The Complete Guide to the HitBTC Exchange

• History
• Founder
• The HitBTC Exchange
• User Registration
• Depositing and Withdrawing
• Trading
• Other Trading Options
• Fee Structure
• API Keys
• Mobile Application
• Security
• Token Listing
• Customer Service
• Regulatory Compliance
• Affiliate Program
• Conclusion

HitBTC is a well-known altcoin spot trading exchange launched in 2013. Since then, the company has become popular for the trading of low cap altcoins. The exchange allows users to trade a variety of digital assets, including prominent ones like Bitcoin, Ethereum, LiteCoin, Dogecoin, Ripple, Monero, and more. Presently, HitBTC is among the few exchanges to completely embrace advanced technological features that help investors trade seamlessly.

The exchange’s headquarters are situated in Hong Kong, with various branches in Malta, London, Santiago, Rio de Janeiro, Singapore, and Beijing. The company’s  server is hosted in an LD4 data centre in London, helping the exchange to reduce data access latency and increase its technical capacity. HitBTC is officially registered in Hong Kong as Hit Solution Ltd, and its mailing address is Unit 19, 7/F., One Midtown No. 11 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.

Users on the HitBTC exchange enjoy three major benefits, including security, responsiveness, and a user-friendly API. However, out of these three advantages, HitBTC focuses more on the safety and security of traders. It is worth noting that the exchange is unregulated. However, HitBTC pays close attention to KYC and AML regulations. The exchange also places a high level of importance on users’ data and privacy. Plus, users can take advantage of the GDPR guidelines to delete their data whenever they wish to.

The platform is one of the exchanges with the highest collection of trading pairs in the crypto space. HitBTC has listed over 400 tokens and offers over 800 trading pairs. Also, the CoinMarketCap data indicates that the HitBTC exchange stands amongst the top 30 crypto exchanges with an average daily traded volume of $1,390,600,898 USD. This places HitBTC precisely in the 26^th position.

History

Hit Solution Ltd. founded the exchange with €6 million in venture capital money. To date, the HitBTC exchange is yet to reveal its founder. However, most of its business operations are open to the eyes of the public. At its inception, Hit Solution Ltd. was in partnership with the Cryptopay founders, but the partnership was terminated after Cryptopay decided to opt-out of the joint venture., due to a conflict of interest. Even after the breakup, Cryptopay tokens were not delisted on the exchange, meaning that the partnership was not fully destroyed.

The exchange boasts of a team of experienced technology engineers, system architects, and finance experts, although most of the team members remain anonymous. In recent years, HitBTC has grown to become a top exchange as regards to market liquidity, putting it on a similar level to other high-ranking exchanges like Binance and Bitfinex.

Over the years, HitBTC exchange has witnessed its fair share of controversies after being accused of fraud and mismanagement of funds. HitBTC was hacked in 2016, but the exchange made every attempt to keep it from the public. Users, however, took to online forums to spell out their grievances. Many investors complained of lost tokens and failed or delayed withdrawals from the exchange.

The exchange defended itself by stating that security measures were triggered, prompting withdrawals to be suspended temporarily. HitBTC further stated that the suspension was standard procedure, which was enacted to secure users’ funds. There are numerous forums, review websites, and social media pages that points out the various problems observed on the exchange. Altogether, a good number of users are still happy with the HitBTC exchange.

HitBTC Founder

HitBTC has never disclosed the identity of the brains behind the platform. However, its LinkedIn page gives some information about a few employees as well as the company’s location. The level of anonymity under which the company operates doesn’t sit well with some users, and they have demanded more transparency over the years.

The HitBTC Exchange

HitBTC is a China-based cryptocurrency exchange founded by Hit Solution Ltd. It was initially a Bitcoin trading exchange before the owners expanded and started listing other cryptocurrencies on the exchange. The exchange currently supports over 400 tokens, including the prominent digital assets. Also, the plethora of altcoins on the HitBTC exchange makes it an ideal place to trade low cap tokens. On top of that, the exchange allows users to purchase tokens with fiat currencies.

