HitBTC Review: Started Strong, But A Risky Crypto Exchange Today

HitBTC Review

Here at CoinSutra, we do our due diligence to find more about crypto assets, exchanges, tools so that we can provide our readers with the best, and credible information regarding all things crypto, including warning you of possible risks or scams.

I spend a lot of time exploring crypto exchanges and understanding how they continue to resolve existing issues, their growth, innovation, and overall experience. As I discover an exchange worth sharing, we share it with the world. At the same time, if I discover an exchange with a business practice not matching the growth, I warn all my readers and give alternative options.

Today review is about one such crypto exchange called: HitBTC.

Review of HitBtc Crypto exchange:

Back in 2016, HitBTC was one of the select few exchanges that existed. It instantly got the coverage and lots of mentions on all over the web including me.

The interface is simple and easy to use. I would not say the interface is bug-free, but it works. There is also no mobile app offered by HitBTC and their roadmap is nothing to be talked about.

Available pairs and volume:

HitBTC offers many base pair like BTC, USDT, ETH. The volume is low too, which means it isalso not ideal for high volume traders and users looking for liquidity.

HItBTC-exchange-experience

The issue with trading: Leave a lot of Dust

Another issue that a lot of users wouldn’t realize until they trade.

For many currencies, HitBTC added a rule for many coins to be traded in the divisible of 10 or 100. This create a major issue and leave a lot of dust in our HitBTC account.

Another thing to know is withdrawal fees is pretty high. At the time of updating on 12th April 2018, the BTC withdrawal fees is 0.01 BTC. This is unacceptable as a majority of crypto exchanges have implemented segwit and now the withdrawal fees has gone down by a significant amount. Hopefully they implement segwit in the coming days.

Current stats of HitBTC and my experience:

However, in the last quarter of 2017, a lot of new exchanges rolled out and that changed the complete landscape of crypto exchanges. A very few (old ones) were able to keep up with the pace of demand and innovate themselves to stay relevant.

HitBTC definitely lost the edge with their poor business practices and inability to innovate. Moreover, they were never customer-centric.

I usually don’t believe when I hear such claims but nothing is better than experiencing it yourself. Three months ago I created a ticket and even after regular follow-up, there has been no response from them.

  • [HitBTC] #48933 (March 16, 2017)
  • Ticket ID #93970 (23rd December 2017)
  • Ticket ID #263053 (November 18th, 2017)

Here is the first ticket which they acknowledged but despite continuous follow-ups over the past few months, they have not been active enough to fix it.

HitBtc-exchanges-review

Usually, one such issue should not be taken as a token for exchange credibility. But when an exchange only replies to the first ticket and doesn’t care about your actual problem, it clearly means that they are just looking to improve their SLA of tickets and not focused on existing customers and partners.

Social and customer service:

One good thing about HitBTC is they are social. They do have an exchange and are quite active on social media. This is a good step but not good enough for a faster-growing crypto industry. While all exchanges are focusing on providing superior support, HitBTC seems to be lacking on that.

This usually happens due to poor management and vision of founding members. They have a lot to learn from newly launched crypto exchanges like Binance, KuCoin, and many others.  A lot of exchanges are offering support via Telegram and also using Twitter to reach out to users with solutions.

The HitBTC channel on Reddit is full of unresolved customer complaint and a lot of them are reporting disabled account, frozen funds, and many similar issues.

HitBTC-Scam

However, HitBTC lacks Telegram support and their Twitter support is as poor as their email support. I hope they can pull up their socks and work harder to take their game to a better level before it is too late.

Conclusion Of HitBTC Review And Best HitBTC Alternatives:

I have been a user of HitBTC ever since 2016 and if you ask my opinion on you joining HitBtc, the answer would be a firm no.

HitBTC was something that began as a promising crypto exchange and got lucky with the big crypto wave in 2016 and 2017, but it definitely failed to keep up with the innovation and user demands. They are barely surviving and this can have a major impact on users who are using HitBTC as their crypto exchange.

With many new trustable and reliable exchanges, not to mention brilliant ones, out there, HitBTC definitely doesn’t fit the bill.

Can you imagine USDT withdrawal charges by HitBTC?

It’s freaking 100 USDT that makes it the costliest exchange.

HitBTC-high-Withdrawal-fees

Overall, my suggestion for you is to use a better altcoin exchange that you can rely upon for support and one that lets you sleep in peace. The most important thing about exchanges that don’t innovate and are less customer-centric are more likely to pull an exit scam. The foundation is the most important aspect of a reliable crypto exchange and that’s something HitBTC is definitely lacking.

Here are few important questions answers:

Q) What should you do with your funds on HitBTC?

It’s better to move your funds to one of the reliable alternative exchanges. You can find a list here or look at the name of exchanges below.

Q) What are the best alternatives to HitBTC?

Some of the reliable alternatives to HitBTC exchanges are:

  1. Binance
  2. Bittrex
  3. KuCoin
  4. Bitfinex

Note: Apart from Bittrex, all the listed HitBTC alternatives offer a mobile app for trading from the mobile phone.

