In order to start trading cryptocurrencies, it is a good thing to read an in-depth HitBTC review. This is why we have decided to do one and share with you the main features of this platform. You will be able to read a full HitBTC review and learn more about this exchange. If you are a Ripple (XRP) fan, you will have the possibility to exchange this virtual currency through its services.
In this HitBTC review, we will also be making a selection of the pros and the cons of the platform. HitBTC is one of the most respected and popular crypto exchanges in the market. In the future, this platform may be able to offer new services as well.
HitBTC Review – Basic Information
While Bitcoin (BTC) and cryptocurrencies appeared in 2009, HitBTC was founded in 2013. As European crypto exchange, the company expanded by offering large buying limits and liquidity. This was very important for larger traders that wanted to have access to the crypto market.
The exchange is based on three main talents known as reliability, security and also performance. HitBTC created one of the most advanced and sophisticated trading engines in the market. Nowadays, they are offering a wide range of cryptocurrencies to exchange.
This platform was created in order to meet the demands of the market at that time. Users were searching for services that would allow them to trade a wide range of assets. This is why over time they have been adding new digital currencies and trading pairs. Nowadays, HitBTC became one of the largest exchanges in the market with a high trading volume, which is certainly important.
In recent years, the market has been experiencing large changes. For example, Binance and Coinbase are offering staking services to users. It would be interesting to see HitBTC adapting itself to this new industry standards.
At the same time, an important challenge that exchanges are facing is related to fees, HitBTC is not the exception. Traders want to have the lowest trading fees as possible. In the past, John McAfee severely criticized HitBTC for the fees it takes when traders handle their funds. Many users followed McAfee, considering that they also do not want to have high fees while trading.
At the time of writing, HitBTC is the exchange with the largest liquidity in the market with $68.59 million. At the same time, it registered a volume in the last 24 hours of $704.75 million.
In this HitBTC review, we will also share with you which are the main services of the platform. The exchange is currently using an advanced API that helps users enjoy fast and convenient trading operations. At the same time, they have created a high-level responsive trading terminal.
With it, individuals can easily customize their trading activities, making them much more profitable as well. In addition to it, they are providing users with a lightning-fast and user-friendly interface. While many exchanges in the market have no user-friendly interfaces, this is going to be a massive asset for HitBTC.
Security is also an important topic in the crypto space. In this HitBTC review, we take it into consideration due to a large number of attacks experienced by crypto exchanges. Platforms have been exploited by hackers that were able to steal users’ funds. For example, the crypto exchange Coincheck was hacked in 2018 losing $500 million worth of NEM (XEM) tokens.
The exchange is offering custody through cold storage, and white lists. This allows users to have more control over their funds compared to other platforms. At the same time, individuals can insert a 2-factor authentication code to protect their accounts.
Regarding the fee scheme, the exchange has a fee tier system to encourage traders to trade more. This helps them to reduce their burden when trading large amounts of virtual currencies. Despite that, we need to accept in this HitBTC review that the exchange was highly criticized by traders.
Another important asset of this platform is the fact that it offers more than 800 different trading pairs. This is massive when we compare it with other platforms such as Bitstamp or Coinbase. These two aforementioned virtual currency exchanges tend to offer just traditional and highly-demanded cryptocurrencies. In this case, HitBTC is more similar to Binance.
HitBTC Ripple Integration
One of the many digital assets supported by this platform is Ripple (XRP). The virtual currency can be traded against a wide range of assets. At the moment, there are five XRP trading pairs: XRP/USDT, XRP/EURS, XRP/ETH, XRP/BTC and XRP/BCH. In this way, all the XRP trading pairs represent 3.65% of the total trading volume of HitBTC.
In the future, new virtual currencies could be added to the exchange. That means that XRP could also enjoy new trading pairs in some time. This would also increase the attractiveness of this platform.
Considering the exchange is currently not handling fiat currencies, it will be difficult for it to become a Ripple partner. Nowadays, Ripple is searching for new exchanges that would provide liquidity to their on-demand liquidity solution. With it, companies and users can send and receive fiat currencies in a fast and easy way. For this HitBTC review, we take that into account. This could be a very important thing in the future if the exchange wants to prosper. Nonetheless, users can enjoy HitBTC’s current solutions in order to send and receive XRP in a fast and easy way.
In this HitBTC review, we aimed at showing you the main benefits of using this platform. We have also shared with you some of its weak points that users were criticizing. At the same time, we consider the platform could continue growing in the future.
Regarding Ripple, the HitBTC review explains that they haven’t closed any agreement with Ripple. Nonetheless, users can handle their XRP digital assets easily and without hurdles through this virtual currency exchange.