HitBTC Review 2023: Is It A Good For Traders?
Finding a trusted and safe cryptocurrency trading platform to exchange digital assets or trade with leverage can be a difficult task with so many options available. In this review, we examine the self-proclaimed "most advanced Bitcoin exchange" called HitBTC. We will assess and compare its most popular features, supported assets, trading fees, security and customer service.
- Professional trading platform for technical analysis
- Fast trade execution speeds and Tradingview charts
- One of the largest selection of markets with 519 supported coins and 1083 trading pairs
- Trade crypto with leverage on margin or Futures exchange up to 75x
- The exchange has never been hacked with 2FA and cold wallet storage facilities
Established in 2013, HitBTC is a reputable exchange for trading 519 digital currencies across its spot exchange, margin and Futures markets with up to 75x leverage. The platform is designed to cater to beginners, experienced and institutional traders with a demo account, low fees from 0.09% per trade with rebates through a tiered fee system.
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What Is HitBTC?
HitBTC is a cryptocurrency trading platform that was founded in 2013 under the parent company HiTech Digital Business Ltd which was incorporated in the British Virgin Islands. HitBTC provides a spot exchange, margin, Futures and OTC desk for its users to speculate on more than 1,000 trading pairs on a reliable, high-performance and safe platform.
HitBTC exchange has been designed to meet the demands of the most sophisticated and advanced traders. With its intuitive, feature-rich and responsive mobile app for Android and iOS devices, HitBTC is a good option for altcoin traders.
Can You Use HitBTC In The USA?
According to the HitBTC Terms of Services, US residents are not allowed to trade crypto on the platform due to strict regulations. Therefore, individuals from the United States are strictly prohibited from creating an account and will not be able to open any trades. Users will need to find a top crypto exchange that is licensed by FinCEN.
Quick Overview
HitBTC offers a comprehensive and stable crypto exchange that is suitable for intermediate and advanced traders. The best features include a sophisticated platform with 519 listed coins against 10 trading pairs including BTC, USD, ETH, HIT, USDC, DAI, TUSD, EOS, BCH and EURS. The user interface is a little outdated and will take a while for beginners to get used to. Overall, HitBTC is a well-rounded exchange for trading Bitcoin and Ethereum but lacks the modern features and services compared to the top platforms.
| Exchange Name | HitBTC |
|---|---|
| Markets | Spot, Margin & Futures |
| Fiat Currency | USD, EUR, GBP, SGD & INR |
| Cryptocurrency | 519 |
| Trading Fees | 0.09% |
| Advanced Orders | Market, Limit & Scaled |
| Mobile App | Yes |
| Demo Trading | Yes |
Is HitBTC Safe?
HitBTC is a reliable exchange that uses industry-leading technologies such as 2-Factor Authentication (2FA), 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.
HitBTC Compared
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. With an abundance of features and 541 coins to trade, HitBTC is a well-rounded exchange to use. However, the user interface is outdated and should be improved to a modern trading experience in line with its competitors.
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0% to 0.1% | Rating  | Up to $100 welcome bonus | Visit Binance | Binance Review |
 Bybit | 81 | 0.06% / 0.01% (leverage), 0.1% (spot) | Rating | Deposit bonus up to $30,000 | Visit Bybit | Bybit Review |
 KuCoin | 700+ | 0.1% | Rating | Up to 500 USDT in bonuses | Visit KuCoin | KuCoin Review |
Features & Services
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. The most popular features on HitBTC are listed below.
Over 1,000 Trading Pairs
HitBTC has one of the largest selections of markets available with 519 assets and 1083 trading pairs to choose from on the spot exchange. In addition to the spot exchange, HitBTC has a margin platform and Futures market to trade crypto on a platform with leverage up to 75x. The BTC/USD perpetual contract is the most heavily traded pair on HitBTC that allows traders to use high leverage to long or short the Bitcoin market. However, the trading volumes on the other futures contracts are very low.
Competitive Trading Fees & Rebates
HitBTC offers competitive spot trading fees that start from 0.9% using a maker and taker fee system. The fees are based on a tiered system that rewards users that trade with higher volumes. In short, the default trading fee for HitBTC is lower than popular trading exchanges such as Binance, FTX, Huobi and Coinbase Pro.
| Exchange | Base Trading Fee |
|---|---|
| HitBTC | 0.09% |
| Binance | 0.1% |
| FTX | 0.2% / 0.07% |
| Huobi | 0.2% |
| Coinbase Pro | 0.5% |
HitBTC Demo Account
The HitBTC demo account allows individuals to experience real-time trading using different trading strategies without any risk. The demo trading account aims to replicate live trading of Bitcoin, Ethereum and EOS trading pairs. The feature is good option for beginners to learn how to trade.
