After completing the registration process, you have to deposit some funds into your HitBTC account. This process includes depositing using a cryptocurrency rather than through a bank account. Depositing using the bank account requires a complete verification process, which takes time. On the other hand, cryptocurrency as a deposit method will only take 20 minutes or so for the funds to show up in your account. Furthermore, there is no evidence of a hack indicating robust security. HitBTC exchange offers beginners the chance to practice trading cryptocurrencies on its demo platform first.
- There are also low fees, strong security measures, no limits on deposits or withdrawals of digital assets, over 150 instruments to choose from, and the most advanced FIX API and REST API.
- Reviewers complaining about HitBTC most frequently mention inactivity fee problems.
- You should consider your own circumstances and obtain your own advice before making any investment.
- I reported them – They are the WORST cryptocurrency exchange ever.
- Registering a new account with HitBTC is relatively simple.
HitBTC Trading fees
As bigger orders bring bigger profits, more money lands in the trader’s pocket after she/he returns the borrowed coins to the exchange. However, it’s worth mentioning that in the case if the market fails the trader and the orders are executed in a loss, there’s a risk to lose all the collateral or even more. Some people even refer to crypto margin trading as madness. As for trading fees, HitBTC sticks with a “maker-taker” model. The traders placing limit orders are adding positions to the exchange order book. As the exchange is benefiting from such actions, it incentivizes traders to place limit orders via trading fee discounts.
HitBTC scam. For more than ten months, the account has been blocked without explanation.
However, it seems that in a follow up to the tweet HitBTC unfroze the account and allowed his mother to continue trading. Lastly, you can only buy and sell coins that are divisible by 100, 1,000 or 10,000. This is not ideal especially for those smaller traders who want to trade the more expensive coins. This slow customer support is also not ideal when it comes to verifying your KYC documents. If you are one of these traders that would like to participate in the market making on the HitBTC platform then there are a number of Market Making contracts that you can enter into with them. These contracts have cash incentives as well as rebate bonuses.
MetaTrader 4 Platform
Individual customers in their reviews accuse HitBTC of being a scam. Some of the people who created threads accusing HitBTC of being a scam eventually admitted that their problems were solved. It is fair to say that judging by user reviews, customer support speed is the main drawback of the exchange.
The support team has replied to you on May 4th and provided you with instructions. The support team has replied to you on November 16th and provided you with instructions. Professional traders are encouraged to contact HitBTC in order to obtain more advantageous trading fees. This review will focus on highlighting everything there is to know on HitBTC, including but not limited to its trading fees, trading view, API, security, and more. They have held Everyone’s Coins hostage (Dogecoins in my case) and while you can deposit and buy coins, you can not withdraw them. They claim it’s under maintenance… My HitBTC account has been saying that for the last 3 MONTHS… Scam Artists.
HitBTC Review: Verification Process
You do everything they want, send in your drivers license, selfie holding some piece of paper, cell phone number, blood sample, proof of residency, all of it. Then shortly after you do all that, they want more and more, then they want some Skype teleconference call, its just nonsense. Even if you go through ALL the hoops, they just steal your funds.
How To Trade on HitBTC
It suggests creating a strong password that you change every several weeks. You can set up the two-factor verification via the “Security” tab of “Settings,” activating it for withdrawals, logging in, and/or adjusting your settings. For added security, the exchange sends you an email notification whenever your account is accessed from a new IP address. Like many other huge exchanges, HitBTC has a problem with the support team response delays. It doesn’t happen all the time, however, some users complain that they have to wait for their queries to be answered for hours or days. HitBTC is explicitly limiting the participation of low volume traders in the OTC trading — the minimum trade volume allowed in the OTC desk should be equivalent to 100,000 USDT.
Where is the zero star button?!!
After you know this, it’s easy to understand the user interface functionality. However, if you’re a newer user, you might think this is a bit strange. This is due HitBTC Review to the fact that almost every other cryptocurrency exchange uses a one-account system. Therefore, having a two-account system does create a little confusion.
HitBTC Withdrawals
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. For those traders of you that would like to use their advanced API, then the market making functionality could be an attractive addition.
Leave a comment