HitBTC Reviewed: Is it the Next Big Exchange ?

Last updated on January 8th, 2018 at 03:00 pm

January 2018 HitBTC review update

I initially reviewed HitBTC in 2014 when it was just starting out. Overall the exchange made a very good first impression. I haven’t actively used it for trading until the recent Bitcoin  Cash and Bitcoin Gold forks. Whenever I would claim a new Bitcoin clone from one of these 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 and support my blogging efforts. However that’s when things took an ugly turn.

In the past few years I never tried to withdraw my affiliate Bitcoin balance from HitBTC. I decide to take a look at my account and saw that I have 0.25BTC waiting for withdrawl + another $600. So overall I had almost $3000 waiting for me to just cash out.

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.

I immediately contacted HitBTC and got the following reply:

HitBTC reply

As you can see from the email this was on November 16th 2017. This update is being written on November 26th (ten days later). 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 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 have gone unanswered. I suggest avoiding using HitBTC for now. I will update as this situation unfold.

as on January 5th 2018 I still haven’t recieved my funds. AVOID HITBTC.


My initial HitBTC review from 2014

I was approached earlier this month by the guys at TeddMarketing whose client is HitBTC in order to review their website. At first I was pretty reluctant to review yet another Bitcoin exchange since it seems that each day another one is established or wiped out. After some back and forth and a bit of web digging I came to the conclusion that HitBTC is worth some futher investigation, so here’s what I found…

The first thing you’d notice is the sleek UI

Indeed HitBTC made a great job at designing an easy and intuitive user interface. Sign-up is easy and the navigation throughout the site is simple. There are no confusing tab names or 2007 website designs. So the first impression is that this is indeed a solid exchange platform.

Finally an exchange platform for newbies!

Perhaps one of the most daunting challenges an Bitocin newbie has is to understand how trading works. Bid, Ask, Volume and Spread are just some of words in this very confusing vocabulary. HitBTC does one thing exceptionally well that isn’t provided on any other trading platform today  – it supplies you with a demo mode.

hitbtc demo mode

 

With a click of a button you can enable the demo mode (did I mention they have a great UI ?). In the demo mode you can experiment as much as you like while trading under live market conditions. This is especially important if you’re a newbie and want to acquire some experience before putting your money on the line. The only other place I’ve seen an actual demo mode is in Forex companies like Plus500 or AvaTrade and they trade only with Bitcoin CFDs. Keep in mind that when trading CFDs your captial is at risk. If there is one feature that differentiates HitBTC from other platforms it’s this demo mode.

HitBTC is focused on major markets

Another thing I really liked about HitBTC is that it’s focused only on the major markets – meaning Bitcoin & Litecoin exchanged to USD & EUR. For newbies the amount of altcoins can sometimes be overwhelming. By removing “noise” from the exchange and focusing only on the main currencies, HitBTC comes to be much more newbie friendly (again).

Emphasis is put on security

Each critical action (login/withdraw) in HitBTC can be protected by 2FA (2 Factor Authentication). You can also see a list of IPs that accessed your account so you’ll be able to monitor any suspicious activity. Finally, HitBTC tells you what is your security level (i.e. weak, strong etc.) which prompts you to safeguard your account better.

Simple, efficient and smooth

If I were to end my review here I would probably give HitBTC an A+. I didn’t go over all of the details such as transaction fees but they can easily be found here.

The only thing that is left as a concern…

So by now I’ve established to myself that HitBTC is a pretty solid platform. The only thing left was to see what other people where saying online. The main source of information for unbiased reviews I could find was on Bitcointalk where HitBTC announced their formal launch on January 2014. It seems that BitcoinTalk users all admire the mechanics behind HitBTC but are suspicious of the fact that there is no physical address or real live identity associated with the website. The domain registration is private, and the HitBTC about us page only gives a general description without specific names or contact info.

bitcointalk users on HitBTC

To conclude, in the “after Gox area” you need to be more transparent

HitBTC did a great job in building their website, truly magnificent. But after so many people lost their money because of one inadequate individual you need to be more transparent. I honestly believe that if HitBTC associates a real name and address with their business it will boost their credibility. I mean if they are as legitimate as they seem to be and say they are – why does it feel like they’re hiding ? For now, it seems like they are on to a good start, but in order to be truly remarkable they will need to step into the light.

