HitBTC was founded by using 6 million euros of venture capital money. It has not been revealed yet, who was the founder of this website, or the mastermind of this platform. It looks to simply be a venture by a company who thought it would be a good idea to start a cryptocurrency exchange. The Chicago based company, Hit Tech limited were responsible for HitBTC. There was also some association with Cryptopay however that relationship was cut short and the Cryptopay founders decided to exit from any involvement in the platform, a clash of direction is probably the nicest way to put it. Despite any difference in opinion, Cryptopay tokens are still listed on HitBTC exchange, meaning that the relationship is not completely over.
ADVANTAGES OF HITBTC
Some of the prominent advantages that HitBTC provides are as follows –
- HitBTC exchange does not have a minimum deposit, which means you can start trading with small amounts before you get more confident.
- A large benefit of using HitBTC is the low fees. The transaction and trading fees are 0.1% which is way lower than some other exchanges demand.
- HitBTC provides a medium to exchange government issued currencies for cryptocurrencies. It provides trading in multiple traditional currency to cryptocurrency pairs and cryptocurrency to cryptocurrency pairs. This will attract first time cryptocurrency traders because they can turn fiat into crypto very easily.
- HitBTC has over 400 cryptocurrencies available for trading. This huge array makes it a one exchange for all, it will have all the big ones; bitcoin, ethereum etc and also lots of the new up and coming coins; reddcoin, golem etc.
- Registration on HitBTC is smooth and fast. You just need to enter your email, put a strong password in and you will get a verification code or link sent to your email within seconds.
DISADVANTAGES OF HITBTC
There might be plenty of advantages to using HitBTC, but a review is incomplete without discussing the downsides. The disadvantages of HitBTC are –
- HitBTC exchange only gives the option of trading in USD, EUR and GBP. No other traditional/FIAT currency is allowed. Users can only exchange these three currencies for crypto-assets.
- The only way through which you may make deposits in your HitBTC account is through bank transfer. They do not allow deposits through PayPal, debit card or credit card. Basically meaning there are two deposit methods; bank transfer or through cryptocurrency from an external wallet. With the recent rise in banks stopping people buying cryptocurrencies with credit card, hitBTC may have saved themselves a trick here.
- The interface might be good for expert traders, but it is not meant for newbies or first-timers. They will find it extremely confusing and might even experience loss if not used properly.
- The verification process is time consuming. A general account verification can take up to 10 days during high traffic and congestion time. Without verifying your account, you may not be able to trade in as high volume as you might want to. Not ideal.