This is a review of one of the most widely recognized Bitcoin and cryptocurrency exchanges, HitBTC.
With over $500 million traded volume within 24 hours, HitBTC find itself within the top 10 biggest crypto exchanges in the world.
Yet its growing popularity is mostly thanks to the innovative and easy-to-use trading platform which also includes advanced features for very experienced traders.
Operating since 2013 and trading cryptocurrencies, tokens, and ICOs, the hitBTC company had time to absorb and learn from the crypto market and meet the demands of traders and the trust of investors.
HitBTC was created with a venture investment of $6 million and working collaboration between developers, professional traders, and finance experts.
Safety and security of your account
The first step after creating an account and logging in should be securing your account with a 2FA (Two-Factor Authentication) synced with Google Authenticator app.
In order to do this click on the Settings button in the uppoer right corner of the screen.
Then click on the Security tab to add and configure your Two-Factor Authentication.
In this tab you will also be able to see Active sessions and also the history of your recent activity.
In the security settings you will also be able to modify your password.
Securing your account is of paramount importance because blockchain transactions cannot be reversed. If someone hacks into your account, without 2FA enabled they will be able to withdraw all your funds easily.
With 2FA the user is protected with additional layer of security whereby all financial transactions and changes to your HitBTC account must be verified.
Making the first deposit
As mentioned earlier, HitBTC only accepts cryptocurrencies for deposits. However, the good news is that they accept most cryptos.
In order to deposit your cryptocurrency and start trading, simply click on the green +Deposit button in the right corner of the screen.
You will see a very extensive list of available cryptocurrencies which can be used to deposit funds into the platform.
After having made your deposit you will need to transfer your trading capital to your operational trading account. This is simply done by clicking on the directional arrows in the Transfer column next to your Main Account balance.
This internal transfer is immediately executed and when you have your funds in the trading account, you can now use the platform to exchange and trade.
Using the HitBTC trading platform
The platform itself is very intuitive. Users can switch between various instruments by selecting them from the Instruments window.
Once an instrument is selected its price action data will load into the chart view.
The price action data can be viewed using HitBTC price data feed, which is set by default, or it can be switched to charts provided by TradingView, which are a lot more flexible.
The charts can be put into full screen mode for detailed analysis.
The default HitBTC chart view includes two Moving Averages, which can be modified or turned off. For detailed technical analysis one would need to switch to TradingView charts.
Switching to TradingView chart will allow the user to create technical price studies using various indicators and tools within the chart view.
The included indicators and tools are your standard tools for financial analysis that can be found on other popular trading platforms, such as MetaTrader or NinjaTrader.
Buying and Selling on HitBTC
In order to enter a buy position at the market price once needs to select Market tab at the top of the Ordering window which will feature two smaller BUY and SELL windows.
When you place an order at the market price your order will be executed immediately at the current exchange rate.
The other two tabs, Limit and Scaled provide the trader with additional options to place orders at specific price levels or place multiple orders at once.
All orders and trades will be visible in My Orders window.
Additional information and windows
In addition to the required features and windows, such as Instruments, Chart, Ordering, the HitBTC platform also features insights from the Order Book, Market Depth, and TrollBox.
The Order Book for a given pair is a list of limit orders placed by traders using the platform. These limit orders still need to be executed.
The information contained in the Order Book gives insight into how other traders on the HitBTC exchange are trading the given pair.
Market Depth for a given pair shows in a graphical representation the size of an order needed to move the market price by a specific amount.
If the market is deep it means a large order is needed to change the price. Market depth represents orders contained in the limit Order Book, mentioned above.
The TrollBox is basically an open chat room for traders to ask questions or exchange ideas and communicate with other traders in real time.
The TrollBox chat is usually very active and users can post messages at any time when they’re logged in.
TrollBox is currently available is English, Spanish, Portuguese, Russian, Ukrainian, and French.
Withdrawing funds from the account
HitBTC prides itself on fast and unlimited withdrawals. To make a withdrawal simply click on the Account tab and select the coin you would like to withdraw.
Simply click on the arrow in the Withdraw column next to your coin of choice and fill in the needed information to perform a transfer, including your Authentication Code.
Depending on the coin, there may be some additional required fields to complete.
The withdrawal amount must always be greater than the platform fee to cover the cost of the transaction.
Here is why traders choose HitBTC
- Extremely easy to get started
- High liquidity pool
- Very fast and responsive trading terminal
- Advanced matching engine technologies include real-time clearing and advanced order-matching with high availability
- No limits for depositing and withdrawal of assets
- Very low fees, 0.1% on every market trade
- More than 150 instruments available
- High level of security includes 2FA and cold storage
- The most advanced REST API and FIX API
- Customer support available 24 hours a day
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Note. This post is for educational and entertainment use only and it is not an invitation to trade. Trading involves high risk to your capital.