What is HitBTC?
HitBTC was established way back in 2013, making it one of the few older exchanges within the crypto space. While it initially started off as an exchange focusing mainly on Bitcoin (BTC) trading, it has since then become a place where traders can purchase and sell Altcoins, including ones with low market capitalization. However, keep in mind that not all Altcoins are available, but most of the popular including Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), and more.
HitBTC is also one of those exchanges that are open to bots, which are relatively few and provides various APIs that can aid tech-savvy users in being able to trade automatically.
Where is HitBTC located?
According to platform official sources, HitBTC is operating under the parent company name of HiTech Digital Business Ltd., registered in the British Virgin Islands. The representative Office address provided by the Exchange for contact is Av Vitacura 2969, Las Condes, Region Metropolitana, The Republic of Chile.
Who created HitBTC?
Unfortunately, we couldn’t find any concrete information regarding the exchange’s founders. Its website, on the other hand, simply states that it was founded by experienced individuals who were technological experts and system architects.
Still, according to its PitchBook profile, the only two names that are mentioned with regard to its team are Dave Merril and Nick Jonson. Dave Merril apparently holds the positions of founder and executive.
Is HitBTC legit?
This question may or may not be an easy one to answer, depending on who you are talking to, and we, therefore, cannot come to a definitive conclusion regarding it, one akin to something like Coinbase or Binance, which are obviously legitimate.
This is because, while the exchange does comply with KYC or AML measures, or even GDPR for that matter, it isn’t properly regulated like Coinbase or Kraken, which have both obtained trading licenses in many countries. In addition, there have also been reports from several forums that question its reliability, with some users stating that they faced difficulties withdrawing tokens.
Furthermore, some popular review sites, like Cryptowisser, have even flagged it as an outright scam. And its TrustPilot rating is 1.6, with nearly 2,000 reviews, almost 50% of which are mostly negative. So, bearing all this in mind, tread carefully if you do decide to trade here.
Is HitBTC legal in the US?
From what we have gathered, the exchange is not available in the United States, which is something that has been highlighted by nearly every review discussing the exchange, and it is even stated in its Terms of Service.
Is HitBTC safe?
The answer here will be similar to what has already been discussed so far. Still, it does offer a couple of security tools that may warrant some discussion. For instance, there is 2FA, the ability to terminate every session and automatically log out, among others, which can secure the funds in your account.
Again, you will find these security tools on many exchanges, but the discerning factor between relatively trustworthy crypto exchanges and HitBTC would be reliability. (Find the top 20 exchanges’–Coin Labs’ exclusive– referral codes here)
Pros & Cons of HitBTC
Pros ๐
Among the things that the exchange may have going for it are
- Its comparably lower trading fees and wide cryptocurrency selection.
- Other than that, you have some variety with regard to trading options. Still, most of these are provided by many exchanges and are pretty much the standard within the cryptocurrency landscape.
Cons ๐
Still, there are some glaring issues that need to be addressed as soon as possible.
- This would be its lack of a regulatory nature and how it has not done a particularly good job of maintaining any sort of reliability among users. Again, this can be reflected by its TrustPilot rating and the fact that certain review sites have flagged it as an exchange engaging in fraudulent behavior.
HitBTC Fees
Here, we will be looking at its fee structure and later see how it compares to some of the other exchanges.
Trading Fees
Like other exchanges, the trading fee structure is centered around an individual’s 30-day trading volume. So, if the trading volume is less than 10 BTC, then your maker and taker fees for spot and margin trading will be 0.09%, respectively. As for futures trading, the same trading volume would incur a maker fee of 0.02% and a taker fee of 0.07%. If your 30-day trading volume exceeds 10 BTC, then you are liable to receive some discounts.
Other than your 30-day trading volume, you can also receive discounts based on your HIT holdings. So, if you held 500 HIT, for instance, you could receive a trading discount of 3%.
Withdrawal Fees
The withdrawal fees will vary from token to token, and you can see the full list for yourself once you have made an account. Still, there are users who have complained about higher withdrawal fees, which you can even check for yourself when you go to sites like Coinmarketfees.
HitBTC vs BingX (Bingbon)
In terms of Trading fees, HitBTC comparably offers lower fees than BingX. However, the same cannot be said for the withdrawal fees, which on BingX may be significantly lower.
Another major difference between the two is regulatory and compliance with the local laws of different regions. BingX is a regulated Exchange under multiple countries’ laws making it an accessible and reliable Exchange among users compared to HitBTC for crypto trading.
As for trading options, both can be nearly even, with BingX offering more leverage. (Find how to trade on BingX)
HitBTC vs Bybit
When it comes to trading fees, compared to HitBTC, Bybit offers comparably lower fees. Apart from trading fees, ByBit also offers minimal withdrawal fees compared to any other top Exchanges. These two points are key reasons behind the success of ByBIt, making it one of the top #3 Exchanges worldwide in terms of market cap and trading volume.
Bybit may even beat HitBTC in terms of trading options, which, overall, could mean that it is a better alternative to HitBTC. (Find how to sign up, how to use, fees, and copy trading on Bybit)
HitBTC vs Bitget
As far as trading fees are concerned, Bitgetโs offers are lower in every category if you use BGB (the native token of the Exchange) for fee settlement. The same goes for withdrawal fees, which are lower for nearly every token. In terms of regulation, Bitget has displayed more compliance, with it now sealing Lithuanian cryptocurrency registration.
