HitBTC Review – Could This be a Scam? What You Need to Know

0
256

Read our long form review here:

HitBTC Review: Comprehensive Beginner’s Guide

HitBTC is a crypto exchange that is based in Hong Kong and was started in 2013. They have been growing ever since and have surpassed $600m in daily volume recently.

Security is very important for the crypto trader and HitBTC has been the victim of a hack back in 2015. However, they appear to have learned from the hack and have improved their security with a number of procedures like cold storage and 2FA.

In terms of fees, they operate a maker-taker model and will reward those traders who are making liquidity with a rebate and charge a fee to those who are taking liquidity with a fee. These are at 0.01% rebate and 0.1% fee so it is about in line with other exchanges.

There is a pretty extensive asset coverage at HitBTC and they have over 300 coins listed. Of course, some of these may be shitcoins so don’t assume that the listing is some sort of a vote of confidence.

Customer support at HitBTC is quite lacking and there have been numerous complaints about it. These have been through forums such as reddit and on twitter. There have also been those traders who have accused the exchange of being a scam.

If you are a trader that values your privacy then you will be pleased to know that HitBTC does allow for the creation of anonymous accounts. However, these have very low withdrawal limits so if you are going to be withdrawing larger numbers then you will have to get verified.

Taking a look at the platform, HitBTC seems to have pretty advanced technology. They have an array of charting functionality as well as numerous order types in order to refine your strategy.

Surprisingly, they also have an MT4 platform for those traders who want to trade derivative instruments on the margin. There is also an OTC desk for those traders who are looking to execute large block orders off of the exchange’s book.

There is also an API for those traders who like to code their own bots and trading algorithms. It appears to have a pretty reasonable throughput level. Unfortunately, there is no mobile application.

So, is HitBTC a scam?

Not really on the face of it but there are a whole host of questions that they have to answer. There are a number of complaints that they need to address. Apart from that they have a reasonable selection of coins with attractive fees.

Be sure to do your own research before you start trading with HitBTC.

Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here