HitBTC Review for Canada 2023 Crypto Exchange Reviews
When considering cryptocurrency exchange rankings, though, both of these types of businesses are usually just thrown under the umbrella term – exchange. HitBTC exchange offers a Demo platform to try and trade cryptocurrencies for users who are beginners. To experience the demo trading, users can register themselves and access it. HitBTC is a well-known and secure cryptocurrency exchange with the most diverse cryptocurrency market selections and excellent exchange rates. The exchange is relatively simple to use; however, it’s best suited to more experienced traders.
hitbtc exchange review‘s fees are fairly competitive with the larger exchanges, however, the trading volume discounts are based on Bitcoin and not USDT. HitBTC claims to be a state-of-the-art platform with ‘un-matched trading liquidity’. This is comparable to exchanges such as Zipmex, CoinJar and Zebpay. However, is not a top-tier exchange in terms of trading liquidity by any means.
Since the exchange was founded in 2013, there appears to be a lack of significant investment and development to improve the user experience. This appears to be reflected by the declining trading volume and number of users. There are better alternatives to HitBTC that should be used to trade crypto with more features, service offerings and improved customer support. However, when it comes to withdrawal fees, Binance turns out to be more democratic. Although both exchanges have large trading volumes, Binance has the biggest liquidity on the market while HitBTC is only one of the best exchanges by this parameter. In 2021, HitBTC added fiat-to-crypto and margin trading options.
- If you’re already part of the crypto game, you know that this industry has you in for everything but a steady ride.
- To maintain the integrity and differentiate accounts, HitBTC provides three levels of accounts – General, Verified and Qualified.
- Overall, my suggestion for you is to use a better altcoin exchange that you can rely upon for support and one that lets you sleep in peace.
- Some of the people who created threads accusing HitBTC of being a scam eventually admitted that their problems were solved.
- During its six and counting years of operation, HitBTC had a colorful history with numerous accusations.
To find a reliable exchange where you can start an account, just use ourExchange Filtersand we’ll help you find the right platform for you. If Bill comes along, and sells 1 BTC to Ingvar for USD 10,000, he takes away Ingvar’s order from the order book. If Bill on the other hand offers to sell 1 BTC for USD 10,500, he places an order on the order book that does not correspond to an existing order.
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As a result, the platform now has over $300m in trading volume. HitBTC is an established crypto exchange that has provided quality trading services since the early days of cryptocurrencies. Firstly, we have to take issue take issue with their customer support.
There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your own circumstances and obtain your own advice before making any investment. You should also verify the nature of any product or service and consult the relevant regulators’ websites before making any decision.
Being aware of all the pros and cons you’ve probably already decided if this crypto exchange is suitable for you. Now, if you want to start using HitBTC right away, you should know how to register and deposit your funds. You’ll find all the needed information on how to do that below. Since we’re already done with the positive aspects of this HitBTC review, it’s time to jump to the less pleasant part and discuss what this crypto exchange is missing. Remember, though – if you’d like to check out some better alternatives, feel free to visit Coinbase or Binance. The system will be calculating your trading volume for the last 30 days and determine the fee rate for your account every day.
The supported currencies include USD, EUR, GBP, SGD and INR which can be deposited via credit and debit cards, Apple Pay and Google Pay. HitBTC will display the best payment provider based on the amount of crypto received after taking into account the rate and fees. HitBTC is a serious crypto trading platform that offers advanced spot exchange, margin and Futures contracts. Users can speculate on a wide variety of assets, monitor the market, participate in crypto competitors or demo trade. HitBTC lives up to its self-proclaimed mantra of the ‘most advanced Bitcoin exchange’. The platform offers spot, margin and Futures markets to cater to a variety of traders.
Please note that HitBTC is not the only platform to implement the inactivity fee policy. This is a standard practice that exists on other exchanges as well. I lost all the money in my account, all of it, due to a hidden HitBTC fee. The charge is US$10 per month if you have more than 6 months of inactivity. This charge can only be discovered in the terms and conditions, since it is not reported on the fees page . The support team has replied to you on September 16th 2021 and provided you with instructions.
