HitBTC Review: Why this Exchange May be a SCAM
HitBTC is one of the world’s largest cryptocurrency exchanges and offers a huge variety of altcoins to trade. Despite being widely used, we’re currently avoiding the exchange due to a number of concerns expressed by its users. In this HitBTC review, we’ll explore the complaints of its users and compare it to the leading competitors.
You can navigate this review using the following links:
- Key Details
- Is HitBTC Safe?
- Alternatives to HitBTC
- Launched in 2013
- Not clearly stated where the company is located.
- 250+ available cryptocurrencies to trade.
- No fiat currency (USD, EUR, etc.) support.
- Trading Fees: 0.1% or less
- Users have expressed a variety of issues, including missing funds.
- Official Site: HitBTC.com
The short answer is, we do not currently feel it’s safe to use HitBTC. The company lacks transparency and users of the exchange have been reporting issues including missing funds, locked accounts without cause, and non-responsive customer support.
For more info see the sections below.
We were not able to find any information about the location of HitBTC on their website. This was a quick red flag for us.
Further offsite research did little to help. HitBTC’s Wikipeida says that the exchange is “operated by Hit Techs Limited in London”, but the HitBTC website shows the company “HIT Solution Inc.”.
Digiconomists’s fraud risk assessment on HitBTC says, “Hit Technologies LP has company number SL016208 in the UK business register, and is registered as a limited partnership. According to the history the limited partnership has been dissolved in 2015 too. According to the legal section of the HitBTC website services are provided by “HIT Solutions Inc”. A registration for this company couldn’t be found at all. Altogether, no currently active business registration could be confirmed.”
Across online forums and user review websites, there’s a huge number of troubling complaints about HitBTC. Here’s a look at the HitBTC Subreddit at the time of making this review.
Let us first say, we always take online user complaints with a grain of salt. In general, it seems exchange users are quick to yell “Scam” when experiencing any issues. Frustrated exchange users are also far more likely to voice their opinions, compared to happy users.
With that in mind, here’s some of the things we look for when researching user reviews and complaints:
- The number of users with complaints.
- The severity of the issues users are having.
- Whether or not user’s issues are being resolved and how long it takes the exchange to resolve them.
Taking all of this into account, we believe HitBTC users are expressing valid and frightening concerns.
Poor customer support is an issue affecting the cryptocurrency exchange industry as a whole. With the rapid increase in demand from investors, all popular exchanges seem to be struggling to scale their customer support.
With that said, HitBTC’s customer support response times seem to be far worse than competitors. We’ve seen numerous complaints of users with no response after months of waiting.
One of the most common issues we’ve seen is missing deposits. Users send cryptocurrency funds to their accounts’ deposit addresses, but the funds never show up in their accounts.
Recently this problem has been most prolific for TRX deposits. The loss of sell order liquidity, from missing deposits, has even led to the HitBTC TRX price being 10% higher than on Binance.
Some users have stated their deposits have been missing for weeks. This is of course a major issue, that could cost cryptocurrency traders a lot of money. Even if deposits are eventually credited, the prices of the deposited cryptocurrencies could drastically change by this time.
Even if your deposit has been credited to HitBTC, it seems your funds are not safe. Users have reported funds disappearing from their accounts.
Some users have stated they’re unable to access their accounts for no apparent reason. When you combine this with the lack of customer support, this could be a financial disaster for these customers.
While we don’t recommend HitBTC, there are some good alternatives for trading altcoins. The table below shows are favorite options.
|Exchange||Trading Fees||Withdrawal Limits||Review||Visit|
|0.1%||2 BTC equivalent / 24 hours w/ no verification
100 BTC equivalent / 24 hours w/ "Level 2" Verifcation
|0.25%||.04 BTC equivalent / 24 hours w/ "Basic" verification
100 BTC equivalent / 24 hours w/ "Enhanced" Verification
Due to HitBTC’s lack of transparency and customer complaints of missing funds, we do NOT recommend using this exchange. Instead we recommend alternatives Binance and Bittrex, as they offer similar platforms with far fewer headaches.
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