HitBTC is a business product of the collaboration of Estonian programmers and Israeli businessmen. The concept of creating a site was developed in 2012, but was ready to work only in the spring of 2013. At the beginning, HitBTC supported the work only with Bitcoin and its exchange for fiat currencies (Canadian dollars, US dollars, yen and euro). But less than six months later (at the end of 2014), other altcoins and BTS tokens started to appear on the list of currency pairs (Ethereum was the first to join the list). Today, HitBTC has a list with more than 300 pairs for a trader exchange.
Initially, HitBTC was registered as an official project of one of the most popular Danish companies – UlasCorporation. By early 2017, the management of the stock exchange was moved to London, where, according to official figures, is by this time.
The HitBTC exchange project was designed for beginners in the crypto world, so the menu, interface, order schemes are as simple as possible. At the very beginning of its launch, HitBTC did not support the opportunities for cooperation with market makers and broker companies, but over time the site added new forms of orders that allow working through intermediaries.
The daily trading volume has positive development statistics. The average daily amount is about 400 million dollars for 24 hours. According to statistics, more than 500 new users are added every day to HitBTC. The average number of daily active traders is 60,000.
The most popular on the HitBTC exchange (at the time of 2017) is the Bitcoin Cash. If you believe the statistics, half of the transactions (or, more precisely, 51.6%) of this cryptocurrency are carried out within the framework of the HitBTC trading platform. The second in popularity and volume of trading is Bitcoin “digital gold”. Litecoin is In third place.
In addition to the standard functionality for bidding, HitBTC offers its users other interesting offers, for example, public voting for altcoins and tokens. Each voted trader of the exchange can vote and put on display his offer. The essence of the vote is the addition of new cryptocurrency pairs for exchange, as well as the placement of new crypto-ICOs. Also, on the site of the HitBTC, there is a demo-trading in order for new users to get accustomed to the site before the introduction of money and the start of real trading. Demo-trading is an opportunity to learn about all the possible pitfalls of working with crypto-assets, to train in working with financial instruments of exchanges, as well as to learn about all the possibilities of the HitBTC order book.
Speaking about the appearance of the exchange, the interface of the site is convenient and fully adapted for fast and efficient operation, the site does not hang up, wallets are not blocked during a sharp exchange rate change, the personal cabinet is clearly structured, volatility and liquidity schedules are constructed according to generally accepted standards.
The only unsolved problem for CIS traders is the lack of a Russian version of the site (although you can use the auto-translation feature of the page from Google). The interface was first introduced only in English, although the Chinese language was added to the site later. Also, a trial Korean version of the HitBTC interface was recently exposed. In connection with language parameters, the overwhelming number of active traders are Americans, residents of northern Europe and China.
There is no mobile application for phones and tablets yet. Although the HitBTC developers claim that it will appear in the near future. Also on the site from recently, the function of entering the Euro wallet has been turned off, the withdrawal of this currency has also been suspended. Although it can still be used inside the exchange, that is, to exchange crypto-coins for this fiat asset.
CUSTOMER SUPPORT AND AFFILIATE PROGRAMS
The HitBTC exchange platform is popular and through a high level of informing its users. Everyone who registered on the platform gets access to the internal blog of HitBTC, where publications are posted for better understanding of working with cryptographic currencies, and the latest news of the world of digital financial markets. The blog is constantly updated with new articles, and users can comment on each news or discuss it with other readers. Also, HitBTC conducts active information activities in the world’s social networks and well-known blogs. Also, there are fact-finding materials and news from the periodical online publications and polygraphic financial weekly.
All information on the rules of bidding and innovations on the HitBTC can be learned by any interested simply by going to the official profile-page in the social network. There are customer support services and page administrators who are required to answer all questions about the conditions of the exchange. Such an active information campaign over the past year has increased the number of traders by one and a half times. Also, the openness of working moments allows bidders to trust the HitBTC platform, and are not afraid to introduce large crypto assets into stock wallets.
To ensure that everyone can work effectively on the platform, there are special video lessons of cooperation with HitBTC, which can be viewed free of charge on Youtube. By the way, even on the site of the exchange, during the operation of the demo, there are training materials.
HitBTC Crypto-Exchange supports affiliate programs that allow you to invite your friends to the site. Of course, attracting a new audience is rewarded. Everyone who invited a new trader receives a percentage of the commission fees on the exchange. That is, the more you invited people who sell large sums of cryptocurrency – the more accruals from the exchange you get. Charges are made after each committed transaction by the invited trader.
