There are a large number of cryptocurrency exchanges available and knowing their operation, advantages and disadvantages, features and restrictions is essential before starting to use them. Today we are going to talk about HitBTC one of the best known cryptocurrency exchanges in the sector.
The HitBTC cryptocurrency exchange was founded in 2013, and offers an extensive list of cryptocurrencies for trading. There are more than 300 pairs available on the platform today.
Among the pairs that HitBTC includes we can highlight Bitcoin [BTC], Ethereum [ETH], EOS, Ripple [XRP], DAI, TUSD or Bitcoin Cash [BCH].
This large number of options to invest, can have its positive side and its negative side.
The positive, of course, is the possibility of trading with a large amount of cryptocurrencies without having to leave the exchange to find the desired pair.
The negative point is that of the more than 300 available pairs, many find themselves with very little transaction volume and with projects that are “unreliable” or non-existent.
These coins are usually used to make Pump / Dump generating losses of money in the most inexperienced traders.
That is why you only have to invest in projects that you are informed to avoid falling into this type of “traps”.
Create a HitBTC account
Press the red [Register] button located in the upper right of the screen, then you will be asked to solve a captcha.
Once resolved, you must enter the email and password you want to access HitBTC.
Next, the registry will request that you enter your place of residence, your name and telephone number.
Afterwards, a confirmation email will be sent to you, go to your email and click on the link it contains.
If you have traded on any platform you will see that HitBTC is not very different from the rest.
But if instead you are starting in the world of cryptocurrencies, we will make a tutorial about the most important parts of the platform.
At the top HitBTC has a menu from which we can access its different services.
To the left of the menu we can see:
- Exchange: From exchange you can access the trading section of the platform (we will explain this section in more detail later).
- Account: Here you will have access to the list of available Wallets, send and receive cryptocurrencies or deposit funds on the trading platform.
- Reports: Get a report about your movements on the platform, deposits, withdrawals, exchanges, etc.
- Market Overview: Check out the real-time price chart of the cryptocurrency market.
- System Monitor: Here you can see if any cryptocurrency does not have available the withdrawal or deposit, or the trading, as well as other data of interest, such as for example the deposits or pending withdrawals, process times of the last transactions, etc.
- Trading Contest: Trading contests conducted by HitBTC.
- Sub-Accounts: From here you can have information about other “sub-accounts” that you have on the platform.
On the right side we can also access interesting information, such as the estimated value in BTC of the deposited funds and the available balance.
There is also a direct access to the deposit section and account settings. There is also a button to close the account and disconnect from the platform.
To trade you must go to the Exchange tab as explained above, once on the platform you will see the following:
We will divide the screen into different sections and explain them one by one so that there are no doubts about what it is and what each section is for.
- Price chart: Here you will see a chart that shows the evolution of the price of the cryptocurrency that you have selected to trade.
- Instruments: List of available pairs in HitBTC to trade, if you want to choose a cryptocurrency to exchange it, this is the place to select it.
- Buy/Sell: As the name implies, this is the section for buying and selling cryptocurrencies.
- TrollBox: Chat box where users talk about trading. You have to be careful and ignore everything they say, as they often use this box to warn that a cryptocurrency is rising a lot and that the unsuspecting fall into the trap of a Pump & Dump.
- In that box you can see the list of last purchases (in green) and sales (in red), on the right there is a graph that shows the purchase and sale orders of the desired cryptocurrency.
- List of open orders: If you have placed any purchase or sale order it will appear in that box until it is completed, from it you can cancel the order before it is executed.
- Order Book: Order book where you can see the prices at which users sell and buy cryptocurrencies, understanding this part is very important when trading.
This box is divided into two parts, purchases (green) and sales (red). Sales are ordered from highest to lowest (from top to bottom) and purchases are sorted from lowest to lowest (from top to bottom).
So that at the top we see the orders of the users who buy more expensive and the orders of the users who sell cheaper.
Knowing this data and according to our needs we can buy at the price set by the market or place a lower sales order pending a price drop.
Conclusion about HitBTC
HitBTC is an exchange of cryptocurrencies that has been offering its services to the crypto community for years, as every platform at that time has gained followers and detractors.
But like it more or less, HitBTC fulfills its function correctly. In addition, as we have already mentioned, the exchange has a large number of cryptocurrencies available for trading.
Another point in favor of HitBTC is that without KYC you can handle a volume of transactions of up to 1 BTC every 24 hours, more than enough for most traders that start in the world of cryptocurrencies.
Due to its intuitive interface and simplicity of use, this exchange can be used without problems by experts in the sector as well as by newcomers.
Another positive point for HitBTC is the possibility of activating Two-factor authentication (2FA), which provides great security for users.