Known to be among the most advanced cryptocurrency trading exchanges for implementing innovative features, if not the most advanced, HitBTC is a multi-faceted cryptocurrency exchange boasting of over 250 million USD as its daily volume as at March 2018. It is one of the few exchanges offering direct crypto trading, at fair rates. It looks like the best choice, right? Keep reading to find out more.
What is HitBTC?
Launched in 2014 and run by Hit Techs Limited, the cryptocurrency trading exchange which is said to be the most advanced exchange in the crypto-verse offers its services to a long list of countries except countries without laws for Anti-money laundering or Counter-Terrorist financing. This exchange supports a wide variety of cryptocurrencies and other digital assets and offers an extensive range of tools in crypto trading for both advanced traders and amateurs.
How it Works
The exchange platform has a long list of supported trading assets including cryptocurrencies, initial coin offerings (ICO) and tokens. Setting up a general account with HitBTC is free. No fees are charged, and no limits are set for depositing cryptocurrencies except for fiat currency, i.e., EUR or USD. The limit for these depends on the amount deposited. Apart from the network fee, and fiat transactions, withdrawals are free. It offers a cold storage wallet for cryptocurrencies which enables users to use offline storage for funds. It also offers other security packages to users. This includes an automatic log out and a two-factor identification process for logging in, withdrawal, and, accessing account settings.
Getting Started
Visit the site, sign up for a general account using an email address and password. Using the general account, you can deposit cryptocurrencies, trade and withdraw them. To use fiat to fund your account, you have to verify the account through the ‘Account verification’ tab under settings, follow the procedures and fill your information which will be sent to HitBTC. The verification process usually takes 3-5 days or more.
The Verdict
This cryptocurrency trading exchange has its strength in its low fees for operation, stable uptime, high liquidity, fiat transaction among others. In spite of these, its long verification process and lack of a mobile app have cost the exchange some users. However, what matters is what you want from an exchange platform. So far, HitBTC does the job well.
Clearly no effort was spent researching HitBTC as it is well known for locking up customer Tokens for months at a time. If you need verification, you need only look on the Support Forums with Tokens listed on HitBTC (for example SmartCash, Dogecoin, or Bitcoin.org).
What makes this review all the more silly is the fact that HitBTC is named as one of two exchanges being investigated for money laundering… Perhaps the author can tell us the current registered address of the company as the one listed in Hong Kong no longer house the business… Perhaps the author can tell us who currently owns and operates HitBTC today and the location of the Financial Controller? No? I wonder why everyone has run away…