The broker HitBTC is a widely famous cryptocurrency exchange by its overall trading volume of Bitcoin. It also offers other alternative crypto coins. The broker is well established however it does not provide the country of origin. The crypto trading market is not regulated and the same is the case of HitBTC. It claims to provide services to institutional investors and major market makers. There was a hack attack in the recent past of HitBTC. However, traders of this broker failed to complain about the incident and losses were not recovered. Also, it is claimed that the shown high trade volume of Bitcoin is artificially managed. Read this HitBTC review.
Only one standard trading account that accepts covering network fee of minimum deposits. Also, margin trading is not available and maker and taker fees are applicable. The trading lot of 0.01 BTC is provided. Trading instruments include more than 150 digital assets. Many of these trading instruments are traded against Bitcoin and Ethereum. Some of the altcoins can be traded against fiat currency and some coins can be traded versus USD Tether and EUR. Trading on the marginal leverage is prohibited at HitBTC. The market takers are those who buy or sell the first available bids are charged with the commission 0.10%. On the other side the market makers, those provide liquidity, has to pay 0.01% commission. This spread is lower than what other crypto coin brokers charge. The broker provides a common web-based trading platform that many other brokers provide. The market charts available at HitBTC are provided by a third party called Trading View. It also features chart pop up to do a detailed analysis of current market status. There is another feature called Troll Box. It is a handy tool to chat with other traders and a source of market information. It takes payments via the only bank wire transfer from institutional clients. Ordinary traders must deposit their crypto assets directly. Electronic wallets for every altcoin are furnished by HitBTC.
Is HitBTC scam or legit?
The cryptocurrency trading market is unregulated and HitBTC is not regulated. The initial investment is not specified. Commission on maker and taker are applied. Margin trading is not facilitated and web browser-based trading platform is offered. It was hacked in 2016 and no information about the company. It has received several negative feedbacks on the trading forums. The shared bitcoin trading volume looks suspicious. It does not accept deposits via fiat currency. All this information about HitBTC lead us to believe it is a potential scam cryptocurrency broker.