HitBTC exchange: how it works and how to start trading

Main characteristics

Registration process on the HitBTC exchange

To register on the exchange you must:

1. Go to hitbtc.com and click on the top menu icon Sign up.
2. The form indicates your email (preferably gmail) and a created password consisting of Latin lowercase and capital letters mixed with numbers. Then the data is confirmed, the system prompts you to fill out the captcha and agree to the Privacy Policy. Afterwards, a notification appears about a letter sent by email.

3. The letter contains a link where you can return to the exchange, enter and repeat your password, and log in.

If the letter is not visible in your inbox, it means it has ended up in Spam.

After logging into your account, it is recommended to click the settings icon and select security settings.

In this section:

• The password is changed.
• 2FA is enabled by installing the application.
• A backup code is issued for 2FA.

At the bottom of the page the current session and account login history are displayed.

Important! To work safely on the exchange, it is recommended to follow the listed measures and regularly check recent account activity. If you see something like this, it means third parties have accessed your account:

How to trade and commissions

Trading on HitBTC

How to trade on the HitBTC exchange

How to trade on the HitBTC exchange:

1. Top up your HitBTC user account with any cryptocurrency.
2. Go to the “Market” tab.
3. Select buy or sell.
4. Create one of the types of orders or accept an existing one.
5. Wait for the order to be executed.
6. Get profit and repeat.

The trading interface of the HitBTC exchange offers users a wide range of simple and effective tools. All of them are on the main page of the exchange.

Interface

Each of the tools presented helps traders analyze and execute transactions as efficiently as possible. Let's look at the purpose of each of them in order:

• Online chart
  – contains complete information about events occurring in a particular market: real-time price changes, opening and closing prices for any selected period;
• Instruments
  - all markets of the HitBTC exchange (more than 800) are concentrated in this window. To select a specific trading pair, click on the main currency tab (BTC, ETH, USDT, etc.) and the table will display a list of all markets available for this coin;

Trading tools on HitBTC

• Order books
  – contain all offers on the market, updated in real time;
• Buy/Sell section
  – a convenient and understandable window for performing cryptocurrency purchase/sale transactions;

Trading tools on HitBTC

• Time & Sales
  – this section provides a summary of all transactions with a specific pair;
• Market Depth
  – indicates the depth of the market trading volume of a particular pair. The green zone is the volume of currency purchases, the red zone is sales volumes;

Trading tools on HitBTC

• TrollBox Chat
  – online chat for traders. As an advantage, you can set up a chat with registered users from Russia or Ukraine; as a disadvantage, you can become a chat participant only if you have an amount equivalent to more than 0.01 BTC on your balance;
• Order archive
  – a window in which the entire history of your transactions will be displayed.

Trading tools on HitBTC
A very convenient option from the HitBTC exchange is customizing the user interface. The exchange allows you to arrange the main screen windows in a convenient order for you. To do this, move your mouse cursor to the upper right corner, click the “Edit Layout” button and customize the look of the main page that is convenient for you.

Customizing the User Interface

Buying and selling

Trading orders on HitBTC
With the sections sorted out, it's time to get down to business. To start trading on HitBTC, you need to transfer funds from your main account to your trading account according to the principle already described above.

In the BUY/SELL sections, traders are given the choice of using 3 types of orders:

• Market
  – the transaction price is determined at the current market rate;
• Limit
  – the user himself sets the price at which he is willing to buy/sell cryptocurrencies;
• Scaled
  – scale orders are used to create several orders simultaneously, with the user defining the minimum and maximum prices.

Let's look at buying/selling BTC using the example of creating a market order.

To complete a transaction, you need to go to the “Market” tab and simply enter the purchase/sale amount in the appropriate line. The exchange will automatically calculate the purchase/sale price based on the current market rate of the cryptocurrency. After the data has been entered, confirm the transaction by clicking the “Buy Market” or “Sell Market” button.

Buying/selling cryptocurrency

Commissions

The HitBTC exchange uses a flexible multi-level system for determining commission fees for traders (see table below). The system is based on the rule - the more the user trades, the lower his trading commission will be.

HitBTC users' commission level is determined by their total trading volume for the month in BTC equivalent. Every day, the exchange records the trading volume of each trader and the system automatically updates their individual commission.

For example:

The user buys 15 EOS for 1 LTC, and during the transaction, 1 EOS is equivalent to 0.001 BTC. This means that 0.015 BTC will be added to their 30-day total trading volume.

It is worth noting that the HitBTC team also encourages active traders. Starting from level 10, makers not only do not pay commissions, but also receive income in the form of 0.01% from each completed transaction.

