HitBTC cryptocurrency exchange was founded in 2013 and launched in February 2014. It is an advanced cryptocurrency exchange specializing in altcoin spot trading. It boasts of being established by experienced system architects, technology engineers, and finance experts, though most of the HitBTC team remains anonymous. However, the company was reportedly kickstarted with a $6 million venture capital investment.
While the platform is an unregulated exchange, it complies with KYC and AML regulations. HitBTC crypto exchange has different verification tiers. Unverified accounts start as Starters, and verified ones receive Upgraded account status. In order to get verified, you have to submit personal information like residential information, proof of identity, and a selfie of you holding your identity document with a note where the date of your registration is displayed.
While HitBTC cryptocurrency exchange is a global company, citizens from the United States of America, North Korea, Sudan, Crimea and Sevastopol, Cuba, and Syria cannot have access to services offered by the platform. This is due to cryptocurrency restrictions in these countries.
Markets
HitBTC crypto exchange has 8 markets available as trading instruments on the platform. These markets include – Fiat, BTC, ETH, USDT, HIT, USDC, DAI, and USDD. In all these markets, there is a combination of over 800 HitBTC trading pairs. Furthermore, apart from the HitBTC spot trading option, the platform supports margin trading and derivatives.
Trading on the platform comes with a simple fee structure. There are no HitBTC exchange fees for crypto deposits, but there are charges for placing orders and withdrawing funds from the exchange. Unverified users pay a 0.1% maker and a 0.2% taker HitBTC crypto fee. Meanwhile, verified users fall into their tier fee system, which determines trading fees based on the user’s HitBTC trade volume for the past 30 days.
Moreover, there are flat fees for withdrawals made on the platform. The HitBTC crypto price for Bitcoin withdrawals is 0.0015 BTC while for Ethereum is 0.0428 ETH. Other crypto assets on the platform have different withdrawal charges but they are generally low-cost and user-friendly.
The platform has a native utility token known as the HIT token. The main purpose of the token is to provide its users with a smooth and seamless trading experience. One of the major benefits of the token is that it grants its holders up to 45% discounts on trading and withdrawal fees. Additionally, when trading with the HIT token as a trading pair, no fees are incurred.
In the future, the HIT token will become a core part of the HitBTC cryptocurrency exchange ecosystem, increasing its value through delivering new high demanded features and proposing further benefits for its holders. This includes using HIT as collateral for margin and futures trading, higher referral programs rebates, decreased fees for futures contracts, higher staking rewards, governance rights on future token listings, and more.
Other Services
The platform offers passive income-earning opportunities to its users through staking programs. They can participate by staking their crypto assets for rewards while maintaining the ability to use their assets whenever they want to. Rewards are calculated and paid based on the minimum balance of the staked digital asset.
Furthermore, for beginners in cryptocurrency trading, the HitBTC crypto exchange offers an opportunity to try and trade cryptocurrencies on its demo platform first. You can register and access the demo platform and test out your strategies before trading with real money. This gives you more confidence and helps in making better decisions when trading with real money.
The platform also offers FIX and REST APIs that give access to the order book, market data, and more. The trading functionality is also extensive with 4 types of orders available for traders: market, limit, stop-limit, and stop orders.
Lastly, HitBTC offers personalized OTC (over-the-counter) trading services for high-volume traders. To qualify for the OTC service, you must exchange over $100,000 per trade. Each trade incurs a 0.1% transaction fee.
About the Company
One of the interesting things about the company is that the people behind it – the founders, developers, and the team, chose to remain anonymous. However, the platform is operated by a consortium known as the “Ullus Corporation”.
As of December 2022, HitBTC volume over a 24-hour period stands at 80,804 BTC, an equivalent to over $1.2 billion.
One major thing to note is that, so far, the platform has never been hacked. Furthermore, it holds most of its user funds in cold storage (hardware wallets) away from the prying hands of hackers.
In 2018, the company signed a deal with Sequant Capital, an FCA UK-regulated broker that established a strategic partnership with HitBTC for better accessibility to the crypto market. It was a milestone for the company that received direct market access to cryptocurrencies.
In May 2020, the platform signed a partnership agreement with TradingView, a social network for traders specializing in charting software. The partnership helps HitBTC users streamline the trading process.
