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Many users are looking for ways to exchange fiat money for cryptocurrencies. Exchangers, exchanges serve this purpose, and there is also an opportunity to buy cryptocurrency in person for cash. But it is most convenient to use exchanges. Let’s consider one of these trading platforms, called HitBTC: how to trade, what are the strengths and weaknesses of this project.
HitBTC is a global cryptocurrency exchange that does not require a trader’s country of residence to register. The platform was launched in 2013. At the same time, the received investments amounted to about six million dollars. The project is quite well-known, it is often mentioned in the media, such as Cointelegraph, DigitalJournal, Finance Yahoo. The exchange provides web developers with their own high-end API.
The creators of the site are interested in listing new projects and have launched a system of simplified addition of tokens on Ethereum. To do this, just go to the “Add Token” page, provide links to the official website, discussion on Reddit and the Bitcointalk forum, and add an email address and a brief description of the project.
For inviting new users you can receive a remuneration as part of the affiliate program – you will receive a percentage of the profits that were brought to the exchange by the referral.
The site has 5 language versions: English, Chinese, Korean, Spanish and Portuguese.
Registration and Verification
In order to fully work with HitBTC you need to both register and verify your account. Registration is simple and you only need to specify your email address and desired password. You will need to confirm your email, just follow the link you received in the email.
After registering, you can start trading cryptocurrencies and withdraw them without any restrictions. But the system requires account verification in order to deposit money to the exchange in fiat currency, such as USD. To understand how to withdraw your earnings to your card, you should also undergo verification.
Account verification involves providing the following data:
- Full name;
- Country of residence and address;
- Date of birth;
- Scanned documents confirming your identity.
Deposit and withdrawal money
Depositing cryptocurrency accounts is easy: you need to find in the appropriate section the address to send the desired coin to the exchange and make a transfer to it. The deposit will occur immediately after receiving the required number of transaction confirmations in the blockchain.
The service offers several ways to withdraw funds from your account. The main ones are: regular cryptocurrency transfers, SWIFT payments for USD, SEPA for EUR. By the way, only residents of the European Union can make transactions in euros.
How to trade on HitBTC
After depositing your wallet, go to the “Exchange” page. The right side of the screen displays all cryptocurrencies available on the exchange. HitBTC offers a really impressive list with coins like Bitcoin Gold (BTG), GoByte, PACcoin, Air Token and many others.
On the left side there is a chart of the current currency pair. The chart is informative, there is an opportunity to make additional settings.
The functionality of the exchange is simple, but at the same time it does not look limited and provides many opportunities for trading. Below the chart there are blocks for creating bids to buy and sell cryptocurrencies, which allow you to make an exchange. Still lower are the stacks with bids from other exchange users. The trading page also has a table with a list of all executed bids.
Bot for HitBTC
Trading on the exchange often requires a lot of time and nerves. Many users are looking for ways to simplify the process and are increasingly thinking about using bots. You can find quite a few offers on the Internet to sell such programs. For HitBTC, the choice of bots is not too large. If you believe user reviews, The C.A.T. is the best choice. The program is paid, but the user gets a lifetime warranty with all subsequent updates.
At HitBTC, the transaction fee depends on how the order was executed. If the transaction was executed immediately, it will cost 0.1% of the amount. Otherwise, the fee will be 0.01%.
The site is among the top 30 cryptocurrency exchanges, remaining incredibly competitive. Such results the project was able to achieve due to the provision of many currency pairs and good functionality.
Below are the most popular markets on the exchange:
Security and support
The peculiarity of working with cryptocurrency: if third parties get hold of the funds, there is no way to get them back. That’s why the security of services that interact with blockchains should be a priority. HitBTC developers took this into account when creating the exchange and made sure to protect the process of trading and using the site.
All user actions are logged, and in the personal account you can find out the IP-addresses and devices that were used to log into the account. This makes it possible to track activity and make sure that no one else has accessed the money.
The HitBTC account login process is also complex and protected from intruders. Google’s two-factor authentication system is used for this purpose. It is also used during an attempt to conduct a transaction and change settings.
When the user does not perform any activity on the site for a long time after logging into the account, the system automatically terminates the session, and will need to log in again. This time interval can be set in the settings yourself. You can also terminate all sessions with a special button, for example, if you are logged into your account from another device.
HitBTC’s tech support service works quite well, but sometimes there are complaints. The service team attributes the decline in service quality to the influx of a large number of users. The exchange has accounts in social networks to contact the support team.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.