HitBTC Review 2023: pros and cons, main features

By
June 23, 2023

Founded in the UK in 2013, HitBTC is one of the oldest cryptocurrency exchanges. By 2021, it had relocated its headquarters to Chile. In addition to changing its geographical base, HitBTC expanded its offerings to over 500 digital assets, with a focus on cryptocurrency pairs.

Traders Union’s HitBTC review sought to unpack the various facets, from its expansive crypto pairings to its operational practices, and its advantages and disadvantages, to help traders gain an accurate perspective of its standing in the competitive cryptocurrency exchange landscape.

Pros and cons of HitBTC

Traders Union provides a detailed analysis of the advantages and disadvantages of using HitBTC.

Pros:

  • Offers a wide range of over 500 cryptocurrency pairs.
  • No commission is charged for cryptocurrency withdrawals.
  • Customer support is available 24/7.

Cons:

  • Lacks passive investment tools.
  • Higher commissions for Starter and General account types.
  • Volume limits per trade apply.
  • Limited tools for technical and fundamental analysis.
  • Absence of an affiliate program.

Overall summary

HitBTC is a cryptocurrency exchange, primarily dedicated to trading services, offering an extensive range of assets. Its expertise lies in facilitating cryptocurrency trades and coin exchanges, with no investment programs on offer, emphasizing its focus on trading rather than investing.

Expert review of HitBTC

TU experts have closely analyzed the HitBTC cryptocurrency exchange, one of the longest-standing digital trading platforms since its inception in 2013. Specializing in cryptocurrency trading and developer services, it offers a robot-friendly API and numerous unique features.

Here’s a condensed overview:

  • Boasts a diverse selection of over 500 cryptocurrency pairs, uncommon on many platforms.
  • Supports leverage trading, offering a rare opportunity in the crypto sphere.
  • The minimum entry threshold is exceptionally low at only $1 equivalent in cryptocurrencies or via cryptocurrency purchase through the exchange, inviting for beginners.
  • Focused on trading rather than offering products for investors.
  • Encourages traders to elevate trading volumes and complete account verification.
  • Offers three account statuses: Starter, General, and Upgraded. While Starter and General incur high fixed commissions, Upgraded accounts enjoy significantly lower fees depending on trade turnover.
  • A broad range of cryptocurrencies for trading, a solid reputation, and favourable terms for cryptocurrency withdrawal make HitBTC a strong choice for traders.

Analysis of the main features of this crypto exchange

The analysts at TU have meticulously evaluated HitBTC across diverse criteria, assigning numerical ratings to various facets of the platform. Here’s a breakdown of those scores:

  • Overall Score: 6.6 out of 10
  • Execution of Orders: 6.39 out of 10
  • Investment Instruments: 6.81 out of 10
  • Withdrawal Speed: 6.45 out of 10
  • Customer Support: 6.75 out of 10
  • Variety of Instruments: 6.23 out of 10
  • Trading Platform: 6.97 out of 10

Broker comparisons with HitBTC

Traders Union has curated a selection of alternative cryptocurrency platforms that could potentially serve as substitutes for HitBTC.

  • Bybit: Similar to HitBTC, but offers perpetual futures contracts, setting it apart.
  • OKEx: Like HitBTC, offers diverse pairs but adds features like futures and spot trading.
  • Binance: World’s largest by volume, Binance eclipses HitBTC with more trading pairs and features.
  • Huobi Global: Compared to HitBTC, it offers a more intuitive interface and comprehensive educational resources.
  • KuCoin: Similar selection to HitBTC, KuCoin shines with its user-friendly interface and bonus incentives.

In this list, it’s also important to consider Pionex. Acknowledged for its grid trading bots, Pionex offers a unique edge for passive income generation. However, it’s crucial to understand Pionex’s pros and cons. While it boasts low trading fees and a variety of bots, it lacks a broad range of cryptocurrencies and could improve its customer support. Each platform offers different strengths and potential areas for improvement, making it essential to identify the one that best fits your trading needs.

Conclusion

In conclusion, the world of cryptocurrency trading offers diverse platforms, each with its own unique advantages and areas for improvement. It’s essential to assess your needs, conduct thorough research, and make informed decisions about where to trade. For more comprehensive reviews and insights, don’t hesitate to visit the Traders Union website, a valuable resource for all things related to trading.