expand their presence in the market by offering various services for their clients. The same can be said for HitBTC, an exchange that adds new products for you to use as a trader and investor.
We review the services offered by HitBTC regarding its multiple platforms, margin trading, fees, deposit methods, verification demands, and offered currencies. The main goal we want to achieve is to provide you with pros and cons. These can be used to compare the exchange with other competitors in the market.
Based in London, HitBTC positioned itself as one of the exchanges where both beginners and experts can trade cryptocurrencies. The services offered by the company are related to trading and investing in digital currencies, and the products are:
- Margin trading platform
- Newly added OTC market (no prescription)
- ICO token
Trading The OTC trading service (Over-the-counter) allows you to conduct high-volume trades without having to go through public order books. This means that you can trade directly with your counterparty without affecting the market value of the coin or token.
The platform offers an exciting feature in terms of “TrollBox,” where instant messaging has been enabled for all operators. You can write to all other traders and exchange knowledge and information on post-trade trends.
Anyone can trade on HitBTC, as there are no regional restrictions or limitations. As long as you have a bank account or cryptocurrency wallet address, you can buy and sell coins on HitBTC.
The support platform offers an FA section and a request system where the ticket related to your problem is published. Customer service generally responds within 24 hours to requests.
Account creation and verification
Account registration with HitBTC is the same as with any other exchange, with the difference that it does not verify your email address. Email compliance is done through the 2FA (2-step verification) or identity verification process. You need to submit your identity request to the support department.
The verification process itself is carried out differently than LakeBTC and Binance. You should send an email with your personal information, bank account details, and attached copies of your ID card and proof of address.
It is important to note that just like LakeBTC and Binance; you can deposit, trade, and withdraw cryptos. Fiat currencies will be available only after account verification.
There are more than 100 cryptocurrencies and tokens available for trading on HitBTC. There are also more than 150 trading pairs that you can use on the margin-trading platform.
The number of coins available is higher than LakeBTC and Binance, which also offers many digital currencies. All popular currencies like bitcoins, Ethereum, Litecoins, DASH, and bitcoin cash are available.
The exchange also offers ICO coins from startups applying for the ICO platform.
Deposit / payment methods
Cryptocurrency deposits cost you nothing at HitBTC. The only bitcoin has a small deposit fee, while withdrawal fees depend on the currency you want to use. Fiat currencies can be transferred to your HitBTC balance with the use of SEPA or bank transfers.
Bank funds would cost you 1% of the value, while SEPA costs € 5 for amounts less than € 50,000. If the transfer exceeds the € 50,000 mark, you will have to pay 1% of the total value.
Rates and exchange rates
HitBTC’s exchange rate is very narrow, very similar to Binance and LakeBTC, as the orders dictate the currency pairs’ value. Trade fees are 0.1% for orders that will be executed immediately. Those orders that are longer in time would cost you 0.01% of the transaction value. OTC trading would cost you 0.1% only.
Compared to LakeBTC and Binance, HitBTC has the lowest fees overall. LakeBTC and Binance trading costs range from 1% to 0.5%.
Like LakeBTC and Binance, the crypto liquidity rate depends on the popularity of the coins. The most popular cryptos are BTC, ETH, LTC, DASH, and Bitcoin Cash. Others don’t have the volume and traders like the significant currencies.
The trading margin is an advantage for HitBTC, a platform that neither LakeBTC nor Binance has. The available order types are:
- market orders (traders use the current value of the coins)
- limit orders (traders specify the price of the coins that can happen in the future)
- scaled (taking out the minimum price and maximum of coins, limiting losses, and looking for profit)
There are also numerous functions such as stop, good until cancel, immediate or cancel, fill or kill, day and good tillage functions.
As for security measures, just like LakeBTC and Binance, traders have 2FA (2-step verification) and passwords as security tools. API can also be used to prevent unauthorized account logins, but that’s it.
Security needs to be updated to match larger platforms such as Coinbase, Bitfinex, BitPanda, and others.
Pros and cons
- A large number of cryptocurrencies and exchange pairs offered
- OTC desk available for large volumes
- ICO coin platform available for startups
- no verification needed for crypto trading
- meager trading fees compared to the industry
- Only 2FA (2-step verification), passwords, and API tools available as security measures
- fixed transfers require identity verification with document scanning
HitBTC is an excellent platform to start your trade and learn about margin transactions. It is geared for both beginners and experts. At the same time, the ICO and OTC platform offers additional markets for those interested in them.
Due to poor security, we advise you not to use large volumes, especially since withdrawals can take time.