Users who wish to make direct token deposits using fiat currencies can avail themselves of the effective payment system adopted by HitBTC. With this, users can purchase tokens instantly using their credit or debit cards and send them directly to their trading wallet. This feature sets HitBTC miles apart from other exchanges because it promotes flexibility while conducting transactions. HitBTC also supports five languages, enabling the exchange to bridge the communication gap between the users and the exchanges. These language options include English, Spanish, Portuguese, Korean, and Chinese.

Unlike other prominent crypto exchanges, HitBTC does not allow much room for easy navigation, thereby making it a bit difficult for beginners to execute trades on the exchange. In essence, the exchange was designed for well-grounded crypto traders interested in trading various altcoins. Therefore, experienced retail traders and investors should have fewer problems with the exchange's interface.

The interface is also customisable, allowing users to organise the trading window to suit their individual needs. In addition, the exchange offers a wide array of order types, including market order, limit order, and scaled order. In addition to this, users who take leveraged trades can avail themselves of the margin trading feature offered by the exchange. The withdrawal fees on the exchange are relatively high, compared to other platforms. This is a result of HitBTC’s failure to integrate SegWit addresses into the website.

HitBTC also allows investors to take high-volume trades, and KYC verification isn’t mandatory to start trading. However, users are advised to verify their accounts to prevent any problems that may come up in the future. Also, the exchange encourages investors to use the website in line with its policies to avoid experiencing any legal issues. When a user completes the verification, he is allowed to create sub-accounts. He can take advantage of this feature to create different trading profiles for different trading techniques. The unregulated nature of the exchange has raised some questions regarding its ownership. Plus, the exchange has other features such as API and mobile trading, which assists users in trading on the go.

In summary, the key features of the exchange include:

• Versatile Trading Options: The HitBTC exchange offers a wide selection of cryptocurrency trading pairs, and users can find even the newest crypto projects listed on the exchange. The exchange supports over 400 tokens and 800 crypto trading pairs.
• Crypto-to-crypto Trading: Users can buy and deposit Bitcoins and other cryptocurrencies and start executing trades without verification. However, the exchange reserves the right to ask a user to verify his or her identity later.
• Platform Security: HitBTC is one of the most secure exchanges in the crypto space.
• Low Trading Fees: The exchange offers one of the lowest trading fees with general maker and taker fees of 0.1% and 0.2%, respectively. Plus, users with upgraded accounts enjoy lower trading fees.
• User-Friendly API: Investors on the HitBTC exchange can take advantage of the numerous trading bots, which can be integrated into the HitBTC’s API.
• Demo Trading: The exchange allows newbies to create demo trading accounts for learning purposes. With this feature, beginners have the opportunity to learn without risking real funds.

Overall, these features make HitBTC one of the best altcoin exchanges in terms of market liquidity and versatility.

Trading Interface

The HitBTC trading interface is made up of a black background with a simple trading chart at the top. The chart consists of basic trading tools, including different time frame options and moving average indicators. Here, users can toggle between the 1-minute, 3-minute, 5-minute, 15-minute, 30-minute, 1-hour, 4-hour, daily, weekly, and monthly time frames. In addition to this, the chart displays the volume and OHLC (Open High Low Close) values of each candlestick. There is a window on the right-hand side of the chart, which is for trading instruments. Its function is to display the various crypto trading pairs listed on the exchange. Plus, this window shows the price, traded volume, and percentage change in the price of the various pairs. The HitBTC exchange also helps users to identify the margin trading-enabled pairs by putting the 5x and 10x icons beside them.

Below these windows are the order execution and trading history panels. Here, users can input the various parameters for either a buy or sell trade and execute. Traders also have the opportunity to choose between three trade options. These options are the market order, limit order, and scaled order. On the other hand, investors can avail themselves of the trading history panel to keep track of their active and previous transactions.

