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Another thing to know is withdrawal fees is pretty high. At the time of updating on 12th April 2018, the BTC withdrawal fees is 0.01 BTC. This is unacceptable as a majority of crypto exchanges have implemented segwit and now the withdrawal fees has gone down by a significant amount. Hopefully they implement segwit in the coming days.
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Its freaking 100 USDT that makes it the costliest exchange.
One good thing about HitBTC is they are social. They do have an exchange and are quite active on social media. This is a good step but not good enough for a faster-growing crypto industry. While all exchanges are focusing on providing superior support, HitBTC seems to be lacking on that.
Having said that Hitbtc is a truly advance trading platform which combine advance feature with the ease of use which turn crypto trading into amazing experience, however, what is the point of trading when your funds get blocked for several months if not forever.
I dont believe its a scam but suffer serious deficiency in their level of support and commitment toward traders.
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However, HitBTC lacks Telegram support and their Twitter support is as poor as their email support. I hope they can pull up their socks and work harder to take their game to a better level before it is too late.
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I buy currency on Hitbtc. There are some disadvantages in this exchange, but all in all it is not bad.
Hitbtc management have decided to suspend withdrawals of thousands and thousands of traders and hold their funds (you could be the next) and took them in an ride called KYC/AML process which involve providing sensitive data including but not limited to passport copies, selfies, utility bills, credit card, bank statements, source of funds, history of trading, screen shots of trades made in the pastetc, which has proven to be a very long and potentially endless process due to the amount of time taken by their support and security teams to respond and move to the next step before they go back to square one and repeat the cycle again and again, I hope this is not intentional, if you are in the same miserable situation do not drop your funds and move on, this is your hard earned money which is own by you and not Hitbtc..you are not alone, there are thousands and thousands of traders suffering the same situation since several months, continue chasing, hoping that this will get back your hard earned money.
HitBTC was something that began as a promising crypto exchange and got lucky with the big crypto wave in 2016 and 2017, but it definitely failed to keep up with the innovation and user demands. They are barely surviving and this can have a major impact on users who are using HitBTC as their crypto exchange.
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Thanks for this revieweye opening!!
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Here are few important questions answers:
If you are new to the crypto space dont let positive reviews fool you out, they could be fake, make your own study.
Binance trading volume today is $1.1B, and Hitbtc went all the way down to $270M, yes, Hitbtc is no longer in the top ten, no wonder they are blocking traders funds and suspending withdrawals to keep some funds in their exchange and stay a life, this wont last for long.Sooner or later they will be forced to release traders funds and pay them compensation.
The HitBTC channel on Reddit is full of unresolved customer complaint and a lot of them are reporting disabled account, frozen funds, and many similar issues.
Dont even think about using this scam exchange. They may allow small transactions, but anything above 0.5 ETH and they will steal it. This is NO BS. Do NOT use. Youve been warned. I am still waiting since FEB 2018 for them to process my eth deposit. Use Binance, Bittrex or similar. The positive or neutral reviews here are all fake, and paid for by the scam exchange Hitbtc.
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Its not just a case of the exchange malfunctioning and breaking down. It is not just a case that the support is non existent. It is sadly a case that the exchange is acting in a dishonest way and it has become very obvious to many coin communities.
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By far one of the worst exchanges. Many people have lost money on this exchange its well documented. Avoid!
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Q) What are the best alternatives to HitBTC?
The interface is simple and easy to use. I would not say the interface is bug-free, but it works. There is also no mobile app offered by HitBTC and their roadmap is nothing to be talked about.
Today review is about one such crypto exchange called:HitBTC.
Here is the first ticket which they acknowledged but despite continuous follow-ups over the past few months, they have not been active enough to fix it.
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HitBTC definitely lost the edge with their poor business practices and inability to innovate. Moreover, they were never customer-centric.
Another issue that a lot of users wouldnt realize until they trade.
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With many new trustable and reliable exchanges, not to mention brilliant ones, out there, HitBTC definitely doesnt fit the bill.
Back in 2016, HitBTC was one of the select few exchanges that existed. It instantly got the coverage and lots of mentions on all over the web including me.
I have been a user of HitBTC ever since 2016 and if you ask my opinion on you joining HitBtc, the answer would be a firm no.
If you already have decent amount of money at Hitbtc, and if you decided to move them to an external wallet controlled by you, make sure that you perform multiple withdrawals of small amounts each over a period of few days to avoid locking your account; you might incur higher withdrawal fees but it is better than loosing your whole funds
HitBTC offers many base pair like BTC, USDT,ETH. The volume is low too, which means it isalso not ideal for high volume traders and users looking for liquidity.
