HitBTC is a cryptocurrency exchange that provides trading services to institutions, merchants and individual traders across the globe. It is one of the top-10 exchanges around the world in terms of volume. HitBTC is operated by HIT Solution Ltd and is based in Hong Kong.^[1]

History

The HitBTC platform development started in 2013 with a 6 million USD Venture Capital investments, as of the collaboration between software developers, finance professionals and traders.^[2]

In February 2014 HitBTC was officially launched with following instruments: BTC/USD, BTC/EUR, BTC/LTC USD/EUR.^[3]

In April 2014 Bitcoin Exchange ‘HitBTC’ released Comprehensive Demo Trading for trading strategies testing and API settings adjustment.^[2]

In May 2014 HitBTC launched altcoins voting program allowing the community decide, which alternative cryptocurrencies should be added to the market.^[3]

During summer 2014 more trading pairs with altcoins were added, including DOGE, QCN, NXT, FCN, BCN, and XMR. As of February 2019, HitBTC listen 22 cryptocurrencies.^[3]

Exchange

HitBTC provides trading operations for the most popular digital currencies (BTC, LTC, ETH, QCN, NXT, FCN, BCN, and XMR) and prevailing fiat currencies (EUR, USD). For fiat depositing/withdrawal inside European Union SEPA transfer is available. For other countries wire transfer is available.^[3]

HitBTC has stated it's main focus on implementing cutting-edge technologies to cryptocurrency trading. The core matching engine is stated as the most advanced technological product in its class. It implements real-time clearing (T+0 settlement), advanced order matching algorithms and has been acclaimed for its fault-tolerance, uptime and high availability.^[4][5]

Controversies

In early 2015, HitBTC was hacked at around the same time as BTER and Excoin exchanges. HitBTC did not disclose how many coins were stolen.

In early January 2019, HitBTC froze customers' accounts ahead of the annual Proof of Keys event. The event advocates for account holders to withdraw their cryptocurrency and deposit it back in the exchange in order to check for solvency.