Next is the order book, displaying the various orders placed on the market. Users can find the troll box and trading instruments windows directly below the chart. The troll box was designed to enable traders to chat amongst themselves and exchange valuable information. It supports about 14 languages, including English, Spanish, Portuguese, Chinese, Korean, Indian, Vietnamese, French, Russia, German, Turkish, Ukrainian, Thai, and Arabic. Users can also pause the troll box streaming whenever they wish to.

Finally, the user can view the market history window. This panel displays the trading timelines of a particular cryptocurrency pair. Beside it is a graph, which displays the market depth of a crypto trading pair. Its function is to give traders a visual representation of the supply and demand of a particular digital asset.

When a trader clicks on the Switch To Trading View button located above the chart, they’ll be taken to a more advanced trading chart. This chart features far more functionalities than the basic chart. Therefore, users can avail themselves of these sophisticated tools for a better trading experience.

User Registration

The signup process on the exchange is relatively easy, and users must first register before they are allowed to trade. This process is essential as it helps the exchange to collect necessary data, enabling them to monitor transactions on the website and check fraudulent activities.

To register on the HitBTC website, prospects must click the Sign Up button at the top-right corner of the landing page. The next page will display two data fields, which the prospect has to fill. After filling in his email address and password, the user should click the Sign Up button to continue. It should be noted that when the user clicks on this button, he automatically agrees to the terms of use of the exchange.

Next, he will be required to input his personal details, including his country of residence, full name, and phone number, after which he can click on Finish Registration.

Then, he will be sent a confirmation link via email. This link must be clicked on to proceed with the next phase of the sign-up process. On the next page, HitBTC will show its privacy policy to the user, and he must check three boxes in the end. These boxes will confirm that he is over 18 years, agrees to the privacy policy of the exchange, and would like to be added to the company’s mailing database. After checking the boxes, the user must click the Confirm button to complete his registration.

HitBTC considers the security of its clients to be important; hence, it shows a modal window on the dashboard. This window suggests the Two-Factor Authentication feature to users, and clicking on the Secure Your Account button takes users to the setup page.

On the next page, the user will have to choose between two 2FA options: Google Authentication and YubiKey Authentication.

The user has to click the Add GAuth button to select the Google Authentication option. This action will prompt the website to bring up a modal window displaying a backup code. Every user is advised to write down this code, and he must check a box to confirm that he has carried out the action. Then, he must click on Confirm to proceed. Next, the user must download the Google Authenticator app from Google Play Store and scan the QR code displayed on the screen. He will be required to input the six-digit code generated on the app to finally set up the 2FA on his account. Also, an authorisation link will be sent to his email, and he is required to click on it to confirm the 2FA setup.

Traders can also take advantage of the YubiKey option. This is an advanced security tool offered by HitBTC. YubiKey is a physical key and requires a human touch; therefore, it can’t be hacked remotely. In essence, this tool provides the highest form of security for users’ accounts, thereby shielding them from phishing attacks, identity, and information theft as well as other types of malicious cyber-attacks. HitBTC supports all YubiKey devices, including the YubiKey 5 series, FIPS series, YubiKey NEO, YubiKey 4, and YubiKey 4 Nano.

To set up the YubiKey option, the user must click the Add YubiKey button in the 2FA set up section. He is required to insert the YubiKey device into the USB port or tap it on his mobile device. Next, he should place the cursor on the Authentication Code field and press the button on the YubiKey. Then, the authentication code will appear in the field. The code will be automatically recognised, and the user will be required to confirm it via email. After that, the user must click the link to finally set up the YubiKey authentication.

KYC and Verification Levels

In a bid to ensure that its customers enjoy excellent services, HitBTC made its KYC verification process to be fast and easy. Plus, investors who go through with the KYC verification enjoy lower trading fees.

To verify his account, the user must click on the Settings icon at the top-right corner of the screen. Next, he should switch to the KYC tab. On this tab, the user will be presented with various data fields grouped into five categories. These categories include personal information, proof of residence, proof of identity, selfie, and phone number.

HitBTC recommends that users submit their government-issued IDs as proof of identity and residence. This could be a driver's license, national identity document, or passport. The ID snapshot or photo scan must be clear and show the entire ID. Documents must be in Latin characters, and the maximum file size should be 10 MB.

