Exchange Review: HitBTC

HitBTC
  • Editor Rating
  • Rated 1 stars
  • 20%

  • HitBTC
  • Reviewed by:
  • Published on:
  • Last modified: July 10, 2017
  • Trades
    Editor: 64%
  • Funding
    Editor: 57%
  • Platform
    Editor: 76%
  • Help & Support
    Editor: 70%
  • Legitimacy
    Editor: 1%

HitBTC was founded in 2013, built and maintained by HIT Technologies LP and operated by the Danish Ullus Corporation K/S.

Trades

When it comes to the actual trading, HitBTC is a basic exchange that offers its available services at good rates. It is possible to trade Bitcoin, Litecoin, Dogecoin and some of the lesser known currencies such as duckNotes. In total, nine cryptocurrencies can be traded and three fiat currencies. The latter set consists of U.S. Dollar, Euro and the British Pound. Order execution fees could be a bit better, although this is mainly due to the bid-ask spreads. For USD/BTC this is roughly 30 basis points, while trade fees are just 10 basis points per trade. Orders can be executed as either market or limit order, advanced orders are available in the demo platform but (sadly) not (yet) implemented in the main exchange.

Funding

Funding options are basis as well, as this is limited to wire transfers. HitBTC charges a $9 (or equivalent) flat rate for both deposits and withdrawals. This does not include any additional fees that may be charged by the Bank, hence this options can be both expensive and slow. Within the SEPA Zone the fees drastically improve (less than €1) making HitBTC very suited to serve this region. For trusted users, deposit and withdrawal limits range from 2,000,000 to unlimited (any currency) per day.

Platform

HitBTC has a website with a responsive design, making it accessible through a mobile platform. An optimized App is not available. There are also no portfolio performance analysis tools or research amenities, but more important is that account can be secured with two-factor authentication. Given that HitBTC mainly provides only basic services, there is very little that can go wrong regarding the ease of use of the platform. Simplicity has clearly been a priority in the design, although the designers might have put a little too much effort into this. The order types, hidden by default, might be a bit hard to find.

HitBTC Buy Order

Help & Support

One of the things that is first noted on HitBTC is the availability of a demo version. These are rather rare, but are a valuable tool to anyone looking to get a taste of what the exchange has to offer. As noted with regard to trading, the demo version is not exactly equal to the main site which is a bit strange. The reason for this is unclear, but most parts do seem to match so this is not any less helpful. The help section also offers both a quick start guide covering essential information and a more extensive guide. The site’s terms on the other hand could have been written with a bit more care, given the lack of spaces used in the text. The support is a little less extensive, as costumer support can be contacted via email only.

Legitimacy

The company’s legitimacy has been evaluated with the help of a Fraud Risk Assessment. A summary is provided below, and the full assessment can be found by following this link.

ItemNumber
Red flags10
Warnings1


A weighting factor of 40% is applied to legitimacy in calculating the final rating. A weighting factor of 25% is applied to both trading and funding, while a weighting factor of only 15% is applied to both platform and support. If the legitimacy score is 0% then the total rating is automatically set to the lowest possible result.

Comments (2)

  1. Stock Manny June 1, 2016
  2. Tristan May 21, 2017

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