HitBTC Review and Comparison

Last Updated: 4/24/19

HitBTC is a cryptocurrency exchange established in late 2013 which is famous for its wide variety of coin listings and advanced trading features. In this post I will review the company, its services and share some of my (painful) personal experience with them.

Post Summary

If you want a more detailed review about HitBTC keep on reading. Here’s what I’ll cover:

  1. HitBTC Overview
  2. HitBTC Services
  3. My Personal Experience with HitBTC
  4. Currencies and Payment Methods
  5. HitBTC Fees
  6. Supported Countries
  7. Customer Support and Reviews
  8. HitBTC vs. Binance
  9. Conclusion – Is HitBTC Legit?

1. HitBTC Overview

HitBTC was founded in late 2013 by Hit Solutions LTD. in Hong Kong. The company raised $6m from angel investors and little is known about its founders or management. In my opinion, there’s nothing more alarming than a company that remains in the shadows regarding its staff (see BTC-e’s history to understand why).


2. HitBTC Services

Trading Platform – HitBTC’s main service is their trading platform. The platform supplies advanced trading feature, a relatively sleek UI and a demo mode for people who aren’t ready to risk real money trading Bitcoin just yet.

Aside from offering Bitcoin trading services via their advanced trading platform, HitBTC also offers the following services:

OTC Trading – HitBTC offers Over The Counter trading for people looking to sell or buy large amounts of Bitcoin or other cryptocurrencies (over $100K).

Token listing – HitBTC is known for being a place where companies that are issuing their own token could get it listed fairly easily.

Margin trading – For traders who want to leverage their trading, HitBTC offers cryptocurrency margin trading through the MetaTrader 5 Terminal.

API – HitBTC offers several APIs including programmatic access to their trading engine and the Financial Information Exchange (FIX) API


3. My Personal experience with HitBTC

I initially reviewed HitBTC in 2014 when I just started out 99Bitcoins. Overall the exchange made a very good first impression. I haven’t actively used it for trading until the Bitcoin Cash and Bitcoin Gold forks. Whenever I claimed a new coin from one of these Bitcoin forks, I would immediately sell it on HitBTC.

All seemed to be going well, and as my site relies mainly on affiliate commissions, I decided to also recommend it to my readers. Unfortunately, that’s when things took an ugly turn.

It was the first time I tried to withdraw my affiliate Bitcoin balance from HitBTC. I decided to take a look at my account and saw that I had 0.25BTC waiting for withdrawal + another $600.

I followed the normal procedures, which include transferring your balance to your main account, but then a funny thing happened: My money just “disappeared”. It did not appear on my recent transactions and the current balance dropped to zero.

Naturally, I immediately contacted HitBTC and got the following reply:

HitBTC support email 1

Since then I tried contacting HitBTC several times but only received a very vague response claiming:

The issue you reported requires additional investigation.

We have escalated the issue to our second-level support experts and flagged it as a high priority.

We will keep you posted on the progress.

It seems a bit odd to me that a company knows there is a technical issue on their side and instead of immediately reimbursing my balance, they just keep me waiting with no access to my funds.

A quick online search showed a mob of angry customers posing similar reviews about the company.

All other communications I have sent since have gone unanswered. Four months later (on March 2018) I got a response, however it was the same unhelpful response, as usual, see the email below:

HitBTC support email 2

Then a funny thing happened.

I gave a talk at a crypto conference about Bitcoin affiliate program and told my story with HitBTC as an example of how not to behave. Coincidently, a HitBTC rep was in the audience. We talked and he promised that the issue would be taken care of.

On March 2018 (five months after my initial contact) I was contacted by a HitBTC representative and the issue has been solved. Needless to say, this took way too much time to resolve. The affiliate program has since been deactivated.

At the moment I still recommend avoiding HitBTC. Some users have even started a petition against the low-level service HitBTC is supplying.


4. Currencies and Payment Methods

HitBTC supports almost 800 different crypto assets on its exchange. However, the exchange doesn’t accept fiat deposits. If you want to trade Bitcoin or any other coin for USD, for example, you’ll have to settle for Tether or similar stablecoins.


5. HitBTC Fees

HitBTC employs the “maker-taker” model. The “taker” is a trader who places an order that matches immediately with an existing order on the exchange (i.e. taking orders away from the exchange). The taker pays the fee from the committed trade.

The “maker” is a trader who places a limit order below the best ask price for the buy and above the best bid price for the sell (i.e. making new orders on the exchange).

