HitBTC is a cryptoasset exchange located in Hong Kong. Their volume over the last 24 hours is $716.22M. The exchange is rated “A-” which means “Very Good.” They allow trading with the following fiat currencies: EUR and USD.
HitBTC is a global innovative cryptocurrency exchange that is operated by Ullus Corporation. The Hong Kong-based platform was founded in 2013, so it’s one of the oldest crypto companies of this type. The company has quickly acquired a popularity for multi-currency support, low fees, and high liquidity.
When the project was launched, it managed to attract 6 million USD via Venture Capital investments. The platform replicated the features of world-renowned exchanges such as NASDAQ, NYSE, and LSE. It became one of the first exchanges on the market that introduced rapid powerful API, added automated trading tools, WebSocket, FIX API, and algo traders. The platform offers an outstanding matching core engine that considerably helps cryptocurrency traders improve their trading experience.
The platform has always hosted a list of top-tier tokens. Since 2013, the exchange has been providing markets for Ethereum, Bitcoin, Monero, Dogecoin, Litecoin, USDT, and other cryptocurrencies. In December 2017, the platform had a daily volume of over 500 million USD. In 2018, the platform entered the top seven largest cryptocurrency exchanges by trading volume. Though the company doesn’t enter the top 10 any longer, it still manages to maintain a high position despite the severe competition in the industry. It also deserves attention as it actually shaped the crypto industry the way we know it today.
HitBTC is the one to offer one of the biggest variety of trading pairs as there are more than 870 trading pairs offered on it at the time of writing. Hotbit goes second in this rating but it offers 200 pairs less. The company offers a wide range of tools that meet the requirements of the most demanding users who prefer to use low-latency and trustworthy systems delivering peak performance.
The basic things that are worth noting describing the exchange include advanced and powerful API offering REST, WebSocket, and FIX API delivering speed and convenience to the trading operations. In 2020, the company started following KYC/AML rules. It had to leave the Japanese market due to the regulatory restrictions.
The goals of the HitBTC exchange
The company prioritizes the principles of security, reliability, and quality of performance. The platform always tried to apply innovative techniques and introduce something new to the industry. It pioneered in many spheres introducing tools that one couldn’t find anywhere else.
The company believes in the future with a digital economy and a self-sustainable Internet at its core that requires appropriate infrastructure for that. The product created by the team complies with the most sophisticated and demanding requirements the future holds for us. The company has been working over the advanced technology for years and now it powers it to the advantage of its customers. The goals achieved by the developers of HitBTC enable the performance and flexibility of the system complying with always-changing conditions and requirements of the environment.
The team behind the platform promises to provide the most profitable pricing for its users with help of a smooth and highly effective API, a sophisticated reporting system and low latency matching engine LD4.
A cutting edge engine alleviates trading and makes the performance faster. The traders can take advantage of real-time clearing and enhanced order matching algorithm. HitBTC also offers FIX and REST API that gives access to the order book, the market data, and more. The trading functionality is also extensive with 4 types of orders available for traders: market, limit, stop-limit, and stop orders. There is OTC trading for high volume traders whose deals begin from 100K USDT.
One of the benefits of the exchange is Comprehensive Demo Trading that was launched in 2014. It allows users to test trading strategies and adjust API settings in the sandbox environment.
The platform also launched an altcoin voting program in 2014. The members of the community decide what cryptocurrencies should be added to the list and vote for them. HitBTC has a guest mode, in which any person can test the tools and explore markets without logging in. In 2020, the platform also introduced the margin trade with up to 10x leverage for some trading pairs.
HitBTC fees and other financial details
The policy concerning fees was updated in 2020. The scheme makes it clear that the exchange prefers makers who are not charged when the volume is large and even earn the commission for their work on the platform. Thus, the service incentivizes its users to place orders and be makers which is called a Rebate system. This is a natural approach as makers provide liquidity to the exchange. The regular fee is 0. 01% for makers and 0. 02% for takers. However, the terms change when the trading volume increases. It is calculated for 30 days to determine the fee and reward. When the trading volume reaches 6,000 BTC, the maker stops paying fees and gets rewards instead.
There is no withdrawal limit on the exchange. The commission for withdrawals is flat and depends upon the currency you need to withdraw from your account.
The platform deploys sophisticated audited cryptography schemes that feature strict operational procedures along with user-specified limits and white-lists. Employing comprehensive custody architecture, HitBTC offers two kinds of custody for its users. One of them features top-level security for the top popular cryptocurrencies and all ETH-based tokens. The regular security mode is employed by the rest of the digital assets.
The team has implemented the practices required for protection from cybercriminals. Improving security with the help of KYC, AML, Market surveillance, and KYT (know-your-transaction), the company managed to provide secure trading operations in full compliance with the law.
HitBTC team and partners
The HitBTC team includes highly experienced technical specialists and system architects. However, the platform doesn’t tell much about its executives. Some interviews can be found in the mass media commenting on the news of the exchange given by, for instance, CPO Paul Clarkson, CMO Sophia Miller, or some other members of the team.
In 2018, the company started cooperation with Sequant Capital, an FCA UK regulated broker that established a strategic partnership with HitBTC for better accessibility to the crypto market. It was a milestone for the company that received direct market access to cryptocurrencies.
In May 2020, the platform signed a partnership agreement with TradingView, a social network for traders specializing in charting software. The partnership helps the HitBTC clients to streamline the trading process.Read More