HitBTC Seychelles

What is HitBTC？

HitBTC, established in 2013, is a worldwide cryptocurrency exchange based in the Seychelles. It features 450+ cryptocurrencies and handles a trading volume, within a 24-hour span, exceeding $2 billion. When it comes to trading fees, buyers are subjected to a fee of 0.06%, while sellers actually receive a rebate with a fee of -0.01%.

Pros and cons

HitBTC excels in these areas:

• Charging you less when you trade, unlike other exchanges.

• Using it is a piece of cake – HitBTC's interface is designed for simplicity.

• Feel free to move your cryptocurrencies in and out without any pesky limits.

• They've got a treasure trove of different cryptocurrencies on HitBTC, more than most places.

• No need to deal with those KYC hoops – HitBTC doesn't make you.

• Sleep soundly knowing HitBTC locks things up tight with fancy encryption and 2FA.

• The trading buffet is big at HitBTC, thanks to their ample liquidity for different options.

HitBTC lacks in these areas：

• Unfortunately, US clients are not allowed on the platform due to regulatory restrictions.

• Not recommended for newcomers due to its complexity and advanced features.

• Customer support leaves much to be desired, lacking promptness and effectiveness.

• Worth noting that HitBTC lacks regulatory oversight, potentially raising concerns about accountability.

Regulation

HitBTC operates without regulatory supervision, making trading on the exchange carry inherent risks. In the absence of regulations, traders must be aware that the platform might lack certain safeguards and oversight commonly associated with regulated exchanges.

Security

Here are the security and storage measures applied by HitBTC:

• Funds security: HitBTC stores the majority of its users' funds in cold storage, which means that they are offline and not connected to the internet. This makes them much more secure from hackers.

• User account security: HitBTC requires all users to enable two-factor authentication (2FA), which adds an extra layer of security to their accounts. When you enable 2FA, you will be prompted to enter a code from your authenticator app every time you log in.T

Trading Market

With a roster exceeding 450 cryptocurrencies, HitBTC stands out as one of the exchanges hosting the highest number of listed cryptocurrencies.

You can find the full list of cryptocurrencies available on the HitBTC exchange here: https://hitbtc.com/btc-to-usdt.

At HitBTC, coins get added pretty quickly. They have a team of experts who study new cryptocurrencies before putting them on the platform.

Services

HitBTC distinguishes itself by offering an altcoin wallet app service that stands out as a secure and user-friendly solution for storing a diverse range of digital assets. This wallet application, provided by HitBTC, is designed to cater specifically to altcoins, showcasing the platform's commitment to accommodating the varied needs of cryptocurrency enthusiasts.

Unlike some wallet services that come with fees, HitBTC claims that altcoin wallet app is not only feature-rich but also entirely free, allowing users to safeguard their assets without incurring additional costs.

How to open an account？

The registration process of HitBTC can be broken down into the following steps:

1. Visit the HitBTC website and click on the “Sign Up” button to start the registration process.

2. Provide your email address and create a strong password for your account. You will also need to agree to the platform's Terms of Service.

3. Verify your email address by clicking on the verification link sent to your registered email. This step is necessary to activate your account.

4. Complete the KYC (Know Your Customer) process by providing personal information such as your full name, date of birth, and address. This information is required for account verification and security purposes.

5. Submit any additional documents or information that may be requested during the KYC process. This may include a copy of your government-issued identification document and proof of address.

6. Once your account has been verified, you can start using HitBTC to deposit funds, trade cryptocurrencies, and manage your account.

Fees

HitBTC has a system where if you use your account a lot and have a good amount of tokens, your trading fees can be lower. The fees are based on how much you trade and how many tokens you usually have. It counts your trading over the last month and how many tokens you have on average each day. For example, if you buy 15 EOS using 1 LTC and 1 EOS is worth 0.001 BTC, they add 0.015 BTC to your trading volume over 30 days.

If you own HIT tokens, you'll get lower trading fees for both regular and margin trades. The discount depends on how many HIT tokens you have. However, taker fees won't go below 0.02%.

Deposit & Withdrawal

You can deposit any cryptocurrency on HitBTC, but they don't take fiat currency. There's a small fee of 0.0006 BTC when you put in Bitcoin. Withdrawal fees on HitBTC are different than other places. They change according to how the market is doing and are not connected to how much you're taking out. You can see the exact fees in your account. These fees depend on how much it costs to use the network and might change suddenly because of things like network traffic.

Customer Support

HitBTC's support team is available round the clock and watches over the system. You can reach them through an online form or these channels:

• Online support form

• Email: support@HitBTC.com

• Live chat

• Social Media: Twitter, Telegram, Github, Reddit, CoinMarketCap

Is HitBTC a Good Exchange for You？

HitBTC may be a good exchange for the following types:

• Traders who pursue a large selection of cryptocurrencies, amounting to 450.

• Traders who are experienced in cryptocurrency trading.

• Traders who prioritize lower trading fees.

Has HitBTC experienced any controversy？

HitBTC has experienced some controversy. Here are a few examples:

• In 2017, HitBTC was hacked and $40 million worth of cryptocurrency was stolen. HitBTC reimbursed all of the affected users, but the hack raised concerns about the exchange's security.

• In 2018, HitBTC was accused of wash trading. Wash trading is a form of market manipulation where traders artificially inflate the volume of trading in cryptocurrency in order to create the illusion of liquidity. HitBTC denied the allegations, but the accusations damaged the exchange's reputation.

• In 2019, HitBTC was fined $250,000 by the Commodity Futures Trading Commission (CFTC) for violating anti-money laundering regulations. The CFTC found that HitBTC had failed to properly identify its customers and to monitor their transactions. HitBTC settled the fine without admitting or denying the allegations.

Compare with other exchanegs

Features
Trading Fees	Takers 0.06%, Makers-0.01%	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	450+	500+	11	200+
Regulation	Not regulated	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

User Reviews

Alex Johnson

July 10, 2023

“Yo, HitBTC has a load of cryptos, seriously impressive! But, man, their fees sneak up, especially if you're into Bitcoin. And customer support？ Took me ages to get a response. Plus, the withdrawal fees can be all over the place, which can be a bit frustrating. But gotta admit, their interface is slick, and I dig the variety.”

Sarah Martinez

August 22, 2023

“Hey there, tried out HitBTC lately. Their range of coins is wild – love it! But listen, their fees can be a headache, especially for Bitcoin deposits. Also, withdrawal fees changing with the market？ Kinda weird. On the flip side, their smooth interface and variety of cryptos are a big plus. Would've been awesome if their customer support was quicker, though.”

Conclusion

To sum up, HitBTC boasts low fees and a simple interface, but it's not beginner-friendly and excludes US clients. It offers flexibility in deposits and withdrawals, yet customer support needs improvement. With a diverse range of 450+ cryptocurrencies, it's important to note the platform's lack of regulation. Now, the decision to engage with this broker rests on your considerations.

FAQs

Q: What are HitBTC's Withdrawal Fees？

A: HitBTC withdrawal fees are dynamic, you will be charged according to the current network conditions.

Q: Are there any fees for depositing cryptocurrency on HitBTC？

A: HitBTC does not charge any fees for deposits of cryptocurrency. However, you may incur network fees when transferring your cryptocurrency from your own wallet to your HitBTC account.

Q: Does HitBTC have a minimum deposit or withdrawal amount ？

A: Yes, HitBTC has minimum deposit and withdrawal amounts for each cryptocurrency.

Q: What is HitBTC's fee for margin future trading ？

A: HitBTC margin future trading fee is 0.07 take and 0.02 for maker fee

Risk Warning

Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.