Also, the user must hold the government-issued ID and a paper note while taking the selfie. The note must contain a handwritten copy of his email address, the current date, as well as the phrase "for HitBTC." Users must ensure that the picture is properly lit, clear, coloured and in high resolution. On top of that, his face, the note, and the ID must show clearly on the picture. Plus, the document he is holding must be the same submitted for identity verification.

Next, the user must input his phone number, and a verification code will be sent to ensure that it is genuine. Once all these requirements are met, the user should click on Request Verification to complete the process. He will then have to wait for the HitBTC team to review and verify his account.

HitBTC offers three verification levels, and each of them comes with its own benefits. The more a trader’s verification status increases, the more benefits he unlocks.The various verification levels are described below.

• Tier 1 (Starter): Every user who enrols on the exchange must start at this level. Here, the daily and monthly withdrawal limits are 1 BTC and 5 BTC, respectively. In addition to this, users on this level are allowed to perform fiat transactions.
• Tier 2 (Trader): When a trader reaches this level, he gets to enjoy a 100 BTC daily withdrawal limit, whereas his monthly withdrawal is unlimited. To attain this level, the user must complete the basic KYC verification.
• Tier 3 (Pro): This level was designed for HitBTC’s elite traders. Traders on this level are entitled to personalised withdrawal limits, negotiable trading fees, higher API limits, and a dedicated account manager. Users have to schedule a video call with the HitBTC team and answer a few questions. If the user scales through, he will be upgraded to the Pro level.

Depositing and Withdrawing on HitBTC

This is one of the most important aspects of trading because users must make a deposit before they can be allowed to execute trades on the exchange. HitBTC offers unique and simple ways of carrying out deposit and withdrawal transactions. This section sheds more light on the various options that users can explore to deposit or withdraw funds.

Purchasing Crypto with Fiat

As mentioned earlier, the exchange allows users to buy tokens using fiat. To achieve this, the user should choose the Account option on the navigation bar situated at the top of the interface. On the next page, the user must click on Buy Bitcoin With Credit Card to initiate the deposit process. The user will be taken to the Changelly payment gateway. Here, he will be required to select the fiat currency with which he wishes to make a deposit. Also, he must select his country of residence and the token he wants to purchase.

The next step is to choose any of the four payment methods; the available options are Visa, MasterCard, Apple Pay, and wire transfer. Once the user chooses a suitable option, he must click on Buy Now to proceed. He will be redirected to another page where he will be presented with a field to input his wallet address. The user will have to copy his wallet address from the HitBTC website and paste it in this field. After that, he must fill in his credit or debit card and ID details and click on Proceed to complete the deposit process.

Depositing Crypto

To deposit cryptocurrency directly, the user must switch to the Account tab. Next, he must select his preferred token by clicking the Plus icon beside the cryptocurrency. This action will bring up his wallet address, and he can either copy it or scan the QR code. The user will have to input the amount he wants to deposit and proceed with the payment. Direct crypto deposits are confirmed within three hours.

Withdrawal

HitBTC offers crypto withdrawals only. To initiate a withdrawal, the user must click the Account option. On the next page, he has to select his preferred token by clicking the Arrow button beside it. Next, three data fields will be displayed, and the user must fill in the amount he wants to withdraw, his destination wallet address, and authentication code. After that, he should finally click on the Withdraw button to complete the process.

Trading on HitBTC

The exchange supports over 800 cryptocurrency trading pairs, making it relatively easy for investors to build wealth from the plethora of options. Also, the trading interface offers many advanced tools that help traders to analyse and make informed decisions on the market.

To trade on the website, the user must log in and switch to the Exchange tab. Here, he can find a collection of crypto pairs to trade. The user should select his pair of choice, carry out his analysis, input the trade conditions, and click on the Buy or Sell button to execute.

