Cryptocurrency exchanges are a hot topic right now. Whether it’s a massive hacking event or investigations over potential large-scale fraud, exchanges consistently dominate the crypto news cycle. While we patiently await large-scale implementation of Atomic Swaps, we’re stuck dealing with the many nuances of centralized crypto-exchanges.
In this article, I wanted to break down one of the more frustrating cryptocurrency exchanges available to investors: HitBTC. Now, HitBTC looks great on the surface and boasts a number of solid listings, but ultimately the exchange falls short due to significant functionality bugs and poor customer service.
HitBTC currently has 228 BTC and 169 ETH trading pairs on the platform and actually boasts a solid list of currencies. The listing process is straightforward, allowing many smaller projects to claim HitBTC as their first exchange.
HitBTC has an attractive user interface that makes for a pleasant trading experience. Everything is very straightforward and easy to use, no real complaints here.
This is where HitBTC really falls off. While the actual trading functionality works well, the coin deposit and withdraw process is an absolute nightmare. First, the fees to move your coins off of the platform are incredibly high. For certain coins, these fees can add up to tens or even hundreds of dollars, depending on short-term price performance. Second, the fact that they charge for deposits is unheard of and really turns off potential investors.
Look no further than the HitBTC Reddit page to see the scope of transaction issues occurring on the platform. It seems that HitBTC doesn’t even attempt to initiate transactions half the time, and just holds onto coins for extended periods with no indication of what they are doing with them. This can go on for months.
While some attempt to use for HitBTC for exchange arbitrage — the practice of buying a coin for a lower price on one exchange and selling it for higher on another — I have found that the unreliable deposit/withdraw process limits the effectiveness of this practice.
Just awful. Opening a ticket with HitBTC support is a crapshoot. Your chances of hearing back from the support team are low, and the likelihood they address your issue is even lower. I have first-hand experience with deposit/withdraw issues that went completely went unanswered after initiating multiple support tickets.
HitBTC has a solid user interface with some interesting coins that often can’t be found elsewhere, but the exchange seriously lacks in proper functionality and support. The idea that they call themselves “the most advanced cryptocurrency exchange” is almost laughable.
Read More: HitBTC Adds Exchange System Health Page
Disclaimer: The author of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.