It’s quite unfortunate that Hitbtc.com is one of those hard to detect scam Cryptocurrency trading platforms. Some people confuse it for an exchange or a broker. But according to my in-depth research (even before I could publish this Hit BTC review), I figured out that Hitbtc was a corny little piece of Cryptocurrency trading nonsense.
They even admit that they are market makers, yet there are talks across the internet suggesting that if you want to become a successful Forex or stock trader, you must avoid market makers.
Hitbtc had to fall into my radar because it’s a very popular ”trading platform” with an ugly reputation of stealing investors’ funds.
They even collaborate with sites like Envion where after you make a deposit, getting your money back upon request is literally impossible.
Several Reddit threads have since been opened to discuss Hitbtc. In those threads, victims keep complaining that Hitbtc’s support sucks.
But a good majority of users claim that their Bitcoins mysteriously disappeared from this platform. When they inquired, the scammers simply ignored them altogether.
Can we ignore these complaints/concerns and trust Hitbtc from here hence forth?
The answer is a resounding NO! Let’s discuss things that make this Cryptocurrency trading platform a shitload of nonsense and a ploy to trick people into losing their funds.
Hitbtc Review: what they are all about
The website is a self-proclaimed advanced Bitcoin exchange. No one has endorsed them with this title, and at no point in time did they prove that this site employs advanced technology to help people trade Bitcoins and other altcoins profitably.
On the homepage, there is a table which shows live price feed for Bitcoins against other altcoins.
The about us section of the site claims that Hit BTC is an advanced altcoins exchange equipped with a market for trading Bitcoin, Etherium, Litecoin, Monero and other cryptos.
They are supposed to be a global multi-currency trading platform where investors can trade various digital assets like tokens and ICOs.
The platform is supposed to provide you with cutting-edge trading platform and tools, thanks to the alleged core matching engine which provides advanced order matching capabilities and real-time clearing of orders, among other things.
A detailed description of the supposed advantages of Hit BTC website suggests that the platform is guaranteeing 100% up time, and is built with high fault-tolerance capabilities in mind.
This page goes ahead to list down various reasons why traders are allegedly choosing Hit BTC over other trading platforms.
Some of them include high liquidity, advanced matching engine algorithm, low fees, no deposit/withdrawal limits, many trading instruments among other things.
Does this page contain any background information pertaining to the ownership of this platform? No.
Do they have a physical location from which they are operating? Again No is the answer.
Nevertheless, website claims that HitBTC was founded back in 2013 by a group of software developers, engineers, financial experts and so on. That nonsense does not explain whether or not Hit BTC is legitimate, right?
Is Hit BTC a scam?
From my assessment of this site, I am confident that they are a horrible scam.
You do not confess that you are a market maker because we all know the disadvantages of trading in such a market.
Low fees is not an advantage when it comes to Bitcoin trading. Low fees can only be treated as one of the many indicators of a scam project.
While they claim that support is round the clock, that is actually very far from the truth.
You cannot imagine the number of investors whose problems have not been solved up to now. Reason? Their support does not talk back.
Falsely building credibility
There is this interesting talk on this website where they state that HitBTC is a market maker because this model allows for more liquidity and narrowing of spread on the platform.
In this setup, your trades are basically held by two parties — you and the person on the other end.
Hit BTC has simply come up with a creative way of calling these parties. They are namely ”Takers” and ”Makers”. Takers are charged a fee of 0.1% from the trade.
On the other hand, Makers don’t pay anything. In fact, they are entitled to receiving 0.01% rebate from their trades.
Usually when operating in this market setup, the maker will provide liquidity by placing a limit order below a good price for buy and sell orders respectively.
The ”Taker” will then have their trades executed instantly if liquidity is sufficient.
The biggest problem with this setup is that spreads can be manipulated against your favor. It is not possible to get the best bid or ask prices as claimed by Hit BTC website.
The point is, you must avoid all platforms that operate based on a market making business model.
Hit BTC Reviews and Feedback
You can rest assured that people aren’t pleased with these folks. Complaints range from stealing of customer funds, to support not answering questions 45 days down the line.
I have actually been told that if you want these guys to solve your problems, you must threaten them with a lawsuit.
This clearly suggests that the people behind HitBTC are arrogant and not worthy doing business with them.
Conclusion of this Hit BTC review
My conclusion is obvious. This is a scam considering that they are anonymous and client funds are also mysteriously disappearing from their platform. Someone must be held liable. Please avoid.
P.S: In case this HitBTC review didn’t answer your question, contact me here or join my students for mentorship on which Cryptocurrencies to invest in, which exchanges to trade at, among other things. Thank you for reading this review.
Author: Warren Ouma
Warren Ouma is a highly regarded Trader, Author, Critique, Blockchain analyst, Investor & Coach with over 7+ years experience trading the financial markets. He currently mentors students from various parts of the word. In 2014, Warren won the Million Dollar Trader Competition, achieving an impressive 250% return. Warren regularly contributes to well known financial websites and publications including Valforex.com, Investing.com and MoneyShow.