HitBTC – this exchange is not reliable and most would recommend everybody to stay away from this exchange
HitBTC does not officially provide information on the country in which they are based and this exchange is not regulated. Some reports link them to Europe, while others suggest Hong Kong. HitBTC offers over 150 digital assets and most of them are traded against Bitcoin and Ethereum. Unfortunately, due to the slow speed of deposits and withdrawals and some other problems, they deserved many negative opinions in the community of crypto traders. HitBTC offers a web-based platform, something which is common among crypto-exchanges.
HitBTC was hacked in early 2016, but didn’t provide much information on the incident. I have found on forums a few alleged reports by individuals, who claim their accounts were hacked. It is hard to verify their claims or if they aren’t to blame for mistakes like having a weak password.
I would recommend everybody to stay away from this exchange because HitBTC is not reliable. Most of the time, the wallet that you want to withdraw from has the issue. Withdrawals take forever if they work at all. According to users experiences, this is one of the worst exchanges. I have found complaints that say the interface is extremely slow, support tickets not being answered, the site is offline when too much activity. Some users have complained about horrible customer support from HitBTC staffers. Support requests sent to email address may be ignored and there is no live chat available at this moment. HitBTC certainly needs to increase their support staff in order to solve the support issues very fastly. You can verify identity by submitting a scanned image of your passport, national ID or driver’s license together with the proof of residency. HitBTC does not accept fiat currency transfers from average traders. The regular traders/investors must transfer their crypto-assets directly. HitBTC only accepts bank transfers from institutional level clients.
Experiences with HitBTC
It doesn’t look good for HitBTC and this exchange is not reliable. I don’t want to use the word scam because it is not proven yet. HitBTC is quite overloaded at the moment, the support is answering very slowly and the website itself is quite slow and using lots of your computer’s resources. The user reviews about HitBTC are fairly negative, complaints vary from a slow processing, lack of response by the customer support, problems with withdrawal, high fees.. I have also found complaints about suspicions of fake trading volume. In my opinion, there are lots of better exchanges available on the market and I would recommend everybody to stay away from this exchange. The following quotes give you a sense of what other traders think about this cryptocurrency exchange:
- Worthless exchange. Stay away !!! Customer service is bad
- Bad exchange with high withdrawal fees, HitBTC is scam
- Extremely poor customer service. Emails not answered and customer tickets not attended in days. Not recommended
- I used this exchange for a short time when I found out their fees are pretty high, this exchange also has a very bad customer support
- 2Fa login isn’t working, site is SLOW
- Zero support, they close tickets before they respond, HitBTC is scam
- If you can find another site, go elsewhere
- Withdrawal fees for new coins are astronomical
- Withdrawals getting stuck for a day now
- Absolutely the worst exchange I have used. Altcoin deposits took over 5 days to complete. When attempting to withdraw, I found the fees to be exorbitant. Currently waiting 5 hours for a withdrawal to process with no telling how much longer it is going to take
- They manipulate the market by throttling supply (making it impossible to deposit due to “maintenance”). Withdrawal takes ages, sometimes even don’t happen
- I’ve been waiting to receive my withdrawal for 49 hours now
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