Here atCoinSutra, we do our due diligence to find more about crypto assets, exchanges, tools so that we can provide our readers with the best, and credible information regarding all things crypto, including warning you of possible risks or scams.
This one is quite good, but it is not my favorite exchange. I dont like this blue color,
It is bad to loose money whilst trading, but stealing your hard earned money is more painful, and I dont wish anyone to suffer that or learn in the hard way.
Dont let fake positive reviews fool you out and If you are in the same situation, spread the word for the safety of other traders funds; there are lot of decent exchanges out there
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Its better to move your funds to one of the reliable alternative exchanges. You can find a list here or look at the name of exchanges below.
Overall, my suggestion for you is to use a better altcoin exchange that you can rely upon for support and one that lets you sleep in peace. The most important thing about exchanges that dont innovate and are less customer-centric are more likely to pull an exit scam. The foundation is the most important aspect of a reliable crypto exchange and thats something HitBTC is definitely lacking.
Usually, one such issue should not be taken as a token for exchange credibility. But when an exchange only replies to the first ticket and doesnt care about your actual problem, it clearly means that they are just looking to improve their SLA of tickets and not focused on existing customers and partners.
This usually happens due to poor management and vision of founding members. They have a lot to learn from newly launched crypto exchanges likeBinanceKuCoin, and many others. A lot of exchanges are offering support via Telegram and also using Twitter to reach out to users with solutions.
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Current stats of HitBTC and my experience:
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The issue with trading: Leave a lot of Dust
Can you imagine USDT withdrawal charges by HitBTC?
I usually dont believe when I hear such claims but nothing is better than experiencing it yourself. Three months ago I created a ticket and even after regular follow-up, there has been no response from them.
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However, in the last quarter of 2017, a lot of new exchanges rolled out and that changed the complete landscape of crypto exchanges. A very few (old ones) were able to keep up with the pace of demand and innovate themselves to stay relevant.
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Some of the reliable alternatives to HitBTC exchanges are:
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The best place to store your funds is an external wallet controlled by you and not an exchange which may disappear in a day and night, some of you who has been long enough in the crypro space are aware of how many exchanges shut down all of a sudden and claimed that they got hacked!
Is that true? Lets find out ourselves, perhaps looking at a source of a proven credibility, what about reddit? or maybe Hitbtc official reddit account, that would be flawless I guess, there is a link on hitbtc home page anyway; Just had a look on it and found 25 posts published in the last five days, more than half of them posted by traders unable to withdraw their funds.telegram, they have only announcement channel, twitter, there are lot of horror stories,
Take my advise and dont keep your money in an exchange, alternatively you may external wallet which is controlled by you and not an exchange.
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If you dont want to believe that you are potentially the next victim, search Sicarious on twitter who have 50 thousands followers and what he tweeted today and asked the whole crypto community for help, read about the miserable situation his 65 years old mother went through with Hitbtc..they dont feel ashamed, if they have feelings, they trap poor people and suck their blood.
Well, I would look forward to hearing your experience and review of HitBTC. Do share everything you have in the comment section below.
The exchange is good, but couple of times my transactions stuck. It was November-December 2017, users overload, Bitcoin $20000, etc. In those cases I contacted the support. It took a while for them to answer, though everything was solved later My advice is to have enough patience in case the support is too busy answering other questions.
Howdy, Welcome to popular Cryptocurrency blog CoinSutra. Im Harsh Agrawal, a tech enthusiast & Digital nomad from New Delhi, India.I started CoinSutra to help users around the globe to learn about popular Cryptocurrencies.Here at CoinSutra I write about Bitcoin Wallet, Cryptocurrency wallets, Online Privacy & Security, VPN experiences & making money from Crypto.
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I spend a lot of time exploring crypto exchanges and understanding how they continue to resolve existing issues, their growth, innovation, and overall experience. As I discover an exchange worth sharing, we share it with the world. At the same time, if I discover an exchange with a business practice not matching the growth, I warn all my readers and give alternative options.
CoinSutra was started as a passion project, and now its empowering users around the globe to learn about popular cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, and more.
Note: Apart from Bittrex, all the listed HitBTC alternativesoffer a mobile app for trading from the mobile phone.
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For many currencies, HitBTC added a rule for many coins to be traded in the divisible of 10 or 100. This create a major issue and leave a lot of dust in our HitBTC account.
Q) What should you do with your funds on HitBTC?
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