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Customers looking to purchase or sell high amounts of cryptocurrency, may prefer going through HitBTC’s OTC trading interface. Through this service, users can unlock easy and fast access to deep pools of crypto liquidity, thus enabling transactions that are kept off the public order books. In other words, OTC purchases and sales do not have a considerable impact on crypto prices, allowing high-volume buyers and sellers to get the best deal possible.
For fiat deposits/withdrawals within the European Union, SEPA transfers are available and wires from other countries are accepted as well. HitBTC was founded in 2013 by leading technical minds, high-level finance professionals, and experienced BTC traders. Since then, millions of traders choose Hit BTC and use the app’s advanced tools and https://forex-review.net/ features for a versatile cryptocurrency experience. HitBTC’s trading view is all-inclusive, and includes most of the relevant data sets that traders rely on to make smart and profitable transactions. The interface is simple enough, and contains most of the necessary tools required to explore price trends and make future predictions.
The reason for this is that it still remains to be seen where the company is actually based. For example, at the time of writing the exchange offers a mailing address in Hong Kong, however it also claims to have office representatives in Chile and Estonia. This should act as a major red flag when dealing with an exchange, not least because if anything happened to your funds, it would be difficult to know where to turn to. Nevertheless, if you’re thinking about opening an account with HitBTC, be sure to read our comprehensive review first.
In the early/mid 90s, many people simply didn’t feel safe on the internet. Fraud was rampant, and the perception was that little would be done in instances of fraud. Much like cryptocurrency is described as the “wild west”, the internet was perceived in the same way. Every category just described fits snugly with the modern blockchain industry and things that will need to take place prior to mass adoption. HitBTC has Over The Counter trading services for high-volume traders.
Traders have the opportunity to add a new currency to the exchange if two users take Market Makers contracts to support the cryptocurrency on HitBTC. Market makers are sent detailed daily reports with order book snapshot to help them evaluate their performance and develop the most efficient trading strategies. The market making activity is closely monitored and existing contracts are reviewed every month. Advanced pocket-sized cryptocurrency exchange platform with all the instruments to manage your digital assets on the go and some of the lowest fees across the industry.
After that, click on the green “Buy Limit” button to complete the trade. After this, you will see the unique deposit address of the coin you selected. Click on the “Copy” blue button to copy the wallet address to your clipboard. Then, go to your private wallet, paste that address, and transfer your funds.
How to review and track your HitBTC transactions in Accointing?
The public posts from HitBTC users that have funds locked are all very real. Two great examples of this are Kraken’s Proof-of-Reserves and Bitbuy’s Solvency Audit, both of which are viable methods to demonstrate solvency. These initiatives were not demanded by regulators, but Kraken and Bitbuy took time and money to make it happen because they believe their customers deserve that level of transparency. You can bet that this will be a measure that exchanges that want to remain relevant within the next 3–5 years will all be taking, provided that you speak with your money. LAToken has listed numerous projects that have soft-exited, and that anyone with a shred of investigative talent would have predicted as doing so with a few hours of due diligence prior to executing a listing agreement.
For ease, simply enter your chosen coin into the search box. Once you’ve found your coin, click on the blue ‘+’ button underneath the deposit column. These fees are extremely competitive, meaning that the platform is potentially suitable for high-frequency traders. Founded in 2014, HitBTC only charges its users 0.01 percent per trade.
Can I use HitBTC in United States?
Exchanges that conduct aggressive outreach and demonstrate no due diligence on projects need to be made irrelevant. HitBTC is panicking about this article as mass-exit and capitulation looms. With enough community action, we can strike the death blow and not wait for an exit scam or intervention from authorities.
- Or perhaps HitBTC will send signed messages from wallets with balances appropriate for their order books…
- Some of the most notable ones include BTC, BCH, LTC, ETH, ETC, EOS, DASH, XMR, ZEC, PAX USDT, and many others.
- For the inexperienced cryptocurrency buyer or trader, navigating the HitBTC website is, at first, a dizzying experience.
- To verify your account to increase the limits and fund your account using FIAT, you will need to fill in the following information to complete your HitBTC KYC.
- HitBTC remains one of a few exchanges that hasn’t been hacked before.
