HitBTC exchange review: how good is it?
Although there already are many cryptocurrency exchanges, each has its own advantages and disadvantages. HitBTC describes itself as the “most advanced Bitcoin exchange”. This means that it should provide high-quality service. Is it really so? Read our HitBTC review to find out!
About HitBTC
The company is not too old and not too new on the market. It was founded in 2013 and has been working ever since without any significant issues. The founder is Hit Solutions LTD and it is located in Hong Kong. Although not a lot is known about the founders, the company has actually raised $6 million from investors.
The fact that the workers are kept in the shadows is somewhat alarming. However, there have been no problems for the past 7 years, so we can assume that the exchange is trustworthy.
What can you trade with HitBTC?
At HitBTC, there is a huge number of assets that can be traded. There are over 800 cryptocurrencies including popular and unpopular choices. You can see the complete list of coins at the CoinMarketCap website
Payment methods
First of all, it is important to note that the service does not accept fiat deposits. An alternative could be using stablecoins like Tether that represent the United States Dollar and follow its price.
Deposits can be made in one of the many cryptocurrencies that are accepted by the exchange. To add the funds to an account, the user must click on the green “Deposit” button and send the coins to a specific address that will be given to you. Please note that it is required that you create different addresses for separate cryptocurrencies.
Withdrawals can be made from the “Accounts” section. There will be a column with the word “Withdraw: from where it is possible to withdraw each cryptocurrency separately. Remember that only funds from your main account can be used. If your coins are located in the trading account, you will have to transfer them first. After you choose a currency, enter your personal address and check it several times: transactions cannot be reversed. Finally, press the “Withdraw” button and wait for the funds to arrive.
Fees at HitBTC
At this exchange, the standard “maker” and “taker” model is used. The standard taker fee starts at 0.02% and can change up to -0.01% for extremely large orders. The bigger the volume, the less is the commission.
If a Starter or General account is used, the fees appear to be fixed. For makers, they are stuck at 0.1% and for takers, they are 0.25%. For professional traders with high volume, it is possible to get personalized fees after contacting the company.
Customer support at HitBTC
The HitBTC customer support has a mix of good and bad reviews on the Web. People often complain about the service in the commentaries to the company’s posts on Twitter and its Reddit thread.
When we checked the exchange’s website, it appeared that inexperienced users would find it hard to find the ticket field. You are led to a FAQ with many articles and the support link is located in the top right corner.
Once you find it, you can submit a request by selecting one of the proposed issues. You also need to leave your email address, language, and other details regarding your problem. It is also possible to ask questions through the same form.
Customer reviews about HitBTC
According to Trustpilot, 49% of all reviews are “Excellent” and 27% are “Bad”. The average grade appears to be 4 stars out of 5. This is much better than with many other alternative exchanges.
A user with the nickname “Juan Romo” states that the support service helped him out with his issue. He had lost access to his account and requested for assistance. After completing the verification process once again, the account was restored.
Another user, “Crypto Graf”, writes that he is very glad with HitBTC. He does not seem to like the requirement to provide a lot of documents to confirm a withdrawal of a small amount of BTC, but the whole process took only several hours which is quite quick for the field. He also mentions that the customer support works fast and is very good.
Generally, people like the service and responsiveness of the customer support. This is a very important factor when choosing a cryptocurrency exchange. If the support specialists are not professionals and do not do everything ASAP, this shows that the company does not care about its customers.
Final thoughts
The exchange looks like a trustworthy choice. It had no issues during all the years that it has been working and the user reviews are mostly positive. Moreover, the customer support is very responsive and there is a detailed FAQ so that you could find a solution to your issues faster if it is required.
What about your experience with HitBTC?