The Unofficial 2018 Beginners Review Guide to HitBTC

The Unofficial 2018 Beginners Review Guide to HitBTC

HitBTC is one of the older cryptocurrency exchange platforms and has been operating since 2013. It’s based out of Estonia and was developed by a man by the name of Dave Merrill. It is the largest European cryptocurrency exchange, however is still not as widely known as some of the other larger exchanges like Coinbase, Bittrex, and Binance.

What’s HitBTC All About?

Many previous users and reviewers tend to proclaim that HitBTC is one of the easiest and quickest exchanges to get started on. Personally, I didn’t find it any more convenient than any of the other cryptocurrency exchanges I’ve used. However, that doesn’t take away from the vast array of features that this exchange offers its users.

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First off, they have very low trading fees at 0.10% (that’s 0.10 of a percent). This might not seem like a lot at first, but it certainly adds up, especially if you’re going to be day or swing trading (as opposed to investing long-term).

Additionally, unlike some other exchanges, HitBTC lets you trade in various currencies like ETH, USDT, ICO, and of course BTC.

Another great benefit to using HitBTC is the fact that you can remain completely anonymous on the platform. This is important for many individuals within the crypto sphere. A lot of users prefer to keep their privacy intact for various reasons.

They even have a “Favorites” tab where you can save your favorite trading pairs and find them easily from this location. Many traders appreciate this feature and  the wide array of cryptocurrency pairs the trade with.

favorites-tab-HITBTC

HitBTC is one of the more beginner friendly exchanges, however if you’re new to cryptocurrency trading, there may be a small learning curve. That goes for just about anything you right? I personally didn’t find it any easier or complicated than some of the other popular exchanges I reviewed.

Another cool beginner feature that HitBTC allows individuals to take advantage of is demo trading. This enables you to gauge whether you are cut out for crypto trading. This Is one of the reasons why the exchange is a great place to start for beginners.

 Free demo trading is unheard of within most cryptocurrency exchanges. If others offer it, they tend to request you make a trade of at least $1 or more (which really isn’t a true demo). This is not the case with HitBTC as they allow you to trade in full demo mode whenever you like.

The only minor drawback that I could find to trading with HitBTC is that they don’t offer a mobile app. This really isn’t that big of a deal, as many other exchanges don’t offer this as well (Binance has a mobile app and that’s the only one I’m aware of). Now you can still login to the site via your mobile phone web browser and make trades that way, but it’s just not as intuitive as a mobile app.

Account Funding

Like most other exchanges, you’ll need to go through a verification process if and only if you intend on depositing fiat currency into the exchange from your bank account. The process usually takes around 3 to 5 business days and will require you to upload a photocopy ID. This is the same process on all cryptocurrency exchange platforms.

After you’ve been verified, you are limited to trading $2,000 per week and $10,000 per month. One of the great aspects to HitBTC is that they let you increase this trading limit if you make a request and it always gets accepted.

Payment Methods

When it comes to accepting payment methods, HitBTC only accepts cryptocurrency transfers. In order to trade on HitBTC, you need to transfer your cryptocurrency from your online or hard wallet to the exchange. This is why I recommend these exchanges for fiat to cryptocurrency deposits:

Coinbase

Gemini

LocalBitcoin  

hitbtc-withdrawel-fees-deposit-feesDeposit fees can vary greatly depending on the cryptocurrency you decide to deposit. At the time of posting this, BTC fees are very high, however LTC is very low, so I highly recommend you check out your deposited crypto fee before initiating a transfer. Click the image on the left for reference.

Deposits are not the only time a fee is charged. Each time you make a withdrawal, a fee is charged as well. A network fee is also charged for cryptocurrency and 2% flat fee is applicable with fiat. As I mentioned above for deposits, you want to check the withdrawal fees calculated by HitBTC before you decide to initiate.

PRO TIP:  I typically use LTC, BCH, or Dash when transferring cryptocurrency over to HitBTC. They are known to have the lowest fees. Once your currency has reached the HitBTC, you can then transfer it over to BTC, ETH, or USDT in order to trade pairs.

HitBTC Security Features

The security features delivered by the exchange are quite generic and are delivered by all other exchanges. They include the industry standard two-step authentication process (2FA). This authentication is completed for all withdrawals and logins. 2FA is optional, however I highly recommend you enable it for all cryptocurrency exchanges you currently trade on.

The second essential security function they include with all accounts is their proprietary encryption technology. This is to protect your account from hacking attempts. HitBTC has an outstanding track record of protecting accounts from hackers.

They also let you know if someone else has been accessing your account from another location, if by some odd chance, an individual has acquired your login and smartphone access. They send you a notification to your email address when this occurs.

HitBTC Interface

The interface of this exchange will either be the best thing you come across or the worst. Your take on it will depend on your level of expertise. They do a great job on explaining every little feature when you hover your mouse over the question mark bubble. Each tab and dropdown menu includes one to get you up to speed.

For the professional, HitBTC offers a wide array of features like stop losses, stop limits, and a newer feature you won’t find anywhere else…the “Scaled” tab. This feature allows you to set multiple orders at designated price points. This is also referred to as scaling in and scaling out of a  trade.  For more information on this topic click here.

The price charts for this exchange aren’t as nice as some of the other exchanges like Binance and Bittrex, however they do give you an option of utilizing the TradingView charts which I highly recommend over the standard charts.

There is also a unique feature called the “Trollbox” which works in the same way as a typical chat room. This allows you to chat with other traders and possibly gain insight into a particular cryptocurrency that’s gaining momentum. At the same time, be careful with all the FUD and shilling going on in there, as the place is a hotbed for that sort of activity.

 

pros-vs-cons-cryptocurrency

Pros

  • The demo feature is unique and highly useful for beginners.
  • Low trading fees at 0.10% (that is 0.10 of a percent and not 10%)
  • You can trade in numerous cryptocurrency pairs like BTC, ETH, USDT, and ICOs.
  • There are various advanced tools available for trading like the aforementioned “Scaled” tab.
  • Great security features and encryption to keep your account from being hacked.
  • Easy to get started, as long as you don’t need to deposit fiat funds into your account.
  • You can stay anonymous as long as you are only trading and not depositing fiat into the exchange.

Cons

  • You can only deposit cryptocurrency. This exchange does not offer a way to deposit fiat currency.
  • Withdrawel/deposit fees can be high if you don’t transfer with the right cryptocurrency. Make sure to follow my “Pro Tip” above and inspect all fees before initiating.
  • Includes more “lesser known” cryptocurrencies (less established as well).
  • The cryptocurrency volume is not as high some of the other exchanges.

Let’s wrap this up…

HitBTC does deliver some features that are not found within other exchanges. Whether it be the demo version of trading or its ability to use “Scaled” trading, the exchange has succeeded in standing apart from the crowd. We can’t tell you whether the exchange platform is perfect for you, however I will tell you that it is worth signing up for.

Rather than relying on someone else’s experience, you can try it out for yourself using the demo version. If you enjoy your experience or find it useful, please leave a comment below and let others know what you think.

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