What is HitBTC Exchange? Is HitBTC a scam? Coin98 Insights will provide a detailed review of the pros and cons and a user guide for HitBTC here.
What is HitBTC?
HitBTC is a well-known centralized cryptocurrency exchange (CEX) and one of the earliest platforms to emerge in the market. Founded in 2013 and headquartered in the UK, it has gained significant popularity among European users. It also has offices in various locations worldwide, including Rio de Janeiro, Santiago, Hong Kong, Beijing, and Singapore.
Initially, HitBTC solely focused on Bitcoin trading (hence the name). However, to adapt to the evolving market, the exchange expanded its offerings to include other trading pairs like ETH, XRP, BNB, and more.
HitBTC also claims to be the most advanced Bitcoin exchange currently available.
HitBTC Exchange Review
Pros
- HitBTC is a long-standing exchange that has been around for a long time.
- Supports many coins/tokens. HitBTC has over 800 different trading pairs.
- Provides many tools to enhance asset security, such as 2FA (Two-Factor Authentication) and cold storage.
- Provides many API tools such as REST, WebSocket, FIX API, making it easy for users to use tools to trade or manage their portfolios.
- Supports multiple platforms from PC to iOS and Android.
- Has its own exchange coin: HitBTC has issued its own HIT token.
- Has a mechanism to reduce trading fees for active traders.
- Provides a demo mode, allowing users to experience crypto trading without depositing money or creating an account.
- Fast coin deposit and withdrawal speeds: It only takes about 10 minutes to deposit or withdraw.
- The exchange has many other features such as Futures Trading, Staking, and Margin Trading.
- The default transaction fee for immediate execution orders is 0.1%, with orders executed on the order book receiving a 0.01% discount.
- Users can deposit and withdraw coins/tokens without identity verification.
Cons
- No 24/7 support team; users mainly contact support via tickets and email.
- Has been complained about for slow support.
- The exchange does not support buying crypto or fiat using P2P transactions.
- Does not support Vietnamese.
- Withdrawal fees are quite high compared to other exchanges.
How to Create a HitBTC Account
Before Registering on HitBTC
- Email account.
- Some personal documents such as National ID card, Citizen ID, Driver’s License, Passport…
- Phone with Google Authenticator (or Authy) app installed.
Step 1: Register a HitBTC Account
To register on HitBTC, first visit: https://hitbtc.com
Click the “Sign Up” button in the top right corner of the screen to register.
Here, users will register using their email:
- Enter your email address.
- Enter your desired password. This password must have at least 6 characters, including at least one number, one uppercase letter, and one lowercase letter.
- Click “Sign Up.”
- A verification code will be sent to your email. Check your email to confirm your account.
This completes the HitBTC account registration. However, you should perform KYC verification in the next step to better secure your account and have no withdrawal limits after completing KYC. With HitBTC, users need to activate 2FA before KYC.
Step 2: Activate 2-Factor Authentication (2FA)
Activating 2FA enhances account security on the exchange. Exchanges always encourage users to activate 2FA. To activate 2FA, follow these steps:
From the HitBTC homepage, select the “Settings” icon, then select “Security” → “Two-Factor Authentication (2FA).”
Then open the 2FA application on your phone, such as Google Authenticator or Authy, and scan the QR code provided by the exchange.
Enter the 6-digit code from the 2FA app, then select “Confirm.” Next, copy and save the backup code → Select “I have written down the backup code” → “Confirm.”
After completing these steps, you need to go back to your email and confirm the 2FA code setup again. Then, the 2FA method will appear in the “Security” section. This completes the 2-step verification setup.
Step 3: Identity Verification – KYC (HitBTC KYC)
KYC (Know Your Customer) is the process of collecting identifying information related to the customer of a service. The basic information usually collected includes portrait photos, ID card number, passport, and address.
The purpose of KYC is to prevent unqualified individuals from using a service. These standards may vary for each entity.
Read more: Benefits for users when performing KYC
To complete KYC on HitBTC, follow these steps:
From the HitBTC homepage, select the “Settings” icon, then select “KYC.”
Next, fill in the information in the KYC Verification form:
- Personal Information: Fill in your name, date of birth, and country.
- Residential Address: Fill in your street, city, zip code, and country.
For sections 3.5 and 4.5, you need to prepare photos of your documents (ID card, passport, driver’s license) with both sides visible, a selfie holding the document, and a piece of paper with the note “for HitBTC.com KYC.”
Then select “Choose File” to upload the photos.
Finally, enter your phone number and select “Request Verification” to complete KYC
Guide to Depositing and Withdrawing Funds on HitBTC
Depositing Funds
To deposit funds on HitBTC, follow these steps. On the main screen, select “Deposit” → “Deposit Crypto.”