HitBTC also offers a wide selection of order types, and we will be discussing them below:

Market Order

This order type is used for trading a digital asset at the current market price. The market price is the best available price at which a trade is executed. When a trader places a market order, there is a possibility that the price will fluctuate between the time the broker receives the order and the time the order is filled. Market orders are designed to focus more on speedy order execution; therefore, the price of the digital asset is secondary. Most high-volume traders shy away from using this order type because it will take longer to fill. Plus, market orders can cause noticeable market movements, depending on the order size. These orders can also be cancelled by the broker if too large to be filled at the current market price.

Scaled Order

A scaled order allows traders to set multiple orders at once. With this, they can apply their strategies and execute trades with ease. Investors use this order type when they wish to trade large quantities of a digital asset because it helps them avoid extreme price volatility, which could occur if the trade is executed at once. This order type helps traders divide large transactions into smaller chunks for easy management. In addition, it helps to maintain price stability since a large order can cause negative spikes in the market. Let’s say a trader wishes to sell a particular asset consistently if its price is increasing. Typically, he will have to manually create tons of sell orders as well as specify the suitable price and amount each time. However, he can use scaled order to speed up the process by setting the various price intervals that he considers suitable.

Limit Order

Limit orders are created to help traders gain more control over the price at which they execute trades. Before placing a limit order, the investor must key-in the suitable execution price, and if this price is not met, the order will remain pending. Traders can avail themselves of this order type to ensure that the market entry and exit point is suitable for them. Limit orders are most beneficial when the investor is trading a highly volatile asset with a wide spread. It helps investors place a threshold on the amount they pay per trade.

For instance, if a trader wants to place a buy trade on an asset but believes that the price will dip before rising, he can set a limit order at a lower price. If the market price drops to that level, the limit order will be triggered. However, if the price fails to reach the set price level, the order will remain unexecuted.

To enhance user friendliness, HitBTC offers variations of limit orders, and they are:

Good Til Cancelled

Investors use this order type to place orders that will remain active until they are filled or cancelled by the investor. However, most brokerages set a 90-day limit for these types of orders. Therefore, if the order remains active until the 90^th day, the broker will automatically cancel it. This is to avoid executing an order, which has been long forgotten by the trader. GTC orders can be used as an alternative to day orders since they last longer.

This order type is of incredible benefit to investors who cannot actively keep track of asset prices. With this, they can place orders at specific price points and leave them to run for weeks. If the requirements of the GTC order is met before it expires, the trade will be filled. Investors can also incorporate buy and sell stop orders with GTC to reduce the risks they face in the market.

It is worth noting that there is a possibility of the GTC order executing at a different price. This can happen when a huge price gap occurs in the market, skipping the limits set on the GTC order. In this scenario, the order will be filled at a more favourable price. For instance, the limit will be set at a lower price for buy orders, while limits for sell orders will be set at a higher price.

Immediate or Cancel

An immediate or cancel order is one of the various limit orders that traders can use to determine how long an order can stay active in the market, and the conditions under which it is cancelled. This order type is used to instruct brokers to execute all or part of a trade immediately and cancel any unexecuted portion of the order. High volume traders who do not want their orders to be filled at different prices typically use IOC orders.

Let’s say a trader wants to buy 10,000 BTC. If the broker can offer only 9,500 BTC at the moment, that portion will be filled, and the remainder will be cancelled instantly. Investors who trade a wide variety of assets in a day can use this order type to reduce the risk of forgetting to cancel an unfilled order. Also, immediate or cancel orders protect traders against highly volatile or illiquid markets.

Fill or Kill

Fill or Kill orders are used to instruct a brokerage to either execute an order completely and immediately or cancel it. Active investors who trade in large quantities often use this order type. Its purpose is to ensure that an entire order is filled at the current market price in a timely manner. If a trader fails to use this order type, it will take a longer period before his order is completely executed, making it impossible to have a uniform entry price.

Let’s assume a trader wishes to purchase 50,000 ETH at $250 each. To buy the exact amount of tokens at his preferred price, a fill or kill order must be used. If the broker doesn’t have the amount of token needed by the investor, the order will be killed. Also, if the broker has the required quantity but at a higher price, the order will not be filled. However, if the broker has the needed amount of tokens and the current market price matches the investor’s preferred price, the order will be executed.

