In terms of the cryptocurrency exchanges` world, HitBTC is among the oldest dogs in the pack. The trading platform was established in 2013, and it permits users to trade coin across more than 300 different types of cryptos.
According to the Bitcoin Wiki, it officially went live in February of 2014, offer BTC to USD, BTC to EUR, BTC to LTC and USD to EUR trades. A community-driven decree system then allowed the voting in of new cryptos, other ones like DOGE have since ascended.
You're also welcome to make deposits in both crypto and fiat currency form, with US dollars and Euros being the two standard currencies allowed. With all that money moving around, however, you'll also likely have some questions about HitBTC fees.
More than anything, users on platforms like HitBTC want to know what they're really getting into before they login and incur HitBTC deposit fees. There has been something of a combination of a backlash and FUD campaign about HitBTC transfer fees in recent years, as internet posters have indicated that the Bitcoin trading system isn't always upfront about fees and that the HitBTC transfer fees are often fairly large. As is often the case, though, a lot of this confusion arises from people moving too quickly into a market and then deciding to logout for good when they don't understand what happened.
Notably, there are no transfer limits built into the platform.
The HitBTC withdrawal fees are set up in a variable manner, and a lot of confusion arises from the fact that each withdrawal is denominated in the cryptocurrency in question. Bitcoin, for example, is charged at a flat 0.001 BTC while Litecoin is charged at 0.003 LTC. This reflects a differing opinion about the risk profile of each crypto, with BTC, as is generally the case, being the most trusted and therefore subject to the lowest HitBTC withdrawal fees.
One of the reasons that complaints about high fees abound is that the platform's operators often assess high fees against withdrawals in less traditionally accepted cryptos.
For example, the 217 MAID fee for MaidSafeCoin came out close to $75 USD at one point in late 2018.
The exchange uses a somewhat novel system in that it employs a takers-to-makers system that provides a one-to-one rebate of HitBTC fees. Takers in the system are charged 0.1% while the makers are rebated the same amount. In other words, if you come in purely as a trader, you'll end up paying about 0.1% of all your trades as HitBTC trading fees, well below the acceptable 1% level that many in the traditional stock and money market worlds consider their upper limit for tolerability.
As for the available trading options, you have the traditional slate. You can place market, limit, stop and stop limit orders on the platform. It also offers a demo trading mode that allows you to learn with play cryptocurrency before things get real with your own coin.
All deposits that go into the HitBTC system have to be made in BTC. However, folks who want to make fiat currency deposits can do so from their credit cards using Changelly. There is a flat HitBTC deposit fee of 0.0006 BTC for each transfer, although there may be additional fees for using Changelly.
Calculating Hit BTC exchange fees is entirely about catching the exchange rate between cryptos and fiat currencies. This can be confusing for some in a rapidly moving market, such as the one we saw at the end of 2018. However, there are no fees for exchanges made on the platform itself.
The system's operators go to great lengths to keep the whole thing as secure as possible. They employ two-factor authentication, and all logins with new IP addresses will trigger email notifications. There is also an over whitelisting process require to send to any transfer address, so your coins cannot simply be pilfered.
The support team also shuts down any trading by anyone whose email addresses stop actively responding to emails they send until such time they correct the issues involved.
A major downside of trading on HitBTC is that it uses a much steeper fee structure for alternative cryptos than you see on most similar platforms. If you're looking to trade the big names, such as Bitcoin, Ethereum and Litecoin, it's an excellent option. It's less appealing for people who want to be out in front of the next big thing in crypto.
Conversely, HitBTC is coded well. It has a strong API and a user-friendly core platform. Most of the fee structure is flat or low-percentage, so you can easily understand your costs.
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