May 6, 2019 – HitBTC is a digital currencies trading platform that claims to be the “most advanced Bitcoin exchange”. Launched in 2013, the exchange is known for its high liquidity, numerous trading pairs, and low fees. On the flipside, a portion of the crypto community accuses the platform of fraud, including prominent figures like John Mcafee.
HitBTC has a unique interface, having two accounts for each user: main account and trading account. The main account serves as a vault where users store their crypto assets, but they can’t trade with it. The trading account is obviously for trading.
At the time of writing, HitBTC currently has 793 trading pairs, which they offer for spot trading. The exchange also offers OTC trading with 0.1% commission, through its partnership with Trusted Volumes.
Fiat pairs or any form of fiat trading are currently unavailable.
HitBTC uses a trading fee tier system, which incentivizes users who provide high liquidity for the exchange. It charges 0.2% trading fees for takers and none for makers, since they are responsible for increasing liquidity. On top of that, makers may also receive 0.01% rebates in each trade.
The withdrawal fees for the platform are not fixed nor do they depend on the withdrawal amount. Instead, they adjust depending on market conditions.
For the most, the HitBTC is considered relatively secure but not entirely safe.
The platform utilizes two-factor authentication to protect its users. Also, it secures its funds in cold storage, meaning the funds are stored in an offline computer, protecting it from hacks and other vulnerabilities. Furthermore, they have an uncommon security component called “whitelist”, which allows users to add the deposit addresses that they trust. Therefore, in the event of a hack, thieves can’t transfer their funds to another unique address.
HitBTC may have one of the most secure features for a crypto exchange, but it has numerous complaints of user accounts being frozen and disabled withdrawals. Although the exchange denied those allegations, this isn’t the first time users have complained about this same issue.
Before the subreddit r/HitBTC was banned, there were a great number of unresolved issues regarding accounts frozen for no apparent reason and lack of responsiveness to customer support requests.
John Mcafee, Mcafee anti-virus founder and crypto evangelist, is an outspoken critic of the exchange.
Overall, HitBTC is a secure exchange with numerous trading options available despite having a slightly-tarnished reputation.
This article first appeared on BitPinas: HitBTC Crypto Exchange Review Philippines
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