Day Order

A day order is placed to instruct a broker to execute a trade at a set price or cancel it if the requirements are not met at the end of a trading day. This order type could be used as a limit order to buy or sell an asset; however, it expires after a trading day. It could also be considered as the opposite of the GTC order. Day orders are mostly useful when a trader wants to place an order at a particular price point. With this, investors do not have to monitor the market for the rest of the day or wait for the perfect time to place their trade. Also, intraday traders use day orders to trade multiple assets seamlessly. All they need to do is to carry out their analysis and place the orders that seem profitable. The trade will be automatically executed during the day if the parameters are met.

Good Til Date/Time

Not only does this order type allow traders to choose how long they want an order to remain valid, but it also allows them to pick the specific date or time to cancel it. Good ‘til Date/Time orders were designed to enhance specificity in trading. To use this order type, the trader must select the expiry date and time before placing the order.

Other Trading Options

Although spot trading seems to be the major trading option on HitBTC, the exchange also offers other options for traders to explore.

Margin Trading

This trading option was launched recently, allowing traders to increase their profit margin through leveraging. Prior to opening a margin trade, the user must tender collateral, which is equal to a certain percentage of the position's full value. With this feature, investors can open positions sizes larger than their trading balance by utilising extra funds provided by a margin lender. Also, the exchange allows a user to leverage up to 10 times his account size. However, while this feature offers a huge advantage, traders must be careful because they can incur significant losses if the market goes against them.

For now, the margin trading feature is only available to a select number of pairs, but the exchange is moving to make it available for all pairs in the near future. The key difference between spot trading and margin trading is that the latter gives investors an opportunity to multiply their gains. Also, traders can manage their risks more effectively by transferring funds to and from the margin trading account. However, they must ensure that the margin needed to keep the trading running is intact.

Furthermore, traders have to pay a certain fee while using leveraged funds. There is a fixed rate for margin fees on the exchange and it is charged once every eight hours. Users are also allowed to test the margin trading feature on demo accounts to see if it’s a good fit for them.

HitBTC Demo Trading

Demo trading is designed for beginners who would like to have a feel of the market without risking real cash. This feature allows HitBTC to offer its users an opportunity to trade on the exchange before investing. Users can register and start trading by clicking the Demo option at the footer bar of the interface. Also, users must create a separate account for demo trading. The exchange gives about 4,000 USDT worth of cryptocurrency to allow traders to test their strategy and get better at their trading game.

OTC Trading

The exchange makes this feature available with the help of their partner, Trustvolumes.com. Users who wish to personalise their trading can opt for this option. This feature allows high-volume traders to execute trades without going through the order book. HitBTC helps them to expedite the deals without causing a spike in the price of the token. It is also worth noting that the minimum trade volume for OTC trades is 100,000 USDT or its equivalent. Further, the HitBTC exchange charges a 0.1% commission for all OTC trades.

HitBTC Fee Structure

The fee structure on HitBTC is pretty simple and straightforward. Below are the various fee structures available on HitBTC:

Trading Fees

The exchange uses the maker-taker model to tighten the spread on the market and maximise liquidity. Here, the maker is a trader who adds more liquidity in the order book by placing a limit order in the market. On the other hand, the taker is an investor who reduces the liquidity in the order book by placing an order to match an existing one in the order book. This system entices the makers to add more liquidity in the market consistently. Plus, the main aim of implementing this model is to create an incentive that will encourage trading activities on the HitBTC exchange.

HitBTC offers one of the lowest trading fees in the crypto space. There is a noticeable difference between the fees paid by verified and unverified accounts. While unverified users pay a 0.2% taker fee and 0.1% maker fee, the fees for verified users are organised into a tiered structure. Therefore, the fees paid after verification will be calculated based on the trader’s 30-day trading volume. In addition, the trading fees paid by a verified user drops significantly as his trading volume increases. HitBTC also offers personalised fee structures to its elite traders and all they need to do is contact the exchange to reach an agreement.