Talking about the commission fees for transactions during the implementation of the order, they are very adequate. Depending on the type of crypto-coins, and their number, the percentage varies from 0.02% to 0.55%. In cases where virtual coins are exchanged for fiat monetary assets, the maximum commission is up to 4% of the total amount of the transaction. Orders of the exchange platform support work with market makers and digital bots for bidding. Limit, market and “stop” types of orders are presented.
CREATE AN ACCOUNT
To register on the HitBTC, you do not have to spend much time. The process of creating an account does not fundamentally differ from registration on an ordinary site. Everyone can start work with the platform, regardless of the region of residence, since HitBTC has an apolitical position.
Algorithm for registering a working trader account on the HitBTC trading platform:
- First, you need to go to the official HitBTC website. Site address: https://hitbtc.com/. Be sure to check the address on which you register, and even more so where you enter money. The fact is that there are scam sites that have similar domain names and make the interface as similar to the original as possible.
- The site will be opened in the English-speaking interface. But, you can choose another language on the upper language bar – Chinese, Korean or leave English. Other language parameters, the interface of HitBTC, unfortunately, is not yet equipped. Although, according to unofficial data, the company’s management is still going to introduce a Russian-language version of the interface to expand the audience, but the timing of this event is unknown and there have not been official statements so far.
- Then, you need to find the menu item on the right, at the top of the work page, called “Register” (if you chose English) – Registration.
- Click on “Register”.
- Two questionnaires for filling in appear before the user.
- It is necessary to specify the active address of the mailbox (Google’s mail is mandatory, other messages are usually delivered with a long delay), as well as a six-digit password (must include at least one capital letter).
- Under the questionnaires is an active link, clicking on which you can learn the rules of work on the HitBTC exchange trading platform.
- Confirm registration by clicking on the big red button at the bottom of the registration window.
- Click on the checkmark and enter the “captcha” – characters to confirm the real user. This is necessary to protect the exchange from hacker bots.
- Click the “Register” button again to confirm the data entered earlier.
- Enter the e-mail address specified in the questionnaire and open an email from HitBTC.
- Click on the active link that is inside the letter.
- After that, the account on the HitBTC exchange is created, the user can enter his personal cabinet on the site, and use the demo, as well as get acquainted with the information and news of the exchange. Also, after the registration, tenders are available in a limited amount.
- To enter the fiat money on the HitBTC, you need to undergo additional verification. To be engaged in trading exclusively within the limits of digital money in a site’s demo can be done without entering personal documentary data. Verification will be necessary if the trader decides to withdraw money from the exchange wallet, as well as in cases where large transactions are relevant.
- After logging in, each user has the opportunity to configure two-factor secure Google authentication. This, in the future, will help to ensure the personal cabinet from burglary. To configure, you must enter the menu that is responsible for working with the account. Also, you can configure the account activity log and connect the automatic logout feature. In cases where the entrance to the exchange is from another computer, you need to activate the mode Terminate all session, then the account is not saved in the history.
VERIFICATION OF THE TRADER’S ACCOUNT
If the user decided to engage in trading, then before you enter money on the stock exchange you will have to go through a short registration with the indication of personal information.
To start verification, you need to:
- Select in the letter (which came at the time of registration) a link to continue working;
- Select the corresponding menu item in the personal cabinet.
Verification algorithm on the HitBTC exchange site:
- Login to the account verification form.
- Give your real name, surname and patronymic.
- The exact address of residence at the place of official registration.
- Date of birth.
- Identify at least one of the active bank accounts, which, after passing the verification, will be automatically assigned to the personal cabinet of the HitBTC user. It is necessary for input or output of fiat monetary assets, as well as in order to be able to work with brokers or market makers.
- Confirm all previously entered information with scanned copies of documents, or their photos. From the list of documents the user will need – a passport and a driver’s license (if there are no license, you will need communal documents for payment of services for a period of not more than two months until the day the questionnaire is filled out).
- To verify the identity, you must also make a personal photo together with an open passport (first page).
- Tick the box in agreement with the processing of personal data.
- Enter the “captcha-symbols” and press the verification confirmation button.
- Confirm the actions through the email.
- All information specified during the verification is not disclosed, and is necessary in order to protect the exchange and its users from burglaries.
- Verification is not a fast process, because the system must check all the information entered. In a few days, the user will be notified of the decision of the exchange. If all the information in the questionnaire has been specified correctly, then the answer will be positive and verification is considered successful.
- After this, it is necessary to enter money into the personal exchange wallet.
- You can make money entry: for Fiats through SWIFT-system or in the form of popular coins (with a full list of crypto-coins for replenishment of the wallet account can be found on the site of HitBTC).