Recently , HitBTC released a demo version of their platform. Using a demo account, users can try their hand at trading without risking any financial investment. They can trade simulated funds in order to get a feel for trading and educate themselves. At the same time, all the market data in the demo is the same real-time data from the real HitBTC exchange. Trading can be done manually or via the API – the test mode is as responsive as the regular exchange platform. HitBTC has become one of the topmost global crypto exchanges in terms of market liquidity, as per CoinMarketCap.
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If the user wishes to withdraw money, they should have coins in their main account; they need to click withdraw. HitBTC’s API is robot-friendly; the trader can use the trading bot. The HitBTC platform is friendly to users who are involved in creating trading bots. The robot-friendly API of HitBTC uses low-latency data for the cryptocurrency market.
This isn’t clearly spelled out in their support page and the process itself is very inconsistent. For a number of years, HitBTC didn’t require users to register for an account or provide ID verification. All you’ll need is an email address and a password and you’re good to go. Unfortunately, the ID verification is much less straightforward. It is one of the largest exchanges currently in operation, averaging more than $250 million per 24 hour trading period. On the technical side, it has been described as having very good fault tolerance.
- Itâ€™s also one of the few exchanges open to bots, providing a range of APIs that help tech-savvy customers trade automatically.
- I don’t believe its a scam but suffer serious deficiency in their level of support and commitment toward traders.
- Use our Exchange Filters to find an appropriate exchange accepting US-investors.
- It offers several measures to maintain the data and ensures that traders use two-factor authentication.
- The trader claimed that HitBTC has locked his mother’s account and was not allowing her to withdraw her funds.
That was a serious step ahead if we compare HitBTC and Binance. The latter has margin trading, too, but in the fiat market, it can’t offer anything except for stablecoins. Both exchanges support plenty of trading pairs and provide high accuracy thanks to high liquidity and strong matching engines. However, HitBTC offers more trading pairs and supports twice as many coins as Binance — over 370. If you are looking for some specific coin there are more chances of finding it on HitBTC.
HitBTC offers multi-currency support and has several million active users trading on its platform. HitBTC digital currency exchange interface is available in English, Korean, Chinese, Portuguese, and Spanish. This exchange was launched to support users who would like to trade cryptocurrencies. HitBTC has also launched a demo trading and an application that can be used for voting altcoins. Based on this, the users can select their preferred cryptocurrencies to trade on the platform.
HitBTC is a reliable exchange that uses industry-leading technologies such as 2-Factor Authentication , cold wallet storage and wallet address whitelisting. There is limited information about its security features which may be a red flag due to a lack of transparency. However, since HitBTC was founded in 2013, the exchange has never been hacked or suffered a loss of funds due to a cyber attack.
Another interesting feature of HitBTC is that it comes with support for the FIX protocol. It supports FIX via two types of interfaces, FIX Trading and FIX Market data. Probably the first aspect traders should be aware of when researching HitBTC is the fact that it has very low fees, 0,1% fees for every market trade, to be more exact. The exchange uses a smart “maker-taker” model to ensure maximum liquidity. HitBTC supports two-factor authentication for user’s accounts to add an extra layer of security.
Easily discover all details about https://forex-reviews.org/currencies, best crypto exchanges & wallets in one place. Read fact-based BitDegree crypto reviews, tutorials & comparisons – make an informed decision by choosing only the most secure & trustful crypto companies. When deciding which crypto exchange platform to use, there are multiple aspects to take into account. Since cryptocurrency popularity is growing you can find such a variety of platforms that allow you to buy, sell and trade cryptocurrencies. While having more options is a good thing, you might also encounter some issues when choosing a cryptocurrency trading platform for your needs. Do not forget that cryptocurrency exchanges have a tendency to close the registration of new users but also often close the wallets of different coins for servicing.