On the next screen, select the asset you want to deposit and click “Deposit.” You can also directly enter the name. Here, I will take USDT on the BSC network as an example, which is denoted as USDTBSC on HitBTC → “Deposit.”
Next, copy the address and deposit USDT (BSC) into the displayed wallet address.
Note: Always choose the correct coin/token and select the correct network to avoid losing assets.
Withdrawing Funds
Similar to depositing, to withdraw funds, click “Withdraw” instead of “Deposit,” then enter the amount and wallet address for withdrawal. The exchange will automatically estimate the amount you will receive.
However, the withdrawal step requires three security factors:
- 2FA code.
- Confirmation code sent to your email.
- Confirmation code sent to your phone.
Guide to Trading on HitBTC
Step 1: Trading on HitBTC is quite simple. On the horizontal menu bar, select “Exchange.”
Step 2: Select the asset you want to trade. Here, I choose BTC. You can enter the name of the token you want to trade in the “Instruments” section.
Step 3: Start entering orders. Choose “BUY” to buy coins or “SELL” to sell coins.
For example, here I buy BTC.
- USDT Balance: Your USDT balance.
- Amount: The amount of BTC you want to buy, or click on 25%, 50%, 75%, and 100% below to buy by percentage of your total USDT balance.
- Total: The total amount of USDT you have to pay to buy the above BTC.
Finally, select “Buy BTC.”
Step 4: Enter your password and select “Confirm.”
Do the same if you want to sell BTC
Guide to Using Other Features on HitBTC
Getting API Keys
API keys are essential tools for managing your portfolio and using tools for trading. To activate API keys for your account, select “Settings” → “API Keys” as shown below.
Select “New API Key.” Then back up the API Key and Secret Key information.
Getting a Referral Link to Share on HitBTC
Users can get their ID code to refer others.
To get the ID code: On the homepage, select “Settings” → “General Settings” → Copy the ID code.
When you refer a new user, you will receive up to 75% of the trading fees from that user. If it is a completely new user joining from the referral code, that person will also receive a 50% discount on trading fees.
Creating a Sub-account
A sub-account is a secondary account used to hold assets like the main account. The uses of a sub-account are:
- Convenient for users who want to allocate capital without creating another account.
- If the main account is in debt, you can deposit money into the sub-account to trade.
How to create a sub-account:
From the main screen, select “Sub-accounts,” then click “Create sub-account.” Below the “Create” button are the names of the sub-accounts you have created to manage.
Then, simply name the sub-account.
Types of Trading Fees on HitBTC
Spot Trading Fees
HitBTC applies tiered trading fees. The larger the trading volume of the user, the lower the trading fee. Two factors determine the fee that the user receives: The user’s trading volume in the past 30 days and the average balance of the token in those 30 days (calculated in BTC).
- Taker: Traders who execute market orders, trading immediately.
- Maker: Traders who place orders through the order book to execute trades.
Example: Suppose your total trading volume over the past 30 days is 250 BTC, shown in the left column, and the total number of tokens held in 30 days is 400 tokens, shown in the top row. You will enjoy the fee in the “≥ 200 BTC” and “≥ 300 tokens” section, which is 0.06% maker fee and 0.2% taker fee.
Futures Trading Fees
Futures trading fees on HitBTC are fixed at 0.02% for makers and 0.05% for takers. HitBTC does not charge any commission related to the funding rate; all payments are made between traders.
Frequently Asked Questions When Trading Coins on HitBTC
Do I have to verify my identity on HitBTC?
Users can trade without verifying their identity. However, verifying your identity makes your account more secure and allows for unlimited deposits and withdrawals.
What is the HitBTC exchange coin?
The HIT token is HitBTC’s own token developed on Ethereum’s ERC-20 ecosystem. The HIT token was issued to maintain and develop the HitBTC platform. There is currently a total supply of 2,000,000,000 HIT.
The basic features of HIT are similar to other exchange coins such as Binance’s BNB, Huobi’s HT, or Bibox’s BIX. For example, when trading with HIT, you will get a discount on fees and have a higher leverage limit.
Which country is HitBTC from?
The exchange is headquartered in the UK and is widely used in European countries.
Does HitBTC have IEOs?
HitBTC exchange has never conducted an IEO (Initial Exchange Offering).
Has HitBTC been hacked?
As a long-standing exchange, HitBTC has not recorded any hacks that have affected user assets due to vulnerabilities on the exchange. Always use security measures to be best protected.
Conclusion
HitBTC is an exchange that can meet the basic to advanced trading needs of users, especially new users participating in crypto trading. The exchange has a convenient demo trading function for new users.
With the increasing number of crypto exchanges appearing today, users have many choices, and it is not too difficult for users to find a quality exchange.