As for trading options, Bitget may have more to offer to more serious traders. One of the few things that HitBTC may have over Bitget is its cryptocurrency selection, which is wider than what Bitget currently offers. (Find how to sign up, how to use, how to deposit, how to trade on Bitget)
How to use HitBTC
HitBTC functions like your typical cryptocurrency exchange. However, it doesn’t offer any fiat, so there is no way for you to link your account, which further implies that only cryptocurrency withdrawals and deposits are supported. Still, we will be looking at a few things, like how you can make your first trade or how to sign up or deposit, to get you started if you do decide to use this exchange.
How to Sign Up on HitBTC
To register for an account on this exchange, head over to its official website and click the “Sign Up” button at the top. Fill in the required fields pertaining to your email address and password. You will then be sent an email asking you to confirm the email address you just entered.
How to Verify Your Account on HitBTC
To trade on this exchange without experiencing any hassles, you might want to complete KYC, even though it doesn’t force you to. So, go to your account settings and head over to the KYC tab. Enter the appropriate information, such as your documents and photos. Click the “Request Verification” button once you are done with everything.
How to Deposit on HitBTC
To deposit some funds in your account, simply go to the “Account” page once you have logged in, find the token you want to deposit, generate and copy the deposit address for it, and then paste it into an external service you use to store funds to initiate the transfer from there.
How to Trade on HitBTC
Now that you have deposited some funds, we can move on to how you can make your first trade. So, you can start by transferring some funds from your wallet to your spot account. Click on “Transfer” and enter the amount you wish to send.
Go to your trading terminal then and choose your preferred trading pair from the “Instruments” section to set up your first order.
Choose the type of order you want to make, and if you want to know more about these orders, simply click that question mark. If you select “Market,” for instance, you can click “Buy Market” after you have entered the amount you want to purchase.
How to Withdraw on HitBTC
One thing to note here before withdrawing funds is that you might have to enable 2FA for it. So head over to the “Security” tab to do so. Then make sure that the token you want to withdraw is stored in your wallet account. If not, transfer as needed and then click the “Withdraw” option.
Fill in the required fields, like destination address, etc., and then confirm your withdrawal by checking the email that will be sent prior to your withdrawal.
HitBTC Review
Review and basic information of HitBTC are as follows.
| Crypto Exchange Basics | HitBTC |
|---|---|
| Official Name | HitBTC |
| Exchange Representative (Founder) | |
| Headquarters Location | |
| HitBTC Launch Date | 2013-12 |
| Number of Tradable Crypto Pairs | 813 Pairs |
| Weekly Visits | 23,062 Users |
| Overall Rating | โญ / 5.0 |
The rating result at the top is the result of Coin-Labs.com's overall evaluation of HitBTC.
HitBTC was rated in seven categories: fees, diversity and quality of the services provided, security capabilities, etc.
HitBTC Fee 2024
The fees charged to you for transactions at HitBTC are as follows.
| Maker/Taker Fees | HitBTC Transaction Fees |
|---|---|
| Spot Maker Fee | 0.1% |
| Spot Taker Fee | 0.25% |
| Derivatives Maker Fee | 0.02% |
| Derivatives Taker Fee | 0.07% |
The fees shown in the table above are HitBTC transaction fees charged to a regular user.
HitBTC Trading Volume
Trading Volumes of HitBTC are as follows. (Based on CoinMarketCap 2024-10-12 14:41:20 data)
| Trading Volume Items | HitBTC Trading Volume |
|---|---|
| Daily Trading Volume (24h) | 144,440,176,627 KRW |
| Weekly Trading Volume (7d) | 985,239,942,669 KRW |
| Monthly Trading Volume (30d) | 4,130,755,926,814 KRW |
| Daily Volume Change (24h) | -9.45% |
| Weekly Volume Change (7d) | -5.24% |
| Monthly Volume Change (30d) | -24.50% |
Communicate with HitBTC
You can check exchange's messenger and SNS information in the table below.
| Types | URL |
|---|---|
| ๐ฆ Twitter | https://twitter.com/hitbtc |
| ๐บ Messenger | https://t.me/HitBTC_channel |
FAQs
Who founded HitBTC exchange?
HitBTC was founded in 2013 by .
Where is HitBTC located?
Currently, HitBTC's headquarters is known to be located in the .
How many cryptocurrencies are tradable on HitBTC?
If you join HitBTC, you can trade a total of 813 crypto pairs.
How much is HitBTC trading fee?
HitBTC has a spot maker fee of 0.1% and a taker fee of 0.25%. On the other hand, the maker fee for futures trading is 0.02% and the taker fee is 0.07%. Please note that these fees are for regular users, and the higher your membership level within HitBTC, the lower the fees.
How much is HitBTC trading volume 24h?
HitBTC's trading volume 24h is 144,440,176,627 KRW. Furthermore, the daily trading volume is showing a -9.45% change from the previous day.
How much is HitBTC weekly trading volume?
HitBTC's weekly trading volume is 985,239,942,669 KRW, with a total of 23,062 users. Furthermore, HitBTC's weekly trading volume is showing a change of -5.24% from the previous week.
How much is HitBTC monthly trading volume?
The monthly trading volume of HitBTC is 4,130,755,926,814 KRW. Furthermore, this month's trading volume is showing a change of -24.50% compared to the previous month.
