Today, I chose the HitBTC cryptocurrency exchange to review it for you. In this HitBTC exchange review, you will learn everything you must need to know as a beginner. Keep reading…
But first, I would like to explain something about choosing a cryptocurrency exchange. Usually, I discuss these in every review I write because most readers are cryptocurrency beginners. You may skip this part.
Generally, the cryptocurrency exchange is a spot allows users to buy and sell cryptocurrencies. But there are few things that you need to look at when choosing an exchange, as a beginner.
Mainly you need to look at Fees, Security, and Supported assets. These are the most highlighted factors in a cryptocurrency exchange. In addition, you need to research which I’m going to do today for you.
First of all, HitBTC is a centralized cryptocurrency exchange.
Let’s bring things up.
HitBTC Company
Knowing about the company first is a good idea. HitBTC exchange was founded in 2013 by experienced system architects and technology experts.
HitBTC’s representative office is in Chile.
One of the oldest cryptocurrency exchange. Even this is older than Poloniex which is also a cryptocurrency exchange. However, HitBTC exchange supports over 800 cryptocurrency trading pairs.
Also, this is one of the fastest-growing cryptocurrency exchanges in existence. HitBTC was the first on the market to offer automated and algo traders reliable and fast REST, WebSocket and FIX AP.
There’s a HitBTC blog. So you can find the latest updates and announcements about HitBTC exchange there. Therefore you don’t miss a thing when using HitBTC.
Security Of HitBTC
Security is one of the main things to look at when choosing a cryptocurrency exchange. Why? I mentioned that earlier. Most exchanges these days are centralized exchanges.
That means those exchanges have a central authority to control each. Therefore, these exchanges have a possibility of getting hacked. So security is so important when choosing a centralized exchange.
However, let’s find out the security of HitBTC.
The most rated two-factor authentication method is available. And I think it is so great to have a two-factor authentication method on a cryptocurrency exchange because it’s getting security to the next level.
Also, you need to choose a strong password for your account. Otherwise, HitBTC won’t let you in. You can also read the official recommendation from HitBTC.
Finally, I could say that the security of HitBTC is in good shape so you don’t need to worry about it. Besides, this exchange does not have any hack reports. Instead, I have seen an account hacked news from Reddit.
Fees Of HitBTC
First of all, what is a fee?
Mainly, there are three types of fees. Maker, Taker, and Transaction fees. Transaction fees are the fees from the blockchain. In simple, Miners charge you a fee to make your transaction complete.
Maker and Taker fees are generated by the exchange itself which means, these two fees charged by the exchange. The maker is the person placing a sell order. The taker is the person placing a buy order. These two parties are the basis of a cryptocurrency exchange.
In addition, Maker is involving to increase the liquidity of a cryptocurrency exchange. However, both parties under the fees of exchange.
And again HitBTC also using Tier based fee schedule. That means fees are calculated according to your 30-day bitcoin trading volume. As you can see in the above image.
But here’s a thing. You will unlock this fee schedule only if you’re a verified account holder. But don’t worry I will cover the verification process as well.
Before that, let’s talk about the transaction fees. There are no deposit fees in HitBTC exchange. But including withdrawal fees that charged by each blockchain which I mentioned earlier.
But there’s no official transaction fee list in HitBTC for each coin. But I found a resource for track HitBTC transaction fees. I have to say it’s not that tiny! Check it out.
Tip: If you need to withdraw Bitcoin or other major coins, I recommend you to exchange it to DOGE and then withdraw. (Make sure that the receiving exchange or wallet supports DOGE.)
Listed Coins
Coins in an exchange directly involve in increasing liquidity in the market. But here is the true story. Every listed coin is not worthy. Only a few of them are on the leaderboard.
However, in HitBTC, there are over 800 coins are listed. Amazing right? In my point of view, this type of exchange is a perfect spot for cryptocurrency beginners.
Why?
Because so many coins to invest in. Including cheaper ones. If I am a beginner, I would research some coins and invest. But always keep in mind that researching is so important to minimize losses.
I’m not going to list down all the listed coins. But including Bitcoin, Ethereum, Tron, Ripple, Siacoin, etc. See full list.
Verification Process
This HitBTC exchange review must include the verification process. Those who don’t know what is verification in cryptocurrency exchanges, It is some kind of making trust in exchange.
That means you need to submit your photo, your verification document photos (ID/Driver’s license), etc in order to get verified.
Besides, when you get verified, you will increase deposit limits, withdrawal limits and unlock some other features as well. This process is most commonly known as “Know Your Customer” (KYC).
In HitBTC, Let’s have a look. New to HitBtc? Sign up from below.
In a new account, you will get 1 BTC daily withdrawal limit and 5 BTC monthly. You can extend these limits by upgrading your account.
How to get verified on HitBTC? First, you are going to need a HitBTC account. Simply sign up.
In the dashboard, you need to go to the settings located in the top right corner. Then “Account Verification”.
Here you can see 5 steps of the verification process. If you do these in the correct way, You will get verified in no time.
Here are the 5 steps.
Personal Information
In this step, you will need to fill with your personal details. Please make sure that the details are the exact same details that appear in your verification documents.
Residential Address
And again make sure that same information in your verification documents.
Proof Of Identity
This is an important step. You need to upload a photo with both sides of your verification document (National identity card, Driving license, Passport). Make sure to take them on a clear surface. A white background might be good.
Selfie
Then you need to upload a selfie in which holding your verification document that uploaded in the above step and a handwritten note.
The note needs to include your email address, the current date and “For HitBTC KYC”
As for the final step, You need to submit your mobile number.
Once you submit all the steps correctly, you will get verification status email within a few hours or more.
Advantages And Disadvantages Of HitBTC.
You know that advantages and disadvantages are really helpful to know. Hence, this HitBTC exchange review must detail with advantages and disadvantages. Let’s find out.
Advantages
1) A lot of assets supported. As I mentioned earlier, a lot of cryptocurrencies to select is very useful to beginners, They got a lot of cheap currencies to invest in.
2) Easy navigation. HitBTC offers a beginner-friendly user interface to maximize its usability.
3) Minus taker and maker fees. You might notice it already. When you rich enough to maintain 50000 BTC 30-day volume in HitBTC, you will start to get a minus taker fee.
4) Stronger security. HitBTC is still keeping its strong security systems. Therefore, no past hacks have been recorded.
Disadvantages
1) No card payment methods are supported. However, in HitBTC, no card payments are supported yet.
2) Verification. Considering other cryptocurrency exchanges, I would say that the HitBTC exchange’s verification process is fairly difficult to succeed. Please note that this is my opinion. You may have a different one. Leave a comment.
Conclusion
I hope this HitBTC exchange review was helpful and didn’t waste your time. I mentioned all the things you need about HitBTC exchange as a beginner.
Therefore don’t forget to consider factors that I mentioned above when choosing a cryptocurrency exchange. And also, user opinions and thoughts might really helpful. Communities and forums like Quora, Reddit, Bitcointalk bring you a lot of user opinions and reviews.
The first thing you need to do when you create an account of a cryptocurrency exchange, enable two-factor authentication if it offers.
Did this article answer your questions? Is it helpful? What are your thoughts? I would love to know. Why don’t you leave a comment and spread your ideas? Also, make sure to share this article among other cryptocurrency beginners. Have a great day.