Fees can vary from 0.2% (standard taker fee) to 0% . The larger the transaction volume the lower the fee. The complete fee schedule can be seen here.


6. Supported Countries

HitBTC is available worldwide except for the following countries:

Afghanistan
Democratic Republic of the Congo
Central African Republic
Cuba
Iran
Iraq
North Korea
Lebanon
Liberia
Libya
Nigeria
Somalia
South Sudan
Sudan
Syria
United States


7. Customer Support and Review

HitBTC gets a mixed of positive and negative reviews online. With an average TrustPilot score it’s already doing much better than most other exchanges. Having said that, it seems that the company is suffering from long support response times and also withdrawal issue.

Many of the complaints can be found on the company’s Twitter profile (mainly in comments to existing posts) and in the currently banned subreddit r/hitbtc. Some interesting user comments can be found in the bottom of this post and in the comments of this review by Blockonomi.

Overall, it feels that “something is rotten in the state of Denmark”, although there’s no way to actually put your finger on it.


8. HitBTC vs. Binance

Many people compare HitBTC to Binance since both exchanges are crypto only and are relatively lenient regarding the coins they list and who they accept as a customer.

When you compare both exchanges, it seems that Binance has lower fees (0.1% flat) and a better reputation, while HitBTC has a better user interface and a wider selection of features. The support for both exchanges is far from perfect.

Personally, I would choose Binance since I value reputation more than anything, however it really depends on your needs. You can read my complete Binance review here.


9. Conclusion – Is HitBTC Legit?

HitBTC has a big warning sign above its head. While there’s no specific issue you can put your finger on, the exchange just brings up too many red flags. Personally and especially after what I’ve been through with them, I would recommend to stay away from this exchange if possible.

If, however, you require just a specific conversion of the occasional fork or altcoin, they will probably get the job done.

Have you had any experience with HitBTC? I’d love to hear what you think about it in the comment section below.

HitBTC

5.9

Currency support

9.0/10

Credibility

3.0/10

Support

3.5/10

User interface

8.0/10

Pros

  • Wide variety of currencies
  • Good user interface

Cons

  • Support very slow to respond (if at all)
  • Negative online reputation
  • Unreliable

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Sergio Benros
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Sergio Benros

hooo and i forgot to say they perfer to pay useres for evey bad coment you have all the sundatly apears 10 our 20 for your coment goes to next page.

Sergio Benros
Guest
Sergio Benros

afther submission of withdraw and reciving email confirmation and clic, token invalid, afther samething 3 times, the acount as magicaly for sack of my security withdraws blocked until day 20/05 so for what i can see i got fucked.

suport i send email go telegram group ask help adimin says give me our tikect 2h lather i ask can you help me our not with this tikect he says sure but until now nop. and for what i can see if you realy go afther wanser you get kick out.

See the twiter page no engagement so says a lot.

Stay way.

greg33
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greg33

problem with withdrawing money. I didn’t have similar issues in other exchanges. Very negative.

Tom
Guest
Tom

I recently lost my phone, and also need to reset 2FA because I don’t have the secret. I gave HitBTC pictures of me holding my passport, along with a signed/dated notice. I also included a screenshot of what my current portfolio should be (coins/amounts). This STILL was not enough. They are asking for transaction hashes, which is troublesome for me to get because I don’t know the address it was supposed to deposit to. I use multiple exchanges (close to 6) and last deposited over a year ago to HitBTC. Asking for transactions is too much; I was able to… Read more »

Anne
Guest
Anne

This is a fairly good exchange. I can mine directly into my deposit address, immediately sell my crypto and withdraw it via API. Very convenient, as for me. Never had any issues with it.

Andis P
Guest
Andis P

I haven’t seen more reliable and convenient service in crypto services yet. These guys set standards at a high level. I believe many other exchanges and wallets should learn from these guys.

Harry N
Guest
Harry N

The best crypto exchange IMO. API works perfectly, support quickly responds to my problems and the most important – a huge bunch of crypto I can trade.

Nathan
Guest
Nathan

It’s one of the fastest Support team, I have cooperated with: they helped me to find the lost deposit (my fault) very fast!

Carl
Guest
Carl

My friend in crypto advised me this exchange and I had doubts about it. But i’ve tried it and made some profit. Not to say that this is the best website in the world, but the exchange is great and i’m fine with it.

Franz
Guest
Franz

I trade with API on many exchanges and this one seems to be a way better than others. The latency is also good and it has many tools for convenient trading. Never ran into any issues with them so far.