All in all, these features make HitBTC one of the top altcoin exchanges in terms of available markets and liquidity. Nevertheless, it also has numerous concerns surrounding it, which we address further in this HitBTC review. TrustPilot score and is 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 issues. Margin trading – For traders who want to leverage their trading, HitBTC offers cryptocurrency margin trading through the MetaTrader 5 Terminal. There can be several issues while importing transactions from HitBTC.
How to choose VPN client for HitBTC
As a result, a mysterious exchange like HitBTC will always have many supporters who are happy with its services, as well as numerous critics who are disappointed with its lack of transparency. The withdrawals typically take several minutes and mostly depend on the network speed of the cryptocurrency being withdrawn. It’s important to note that HitBTC is an unregulated exchange, although it does comply with KYC and AML (anti-money laundering) regulations. It also values users’ data and privacy and is entirely GDPR compliant, as you can delete your data from the exchange at any time. In early 2019, just a few days prior to the annual “Proof of Keys†event, HitBTC came under fire for disabling user withdrawals. However, the exchange didn’t make a big deal out of the situation.
If you don’t, you run the risk of running into security issues. There is no reason why HitBTC should not hold a regulatory license, especially when one considers that the exchange has been operational since 2013. Ultimately, you should spend some time assessing whether you feel comfortable depositing your hard earned money with a platform that has no regard hitbtc exchange review for regulation. As prices of digital assets are highly volatile, users could lose all or a substantial portion of the value of any digital asset they purchase. The traded price of digital tokens can fluctuate greatly within a short period of time. I will take the original deposit currency, the bought currency, USD or in a stable USD backed currency.
Withdrawal fees
This article is going to call out a slew of misleading statements, namely under the categories of AML/Risk/Compliance, HitBTC states as justification freezing customer withdrawals when, in reality, nothing substantiates this. HitBTC is the longest-running and potentially largest scale criminally fraudulent entity to ever exist in the blockchain industry. It is my assessment the only reason HitBTC has been able to enact their scheme is due to being a “wolf in sheep’s clothing” in an environment where people don’t ask enough questions. Sometimes technical maintenance requires additional effort and time. In this case, we need a while longer to complete the work on the DOGE wallet. While withdrawals are closed during maintenance, trading functionality is available at that moment.
While most exchanges will have some level of KYC and AML measures — I highly doubt HitBTC is a client of any major forensics/KYT solutions provider. HitBTC states that law enforcement requires them to freeze user accounts or balances. This is one of the only true statements in their post, but HitBTC shares it to grossly misrepresent the nature of the overwhelming majority of frozen assets. Such requests constitute, at most, a low single-digit percent of frozen HitBTC assets.
Fortunately, our software specialists have tested most of the VPNs. And they have chosen to recommend only the most reputable HitBTC VPN software providers currently available. So, if you are looking for an outstanding, trustworthy, and secure VPN client, then you are on the right track. On Yavin asked the “tough questions” to HitBTC and this resulted in the types of retorts you’ll see from HitBTC, whether about past criticisms or about this publication.
As an internationally-recognized standard, the HitBTC FIX API is suitable for brokers, corporations, rating agencies, hedge funds, investors, and other user types. The company is based in the Seychelles, and although not much information is available about its team, we expect that over a dozen people are involved with the operations of HitBTC. Kudos to the cryptocurrency community for getting this shared on multiple news sites, translated into numerous languages, and taking up arms. This publication is designed to be a public service announcement where content and any opinions expressed are solely my own. I had the privilege of collaborating with MyCrypto on The Sim Swapping Bible, which was extremely warmly received by the public and presumably resulted in more than a few people preventing heavy losses. HitBTC is aware that it would likely ultimately require quite more money to chase them legally than someone that’s already experienced loss is willing to put up.
HitBTC offers a wide variety of currency pairs if you’re looking to trade crypto for crypto. The exchange is also a magnet for many new token offerings. However, the exchange’s shady reputation, and mediocre customer support mark it as unreliable. Looking for help with reporting cryptocurrency tax on your HitBTC transactions and preparing HitBTC tax documents? Use this guide to discover all there is to know about HitBTC taxes and the HitBTC tax forms for any trades, staking, or loans you took from HitBTC. Crypto tax software such as Accointing can help you generate a custom HitBTC tax statement based on your HitBTC trade history in minutes.