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How to Sell Crypto on HitBTC

Cryptocurrency


To sell cryptocurrencies, it is necessary to do the same actions as when buying coins, that is, fill out the “Sell” form. The only difference will be the price: for buying coins it is more profitable to put a lower price, and for selling a large one.

Sell Asset

After filling in the form graph, click “Sell Limit” - at the same time a trade order is created.

HitBTC Margin Trading

Margin trading was made available on HitBTC in July 2020. Traders may enjoy up to 12x leverage. It means that traders can borrow huge funds from the exchange using their own money as collateral. As bigger orders bring bigger profits, more money lands in the trader's pocket after she/he returns the borrowed coins to the exchange. However, it's worth mentioning that in the case if the market fails the trader and the orders are executed in a loss, there's a risk to lose all the collateral or even more. Some people even refer to crypto margin trading as madness. However, the experienced traders make profits off it. If you are one of those, you might take a shot.

For those who are not familiar with margin trading, we will provide a short crash course. Margin trading first appeared in the securities trading sphere using the money borrowed from brokers. On crypto exchanges, the user makes an initial margin via posting a long or a short position order. The respective amount of coins must be held by the trader to back this position. The exchange provides a trader with additional funds in order to significantly boost the potential profit. If the position turns out to be unprofitable, the exchange requires to add collateral or liquidates the position along with the collateral. In this case, the trader loses everything. If the outcome is positive, the trader gives the borrowed money back to the exchange while the profit (deducting a margin fee) and the collateral land in the user's account. Trading 1000 ETH against USDT at the 10:1 long position requires a trader to commit 10 ETH. Where a "normal" trader makes $10, a successful trader using a 10:1 leverage makes $100. The knowledge of telling the uptrends from downtrends, risk management, and market analysis is vital for the folks using a margin trading option.

HitBTC offers over 40 trading pairs that can be traded with leverage from the exchange. The leverage ranges from 3x to 12x. The 3:1 pairs are XRP/EOS, TRX/EOS, XMR/EOS, LTC/EOS, DASH/EOS, XEM/EOS, NEO/EOS, TRX/ETH, XMR/ETH, DASH/ETH, XLM/ETH, ZEC/ETH, ADA/ETH, MKR/ETH, the 5:1 pairs are BSV/USDT, ZEC/USDT, DASH/USDT, XLM/USDT, NEO/USDT, VET/USDT, DOGE/USDT, BSV/BTC, ZEC/BTC, DASH/BTC, XLM/BTC, NEO/BTC, VET/BTC, DOGE/BTC, XTZ/BTC, XTZ/USDT, TON/BTC and TON/USDT, the 10:1 pairs are EOS/USDT, TRX/USDT, LTC/USDT, ETC/USDT, ADA/USDT, XMR/USDT, EOS/BTC, TRX/BTC, LTC/BTC, ETC/BTC, ADA/BTC, XMR/BTC, and the 12:1 pairs are BTC/USDT and ETH/USDT). To open a margin trading position, users should proceed to a Margin tab and choose the instruments with preferred leverage. The margin trading process itself is the same as the regular trading on HitBTC.

HitBTC Customer Reviews and Known Issues

HitBTC customer support is working around the clock. Like many other huge exchanges, HitBTC has a problem with the support team response delays. It doesn't happen all the time, however, some users complain that they have to wait for their queries to be answered for hours or days.

Some complaints concern the KYC procedure as it may take much time. KYC requires several online encounters with the support team members. In the cases, when each message takes a long time to be answered the withdrawals get delayed as they require the KYC completion.

Happily, such situations are rather exceptional as most withdrawals are performed smoothly. What's more important is that people who have to wait for the support team response, eventually get this response. The support team doesn't leave them over and solve their problems as soon as they have time for that.

System monitor helps users to check if some coins are blocked from trading, withdrawals, or other actions for specified periods of time. If the withdrawals are blocked for several days due to tech maintenance one doesn't have to contact customer support as the date of re-enabling the withdrawals (or other actions) is available on the System Monitor page.  

The interactions with the support team are happening via the tickets system. The email is [email protected] More than that, customers contact the company via social media pages: primarily, Twitter and Facebook.

Individual customers in their reviews accuse HitBTC of being a scam. In most cases, these reports refer to the cases when users were unable to immediately withdraw their coins because they didn't manage to complete the KYC procedure due to delays in the customer support replies or the users' own unwillingness to provide the requested data. Some of the people who created threads accusing HitBTC of being a scam eventually admitted that their problems were solved. It is fair to say that judging by user reviews, customer support speed is the main drawback of the exchange. The overall HitBTC feedback is positive.

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