Commission fee system for traders

To better understand the interface and capabilities of this site, a review of the HitBTC exchange will help you:

HitBTC Exchange Review

Account verification levels

There is no mandatory verification.

But the exchange administration has the right to request copies of documents and the source of funds for the deposit, and often does so.

You will need to confirm your identity to make a deposit and withdraw in euros/US dollars.

Thus, users can go through up to 4 levels of verification:

Standard

Automatically assigned to each user after email confirmation and one transaction. Gives the right to withdraw 1 Bitcoin per day, but not more than 5 BTC per month.

Partially full

It is better to complete this verification in advance, since coordination with the administration before the start of work will take up to 5 days, and after the withdrawal is rejected, up to several weeks. Step-by-step instructions are located in your account settings, next to the “Security” tab under the KYC label. The procedure includes presenting passport data, address, photo of an ID card, a selfie with an ID card in hand and a mobile number. Photos can be uploaded from your computer or taken directly on the site.

Attention! Documents with information without Latin letters must be accompanied by a certified translation.

Withdrawal limits from HitBTC are increased by 5 times. It becomes possible to withdraw euros up to 2 thousand per day , but not more than 10 thousand per month - when fiat transactions are active.

Confirmed

Includes all steps of the KYC procedure and additional ones - proof of residence, bank account number. The instructions are located in “Settings” - “Account Verification”.

The HitBTC withdrawal limit in cryptocurrency remains the same, the euro currency limit increases to 10 thousand per day , but not more than 50 thousand per month.

Skilled

Registered and confirmed at bequant.io. Comments on the capabilities of the Pro account can be found on the “Account Verification” page.

In 2020, on HitBTC, deposit/withdrawal in fiat money to the card is disabled. There are also no trading crypto-fiat pairs.

Ways to buy major cryptocurrencies for dollars/euros with subsequent transfer to the exchange are offered in the accounts section.

Registration and verification

To fully work on HitBTC, you need to both register and verify your account. Registration is easy and you only need to provide your email address and desired password. The email will need to be confirmed using the link that will come in the letter.

After registration, you can trade cryptocurrencies and withdraw them without restrictions, but the system requires account verification in order to deposit money on the exchange in fiat currency, for example, USD. Such an opportunity to withdraw your earnings to a card without this is also not available.

Account verification involves providing the exchange administration with the following data:

• Full name
• Country of residence and address
• Date of Birth
• Scanned documents

Replenishment and withdrawal of funds

Cash input/output operations are carried out in the Deposit tab. With standard verification, about 300 cryptocurrencies are available.

Enter:

1. In the Main Account section, select the desired cryptocurrency and click the “+” icon.
2. A form will appear with the address, the ability to generate a new address and a scan code.
3. The wallet number must be added to the transaction line as the recipient's address.

The output is in the Withdraw line:

Here you need to enter the external wallet address.

For coins whose transaction must be carried out with an additional mark (for example, Tag for Ripple), there is a special line in the input/withdrawal form.

To search for cryptocurrency in balances, it is convenient to use the search by ticker and the “Hide zero balances” option. To use funds in trading transactions, you need to transfer from the Main account to the Trading-Account.

Deposit and withdrawal fees

There is no commission for depositing cryptocurrencies. The user only pays the crypto network transaction fee.

Withdrawal fees are displayed in the application form window and are quite high compared to other exchanges:

Reviews about the Hitbtc exchange

The Hitbtc exchange today is one of the largest trading platforms for the purchase/sale of digital currencies. On specialized information sites you can find many user reviews about the hitbtc exchange, among which there are both positive and negative. However, there are much more positive reviews of the service. This is due to the following characteristic factors:

• wide selection of trading instruments;
• high security of funds;
• well-thought-out functionality of the trading platform;
• a wide selection of indicators and other technical analysis tools;
• availability of a demo account;
• the ability to use automated trading systems without penalties from the administration.

Negative reviews are mainly related to the lack of a Russian version of the HitBTC website, high fees for depositing and withdrawing funds from BTC wallets, as well as a long period of withdrawal of real funds to bank accounts.

Reviews from profitgid.ru

Trading commissions

All transaction fees are published on the HitBTC fees page:

• Makers are traders who create liquidity when working with limit orders.
• Takers are trading participants who consume liquidity when making transactions on the market.

The current user level and the required volume of transactions to receive a discount are also displayed here. The calculation period is 30 days.

Attention! A transaction with too cheap coins in a small lot risks a commission of up to 10%, since 0.2% is a fraction of 1 satoshi. This situation is rare; the minimum lot is set so that the commission falls within the stated 0.2%.

Otherwise, the commission needs to be checked, and to reduce it, the lot volume should be increased.

