How to Trade Bitcoin on HitBTC Exchange
HitBTC is a cryptocurrency exchange where you can buy and sell various coins like Bitcoin. There are mixed opinions of it online, with some loving it and some hating it. Regardless of this, in mid-2018 HitBTC is often in the top 10 exchanges by 24 hour trading volume, so there is a large group of people that use this exchange on a daily basis.
This guide will go through how to start on HitBTC; going through how to signup, how to secure your account, and how to start trading.
How to register on HitBTC?
This step is similar to other exchanges, where you need to enter an email & password to create an account. HitBTC have a useful guide on their website for this here. A few things to be aware of:
- Once you create an account, HitBTC say you can't change your email address, so make sure you don't use a temporary one.
- You'll have to verify your email by clicking a link sent to it, so don't use a fake one.
- If you plan on depositing large amounts of coins, it may be a good idea to fully verify your account first. Many exchanges allow you to trade without verifying things like your address, and later on may freeze your account and require verification. If you trade with large amounts this is more likely to happen, and also you'll have more money stuck if it does happen.
How to set up two-factor?
Two-factor authentication provides an extra layer of security on your exchange account, where if someone gets your password your account is still secure.
HitBTC again provides a guide for this here. There are several key things to be aware of though:
- If you lose access to your two-factor device (e.g. if you lose your phone) and you don't have a backup code it may take a very long time/not be possible to regain access to your account, so make sure you write down your two-factor code.
- HitBTC allows you to add multiple two-factor methods at any one time (e.g. allow two entries in your authenticator app). This is a useful feature, but it can also be very confusing - where if you want to remove a two-factor method you need to enter the code for that specific method. If you lose a particular method & the associated backup code, you can't seem to remove it. In our test account we have working two-factor, but can't remove old two-factor methods we used in the past.
- You can control what operations two-factor is applied two, we encourage you to enable it for all options available (which may cause an inconveniece having to re-type this code often, but makes your account very secure).
How to deposit/withdraw coins?
This is the next step after creating an account & setting up two-factor authentication (don't skip the two-factor step, it's important for keeping your account secure).
To deposit money into HitBTC, firstly go to the account page by clicking here (there's also a 'Deposit' button in the top right of the HitBTC website that loads this page). Then decide on what coin you'd like to deposit, and click the '+' icon next to that coin in the 'Deposit' column. This will display a wallet address for the associated coin. If you're depositing say Bitcoin, you just need to send your BTC to this specific address and it will be deposited into your HitBTC account. Important things to note:
- Only send the coin you clicked the '+' icon for, if you send for example LTC to a BTC address you'll likely lose those coins (we've seen many negative reviews of HitBTC related to sending incorrect coins when depositing).
- If deposits for a particular coin are disabled, don't attempt to send coins to an old HitBTC wallet address for this coin, you may lose coins doing this.
- HitBTC seems to charge a deposit fee for some coins, in this scenario avoid doing lots of small deposits.
Withdrawing from HitBTC is very similar to depositing, just click the '+' icon in the 'Withdraw' column instead of the 'Deposit' one. Then send your coins to the deposit address on the other exchange/wallet you want to send them to (keeping in mind you'll likely be charged a fee for this).
If you want to get your coins on HitBTC as fast as possible, try our exchange trasfer speed tool (it tells you which coins are the fastest for deposits).
How to trade on HitBTC?
This step can be confusing if you're new to crypto trading. We'll go through it step-by-step:
- Firstly load the trading page by clicking here.
- Select the trading pair you want to use under the 'Instruments' section. If you want a specific coin that doesn't pair with your current coin, try trading to BTC first. e.g. if you have say EOS and you want LSK, you can sell your EOS for BTC, then you can sell your BTC for LSK.
- Once you've chosen a trading pair, click on it in the 'Instruments' section. This will update the user interface, and you should now see two sections titled 'Buy AAA' and 'Sell AAA' (replacing AAA with the coin you selected). If you want to buy AAA, you can use the Buy section, and if you want to sell it you can use the sell section.
- If you're new to trading, click on 'Market' under the relevant section. This provides an easy way to buy and sell coins via market orders, where all you need to do now is put in the amount of coins you want to buy/sell and click 'Buy Market' or 'Sell Market' depending on if you're buying or selling.
- That's it! After these steps you've just bought/sold coins on HitBTC! Over time you can try using things like 'Limit' and 'Scaled' orders, but avoid using these if you're new to trading (limit orders for example allow you to pay lower fees in exchange for a bit more complexity).
- One thing to mention, if you want to decrease the risk of holding a coin you can try using a stop loss (where you sell a coin if it drops to a certain price). On HitBTC you do this by ticking the 'Stop' option and specifying a 'Stop price'. See this guide if you want more information on how to use stop losses.
DISCLAIMER: This site cannot substitute for professional investment or financial advice, or independent factual verification. This guide is provided for general informational purposes only. Bitcoin Kit is UK-based and not regulated by the FCA (Financial Conduct Authority). The group of individuals writing these guides are cryptocurrency enthusiasts and investors, not financial advisors. The ideas presented are our analysis, learning & opinions on a range of cryptocurrency topics. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can't afford to lose - you should be prepared to sustain a total loss of all invested money.
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September 16th, 2018
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All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice. We encourage you to consult your own legal & financial advisors before making any cryptocurrency-related purchase.