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.
HitBTC does not list US-investors as prohibited from trading. US-investors should however still do their own independent assessment of any problems arising from their residency or citizenship.
HitBTC Trading Chart
HitBTC’s trading interface has all the essentials in our opinion. You have the diagrams of your selected trading pair, the buy/sell-boxes and the order book. You also have a troll box easily available if that’s one of your interests.
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 0.10%. This fee is far below the industry average (the industry average is arguably around 0.25%). The fee is thus very competitive. But that’s not enough, HitBTC does not charge any fees for makers. Instead, HitBTC pays the makers. HitBTC’s trading fees for makers is -0.01%, meaning that a maker receives a -0.01%-discount on any completed order. This promotes the liquidity at the exchange and is a very strong competitive edge in the market.
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 below the industry average for cryptocurrency withdrawals. 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 far above average when it comes to top crypto exchanges and could also be a factor making you conclude that HitBTC is the best cryptocurrency exchange site for you.
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: