HitBTC is a cryptocurrency exchange platform that claims to be the most advanced Bitcoin Exchange in the globe. Several years after the launch of Bitcoin, the demand for its native coins and other emerging Altcoins made developers and investors seek new platforms for direct trade. It became evident that more people getting into cryptocurrencies were not simply interested in mining, but to also trade them. This is what ultimately resulted in exchanges such as HitBTC. Here is a comprehensive review of HitBTC to establish who founded it, how it works, key features and main pros & coins.
What exactly is HitBTC?
This is a Hong Kong-based cryptocurrency exchange that was started in 2013 and launched in 2014. It commenced after receiving a venture investment of 6 million from an investor. By then, it only supported a few cryptocurrencies.
The exchange is a collaboration project between finance professionals, software developers, and experienced traders who targeted designing the best trading platform. This collaboration has made the Changelly’s robot friendly model one of the most outstanding things. This means it has a robust set of APIs that makes it one of the most attractive exchanges to trading bot developers.
Though HitBTC started as a Bitcoin-only exchange, it has since grown to include other top cryptocurrencies such Litecoin, Ethereum, GOGE, Bitcoin, XRM. FCN and QCN. The exchange also accepts top fiat currencies such as US dollars, Britain Pound, and Euro.
HitBTC promises users to be the most secure and safe exchange around the globe. To deliver this, it comes with a cold storage facility that allows users to shift their assets to an offline location. In addition, the exchange uses advanced encryption in all the transactions which makes it difficult for intruders to crack and steal traders’ altcoins. It utilizes an advanced 2-factor authentication for all users with trading accounts.
How does HitBTC work?
To start trading at HitBTC, the first step is registering for a user account at their website. This only takes several seconds to set up and get the required confirmation. However, this is the first level that involves trading for cryptocurrencies only. If you want to trade the cryptocurrencies for fiat, further authentication will be required. To start operating in the exchange, you need to select the preferred verification type that also determines the operational limits.
This is the lowest level of account verification that allows free crypto asset deposits. It also comes with daily withdrawal limits of Euro 5000. Fiat transactions are not allowed at this level.
The verified accounts
This is the second tier account that also allows free crypto asset deposits. You are only allowed to withdraw a maximum of Euro 25,000 worth of cryptocurrencies every day. Unlike at the general level, Fiat currencies are allowed but with some limitations. You can only deposit or withdraw 2000 Euro or USD/week or 10,000 USD or Euro/ per month.
This is the highest and final account verification tier at HitBTC. This tier is ideal for those who think that trading worth of $25,000 is inadequate. The account allows users to deposit or withdrawal more than $25,000 worth of cryptocurrencies every day. However, it maintains a fiat currency limit of 10,000 euros/USD every week and 50,000 euros/USD per month in withdrawals and deposits.
The focus of the platform is charging the lowest fee for any transaction. Every transaction that is executed immediately is charged 0.1% while those that are non-immediate have a rebate of 0.01%. However, withdrawing cryptocurrencies is free while those effected via fiat currencies attract a fee depending on the involved amounts.
The main features
This is an information-laden terminal that provides details about the currency pairs, latest trades, as well as graphic presentation over a specific period. To use this feature, you need some time to learn about it. This feature makes HitBTC look like a conventional forex trading interface.
The HitBTC API
API is what makes HitBTC the most popular exchange in the market today. It provides several interfaces that make it easier for users to implement in custom software. The interfaces include socket.io, RESTful, and streaming API. If you use RESTful API, it will be possible to manage funds, access market data and all trading operations in HitBTC.
The Fixed Protocol Support
This is one of the greatest HotBTC features. HitBTC provides support to FIX in 2 main interfaces; FIX Market Data and FIX trading.
Pros of using HitBTC
- In one of the rarest models in Cryptocurrency trading, HitBTC has a demo design that allows users to test the system before joining or trading larger volumes. This is a very important feature especially for new users targeting to learn about the exchange before starting serious trading.
- It allows for fiat deposits as well as withdrawals for verified users in account level two and three.
- The platform provides multi-language support including a Trollbox that makes it possible to trade in your native language. This means that new users can easily understand the platform and start trading like experts within a very short time.
Cons using HitBTC
- The exchange has limitations on the amount that one can trade using fiat currencies for all the account levels. This is a great issue especially for those who want to trade very high volumes worth of cryptocurrencies.
- Though the exchange has multiple layers of security, it was hacked in 2015. This gives it a bad history that makes some people opt to go to platforms with no hacking history.
- To use the two-factor authentication model, you need to install the Google Authenticator app. Many people feel that the platform should do this as opposed to individual users.
HitBTC comes out as one of the most comprehensive exchanges in the market today. In addition to having a highly advanced technical team that progressively works on improvements, HitBTC, has won people’s trust because of top-notch security, ease of use, and low fee. If you target making regular transactions in both crypto assets and fiat currencies, this is one great exchange platform that will never disappoint.