 

HitBTC

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

Leave a Reply

36 Comments on "HitBTC Reviewed: Is it the Next Big Exchange ?"

Notify of
avatar
 
Sort by:   newest | oldest | most voted
FADIL
Guest
Member
FADIL

FILTHY MOTHERFUCKERS, ALL BLOODY SCAM

Joe
Guest
Member
Joe

I open an account and trnafer 0.25 BTC, now my 2-Factor dont work i dont now why,. It was 10 days fro now and i dont receivs any response;

SCAM!!!!!

I open an account and trnafer 0.25 BTC, now my 2-Factor dont work i dont now why,. It was 10 days fro now and i dont receivs any response;

SCAM!!!!!

[Request received] Ticket ID #100676: Dont Work.

seg 25/12/2017, 17:35

Dear Trader,

Thank you for contacting HitBTC Support!

Your ticket has been registered with the Ticket ID #100676.

Anon
Guest
Member
Anon

Scam. I saw alot of people complaining so I converted everything I had into bitcoin and then withdrew. Still pending and I’m pretty sure its gone. Hoping they get shut down soon.

Izh
Guest
Member
Izh

Thanks so much for this review !!!!👍👍👍 really needed this. seems HitBTC is like bitconnect (those aholes cough cough lol). – btw can u or anyone recommend where I can buy XRP… preferably with lil to NO TRANSACTION FEE what so ever. tnx

Steven Hay
Member
Member
Steven Hay

Hi Izh,

Well HitBTC is an exchange and BitConnect is a cryptocurrency / Ponzi scheme… So I don’t really see the connection, I’ve never had any problems with HitBTC.

I don’t think you’ll be able to buy XRP without a transaction fee, unless you buy it from a friend. Exchanges have to charge some fees to stay in business.

Kaka Bhat
Guest
Member
Kaka Bhat
The worst of exchanges you will see. They make your funds invisible and trade that for weeks together and if you keep annoying them, they may repay you. They have kept deposits of DGB open and once you deposit the said coins, they won’t allow you to transfer that to trading account. Neither will they allow you to withdraw that back. They don’t respond to any mail or any query on forum. They have enabled trading of most of currencies in USD but that is their trap to get people in and they starve them of their funds for months… Read more »
Miko
Guest
Member
Miko

LOL I tried this. Sent a smaallll amount and sent a slightly bigger one..and BAM that one went missing.

Hitbtc scam alert
Guest
Member
Hitbtc scam alert

Hitbtc is a scam.
Depositing is easy.
Withdrawls – no such thing.
Transaction stuck on pending for hours and hours, not appearing on the blockchain at all.
SCAM.
do not put your money in there!
You will not see it again!

Julie
Guest
Member
Julie

Thanks awfully Ofir for your review above. Seemed balanced and i have to agree that whilst a website has clarity and ease especially good for ‘newbies’ like me for sure, such a website negates their initial appeal by not have the real world based physical and contact presence.

Thanks for your persistence.

Eless
Guest
Member
Eless

So what platforms DO you recommend?

Gregory R.H.
Guest
Member
Gregory R.H.

7.3? This review needs a huge update. Numerous complaints have arisen recently, particularly AMM cases. Please, do your work properly and update this article. Your word can help a lot of people. Recent actions of HitBTC are indescribable. They have lost the plot.

Everyone who suffered from HitBTC’s actions or potential victims will benefit if you update this review.

Thanks a lot for being out there for regular folks.

Kosse
Guest
Member
Kosse

Another one scammed by HitBTC reporting in. My BTC balance was lost exactly the same way as author’s. The only difference is that I lost more than twice as much. There are tons of people everywhere on Reddit, their support forum, Bitcointalk etc. who have lost their money either in the way already described, deposits not arriving, withdraws being witheld indefinitely, 2FA activating/not working anymore, passwords changing, accounts locking up. You name it.

All in all, HitBTC has gone 100% scam. Do NOT use it.