List of tradable tokens

The most popular coins on the exchange and trading pairs with the highest turnover:

HitBTC personal account functionality

After completing all the procedures described above, you will be taken to your personal account, or in other words, the trading account of the HitBTS exchange. To provide screenshots of the HitBTC account, we chose the night version, it looks like this.

Having logged into your HitBTC personal account, you must first enable two-step authentication. To do this, you need to download the Google Authenticator application in the Google Play and AppStore stores, and point the camera at the generated QR code. This procedure takes literally 5 minutes, including searching and downloading the application.

The second important tab of the personal account of the HitBTC exchange is the “Exchange” tab, through which the analysis and trading of cryptocurrencies on the HitBTC exchange takes place. On the right side of the site, you will see the exchange’s tools, in which you can switch what is quoted in the pair. To do this, you can choose 3 instruments: BTC, ETH and USDT, and you can also buy tokens and coins that are either traded or have recently been traded in the ICO. After selecting the pair you need, below the chart, you will be presented with two windows for placing orders, one for buying and the second for selling.

To understand how to place buy and sell orders on the HitBTC exchange, read our review of the Bittrex exchange.

How to trade on the stock exchange

Trading operations are carried out in the Exchange tab.

Trading platform interface

On the right side of the market window are BTC, ETH, USDT, DAI, EURS and EOS:

• For each major market currency, a list of paired cryptocurrencies is displayed.
• USDT and EURS are synthetic analogues of the US dollar and euro.
• You can add frequently used pairs to the “Favorites” tab.

The default chart is set to EMA with periods of 5 and 10. You can disable it by clicking:

• Timeframes, volumes, high/low quotes, open and close quotes of the current bar are displayed.
• Use the “+” and “-” icons to increase/decrease the graph screen.

To go to individual settings, click Switch to. Here you select indicators, chart display type, window size and other settings.

Other terminal elements:

1. The order book below the chart shows current offers from traders and is updated automatically.
2. Next to the book is a stock order book, a register of your own trading, and a traders’ chat.
3. The market overview in the top menu makes it possible to monitor all markets simultaneously; it includes sections:

• Market Depth - market depth in numbers;
• Market Activity - own activity, exported as a .csv file;
• Market Spread - displays the spread, which looks impressive for unpopular coins.

Placing orders

A market order is carried out based on current quotes or through Stop.

1. The picture, at the current price on the Bitcoin market, indicates the volume of the QTUM cryptocurrency 0.04 and shows how much BTC you need to pay - 0.0000182428.
2. The stop price indicates the entry price, which is always worse than the market - higher than the current one for buying and lower for selling.

This order is used to implement strategies - for example, when the price, in confirmation of its readiness to move higher/lower, must break through a certain level.

Limit

For a limit order, the price is always better than the market price and is executed at the specified rate or at a more favorable rate if there was slippage:

• limit orders appear in the order book;
• a limit order is closed with a counter one, where the stop price is indicated at which the order is activated and the limit price at which it is executed;
• counter stop-limit orders do not appear in the order book;
• When you enter a non-counter stop-limit trade, the order will be activated and will be visible in the order book when the price reaches the stop level and is executed at the limit quote.

Limit orders are managed by selecting a subtype:

1. Good-Till-Cancelled - valid until executed or canceled by the trader.
2. Day - only for today, if not fulfilled, canceled at 00:00 UTC.
3. Good-Till-Date/Time - automatically canceled on the specified day and time if not completed.
4. Fill-Or-Kill - must be executed immediately and in full or will be canceled.
5. Immediate-Or-Cancel - immediately or cancel, can be executed partially, then the unclosed volume will be canceled.

Beginners are advised to start with simple limit Good-Till-Cancelled/Day, aiming to buy below current prices and sell above, opening and canceling the order on their own or at the end of the day.

Additional orders

Scaled order - an order where execution prices are distributed within the range specified by the trader from minimum to maximum. Accordingly, if the market behavior corresponds to the forecast, the order volume increases.

A post-only limit order will be included in the order book if its quotes differ from those already sent to the market, or will be cancelled. There is no commission for such an order. In practice, this order will receive a place in the order book if it is sufficiently removed from the traded market levels and creates liquidity for future periods.

Unexecuted orders can be canceled in the trading terminal window My Orders and Trades .

How trading is carried out

The trading terminal of this exchange is standard, in the upper part there is a chart, on the right there is a window with cryptocurrency pairs. The terminal has a button to switch to a live chart from TradingView, if you need indicators and options for graphical markup, use this opportunity.

Below the chart there are windows for setting transaction parameters, selecting an order type, trading history, order book and chat (also available in Russian).