Whats next?

Well, I would look forward to hearing your experience and review of HitBTC. Do share everything you have in the comment section below.

For now, here are a few other hand-picked articles for you to read next:

Summary
Review Date
Reviewed Item
HitBTC Exchange
Author Rating
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19 thoughts on “HitBTC Review: Started Strong, But A Risky Crypto Exchange Today”

  1. By far one of the worst exchanges. Many people have lost money on this exchange – its well documented. Avoid!

    It’s not just a case of the exchange malfunctioning and breaking down. It is not just a case that the support is non existent. It is sadly a case that the exchange is acting in a dishonest way and it has become very obvious to many coin communities.

  2. The exchange is good, but couple of times my transactions stuck. It was November-December 2017, users’ overload, Bitcoin $20000, etc. In those cases I contacted the support. It took a while for them to answer, though everything was solved later… My advice is to have enough patience in case the support is too busy answering other questions.

    1. The main problem is when KYC is not complete, but once you complete your KYC’s properly, you’re good to go 😉

  3. Don’t even think about using this scam exchange. They may allow small transactions, but anything above 0.5 ETH and they will steal it. This is NO BS. Do NOT use. You’ve been warned. I am still waiting since FEB 2018 for them to process my eth deposit. Use Binance, Bittrex or similar. The positive or neutral reviews here are all fake, and paid for by the scam exchange Hitbtc.

  4. I don’t believe its a scam but suffer serious deficiency in their level of support and commitment toward traders.

    Hitbtc management have decided to suspend withdrawals of thousands and thousands of traders and hold their funds (you could be the next) and took them in an ride called KYC/AML process which involve providing sensitive data including but not limited to passport copies, selfies, utility bills, credit card, bank statements, source of funds, history of trading, screen shots of trades made in the past…etc, which has proven to be a very long and potentially endless process due to the amount of time taken by their support and security teams to respond and move to the next step before they go back to square one and repeat the cycle again and again, I hope this is not intentional, if you are in the same miserable situation do not drop your funds and move on, this is your hard earned money which is own by you and not Hitbtc…..you are not alone, there are thousands and thousands of traders suffering the same situation since several months, continue chasing, hoping that this will get back your hard earned money.

    Having said that Hitbtc is a truly advance trading platform which combine advance feature with the ease of use which turn crypto trading into amazing experience, however, what is the point of trading when your funds get blocked for several months if not forever.

    If you are new to the crypto space don’t let positive reviews fool you out, they could be fake, make your own study.

    Best of luck to all

  5. Take my advise and don’t keep your money in an exchange, alternatively you may external wallet which is controlled by you and not an exchange.

    If you already have decent amount of money at Hitbtc, and if you decided to move them to an external wallet controlled by you, make sure that you perform multiple withdrawals of small amounts each over a period of few days to avoid locking your account; you might incur higher withdrawal fees but it is better than loosing your whole funds

  6. Hitbtc is locking traders funds?

    Is that true? Lets find out ourselves, perhaps looking at a source of a proven credibility, what about reddit? or maybe Hitbtc official reddit account, that would be flawless I guess, there is a link on hitbtc home page anyway; Just had a look on it and found 25 posts published in the last five days, more than half of them posted by traders unable to withdraw their funds….telegram, they have only announcement channel, twitter, there are lot of horror stories,

    The best place to store your funds is an external wallet controlled by you and not an exchange which may disappear in a day and night, some of you who has been long enough in the crypro space are aware of how many exchanges shut down all of a sudden and claimed that they got hacked!

    It is bad to loose money whilst trading, but stealing your hard earned money is more painful, and I don’t wish anyone to suffer that or learn in the hard way.

    Best of luck to all

  7. If you don’t want to believe that you are potentially the next victim, search Sicarious on twitter who have 50 thousands followers and what he tweeted today and asked the whole crypto community for help, read about the miserable situation his 65 years old mother went through with Hitbtc…..they don’t feel ashamed, if they have feelings, they trap poor people and suck their blood.

    1. Ryan, thanks for sharing your personal experience, Hitbtc doesn’t target accounts holding small funds, in the meantime why to deny that Hitbtc is blocking traders funds? there is huge number of traders including people have done everything possible to get their hard earned money released but failed and indeed you could be the next, this awful practice has affected Hitbtc reputation badly, and apparently they are trying to catch up, this may explain the fake reviews being posted about Hitbtc support which is known to be the worst on this planet.

      No one said stop trading! There are lot of decent exchanges available and most of them complete the verification process in couple of days and have a support which respond and resolve issues instantly, and most important they don’t block funds and take you In an endless ride called KYC/AML.

      Avoid Hitbtc, there are dozens of other decent exchanges, make your own research and don’t let positive reviews fool you out, they could be fake.

