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.
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.
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.
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.
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:
Note: Apart from Bittrex, all the listed HitBTC alternatives offer a mobile app for trading from the mobile phone.
Well, I would look forward to hearing your experience and review of HitBTC. Do share everything you have in the comment section below.
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