There are 3 types of orders:

• market – the transaction is concluded at the market price;
• Limit – pending order, you need to set the price at which the transaction will be executed;
• Scaled – allows you to build a grid of orders when the price moves in one direction or another. The following options are possible: flat - each subsequent transaction is concluded with the same volume as the previous one, Up - the volume will increase, Down - decrease. You also set the step between orders, the maximum and minimum prices at which orders will be placed.

For limit orders, several execution types are specified:

• Good-Till-Cancelled – until you manually cancel it, it will remain active;
• Immediate-Or-Cancel – in this case, the order is either executed at the specified price immediately, or is executed immediately, and the unexecuted part is simply canceled;
• Fill-or-Kill – the order is executed instantly and in its entirety, partial execution is impossible;
• Day – the day is set; if the order is not executed before its completion, it is canceled;
• Good-Till-Date/Time – in this case the order will be active only until a certain date.

We note the presence of stop losses; not all crypto exchanges allow the use of protective orders.

Exchange services

Options for user convenience:

1. Trollbox is an internal chat for traders.
2. Exchange support for some forks with crediting of coins to clients.
3. Trading contests with history and rules in the Trading Contests tab. The winner is the trader who makes the maximum turnover.

4. Help and instructions in the bottom menu.

5. Statistics in the “Reports” and “System Monitoring” sections.

6. Developer Tools at https://api.hitbtc.com/.

Bot trading is allowed on Hitbtc.

Safety

The exchange managed to stay away from major hacks. All conditions have been created here for the security of traders’ accounts. In addition to 2FA, a Whitelist of APIs for withdrawal is connected to the account.

Attention! If the BS is connected, you must enter the API, otherwise the system will refuse to withdraw funds.

If hackers manage to gain access to the account by hacking the user’s email, then in order to withdraw funds, the attackers will need to reset the password and set up their own, since the exchange does not send the password by e-mail. Then, when you change the password, the withdrawal will be blocked for 3 days.

When adding a new API address to the BS or disabling the White List, the output is blocked for 2 days.

For any non-standard questions, please contact technical support: support.hitbtc.com/hc/en-us.

Verification

Global KYC and AML rules require all trading platforms to monitor the financial activity of users. Voluntary verification on HitBTC will not expand a trader’s options, but it will help avoid forced verification in the future. To complete the procedure, you need to provide personal data, residential address, bank account information and attach copies of documents:

• ID card, national or international passport, driver’s license;
• utility bill, tax document;
• bank statement or letter from the bank.

All submitted documents must contain information in Latin letters or have a certified translation. The application form with documents must be sent from the email address specified during registration to the compliance department, mail. According to information on the website, the verification period is 2-3 days, but users leave reviews with information about the complexity and longer duration of the procedure.

What problems can you encounter on the stock exchange?

Main problems:

1. Suspension of withdrawals for any changes in the Account.
2. Delay in withdrawal of funds, especially when the exchange rate is actively growing.
3. 2FA does not work via scan code, then you need to enter the code manually.
4. Long wait for technical support response.

Rare problems:

1. High fees for small volumes of inexpensive assets.
2. Hacking of individual accounts, deprived of protection and control.
3. Removal of new unpromising coins without warning.

To prevent security problems, it is necessary to copy account codes and passwords and store them printed on paper or on a PC, but in an encrypted archive.

Trader reviews

shitcoinoffering:

“5% of my fiat deposit came from a company that closed down. Now the exchange has blocked the remaining 95% of the money, since there is no proof of the origin of 5%. 6 months have passed. The issue has not been resolved."

sundarrajendra:

“I traded with HitBTC for a long time, and before that I passed KYC. When I wanted to withdraw ETH, I was asked to update my documents and my account was blocked. I sent the documents, but they were not approved and rejected.”

schonemann.wer:

“My problem with my 2FA account was fixed within a day.”

Brock-ah $$:

“I was sent a letter about participation in fraud due to the purchase of bad coins on the exchange. We need to file a class action lawsuit against the exchange.”

Scoundrel:

“Last weekend I made trades, withdrew and withdrew money quickly. Previously, HitBTC had problems with withdrawals, but they were legitimate.”

HitBTC cryptocurrency exchange: investing in 2020

The HitBTC crypto exchange has both pros and cons. The first, of course, includes a pleasant interface and the presence of a large number of digital and fiat financial instruments. Low commissions make trading on the site even more attractive. But there were cases of failures, account blocking and problems with withdrawal of funds. The exchange plans to expand the listing of new tokens and increase trading volume.

Initially, the HitBTC cryptocurrency exchange received a lot of positive feedback from many traders. After a series of various failures, the platform’s reputation became less rosy. However, it is still included in the TOP 20 best crypto exchanges. The trading platform is ideal for beginners, thanks to the presence of a DEMO mode in its functionality.

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