      Best of luck to all

  8. Hazem, thnks for your response. Well, (un)fortunalely neither me nor my fellow traders became the victims of HitBTC’s action of blocking the funds. Might there be another reason? I mean, could it be possible that those traders made some serious mistakes or used the exchange for some so-called criminal actions? We don’t know the whole situation.
    As for reviews… Those who post bad reviews also could be trolls. Don’t you think so? They might just get money for posting ‘something’ ‘somewhere’ to own their living. I think that you’ll never know until try trading with them.
    And HitBTC is not my first exchange. I used to trade on several others but the result was only a bunch of regrets. When I got scammed again, I’ve moved to this particular exchange. And once again: nothing bad has happened so far.

  9. Hitbtc is insolvent…..

    Binance trading volume today is $1.1B, and Hitbtc went all the way down to $270M, yes, Hitbtc is no longer in the top ten, no wonder they are blocking traders funds and suspending withdrawals to keep some funds in their exchange and stay a life, this won’t last for long….Sooner or later they will be forced to release traders funds and pay them compensation.

    Don’t let fake positive reviews fool you out and If you are in the same situation, spread the word for the safety of other traders funds; there are lot of decent exchanges out there…

  10. You are absolutely wrong my dear, and please use proper wording!!!

    People aren’t blind and everybody have access to internet….reported volume is still showing Hitbtc in the 12th Rank….

    https://coinmarketcap.com/rankings/exchanges/reported/

    For you and in order to get a higher rank you decided to filter large volume trading platforms such as Bitmex and Bitforex and used adjusted volume…this is indeed misleading my dear!

    Sorry to share with you a fact that as of today Binance, Huobi and OKEX which used to be comparable to Hitbtc are now trading four five times the poor volume of Hitbtc and this is clearly showing on coinmarketcap; are you going to deny this as well?

    If you are a Hitbtc admin go and do your work internally and get the things fixed, your attempts to post positive review is fruitless, everybody on this knows that they are the worst on this planet…by the way, did you read the full article above? do you know what the author’s opinion?

    “Conclusion Of HitBTC Review And Best HitBTC Alternatives:
    I have been a user of HitBTC ever since 2016 and if you ask my opinion on you joining HitBtc, the answer would be a firm no.”

    Would you call him lair and scammer as well?

    If you are an ordinary trader and happy with your own experience talk about it and avoid describing the others posting facts as liars and scammers.

    Thanks

  11. I`m a cryptocurrency trader and I’ve been trading on HitBTC since 2016, Lately I made a website to show some features and advantages of using Hitbtc; I tried to withdraw some of my funds and surprisingly Hitbtc locked my account and suspended withdrawals, it wasn’t limited to that, someone hacked my website which I no longer control. do not trust Hitbtc.

  12. Golden days of Shitbtc has gone forever, everybody has become aware of their fraud and scam even those who doesn’t trade, their markets are grave yard with zero trading volumes….only Shitbtc bots trades some BTC’s and ETH’s which have been stolen from traders to show some activities……..soon Shitbtc will disappear, either they’ll claim that they got hacked or the authorities will shut them down….Good bye Shitbtc we don’t want to see you anymore….

  13. The KYC designed by HitBTC is a fraudulent scheme

    The KYC designed by HitBTC has proven to be a fraudulent scheme to hold traders funds on an indefinite basis, even though users are complying with everything which is being asked of them.

    HitBTC has no ID policy to get customers on board before the u-turn gave them an excuse to withhold withdrawals and block funds, KYC malpractice is not only an excuse to steal traders funds but potentially a Identity theft which is a bigger crime.

    If you fall in Hitbtc trap and you had to send Name, address, citizenship, photo ID, credit card, bank statements along with your social media accounts and forced to connect without VPN, you could contact one of the three credit bureaus (Equifax, TransUnion and Experian) and put a 90 day fraud alert on your credit profile, which will require additional verification for new accounts or account changes to be made in your name and protect you from fraudulent bank checks, remember that you did provide photo copies of your ID’s or passport for your full personal details, utility bill for your street address along with your social media accounts which hackers can easily exploit leading to more serious security problems, and privacy intrusions, which could affect your finances as well as your reputation.

    Just a glance at the online forum Reddit, Bittrust, Blockonomi, Twitter, Facebook and many other confirms widespread customer concerns, number of complaints is growing each week, and a community of fellow unhappy traders have come together to try and warn other crypto investors not to be scammed.

  14. Make no mistake, these people are con artists. They’re wanted by the authorities in the country they claim their business is in. They make their site look legitimate by letting smaller users complete most transactions while freezing larger accounts for reasons. I myself gave them my most recent auth code, the alternate code, my password and all from the email I used to sign up. I was told that it wasn’t enough to get my account back. Not enough? That’s literally everything you can possibly have to get your account back.

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Howdy, Welcome to the popular cryptocurrency blog CoinSutra. Here at CoinSutra, we write about Bitcoin, wallet management, online security, making money from Bitcoin & various aspects of cryptocurrencies. You can read more about CoinSutra on the “About” page.
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