HitBTC Cryptocurrency Exchange Most Comprehensive Guide 2018in Cryptocurrency
HitBTC positions itself as the "most advanced Bitcoin exchange". The crypto exchange has been around since 2013. The company that runs HitBTC , HIT Solution Ltd., is based in Hong-Kong, despite the fact that a lot of different sources marks it as a Europe-based. The crypto exchange is a product of collaboration between the experienced traders, software developers and finance professionals.
In early 2016 HitBTC was hacked but we don't know much information about the incident. The "advanced Bitcoin exchange" has a lot of negative feedback in the crypto forums related to the slow verification process, coin loss, withdrawals errors etc. However, the cryptocurrency exchange has a few unique features such as FIX protocol support and demo trading which is rare on the cryptocurrency market.
- How to sign up and create an account
- HitBTC interface
- Account verification
- HitBTC security
- How to deposit and withdraw money
- How and where to place an order
- HitBTC OTC Trading
- HitBTC Trading Fees
- HitBTCWithdrawal fees
- Market-Making on HitBTC
- HitBTC Affiliate Program
- HitBTC API for Trading Bots
- HitBTC available cryptocurrencies
- HitBTC Customer support
- HitBTC Pros and Cons
- Go to https://HitBTC .com/
- Select "Register" in the top right corner of the website
- Complete the sign-up form, then click the "Register" button
- Click the verification link sent to your email address
The interface of the HitBTC crypto exchange is advanced indeed but is easy to understand. Let's divide it into 8 zones:
- A candlestick chart. The trading view chart is also acceptable with a set of tools. You can also pop out the chart on a separate page.
- Instruments. They mean crypto coins. There is a wide range of them here.
- Limit order/Stop order zone where you can place an order to buy or to sell cryptocurrency
- Your orders — both active and past ones.
- Orderbook where you can take an order to sell or buy cryptocurrency depending on the bid and amount
- Trollbox where users can chat with each other. However, you can send a message only if you have at least 0.01BTC on the balance. There are a lot of available languages you can speak on there. Click on the upper-right button of the widget to choose the language you speak.
You can also pause/resume the trollbox streaming.
- Shows the history of recent trades
- The market depth that shows the liquidity and depth for a currency
Which is more, you can arrange the widgets of the crypto exchange according to your preferences by clicking on the square button in the top right section of the screen:
You can use General account settings to trade on HitBTC . However, if you want to deposit fiats you will need to verify it. For that, contact HitBTC .com from the email linked to your HitBTC account. The email should contain the following information:
- Personal information
- Bank account information (in case you want to deposit and withdraw fiat)
- Supporting documents (color copies):
- Identity Document (passport/ID card/driving license)
- Proof of residence
- Proof of bank account ownership
For more details, click on the link https://hitbtc.com/settings/verification
There are three types of the accounts on HitBTC :
You can deposit cryptocurrency for free. The daily withdrawal limit is EUR 5K worth of crypto coins per day. Fiat transactions are not available
Free cryptocurrency deposits. Max daily withdrawal is EUR 25K worth of crypto coins. Fiat limit is $2.000 USD/EUR per week, $10.000 USD/EUR per month for both deposits and withdrawals.
Free cryptocurrency deposits. Max daily withdrawal is over EUR 25K worth of crypto coins. Fiat limit is $10.000 USD/EUR per week, $50.000 USD/EUR per month for both deposits and withdrawals.
Waiting time: 14 business days for deposits and 20 business days for withdrawals.
Once you have registered on the exchange you will need to enable a two-factor authentification which should be integrated with Google Authenticator. You can also enable a withdrawal verification function which is highly encouraged by the crypto exchange.
The other functions to provide your security include:
- E-mail notification if you log in from a different IP address
- Terminate all sessions button
- Automatic logout settings
To open an online wallet click on the green "Deposit" button in the top right of the screen. You will see a list of different cryptocurrencies. Click the "Deposit" button to the right of the crypto-coin you are going to deposit. The crypto exchange will show a QR-code and your wallet's address.
Currently, you can buy Bitcoin with Visa/Master credit/deposit card on the crypto exchanges' partners service by clicking on the "Buy Bitcoin With Credit Card" button in the top middle section of your account.
To make a withdrawal, click the "Withdrawal" button to the right of a crypto coin and insert an amount and the address of your private wallet. Then select "withdraw", type your 2FA code and confirm the transaction via email.
The withdrawal process can be viewed in the "Payment History" or "Latest Transactions" sections.
HitBTC has several types of orders:
The order takes place when the price of a currency is reaching the number you have set.
The limit orders can be subdivided here on:
- Good-Till-canceled — the orders which last until the order is completed or canceled.
- Day — the orders which automatically expires if not executed on the day the order was placed. A day ends at 00:00 UTC time.
