Established by Dave Merrill, HitBTC is an exchange company based in Estonia and has been in operation since 2013. The Bitcoin trading company began as a joint investment between expert traders, finance professionals and developers with a funding amounting to €6 million.
The firm focuses more on the Estonian as well as the European market in general, although it provides its services in places where AML/CFT laws get enforced entirely. According to Coinmarketcap, HitBTC’s daily trading volume is approximately 28,000 BTC.
Cryptocurrencies (Trading Instruments)
There are more than 150 digital assets offered at HitBTC. Many of these assets trade against Ethereum and Bitcoin. In case of fiat currencies, a better part of the coins trade against the UDST, a cryptocurrency, supported by actual dollars and a small number against the EUR as well.
Minimum Initial Investment
HitBTC minimum deposit is way above the allowed network fee of the coin. This situation is evident to experienced investors, although it might not be the case for novice traders. Since the firm does not allow deposits of fiat currency from many clients, talking about a USD level may not make a lot of sense.
HitBTC.com does not allow leverage trading. While most traders would love such kind of a service, it is not a necessarily a requisite because of the volatile nature of cryptocurrencies. In contrast, the conventional currencies fluctuate with very slight amounts, and grand leverage shares are needed to achieve significant trading results in a day.
A trading fee of 0.10% gets charged by HitBTC from the people who sell/buy from those who ask/bid first in the takers market. Alternatively, traders who offer liquidity through placing their asks and bids get a 1.01% refund. These commissions are incredibly competitive, since some firms charge market makers some fees, instead of offering them reimbursements. Currently, the taker fee amounts to 0.25% for those traders working with volumes that are relatively low.
If you are only interested in speculating the value of a Bitcoin in the future without investing in the real coins, you can otherwise try some of those forex brokers (such as eToro) who offer bitcoin trading. The forex broker’s fees are usually incorporated in the coverage making them quite difficult to compare, with those provided by exchanges.
Modes of Payment
Hitbtc.com only assents bank transactions from established level customers. The regular investors/traders should directly transmit their crypto-assets. Wallets are available for each significant coin, accessible at HitBTC, basically meaning each major coin.
The exchange provides a web-based platform, a feature that’s common among most crypto-exchanges. Whereas this has the distinct disadvantage of increasing the resource consumption of your browser, especially the RAM, it still allows you to gain access to your account from any gadget, which is not the case with other prominent forex trading platforms.
HitBTC trade bitcoins is a suitable option for the casual investors, people who don’t intend to move their money in and out frequently. It is also an alternative for those who are enthusiastic about the altcoin, as it lists over 50 currencies. Investors interested in agile movements and good volumes will naturally look for better places to go.