The table below summarises the entire fee structure on the HitBTC exchange:

Deposit and Withdrawal Fees

The exchange does not charge deposit fees; however, users incur some charges when they withdraw funds from the website. HitBTC charges flat fees for withdrawal, and they are relatively high, compared to other exchanges. On top of this, withdrawal fees can be higher for newly listed tokens on the website. The table below shows the withdrawal fees of some prominent cryptocurrencies listed on the exchange:

To find out more about the various withdrawal fees on HitBTC, visit the fees and limits page.

Margin Trading Fees

The exchange occasionally charges a small interest rate to keep a margin position open. This fee is charged irrespective of the market’s direction or the position taken by the trader. The interest rates are listed in the table below:

Liquidation Fees

If a trader liquidates a position or his trade reaches the liquidation price, a liquidation fee has to be paid. The HitBTC exchange charges a 0.5% fee on the position value in the quote currency. Therefore, if the trader liquidates a position taken on BTC/ETH, a 0.5% fee will be charged in ETH.

Geographies Served

HitBTC runs its business on a global scale. However, it has created certain policies to restrict citizens, residents, and companies in some countries from registering on the exchange. The restricted countries include the US, North Korea, Sudan, Crimea, Cuba, and Syria. To ensure that residents or citizens do not flout the policies of the exchange, HitBTC verifies the citizenship and country of residence of its users.

API Keys

HitBTC designed its API keys to serve as unique identifiers used for authenticating private requests on the exchange. These keys help users to gain access to a wide range of the exchange’s features through a programming interface. With this tool, traders can view their order book, history, and trading balance. They can also place, manage and close active trades, view payment information, and withdraw tokens. HitBTC API keys consist of two parts; these are the public API key and the secret key.

To create an API key, click on the Settings icon at the top-right corner of the interface. Next, the user should switch to the API tab and click on New API Key. The API will automatically be created, displaying the public and secret keys to the user. HitBTC advises its users to save the secret key somewhere safe since it is very important, and traders must note that they cannot access an API if the secret key is lost. After creating the API keys, the user has to select the access rights he wants. For every access right selected, the user will have to input an authentication code.

The exchange also makes it possible for users to manage these keys effectively. This gives them the privilege to deactivate and delete any key if it is compromised. Users must note that any deleted key cannot be retrieved or used to authenticate a request. To ensure that these keys are kept safe always, users are advised to:

• Use different keys for different requests
• Monitor and review the keys’ access rights occasionally
• Avoid sharing details of their API keys with anyone
• Always check their software before integrating it with the API to prevent data theft

Mobile Application

The mobile application design by HitBTC is yet another feather in the exchange’s cap. Traders can use the app to perform every transaction, as they would have on the HitBTC website. All they need to do is to download the app, sign in, and start trading. The app is designed to run on both Android and iOS devices, offering users flexibility. Amongst the various features users can take advantage of with the HitBTC mobile app are:

• High liquidity
• Cutting-edge security
• Trading tool and indicators
• Convenient asset management
• Multilingual support

Traders who use Android devices can download a suitable version of the app of Google Play Store. It currently has an average rating of 4.1 out of 5 after being reviewed by 286 users. The Android app has been downloaded over 50,000 times, and the last update was on 3^rd September, 2020.

The iOS version, which was released recently, has not been listed on the Apple Store. Therefore, there is no clear information about it yet to include in this guide, as of the time of writing.

Security

Since HitBTC takes its users’ security seriously, it has plenty to offer in that aspect. The security tools deployed by HitBTC go hand-in-hand to ensure that the exchange always stays a step ahead. The security features used by the exchange include:

IP and Wallet Address Whitelisting

This feature allows users to create a list of authorised addresses from which funds can be withdrawn. With this tool, traders can prevent withdrawals from foreign IP addresses in an event whereby their email address or trading account is hacked. Also, HitBTC sends an email notification to registered users whenever a sign-in is initiated from an unknown IP address.

