HitBTC Review 2018: Is it a Scam?

HitBTC is a cryptocurrency exchange platform that came up in 2014. Since then, they have become quite a notorious name in the cryptocurrency industry. There are some who swear by its legitimacy and some that are wary of it.

To be fair, HitBTC does have an attractive design. It’s easy and intuitive and even beginners would have an easy time navigating it. However, it is also quite controversial.

As such, before you actually use HitBTC, please read this complete review and do your research.HitBTC review

Part 1: HitBTC Trading Information

Supported Cryptocurrencies

HitBTC supports the most wide-ranging array of cryptocurrencies. Apparently, it accepts 150+ digital assets. Most of these are traded with Bitcoin and Ethereum.

Supported Currencies and Payment Methods

The only supported fiat currencies are USD and EUR. Furthermore, payment can be made through bank transfers or directly through crypto wallets.

Fees

The transaction fees in HitBTC ranges from 0.10% to 0.25%. Furthermore, an order that isn’t executed immediately is given a 0.01% rebate of fees.

For Sepa deposits of less than €50,000, the fee is €5. For deposits of more than €50,000, the fee is 1% of the total. And for wire transfers, the fee is 1% of the transaction.

As for the withdrawals, a Sepa transfer of less than €50,000 incurs a fee of €30, and more than €50,000 incurs a fee of 2% of the transaction. Furthermore, a wire transfer incurs a 2% transaction fee.

Limitations

If you have a verified account, you get a transaction limit of 2,000 €/$ per week or 10,000 €/$ per month. However, this can be enhanced by contacting the HitBTC team directly.

Part 2: Using HitBTC

Signing Up

  1. Go to the HitBTC website.
  2. Fill up the registration form which will include your email address and a password.
  3. Verification of the account is only necessary if you’re going to use fiat currencies for trading purposes.
  4. Once registration is complete, you’ll have access to a General account. However, even this will make you eligible for unlimited deposits and withdrawals of cryptocurrencies.

Funding

  1. You can fund your account using Sepa, wire transfers, or cryptocurrencies.
  2. If you want to fund your account with fiat currencies, you have to go through a verification process wherein you have to verify your identity, residence, etc.
  3. Once that is done, you can easily fund your account and get ready to start trading!

Trading

HitBTC offers various trading pairs in various orders such as market, fill-or-kill, immediate-or-cancel, good-til-canceled, and good-til-date/time. Before using the site, you can also check out an online demo to see if you like the interface.bitcoin trading sites

For purposes of trading, you can check out the column underneath ‘Exchange’. This will provide you with graphs and all the information you need to make an informed trade. bitcoin trading sitesHowever, the exact technicalities of trading are quite complex. As such, you can watch the following tutorial to figure out how to go about it.

PART 2: Is HitBTC a Scam?

Based on the information quoted above, HitBTC seems like a perfectly legit site with a good range of cryptocurrencies, good (but realistic) fees, and the basic fiat currencies support. It doesn’t promise too much nor is it too vague. However, if you do a little bit of research, you’ll receive a lot of scam warnings.

We can’t definitively state whether HitBTC is a scam or fraudulent site, but we can say that people are not happy with it. Prominent reviewers have stated that when they try to withdraw the coins or the money from the site, all of it basically disappears and they can’t access it.

Furthermore, a basic Google search would reveal a host of warnings. As such, we can definitely say that HitBTC isn’t a reliable exchange platform.

PART 3: HitBTC Customer Support & User Reviews

The HitBTC customer support can be reached via email. However, when it comes to filing a complaint, users online state that the customer support is extremely vague with their messaging. Furthermore, after you file a few complaints, they simply stop replying to your messages.

There are various users who have complained about the fact that when they try to withdraw their funds, their entire account is debited yet they don’t see the transaction in their bank accounts.

You can go through the User Reviews for yourself.

PART 4: What can you use instead of HitBTC?

Based on all of the information that I’ve provided you, I would highly recommend against using HitBTC. There’s no definitive evidence that they’re a scam site. However, considering the fact that they offer nothing special and that there are so many criticisms leveled against them, it doesn’t make sense to take the risk anyway.

When you’re dealing in cryptocurrencies, you should only use sites that are completely trustworthy and that have a proven track record. As such, you can go through the following exchange platforms. I’ve compiled them into a table so that you can compare their features, read their reviews, and decide which one you’d like to use.

However, if you’d like to try out HitBTC anyway, you can do so by checking out their website.

ExchangeReviewsFeesSecuritySupportPurchase
Coinbase
Coinbase
Coinbase Review3.75%GreatEmail+ Coinbase “Community”Buy
Binance
Binance
Binance Review0.1%GreatEmailBuy
LocalBitcoins
LocalBitcoins
LocalBitcoins Review1.0%GoodQuick responses to online support ticketsBuy
Paxful
Paxful
Paxful Review0% from buyer, 1% from sellerGoodForum,live chat and email.Buy
bitpanda
BitPanda
BitPanda Review1.0% to 4.0%GoodEmailBuy
CEX.IO
CEX.IO
CEX.IO Review0.5% to 2.0%GreatEmailBuy
Coinmama
Coinmama
Coinmama Review6.0%GoodEmailBuy
bitbond
Bitbond
Bitbond Review1.0% to 2.5%GoodEmailBuy

PART 5: Conclusion

Scam or not, HitBTC is not worth it. With so many great cryptocurrency exchange platforms in the market, it makes absolutely no sense for you to take the risk with a site that’s so unreliable and shady.

Instead, you should try out the sites mentioned in the table above.

Having said that, it’s entirely possible that we could be wrong. So, if you have any experiences to share (good or bad) about HitBTC, please mention it down in the comments.

 

4 Total Score
Terrible

A shady trading platform that promises a lot but delivers on little.

Security
3
Ease of Use
5
Support
2
Compatibility
8
Price
8
PROS
  • Low transaction fee.
  • Global presence.
  • Wide range of cryptocurrencies (over 150) accepted.
CONS
  • Terrible customer service.
  • Fraudulent and scam-like behavior.
User Rating: No Ratings Yet!