Read this HitBTC Review and discover how to use this Cryptocurrency Exchange to Trade Bitcoin and other Altcoins in order to maximise profits today.
Basically, Bitcoin and other Cryptocurrencies is getting famous very rapidly due to their high yield. Now, many Bitcoin based businesses have been setup recently to capitalise on this profitability of the Cryptocurrency trend. For example, there are mining farms, cloud based wallets, exchanges and many other businesses have sprung up. Therefore, HitBTC is such of a business which works as a Bitcoin based exchange. In this HitBTC Review I will examine the pros and cons of this Bitcoin based exchange and finally I will provide my verdict on this service.
What is HitBTC?
Reportedly, HitBTC is a European Cryptocurrency exchange platform but there are doubts that it may be is a Hong Kong company. HitBTC is one of the most popular Cryptocurrency exchange at the moment. A Cryptocurrency exchange works just like the usual Forex exchange market, where the users buy and sell pairs of Cryptocurrencies. Although, the name suggests that HitBTC only exchanges Bitcoins but in fact you can buy and sell lots of other Altcoins as well. Currently, HitBTC is widely popular among the users with over millions of trading volume on a daily basis. Also, HitBTC has a banking service which it provides only to institutional investors.
There is more than 150 items available for exchange through HitBTC. This includes Cryptocurrency, commodities, fiat currencies and many more. The mostly traded Coins in HitBTC is Bitcoin and Ethereum.
How does it Work?
The way this exchange works is that at first you have to register with HitBTC. US dollar and fiat currency deposits are not available at the moment with HitBTC. Those who are familiar with Forex trading must be familiar with the term leverage trading. Leverage trading is where your broker will give leverage to your investment by lending you some money based on your investment. This enables the user to make large volume of trades without even having that amount. But in HitBTC they don’t allow leverage trading at all. This means that your trades will be as big as your investment. This is enough to disappoint many traders with small investment because it will be really hard for them to earn substantial amount of money. This restriction can be explained due to the extreme volatile nature of Cryptocoins. Allowing leverage may lead to huge losses for the broker, so they just decided to restrict this feature.
So, my opinion will be to invest in HitBTC a decent amount otherwise you won’t be able to keep your enthusiasm during the beginning days. The commission rate on each transaction is quite competitive as well. Also, HitBTC provide rebates to liquidity providers.
Typically, HitBTC supports almost all the major Cryptocurrencies. It is a web-based trading platform which can be accessed from anywhere using the internet. They have by far one of the most competitive rates and rebates. HitBTC works through a web-based trading platform instead of the usual Meta-trader platform. This is in a way good because this web-based trading platform can be accessed through any device with an internet connection. One downside of this will be that it will hog a great deal of your computer’s memory. Apart from that you can do almost anything on this platform which you could do in mt4.
Their website does not have adequate information about their origin. There is plenty of doubts about security as they were hacked back in 2016. The trading volumes is too good to be true which indicates fake trading or bot trading. Furthermore, this platform does not support fiat currency payments. Lastly, there is lots of negative buzz in the user forums.
HitBTC is the most used Bitcoin exchange in the market but still it is not regulated by any regulatory body. Even though it has competitive commission rates and good profitability it may still put doubts among the potential users. The lack of information in their website may deter lots of investors. Despite all these negative buzz the company is still going strong. The potential investors should do proper research before investing in a business which looks a bit shady.
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