Hitbtc Questions

[viking02]

Hey all curious about this exchange.  I use shapeshift to convert bitcoin to altcoins etc.  Of course there is a huge fee with this when you count how much say LTH or other altcoins you get when converting btc.  I believe i paid close to 250 dollars when converting 5000 dollars of another coin etc.  I heard that is negative of shapeshift except there is no verification.


I read bittrex is good if you dont want to pay these ridiculous rates but they do require verification.  I heard about hitbtc and they do not require verification.  Is this true?  If so i have few other questions.


So when converting btc to eth or ltc for example, so you are getting very close to the amount of eth or ltc with it?  I read theres only a 0.1 percent fee?  Thus if you convert 1000 worth of bitcoin ... you will get around 990 or so in eth or ltc?  If you do this with shapeshift, you would get like 975 or so based on using shapeshift.  I believe bittrex offers the lowest rates at 0.0025 percent.  But 0.1 percent is still very low.  So that mean one could do  5000 worth of bitcoin... and get back like 4950 worth of eth or ltc WITHOUT VERIFICATION?


I read you need to create an email address.  So with that, thats all you need?


The other thing is do you need to use your real name in case something goes wrong?  Or its no big deal using a real name since well there is many people in the world with same full name as you?   


Im guessing the only time you need to do verification is when you do a bank wire or transfer and sell these coins or bitcoin for usd to your american bank account right?  But if you only need to convert btc to eth or ltc or vice versa, this is probably the number 1 exchange to do it with where you do not need verification?


Also are there limits in total btc you can do without verification?  So someone could transfer like 3k worth of btc for another altcoin or vice versa a day without any issue?  Or there are limits?  And if so, what are these limits?  Because it seems like this would be the best exchange where you don't need to send in documents etc?  Do i need to at least put a contact number on it?  I heard bittrex allows you to do without verification as well but now the limits are like 0.0025 btc which is useless for most ppl.


Can someone who have a hitbtc account answer these questions?  Im still surprised here because that would mean couldn't someone do lots of btc to eth or other altcoins and not get verified?  Im just surprised an exchange would allow this.  Shapeshift does allow it but of course there are huge fees for it so im curious about hitbtc.


Thanks.

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[Yuuto]

Hey all curious about this exchange.  I use shapeshift to convert bitcoin to altcoins etc.  Of course there is a huge fee with this when you count how much say LTH or other altcoins you get when converting btc.  I believe i paid close to 250 dollars when converting 5000 dollars of another coin etc.  I heard that is negative of shapeshift except there is no verification.


I read bittrex is good if you dont want to pay these ridiculous rates but they do require verification.  I heard about hitbtc and they do not require verification.  Is this true?  If so i have few other questions.


So when converting btc to eth or ltc for example, so you are getting very close to the amount of eth or ltc with it?  I read theres only a 0.1 percent fee?  Thus if you convert 1000 worth of bitcoin ... you will get around 990 or so in eth or ltc?  If you do this with shapeshift, you would get like 975 or so based on using shapeshift.  I believe bittrex offers the lowest rates at 0.0025 percent.  But 0.1 percent is still very low.  So that mean one could do  5000 worth of bitcoin... and get back like 4950 worth of eth or ltc WITHOUT VERIFICATION?


I read you need to create an email address.  So with that, thats all you need?


The other thing is do you need to use your real name in case something goes wrong?  Or its no big deal using a real name since well there is many people in the world with same full name as you?   


Im guessing the only time you need to do verification is when you do a bank wire or transfer and sell these coins or bitcoin for usd to your american bank account right?  But if you only need to convert btc to eth or ltc or vice versa, this is probably the number 1 exchange to do it with where you do not need verification?


Also are there limits in total btc you can do without verification?  So someone could transfer like 3k worth of btc for another altcoin or vice versa a day without any issue?  Or there are limits?  And if so, what are these limits?  Because it seems like this would be the best exchange where you don't need to send in documents etc?  Do i need to at least put a contact number on it?  I heard bittrex allows you to do without verification as well but now the limits are like 0.0025 btc which is useless for most ppl.


Can someone who have a hitbtc account answer these questions?  Im still surprised here because that would mean couldn't someone do lots of btc to eth or other altcoins and not get verified?  Im just surprised an exchange would allow this.  Shapeshift does allow it but of course there are huge fees for it so im curious about hitbtc.


