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HitBTC Review – Could This be a Scam? What You Need to Know



Read our long form review here:

HitBTC is a crypto exchange that is based in Hong Kong and was started in 2013. They have been growing ever since and have surpassed $600m in daily volume recently.

Security is very important for the crypto trader and HitBTC has been the victim of a hack back in 2015. However, they appear to have learned from the hack and have improved their security with a number of procedures like cold storage and 2FA.

In terms of fees, they operate a maker-taker model and will reward those traders who are making liquidity with a rebate and charge a fee to those who are taking liquidity with a fee. These are at 0.01% rebate and 0.1% fee so it is about in line with other exchanges.

There is a pretty extensive asset coverage at HitBTC and they have over 300 coins listed. Of course, some of these may be shitcoins so don’t assume that the listing is some sort of a vote of confidence.

Customer support at HitBTC is quite lacking and there have been numerous complaints about it. These have been through forums such as reddit and on twitter. There have also been those traders who have accused the exchange of being a scam.

If you are a trader that values your privacy then you will be pleased to know that HitBTC does allow for the creation of anonymous accounts. However, these have very low withdrawal limits so if you are going to be withdrawing larger numbers then you will have to get verified.

Taking a look at the platform, HitBTC seems to have pretty advanced technology. They have an array of charting functionality as well as numerous order types in order to refine your strategy.

Surprisingly, they also have an MT4 platform for those traders who want to trade derivative instruments on the margin. There is also an OTC desk for those traders who are looking to execute large block orders off of the exchange’s book.

There is also an API for those traders who like to code their own bots and trading algorithms. It appears to have a pretty reasonable throughput level. Unfortunately, there is no mobile application.

So, is HitBTC a scam?

Not really on the face of it but there are a whole host of questions that they have to answer. There are a number of complaints that they need to address. Apart from that they have a reasonable selection of coins with attractive fees.

Be sure to do your own research before you start trading with HitBTC.

Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

Source: Coin Bureau

36 Responses

  1. I think hitbtc is one of the best exchanges out there now, along with kraken & bitfinex. Most of reviews are positive and security level is really strong there, which is such a big issue nowadays.

  2. Been trying to withdraw funds for the last two weeks now and every time i go through the procedure of putting in my address to receive my crypto they then say I have to save it on the whitelist, when doing so they then block my account for a few days with the message for security reasons we do not know that address…definitely a f-ing piece of shit scammers..no contact info, no live customer service nothing..cunts

  3. excited to be part of the crypto world, what's your objective view on this platform? You presented ideas but I'd like to know your opinion, I'm registered and looking forward to investing in there

  4. not to sound like going against the wave, but there are coins with less fees, iirc all EOS based coins have really low fees (on the single digit dollar cents per withdrawal).

    Not sure the affiliation with them though.

  5. I've seen some exchanges have started to adopt similar KYC/AML procedures to what hitbtc has, what's your opinion on this? Is this caused by more rigorous laws by different countries?

  6. Thanks for making this video. What do you think of the recent trend of other exchanges getting more hitbtc-like KYC procedures? Are you for or against scrutinized KYC procedures?

  7. it was my understanding that hitbtc hadn't been hacked in the past, can you provide your source on that claim? I've heard users have gotten hacked due to different reasons (when you pay attention to the stories it boils down to user negligence and whatnot), but never the platform itself.

  8. Bitcoin mining is so profitable, Even with the current dip I am still able to manage my portfolio from 0.54BTC to 2.07BTC just within two weeks trading with Mr Brent Christopher no longer work 9-3 and that is financial freedom I suggest we meet Mr Brent Christopher direct with

  9. Scam! Scam!! Scam!!! If there is a way or method to put this people behind the bar I would be very happy. I got cheated and humiliated, I couldn't withdraw a dime..has anyone filed a case against them? I have already done that..join the group via( ellenbeatrice 101 g mail )if you don't wanna loose your funds. My fund has already been retrieved..

  10. They will harass the life out of you for money.. they will ring you all hour's to get your money… bad company.. never again… they will always convince you to invest with your credit card!prepare for your life to go down hill…I got my money back via Ninetjoe4 gogle mail…, this firm will make you ill with stress and depression!

  11. They froze my account with the excuse that it's been inactive.. They require me to fill up the KYC form, which requires us to provide an unreasonable amount of personal information. including a selfie with a paper that has the date and hitbtc written on it. At this point i don't even know if i can trust them with this information and if it's worth it to recover mt cryptos!! If anyone has some experience in dealing with these shitheads, would be much appreciated.

  12. the HitBTC Reddit is exploding with posts the last 24/48 hours from users that are being ripped off, it seems HitBTC allows deposits but never ever allowing withdrawals for 1 reason or another. I was thinking about using them for a coin I want to purchase, but after reading the Reddit forum., I advise no one to use this exchange.

  13. They are sick. They like to annoy everyone. Do not go to this damn exchange . they block my money for 1 month and still do not release them

  14. 🚨 SCAM 🚨 DANGER!!!!! Le moins honnête de tous !!! Ils prennent vos tokens, vous laisse exchanger mais repoussent continuellement les dates pour les retraits en prétextant une maintenance du réseau . Il change la date régulierement pour avoir lair legit et faire comme si la situation est nouvelle et en traitement. MAIS la verité est qu'il ne vous laisserons plus jamais transactionner avec ces crypto-monnaie , elle sera donc perdu pour vous bloquer a jamais.. 🚨DANGER🚨 support technique inutile

  15. It is a scam – sold our dogecoins 50% higher and closed withdrawals, waiting for crash the they will re-open. SCAM dont even ask this question. They allow to deposit buit you can't take your money back without KYC. So they should make deposit with KYC to is not? Lots of scam there

  16. This is the top of my herror story. I am very happy i can moved out of #HITBTC. This scam #HITBTC exchange made me a nightmare and migrane.

    Freezed my account first before verified id and proof of state(if your document of proof of state is not latin language you must notary by lawyer. If not you don't pass verify id). This step takes your time about 5-6 days by you have your fully document already. And try to post on twist and reddit and something rediculus call ticket for many times so you must be patient to wait someday support will answers you by email.

    Next step you must add address that you want to withdraw in whitelist first. If not, you cannot withdraw. After you added withdraw's address to whitelist, Your account will be lock 48hours. Next time you added will be locked account again 48 hours.

    My TLM and allmost of altcoin cannot withdrawal although their system monitor is online also dog and ada cannot. So i sold to USDT lower price compared with the other exchange. After that USDT changed to USDT20 and you cannot change USDT20 back to USDT. My withdrawal transaction by erc20 that about 3hours to withdrawal and i lost 100+dollars for transaction.

    This is my real experience with #HITBTC exchange. I hope you all guy pass this situation before your account will be locked like somebody or this company prosecuted by law.

    Good luck and god bless you every investors that used this scam exchange. If you want more information check problem and complain on #HITBTC twister.

  17. I am glad I used HitBTC as a trashbox storage for a coin I withdrew from Binance only because they de-listed it…… !! I don't plan to ever deposit anything else into that exchange…. !!

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