Getting Started & ID Verification
There is no cost involved to create a new account with HitBTC or maintain a crypto wallet. There are some fees involved such as purchasing crypto with fiat, trading between assets and withdrawing to an external wallet. To create an account with HitBTC, new users will need a valid email address and password.
HitBTC verification process is to ensure the platform conforms to the international Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. ID verification is mandatory for customers that trade on the platform which offer incentives such as lower trading fees. Verified users can obtain maker and taker fees of 0.07%, compared to 0.1% and 0.2% for unverified users.
Depositing Funds
HitBTC is a crypto-to-crypto exchange that can be funded through a 3rd party service using traditional fiat money. 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.
Trading With HitBTC
Selecting a cryptocurrency platform depends on the trading interface for many investors and traders. This is where the majority of time will be spent analyzing the charts and looking for trading opportunities.
User Interface
HitBTC claims to have an advanced trading terminal for experienced and professional traders. On review of the HitBTC layout, the charts are easy to use but lack basic features for technical analysis. The default appearance is also quite difficult to see. There is an option to switch to Tradingview charting which is renowned for advanced technical indicators and drawing tools.
Tradingview has a variety of features and tools available such as technical overlays, chart patterns, Fibonacci extensions, and other popular cryptocurrency indicators that can be applied. Changing trading pairs or logging out of HitBTC does not remove any drawing tools or patterns overlaid on the chart.
Therefore, chart analysis remains on the chart until removed by the trader. However, there appeared to be a little latency when switching between trading pairs. The asset list for selecting the instruments is well laid out with different tabs for selecting the specific coin to trade with collateral. Similarly, the user interface is hard to see with the default color scheme.
As for the buy and sell window, traders can choose from 3 different ways to execute a position which include limit, market and scaled orders. The latter is unique to HitBTC which allows the individuals to configure multiple orders to be triggered within a pre-defined price range. This can be a useful tool to attempt to fill an entire position within a price range as opposed to missing out on a trade opportunity given the low liquidity on certain trading pairs.
Overall, the user interface on HitBTC is basic with the minimum features for traders to speculate on the spot, margin or Futures market. The default appearance is not ideal for beginners and difficult to see at night. In short, the trading experience falls short and could be improved to rival the popular trading exchanges such as Binance, FTX and Bybit
Trade Volume & Liquidity
HitBTC claims to be a state-of-the-art platform with 'un-matched trading liquidity'. At the time of writing, there are 4,137 traders online with a 24-hour trading volume of approximately 3 Billion USDT. Coinmarketcap has ranked HitBTC as 75th in the world based on traffic, trading volume and overall 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.
The BTC/USD and ETH/USD trading pairs have the highest daily volume of 2.2 million within the last 24 hours which accounts for about 53% of all the trading activity on HitBTC. The depth in the order book for lesser-known altcoins and exotic coins is thin. Overall, the trading liquidity on HitBTC is not ideal for professional altcoin traders with large accounts.
HitBTC Fees
HitBTC uses a maker and taker model to determine the fees while maximizing liquidity and reducing spreads. The trading fees start from 0.9% for makers and takers and can be reduced with higher trading volumes which are calculated over 30 days. HitBTC's fees are fairly competitive with the larger exchanges, however, the trading volume discounts are based on Bitcoin (BTC) and not USDT.
| Trading Volume (30 day) | Trading Fee (Maker / Taker) |
|---|---|
| ≥ 0 BTC | 0.09% / 0.09% |
| ≥ 10 BTC | 0.07% / 0.08% |
| ≥ 100 BTC | 0.06% / 0.07% |
| ≥ 500 BTC | 0.05% / 0.07% |
| ≥ 1000 BTC | 0.03% / 0.06% |
Fee Discount For HIT Holders
HitBTC users can purchase and hold HIT tokens to obtain a further discount on the trading fees for the spot and margin market. The fee discount ranges between 3% and 45% based on the number of tokens within the wallet.
However, the HitBTC token value in relation to Bitcoin has been in a decline. Therefore, the benefit of holding HIT coins to acquire the trading fee discount is currently not worth it as the investor will be losing value in BTC. While the token price is appreciating in terms of USD, the discounts are based on Bitcoin trading volume over 30 days, not USD.
Customer Support
HitBTC has mixed reviews on reputable review websites such as Trustpilot. The exchange has an overall rating of 2/5 stars which is 'Poor' based on 1,934 customer reviews. The most recent comments relate to missing deposits, poor customer service and frozen funds. Overall, there are too many 'red flags' based on feedback from their users. As such, we would recommend using another trading platform until these issues are resolved.
Conclusion
To conclude our review on HitBTC, the exchange provides a reasonable trading platform for Bitcoin and Ethereum traders. However, there are several areas of concern that need to be addressed to rival the larger exchanges. In particular, the user interface is outdated, lack of transparency on security measures and negative feedback on the customer support.
Visit HitBTCIn short, there isn't a strong case for traders to consider using HitBTC. 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.
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