Two-Factor Authentication

This is another outstanding layer of security supported by the exchange, and its importance can’t be overemphasised. To enjoy this feature, the trader must have an authentication app or device. HitBTC supports Google and Yubikey authentication, allowing users to generate codes while carrying out various activities on the exchange.

Activity Log and Session Termination Tool

With this tool, users can track all logins to their accounts, helping them check to see if there is an unrecognised IP address or location. In a scenario whereby someone else has gained access to a user’s account, he can click a button to terminate every other session except his own. Also, the auto-logout tool enhances the security of users by automatically logging out of all sessions at a set interval.

Cold Storage Wallet

HitBTC stores the majority of users’ funds on cold wallets to prevent hackers from gaining access to them. Funds are kept safe with cold wallets because they cannot be accessed with a single key. Also, the system uses keys that are generated offline to perform a series of confirmations before funds can be released from the cold wallet. Therefore, if a hacker tries to access the funds, the transaction will be flagged.

Token Listing

The exchange is always open to accepting new crypto projects if they are scalable. If any token owner wants his coin to be listed on the exchange, he must fill out the application form on the HitBTC website or send an email to relations@hitbtc.com. To fast track the process, coin owners are advised to state their blockchain type in the form. For a project to qualify for listing, it must have a website containing the contact of the owners as well as the project’s details. HitBTC reviews listing requests within 10 business days, and if they consider a coin to be a good fit, they will reach out to the owner for further discussions.

Customer Service

The HitBTC exchange has a functional customer support system. If a user encounters any difficulties on the exchange, he can visit the support centre and choose the category that relates to the problem he wants to solve. HitBTC provides numerous articles that proffer solutions to different issues. However, if the user fails to find the desired solution from the articles provided, he can submit a ticket describing the problem. To help quicken the process, users are advised to attach relevant documents or evidence to the support ticket. Most times, the support team takes about an hour to review the support ticket before contacting the user with a solution.

Regulatory Compliance

HitBTC is yet to register with any regulatory commission. Nevertheless, the exchange complies with international KYC and AML policies. To this effect, HitBTC gathers, compiles, and stores the personal information of its customers in a database. The exchange occasionally asks users to provide information about the source of their wealth to ensure that the funds were obtained legally. HitBTC also ensures the data is secured, meaning that a third party cannot access or use these credentials unless it is released by the exchange.

According to the Privacy Policy on the exchange’s website, the company reserves the right to share users’ information with third parties such as anti-corruption agencies and financial institutions. Also, the rules of the HitBTC exchange are stated in the Terms of Service page. This page contains a list of guidelines relating to every activity done on the website. It is worth noting that users must adhere to these rules to avoid being suspended or banned from using the exchange.

Affiliate Program

The exchange offers one of the most lucrative referral programs in the crypto space with its incredibly high commission percentages. HitBTC provides affiliates with their unique links, which can be shared through blogs, emails, and social media platforms. If someone signs up with the link and starts trading, the affiliate will be eligible to earn a percentage of his invitee's trading fees. Therefore, the more affiliate signups a user gets, the more he earns. The earning percentage ranges from 20% to 75%, and there is no minimum threshold for withdrawals. Funds earned through the program are paid out within 20 business days.

Conclusion

Over the years, HitBTC has become a prominent cryptocurrency exchange by providing unique and quality services for its customers. The exchange supports high volume trades while offering a wide range of crypto trading pairs. Also, the exchange is incredibly secure, thereby ensuring user transactions will be executed safely. HitBTC’s only downside is its slow withdrawal process, which has left users dissatisfied for long periods. Making a move to take care of this problem will further improve the exchange's reputation and restore traders' trust –- we, therefore, suggest that the HitBTC exchange pays close attention to this. On a general note, HitBTC provides top-notch services, making it one of the best exchanges in the crypto industry.

Any form of investment in the financial market is risky, and investors are liable to lose their principal capital. Traders must also note that past outcomes of digital assets and securities do not guarantee future results or returns. Since traders bear the sole responsibility for the risks of their investments, it is recommended that they seek the help of a financial advisor whenever they do not understand the full risks of an investment.