The basics of crypto trading
HitBTC – a reliable exchange; one of the globally largest one in terms of the traded volume. It supports more than 150 currency pairs, operates with fiat money (euro, dollar), offers low fees for traders (up to 0.1%), and charges bonuses for purchasing currency.
HitBTC Exchange supports purchasing of cryptocurrency, tokens and ICO. Today, the platform operates more than 150 different currencies for trading. The representative office of the company is located in the urban commune of Las Condes in Chile.
HitBTC was founded by an Estonian entrepreneur Dave Merrill in 2013. Initially, the platform operated on the Estonian and European markets, but today it provides services in other countries of the world as well. The service was established by financial experts as a platform for helping traders to perform over-the-counter trading (without any intermediate parties, a user purchases/sales directly to a counterparty at the market prices).
The Cryptocurrency exchange was founded in 2013. Immediately, 6 million dollars was invested in the project to develop the service. Among the founders, there were not only financial experts, but talented software specialists and professional traders as well.
The official launch of the platform took place only in 2014. At that time, only 4 cryptocurrency pairs were traded on the exchange (with of Bitcoin and Litecoin). The same year, other changes were introduced:
The company was officially registered only in 2015, and in autumn 2016 fiat money (dollars and euros) became available to traders as an addition to cryptocurrencies. But to work with them verification is required.
The service’s official website is available to users from all over the world. The main language of the platform is English. Besides it, Chinese, Korean, Spanish and Portuguese languages are supported. The exchange offers no Russian version.
Nowadays, HitBTC is included in the top 5 largest cryptocurrency exchanges in terms of the traded volume. And these indices keep growing, which increases liquidity of the offered currencies and the service itself.
The most popular currency among traders is Bitcoin. It accounts for about 30 – 40% of the total transaction volume. The second and third most popular are Dash and ETH (15% each). More than 150 cryptocurrencies and fiat money participate in trading.
HitBTC Exchange is believed to be one of the most popular cryptocurrency trading sites in the world. The platform enjoys a large number of regular and satisfied customers. Beginners are welcomed here as well. A user-friendly and simple interface enables to acquire working principles in no time.
An efficient performance of the support service, proper security level, and high liquidity of the offered currencies make it reasonable to believe that the traded volume will grow in the years to come. To increase the users number and the operations amount in the near future, it is planned to:
The platform plans to increase the number of cryptocurrencies, implement new electronic currencies, and introduce new functions.
The service has a user-friendly interface, and a nice adaptive design. It is easy and convenient to work at the exchange, which is confirmed by feedback from users who are already familiar with this trading platform. All you need to do to start trading is to complete a simple sign up procedure.
Sign up at https://hitbtc.com/ website is one of the quickest and simplest. You should click at the “Register” button.
All you should do to create a new account is to enter the email address and create a password.
Immediately, you will get a link to confirm registration to the email specified. After following it, you need to read through the service policy and agree with it. Then, a trader will see his account and will be able to start trading immediately after he deposits funds to the account.
The confirmation of a user’s identity is not required for working at the exchange. However, in this case the volume of available operations will be limited. Deposit and withdrawal will be available in cryptocurrencies only. To use fiat money, one has to complete verification. A user needs to fill in the information and attach the documents to a letter to the specified email. The letter should contain the following information:
The identity verification procedure may take longer than 1 day, depending on the workload of the support service.
To perform SWIFT transfers in dollars and payments via the SEPA system in euros, a user will have to receive a letter or a statement from the bank. The latter deposit option is available for European residents only.
To protect its users, the cryptocurrency exchange performs several ways to protect the personal account:
Additionally, a trader can check the list of log-ins to the account with detailed information (IP address, country, date, activity).
To start operating the service, it is recommended for a beginning trader to watch the exchange review. There is a separate tab “Account” for depositing and withdrawing of funds. There, the account can be deposited with:
The system charges no additional fees for crediting funds.
Withdrawal from the account is performed in almost the similar way. Each operation already the fixed fee amounts (individual for each cryptocurrency). In the window, a user can enter the withdrawal amount and the amount credited will appear on the screen. After that, all you need to do is to enter the wallet address.
Users who are not acquainted with the service are mostly interested in learning how to trade at the platform. There is a special “Exchange” tab for such operations.
Here, a user can find charts of exchange rate changes all currency pairs, separate chat rooms in supported languages, tools for buying and selling of cryptocurrencies, and placing of orders. The tool column includes 7 major currencies. By clicking on any of them, a user can see the available currency pairs on the screen. Also, a user can create his own list of favorite currency pairs to monitor them all at the same time.
Below, there are options for placing buy and sell orders. On HitBTC exchange, there are as many as 3 types of them:
At the same place here, a user can find the information about fees charged by the exchange. For those who sell cryptocurrency, it amounts to the following:
If a trader purchases currency, his operation is subject to no fees; on the contrary, he receives a commission amounted to 0.01% to his account. Such a policy is aimed at attracting new investors, boosting interest in cryptocurrencies and increasing their liquidity.
HitBTC has its advantages and disadvantages. The most important advantages include:
Significant disadvantages include lack of many foreign languages on the site, unavailability of deposits in euros even for a verified account for residents of non-European countries, and lack of a mobile version. Despite all these factors, the exchange remains one of the most demanded platforms for traders.
HitBTC has quietly removed KIN token from the list of supported altcoins despite the news about the SEC legal procedures against Kik Interactive Inc. The lawsuit against Kik Interactive Inc. has been filed to the U.S. Securities and Exchange Commission for unregistered selling of securities during its initial coin offering raising to $100 million in 2017.
At the moment, no official statement about the KIN delisting by HitBTC has been made. According to the information shared by The Block, HitBTC is considered the latest exchange platform with a big KIN trade volume. From this moment, KIN is only tradable on exchanges with fake volumes or on DEX platforms like EtherDelta or Bancor. So if you want to trade with KIN, then the HitBTC platform is not the relevant place for you anymore.
HitBTC became a part of another controversy in June 2019 when Kin trading on HitBTC was discontinued on the 6th of June, shortly after information about the Kik claim filed by the US Securities and Exchange Commission (SEC) came through. Kin is accused of the unregistered placement of securities through ICO in 2017, during which, through the sale of Kin, it managed to raise almost $100 million. As noted, HitBTC remained the only centralized cryptocurrency exchange with real liquidity in the Kin markets. Now Kin is trading either on exchanges with, presumably, fake data on the occupancy of order books, or on decentralized exchanges such as Bancor and EtherDelta.
It’s necessary to note that, earlier on HitBTC the representatives denied that the problems that have arisen in it recently are related to its insolvency. Also on its blog, the exchange clarified its position regarding the strict AML/KYC procedures, which many users accuse it of.
According to Joan Geld, board member of the exchange, HitBTC was one of the first in the industry of trading platforms, starting its work in 2013. According to her, despite the fact that HitBTC has always been one of the best exchanges from a technological point of view, the main mistake was that it often neglected communication with customers.