HitBTC is a crypto exchange that started back in 2013 and has over a hundred and fifty digital assets listed on its trading platform, which include cryptocurrencies, ICOs (initial coin offerings) and tokens.
From the time of its inception, HitBTC has added on to the features of its platform, cryptocurrencies listed on the platform as well as the intuitiveness of its user interface. The platform has now become that much easier to trade on, even for new traders. The ease of use has however not sacrificed the toolset that satisfies the needs of more experienced traders.
HitBTC is among the few crypto exchanges that allow for direct fiat/crypto trading. However, to take advantage of this feature one goes through a very strict process of verifications, for security reasons.
Fees And Charges Applied
HitBTC does not apply any charges or fees for the registration of a general account, this is free. In addition to this HitBTC also does not levy any fees in order to deposit cryptocurrencies, uses are, however, charged a fee for depositing fiat currencies. The fees charged are mainly dependent on the amount deposited, as well as the fiat currency in which the deposit is made in.
As for executing trades, HitBTC applies relatively low fees. For immediate transactions, users incur a 0.1 percent charge to execute the transactions while transactions which are not immediate get a 0.01 percent rebate.
For withdrawals, apart from the network fees applied depending on the cryptocurrency, withdrawing crypto is free on HitBTC. For withdrawing fiat currencies, a fee is applied with respect to the type of fiat currency being withdrawn and the amount.
Buying Bitcoin on HitBTC
If you want to purchase Bitcoin on the HitBTC platform by using fiat currency, you will be required to go through a verification process.
First off you have to open a general account, which you can do by registering on the site with your email address. The site will then prompt you to verify the email address before your account is activated. A general account allows you to deposit, withdraw and trade in crypto without going through any more steps.
As for furnishing your account with fiat currency, there are a number of steps you’ll have to follow in order for your account to be verified. These are:
• Log into your general account and click on the settings icon
• Select the ‘account verification’ tab
• Here you will be given a series of steps to follow, and documentation required which you are to send through email
• Among the information and documentation required are:
➢ Personal information such as name, address, bank information
➢ Copies of supportive documents such as identification document, proof of residence, proof of ownership of the bank account all in coloured copies.
• Once you have all the required documents, you will then follow the guidelines set on how to submit them and the sizes and formats they should be in
• The entire process of verification takes anywhere between three to five days. It is, however, important to note that requests are queued according to when they are received meaning that verification may take longer than the stipulated days.
Trading on HitBTC
With HitBTC, users can start trading immediately as soon as they create an account. Users do not need to go through a verification process in order to trade in any cryptocurrency listed on the HitBTC platform.
Deposit – you can make a deposit in Bitcoin or any other supported crypto by simply clicking the ‘deposit’ icon on the platform and thus depositing them in the appropriate wallet.
Exchange – once the funds have been transferred into your account, you then click on the exchange tab to commence trading. Here you will be able to not only trade in crypto but also view charts and orders as well as talk to other traders through the ‘trollbox’.
Order types – HitBTC facilitates various order types for users who want to make use of the stop and limit options while trading.