Continuing our HitBTC review, we’ll now look at cryptocurrencies in more detail. Cryptocurrencies are digital currencies that are based on blockchain technology. Well-known and the pioneer cryptocurrency, Bitcoin makes up the majority of trade volume across all cryptocurrencies. Many of the most popular exchanges encompass excellent security, provide real time support and support a wide range of cryptocurrency pairs. In the digital market, cryptocurrency exchanges, especially those that foster a diversity of trading pairs, play an integral role in maintaining trading volumes. Following the success of Bitcoin, ‘altcoins’ such as Ethereum and Litecoin were introduced and are now permanent fixtures of cryptocurrency exchanges.
This HitBTC review details which other cryptocurrencies are supported on the platform, how to navigate HitBTC deposits and how to trade. HitBTC markets support more than 800 trading pairs, encompassing Bitcoin and a variety of altcoins including Ethereum, EOS, Litecoin, Tron and others. HitBTC also supports lesser-known altcoins, diversifying its range for clients.
The HitBTC trading platform allows for both native HitBTC and TradingView charts, making analysis and trades much easier for clients. It also offers a programme where users can refer others using a HitBTC referral code. When new users use a HitBTC referral code, the trader who referred them can gain up to 75% rewards from their trading fees. HitBTC futures trading is also offered on the platform.
Moving on in our HitBTC review, let’s look at some of the trading fees. The HitBTC price for trading is based on the “maker taker” model. HitBTC trading fees aim to narrow the spread on cryptocurrency markets and increase liquidity. The way the HitBTC trading fees model works is that “makers” add liquidity to the book and “takers” remove liquidity from the book.
HitBTC provides users with three types of accounts: starter, general and upgraded. Both the starter and general accounts have fixed fees – 0.1% maker fee and 0.2% taker fee. The upgraded accounts have a trading fee tier system, dependent on the number of trades a user conducts. The higher the trade volume, the lower the HitBTC price for fees. They range from 0.07 to minus 0.01 and from 0-100,000 BTC. Later on in this HitBTC review we look at the HitBTC minimum deposit and HitBTC withdrawal fees.
HitBTC markets are available to most countries and jurisdictions across the world, however there are some exceptions. Stated in its terms of service, HitBTC trading is prohibited for residents of the USA, North Korea, Sudan, Crimea and Sevastopol, Cuba, Syria and any state, country or jurisdiction embargoed by the USA. Additionally, HitBTC trading has been temporarily suspended for residents of Japan, with users unable to continue using its services.
Accessing HitBTC markets from a restricted jurisdiction can result in account closure and liquidation of open positions on the account. Further terms specify that users must not use the platform to pay for or support illegal activities, something cryptocurrencies have been criticised for in the past. Robots, spiders, crawlers and scrapers not provided by HitBTC also must not be used to extract data.
In this HitBTC review, this HitBTC how to trade guide details the step by step process on completing a trade.
The first step in this HitBTC how to trade guide is creating an account by visiting the HitBTC website. You should then receive an email, containing a link to activate your account. Once this link has been followed, your account is now active and you can begin trading. By going onto your account settings and the KYC tab, you can verify your account – you’ll need to upload various photos and documents to confirm your address and other details. There should be a button to ‘request verification’ once you have filled in the KYC details. KYC provides an extra layer of security to your account.
To deposit pre-purchased coins, you must check that the platform supports the coin you want to deposit. Otherwise, you can purchase BTC using your Visa or Mastercard. Go to your account page and use the green deposit button to begin the process. Using the search bar, find your cryptocurrency and click on ‘create new’. This will reveal your wallet address. Copy your address to use it to initiate a transaction on the platform where your money is held. For some coins, you may need to use an additional payment ID to kickstart the transaction.
Once the funds have credited into your account, you can begin trading. Start off by transferring the funds from your main account to your trading account. This can be done by clicking on one of the blue arrows between the accounts. Go onto the trading terminal, select a trading pair and set up an order. There are four types of orders: market, limit, stop and stop loss. There should be a question mark next to each order type which will give you more details on the type of order. Once you’ve opened a trade, you can view the position by going on ‘my orders and trades’.
We’ll conclude this section of our HitBTC review with information on how to make withdrawals. To withdraw funds, go to your account page. The funds must be transferred into your main or trading account. Simply click on withdraw and enter the amount you’d like to withdraw. There must only be eight digits after the decimal point, otherwise withdrawals won’t be processed. Choose your destination address and enter it into the address field – this transaction cannot be reversed so make sure you have the correct address. Some coins may need a payment ID to withdraw – if this isn’t needed then that field can be left blank. Click on the ‘confirm withdrawal’ payment and wait for a confirmation email to arrive in your inbox. By following the link in the email, your withdrawal will be processed.