- Good-Till-Date/Time — the order which automatically expires at the specified date and time
- Fill-Or-Kill — the order which must be executed immediately in its entirety; otherwise, the entire order will be canceled (i.e., no partial execution of the order is allowed)
- Immediate-Or-Cancel — the order which must be executed immediately. Any portion of an IOC order that cannot be filled immediately will be canceled
- Market — you buy a currency at the current market price
- Scaled — you set the borders of the price and the order is applied when the price complies with your settings
Each of the mentioned ones has stop order function:
Stop order — when the price reaches the specified price the crypto exchange fulfills the order
HitBTC OTC Trading
HitBTC has a partnership with Trusted Volumes, so if you have a high volume of cryptocurrency to trade (over $100k USDT), it will be more profitable for you to use the OTC (over-the-counter) trading. The commission will be 0.1 percent.
Over the counter trading means you trade directly with the counterparty and don't affect the market price of the coin or token.
HitBTC Trading Fees
HitBTC trading fees depend on the maker-taker model. Let's me remind you who are they:
- Taker removes the liquidity from the order book. He places an order that immediately matches with an existing order in the book. He pays 0.1 percent fee from the trade.
- Maker, vice versa, provides liquidity and places limit orders below the best ask price and above the best bid price. Makers don't pay fees and get 0.1 percent rebate instead from the trade.
Here is an example:
- The current market price for ETH is 600 USDT and you place an order at 600 USDT. You order will be fulfilled immediately and you will pay a 0.1 percent fee.
- The current market price for ETH is 600 USDT and you place an order at 550 USDT. In this case, you will get 0.01 percent rebate from the trade without any fees from your side.
HitBTC Withdrawal fees
The full list of the withdrawal fees you can find out in your account by clicking the "Withdrawal" button to the right;of each cryptocurrency.
Here is a short list of the most popular ones:
- Tether (USDT): 100 USDT
- Stratis (STRAT): 0.01 STRAT
- Litecoin (LTC): 0.003 LTC;
- Dash (DASH): 0.03 DASH
- Bitcoin (BTC): 0.001 BTC
- Ethereum ETH:0.00958 ETH
- Ethereum Classic (ETC): 0.002 ETC
- Ripple (XMR): 0.09 XMR
- Bytecoin (BCN): 0.1 BCN
- Ardor (ARDR): 1 ARDR
- Steem (STEEM): 0.01 STEEM
Market-Making on HitBTC
HitBTC offers monthly Market Making contracts for the experienced traders for cash incentives and rebate bonuses. The market makers can select only one contract with a single trading pair from each category. Here is a list of the available contracts:
For more information click on the link HitBTC .com/mm
HitBTC Affiliate Program
HitBTC has an affiliate program which gives you a reward if you bring new people to the crypto exchange. Proceed to your accounts settings, select "Affiliate" and click on the "Generate link" button. The generated link will be viewed below:
You can edit the name of the link, track sign-ups, turnover, and earnings. But first, copy the link and send it to your friend. When your friends start trading you will get 75 percent of the crypto exchange fees from all his transactions as a reward. The larger his trading volume the larger your fees.
HitBTC API for Trading Bots
HitBTC has an API (Application programming interface), so you can implement it into custom software.
The interfaces include:
- RESTful API — opens access to market data, manage funds and perform trading operations
- socket.io — helps to receive market data
- Streaming API — opens access to market data and trading operations.
You can create an API key in your accounts setting in the API keys section:
HitBTC has also a FIX protocol support with two types of interfaces:
- FIX Trading
- FIX Market data
For more details click here: HitBTC .com/fix
On top of that, you can implement a price ticker widget into your website interface, blog or article. For that click the "Price Widget" button in the footer of the website and choose the suggesting settings of the widget.
HitBTC available cryptocurrencies
- Bitcoin (BTC)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- plus 150 more altcoins
The majority of the altcoins are traded against BTC and ETH. As to the fiats, some coins can be traded against Tether (USDT) which is backed by USD for a General account and USD/EUR deposits/withdrawals for Verified and Qualified ones.
HitBTC Customer support
HitBTC has a forum where the crypto exchange support service can answer on the user's questions. Besides, they also have a Bug Report service where you can write a letter with a detailed description of the system's bug. They also accept any other feedback, especially if you have "some ideas on how to make our service more convenient and efficient for you".
There is also a support center where they provide the crypto exchange's guides.
All the mentioned services are available by clicking on the buttons in the website's footer.
HitBTC Pros and Cons
- Low Fees
- High liquidity
- Fiat deposits/withdrawals (for verified users)
- Multilanguage support
- Multilanguage Trollbox
- API protocol
- Good order-matching engine
- High trading volume
- Lots of supported altcoins
- No mobile app support
- Slow withdrawal process
- Complicated account verification process
- Payments are limited
- Google Authenticator is needed to be installed
- Little information about the company
- A lot of negative feedback
- Fiats are only for verified users
As you can see, the HitBTC cryptocurrency exchange indeed has a lot of various advanced features. However, not all of them work in the right way (long deposit/withdrawal process, transactions "losses") and that is its main drawback. Besides, we can't miss the number of the negative users' reviews despite the fact that some of them can be fake.
Overall, you should consider the crypto exchange if you are looking the one with high volume, liquidity, and API access.