HitBTC, a veteran crypto platform, boasts over a decade of secure operation. The company focuses on trading (spot and margin) and exchange of 500+ tokens in 800+ pairs, with a bot-friendly API and sub-accounts for institutions. Here is the lowdown on its services.

HitBTC overview

Once based in the UK, HitBTC is headquartered in Las Condes, an affluent commune in Chile's Santiago Metropolitan region. It was established in 2013 by a group of Israel-based entrepreneurs and is operated by HiTech Digital Business Ltd., incorporated in Saint Vincent and the Grenadines.

The company aims to upgrade traders' experience with advanced technologies, including a state-of-the-art trading terminal. It is the pioneer in implementing fast and reliable REST, WebSocket, and FIX API for auto- and algo traders. 

HitBTC also prides itself on an extensive asset range and stellar security – as of February 2024, the exchange has never been hacked. It complies with KYC, KYT, Market Surveillance, AML requirements, and applicable regulations. 

Countries of operation

HitBTC does not provide services in the United States or any jurisdiction embargoed by it. Other exceptions in the Terms of Service include:

• Canada
• UK
• North Korea
• Sudan
• Crimea and Sevastopol
• Cuba
• Syria
• Belgium

Cryptocurrencies available

HitBTC offers the most popular digital assets (500+ spot instruments with 800+ pairs) and predominant fiat currencies, such as the euro and the US dollar. The platform lists new tokens based on user voting or market-making activity.

EU-based users can deposit and withdraw fiat via SEPA. Wire transfers (SWIFT) are available for other locations.  

Products and services for institutions

HitBTC's secure and feature-rich trading environment caters to institutions and retail traders alike. It offers sub-accounts (subsidiary accounts) tied to master accounts, allowing staff to explore various trading strategies. 

All corporate sub-accounts are autonomous yet contribute to their company's trading volume. Rebates are also available – HitBTC rewards market makers for providing deep liquidity. 

Trading fees

The HitBTC trading fees depend on the 30-day trading volume and account type. Basic accounts (General or Starter) pay a flat fee.

Upgraded ones (Verified and Qualified) participate in the company's tier program. Professional traders may also request a personalized fee structure through a dedicated web form. 

The highest commissions are charged on monthly volumes below 10 BTC. As of February 2024, 20,000 BTC brings the maker fee for spot and margin down to zero, with a negative rate for 50,000 BTC and above. 

Buyers of the platform's HIT token receive discounts based on the held amount. Among other benefits, it unlocks lower margin interest and higher leverage. There are also reduced commissions on HIT pairs. 

Security measures

HitBTC educates users on cyber security, offering standard safeguards detailed in its extensive FAQ section:

• Two-factor authentication via YubiKey and Google 2FA apps
• Whitelist of withdrawal addresses

• Advanced data encryption
• Terminate all sessions option
• Email notifications about IP logins
• Cold storage

Opening an account

HitBTC has a straightforward procedure for account registration. When a user clicks the Sign up button on the main page, it asks them for their email and password.

An account activation link is then emailed to the specified address. It leads straight to the HitBTC trading terminal.  

The KYC process is nearly as quick, unlocking lower fees and higher limits. Verified accounts benefit from the Fee Tier program, which rewards them for high trading volumes. 

One can initiate KYC from the account settings or email the compliance team from the address linked to their account. This message must contain the following:

• Personal details
• Address
• Bank account details (for fiat deposits and withdrawals)
• Color copies of supporting documents: ID, proof of residence, and proof of bank account ownership

The standard verification time is 3-5 business days, but the duration may vary based on the number of requests in the queue. When passing KYC via Settings, users are advised to contact the team if their requests remain pending for over two weeks. 

Customer service

The website features an in-depth FAQ section and a Knowledge Base.

Unlike Binance, HitBTC has no support X account, as its X and Telegram only provide announcements. HitBTC users can reach out to the team in two ways: 

• by submitting support tickets on the official website
• via the HitBTC chatbox on the official website

Key takeaways

HitBTC is a seasoned provider of crypto trading services with flexible fees, a wide range of assets, and an impressive security track record. Its fee structure accommodates institutional-grade operations. On the downside, account verification may take days, and customer support is limited to a web form and chatbox.