The basics of trading on HitBTC
We’re back with our reviews of exchanges as part of the Revain Beginners’ Blog section. Before we go on, as always, we encourage you to read all the necessary documentation before you begin becoming friends with a project or an exchange and consider associated risks.
Cryptocurrencies are highly volatile assets, which means now more than ever you are required to be aware of what you’re doing and, if necessary, consult a specialist. It’s a good idea to be a part of a community that discusses the issues that concern you and it definitely isn’t - to trade using borrowed funds. Remember not to store large quantities in exchanges.
Our target today is HITBTC, a successful exchange that has been in operation since 2013 and exhibits all hallmarks of greatness: English ownership, low (0.1%) trading fees, large trading volume, the fact that it is “always excited about the constant flow of partnership proposals”, a few years in the running, myriads of currencies, high liquidity, autotrading, and so on.
What is HitBTC?
There are additional opportunities here for professionals and beginners alike. The interface is quality and convenient and relatively simple to use. The exchange is quite alluring with their market cap of $278 485 867 and seems to have a few social media channels at its disposal, along with, we believe, 751 currencies. Also, there is no point in being modest, right? If you don’t love yourself, no-one will love you:
HItBTC speaks of their excellence in no uncertain terms:
Created by outstanding technical minds, high-level finance professionals, and experienced traders, HitBTC is delivering the most reliable, fast and powerful platform solution on the market. The platform has earned its reputation for fault-tolerance, flawless uptime, and high availability. Its core matching engine is among the best technological products in its class, offering traders a wide range of features such as real-time clearing and cutting-edge order matching algorithms.
Believe it or not, HitBTC is one of the few platforms that have a few reasons to be proud of itself, one of them being that it is actually remarkably technologically advanced, with a breathtaking core engine and an awesome API, thanks to a 6 000 000 Euros starting capital.
Still, it doesn’t exhibit arrogance of high-rollers, offering equal opportunities to all in the form of demo trading for complete beginners. Want to know more about that “wide range of available instruments (more than 500)” and “the most advanced API on the market (REST API and FIX API)”? Let’s check it out!
Creating an Account
The upper right corner of the website proudly displays the Register button. Click on it.
You will be taken to the Registration page, where you are to fill in the email and the password.
Be careful with the email part, because, once you have created it, it will not be possible to change.
Registering is very easy and pleasant. Don’t forget to check out your Spam or whatever folder in case you miss the confirmation email.
Please read the T+Cs at least a little bit if you want to avoid damages, especially the part about risks associated with trading.
Please also consider the awesome Whitelist feature as soon as you are all logged in:
The whitelist is an additional security measure aimed to protect your trading and your funds by creating a secure list of withdrawal addresses. By setting and confirming the whitelist of addresses for cryptocurrency withdrawals you agree that the withdrawal of the funds will be limited to these addresses only.
Don’t forget to write down the backup code for 2FA, because if your phone is down, that will be the only way to get in.
Consider upgrading to the PRO version which features more privileges and more collateral (paid by you).
How do I start trading?
First, you have to make a deposit so you’ll have something to trade with.
How do I make a deposit?
Deposits are executed by using a green “Deposit” button top right.
- When you got your currency, click the “Deposit” button. Use search if you need to. The system creates the wallet address.
- Don’t forget that certain coins will need extra data like a Payment ID, which you are to copypaste to a secure location. Keep to the procedure, or you may have to get in touch with the support. Some errors are reversible, some are not. Don’t find out the hard way.
- Also, and this is something pretty much every exchange will warn you about, different currencies have different addresses. If you send the wrong one to the right address, or vice versa, like BTC to an ETH wallet, all of your hard-earned funds will be eliminated from this Earth. Pay attention to all times.
- The “Latest transactions” section at the bottom of the Accounts page will display your transaction. After a trifle bit of time, your funds will be in your account.
You can also buy Bitcoins with your Visa card. For everything else..there’s Mastercard.
What is System Health?
It is true HitBtc is one of the most impressive exchanges around. The reason why is because they actually work a lot on introducing new functionality. You know when a relationship is so good when someone goes that extra mile and does things they don’t need to do because he or she is just so thoughtful? Well, same here.
System health allows you to find out how well the system is running and monitor its health in real time, so you can see why your deposits are taking so long or calculate what is going on and can you transfer the funds between the main account and the trading account already?
Transparency is always good, we say, so we recommend checking this section out.
- To start trading you need to move the funds from the main account to your trading account. When you have selected an amount, select “Transfer”.
- Go to the trading page.
- Take a look at the graphs and try to analyze the patterns so you can more or less predict the trends. Note there are professionals to consult who will be of substantial help if you want a reasonable chance of success.
- Find the Instruments section and select the trading pair.
- Select your desired parameters, set the amount you’re buying, and click the Buy button.
- You can cancel your order by clicking “Cancel” against your order in “My Orders and Trades” or in “My orders” tab of the Reports page.
- Go to your account.
- Choose Withdraw.
- Transfer the funds from your trading account to your main account so you can withdraw.
- Select the amount.
- Choose the address in the Address field.
- Check that you have put in the details the right way.
- Check out your 2FA verification device for the code.
- Go to your email. Find the verification email, and confirm the transaction.
- Bear in mind the Whitelist.
- Track your withdrawal in the Latest transactions section or Reposts ⇒ Payment History.
Take a note (not literally in this case): some coins are discontinued (disintegrated, as HitBTC puts it), which means they will be out of circulation after an official warning has been presented. This is basically the time for you to get the coin and run. If you miss the warning, you will need to go through a lot of red tape, so watch the news carefully, which is easy thanks to the fact that there are plenty of media channels.
Withdrawal fees are reasonable, and you can find the full list of these in your Account:
BTC: 0.001 BTC
ETH: 0.00958 ETH
ETC: 0.002 ETC
USDT: 100 USDT
HitBTC offers a variety of instruments, all of which we strongly suggest you become familiar with to increase your chances of coming out on top. Charts will allow you to analyze fluctuations and make predictions, the order book will keep you up to date with updates, and Market Spread, Market Depth and Market Activity tabs will keep you up to date with the movements of the funds. It’s all done in real-time.
Although support sucks, anonymous accounts offer security and safety along with plenty of other security mechanisms, such as the Whitelist, plenty of order types (we recommend reading up on advanced options like fill-or-kill and limit orders) and tools like System Health, the activity log, HTPPS/SSL, regular database backups, and cold storage.
Plenty of resources: helpful support as well as a chance to exchange dashing non-sequiturs with colleagues in the Trollbox.
Based in Europe and operated by Chicago-based HitTech.
Third parties can use API on their websites.
Over 33 000 000 users can’t be wrong.
Opportunity to buy crypto with fiat.
Fees structure encourages users to buy coins rather than sell, revealing intelligent design) hoping that will prove true everywhere else).
Available across the board.
We believe, only HitBTC offers a rebate.
A very high-quality and intensely packed interface that does not make your head spin.
An array of cryptocurrencies you can trade with.
Best possible (we think) registration procedure: quick, effortless, pain-free, and infused with a sense of purpose and operational prudence.
Contribute more information to get better access as you upgrade your account level. Better privileges mean better trading. If you want to get behind a dark address in the beginning, remember that at some stage you will need to pass KYC, which will mean having to start again from scratch.
Overall we consider HITBTC to be an exceptional exchange so far, with plenty of thought put into it, and it is very technically sound. We wish withdrawals were faster, and also for the support to be introduced to coffee, but we would overall definitely recommend it to beginner users.