Thanks.

Actually, most altcoin exchanges have rather lax KYC measures because they know that most of their customers wish to remain anonymous and all. I have used HitBTC myself to dump BCC when it was an airdrop, probably executed 3 trades on there.

First thing you need to know is that less fee does not equal better value. HitBTC is quite a small exchange meaning that the spread between markets will be larger than say, poloniex or bittrex. Spread is what you should think about, not whether the fee is 0.1% or 0.15%.

Secondly, HitBTC have been recently having withdrawal issues, a lot of people are complaining that they can't get a withdrawal to go through. So use with caution. Also, since you seem to be unwilling to provide ID, just be warned that any exchange including HitBTC all reserve the right to ask for your ID and freeze your account until you do so. So do multiple small trades instead of large ones.

[viking02]

hi there.  When you did the trades, i assume you did small amounts right?

well how large a spread is it with bitcoin, eth and say litecoin?  Is it like 50 cents off or a lot more?  Obviously it isn't like a few cents off based on what you described right?  However no matter what, the rates is much better than shapeshift right?

When you say people say they cannot get a withdraw through, do you mean usd or cash withdraw to their bank?  Or you mean trading bitcoin for eth or litecoin etc as in trading coins?  How much money would you say counts as a small trade?  How much as a large trade?  Im guessing you mean like 250 usd or less as a small trade?  Or you mean less than that or more than that?  Because i dont think its a big deal having to do say 10 transaction of 250 usd as oppose to one transaction of 2500 since its the same fee no matter what right?

[viking02]

anyone who uses hitbtc can answer this?

[morpheus305]

Placed a buy limit for 600 dollars and got hit with 60 dollars in fees. Wtf... it saids it should be 0.10 percent fee not 10 percent.

[viking02]

can any hitbtc users answer my questions?

[Kyraishi]

I've used Hitbtc before so i'll answer your questions.

1. As far as my experience goes i have never been required to provide any sort of ID. withdrawals have been instant or near instant for me on almost all if not all occasions. Pretty sure that they have the right to ask you for your ID any time though.
2. As yuuto said, fee =/= spread. Hitbtc does have bigger spreads that big exchanges such as polo.
3. Yes, email address is all you need at least until you get asked by them to provide your ID.
4. 

By default, all clients are granted the General status, which lets you fund/withdraw cryptocurrencies without any limits.

So you are allowed to deposit and withdraw cryptos without limits even without ID according to their FAQ page. But again, that doesn't mean they're not allowed to freeze your account to ask for your ID.

Hope this helped. If you're really this worried about ID then just use shapeshift or changelly(preferably the former).

[viking02]

I've used Hitbtc before so i'll answer your questions.

1. As far as my experience goes i have never been required to provide any sort of ID. withdrawals have been instant or near instant for me on almost all if not all occasions. Pretty sure that they have the right to ask you for your ID any time though.
2. As yuuto said, fee =/= spread. Hitbtc does have bigger spreads that big exchanges such as polo.
3. Yes, email address is all you need at least until you get asked by them to provide your ID.
4. 

By default, all clients are granted the General status, which lets you fund/withdraw cryptocurrencies without any limits.

So you are allowed to deposit and withdraw cryptos without limits even without ID according to their FAQ page. But again, that doesn't mean they're not allowed to freeze your account to ask for your ID.

Hope this helped. If you're really this worried about ID then just use shapeshift or changelly(preferably the former).

Hi there.  I used shapeshift but fees are a lot.

Do you know how big the spreads are for the coins?  Example say bitcoin is 3800 and ltc is 43 at bittrex.  Where would btc and ltc be right now?

Can someone here compare right now for me what is the btc rate and ltc rate at bittrex and compared it to the rate of btc and ltc at hitbtc and can tell me how big of a difference it is?  Like btc is 3800 at bittrex and ltc is 43.  At hitbtc  btc is 3780 and ltc is 42.50 ... something like that.  Can someone do a quick comparision of the prices?  So no matter what, when trading say btc for another coin, you will always  get more on hitbtc than shapeshift right?

[jerry0]

Anyone who use hitbtc have any comments?