A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of HitBTC consists of four parts: general information, fees, deposit methods and security.
HitBTC is a Danish cryptocurrency exchange, which has been operating since 2013. The exchange claims to have a terminal built on the best technology that lets you trade effortlessly on any of the available trading pairs. With respect to trading pairs, HitBTC is one of the exchanges in the world with the largest selection. So if you are looking for a specific less known altcoin, chances are good that you will find it here.
The exchange promotes three things in particular as advantages with choosing to open an account with HitBTC. First, they claim that the platform is “safe and secure”. Second, they say that it is “fast, responsive and feature-packed”. Third, they state that the platform has a “robot-friendly API”. Out of these three advantages, we dare to say that it is primarily safety and security that is equally important to all prospective traders. The architecture of the trading terminal and whether or not a platform has robot-friendly APIs are most likely less important to the average trader.
As many other exchanges, HitBTC does not accept US-investors on its platform. If you’re from the US and you’re looking for the trading platform that is just right for you, don’t worry. Use our Exchange Finder to find an appropriate exchange accepting US-investors.
HitBTC Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at HitBTC:
HitBTC Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. We call makers makers because their orders make the liquidity in a market. We call takers takers because they take this liquidity by matching makers’ orders with their own.
Ingvar, offers to buy 1 BTC for USD 10,000. And Jeff, offers to sell 1 BTC for USD 11,000. If Bill comes along, and sells 1 BTC to Ingvar for USD 10,000, he takes away Ingvar’s order from the order book. Bill is here a taker and is charged the taker fee. If Bill on the other hand offers to sell 1 BTC for USD 10,500, he places an order on the order book that does not correspond to an existing order. He would then be a maker of liquidity. If someone would have accepted to buy 1 BTC from Bill for USD 10,500, then Bill would have been charged the maker fee (usually a bit lower than the taker fee) and the relevant buyer would have been charged the taker fee.
This exchange’s trading fees for takers are 0.20%. This fee is in line with industry average (the industry average is arguably around 0.25%). Makers only pay 0.10%.
HitBTC also offers trading fee discounts when you have a large trading volume during the preceding 30 days. Trading fees can become as low as 0.02% for takers and -0.01% for makers. That is if they have a trading volume exceeding 100,000 BTC (which on the date of last updating this review, 30 March 2020, corresponded to approx. USD 620 million) during the preceding 30 days. So we doubt that anyone will ever reach the highest level of trading fee discounts at HitBTC in modern time. The exact trading fee discounts are set out in the below table:
HitBTC Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
HitBTC charges a withdrawal fee amounting to 0.00085 BTC when you withdraw BTC. This fee is exactly in line with the global industry average for BTC-withdrawals (0.000812 BTC).
However, for fiat currency withdrawals, there are some substantial fees involved. If withdrawing less than EUR 50,000 via SEPA, it’s 30 EUR. If withdrawing more than EUR 50,000 via SEPA, its 2.00%. 2.00% can be a lot of money when the withdrawn amounts are bigger. If we understand the information on HitBTC’s website correctly, all other wire transfer than SEPA-wire transfers are also charged with the painful 2.00%-withdrawal fee.
HitBTC offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. However, as HitBTC accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
When depositing, you need to prove your identity (for instance by a passport copy). So, if you’re looking for anonymous trading, you’re looking at the wrong place.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges handle a lot of cash or coin deposits and withdrawals.
HitBTC’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is actually far above average when it comes to top crypto exchanges.
Liquidity is something very important for all exchanges, cryptocurrency exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following cryptocurrency exchanges are also regularly among the cryptocurrency exchanges with the absolutely best liquidity in the world: