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Author Topic: HitBTC lowers its fees  (Read 285 times)
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August 24, 2019, 09:17:51 AM
 #41

I don't have a problem with them but I don't trade in their site for a long time ago. I remember that I still have some altcoin and token in that exchange but I forgot what it is. If they really lowering the fee, then I think that it's good for traders who actively trading in their site because they can get more profit. But for me, I don't think too much about the fee because if I can get the profit, it is enough for me.



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August 24, 2019, 09:27:36 AM
 #42

Only trading fee not all fees. They still have ridiculous withdrawal fee for bitcoins and altcoins. Some of the altcoins have a fee more than the amount of altcoins I hold and same for BTC where they have 0.0015 withdrawal fee. Will never use this exchange unless the coin is not listed on any other exchange except hitbtc.


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August 24, 2019, 02:33:07 PM
 #43

Only trading fee not all fees. They still have ridiculous withdrawal fee for bitcoins and altcoins. Some of the altcoins have a fee more than the amount of altcoins I hold and same for BTC where they have 0.0015 withdrawal fee. Will never use this exchange unless the coin is not listed on any other exchange except hitbtc.

Their withdrawal fee is why I don't use them these days. I remember when I invested in TRX (Tron) back in 2017 when it grew to 2000 satoshis making me a profit of BTC0.06 on my BTC0.01 investment. I was fine to pay them the fee considering their fake volume helped me gain something but this doesn't help in the long time anyway. They have felt the heat of other exchanges with comparatively low fees on both trading as well as withdrawal, but are still taking very high fees for which many will pass it. They send transactions in a batch so definitely there's not much that they pay and I have seen them paying BTC0.00007 for transactions while taking BTC0.002 from each member who withdrew which is garbage in my eyes.

 
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August 24, 2019, 07:14:57 PM
 #44

They send transactions in a batch so definitely there's not much that they pay and I have seen them paying BTC0.00007 for transactions while taking BTC0.002 from each member who withdrew which is garbage in my eyes.
Do they batch transactions using legacy or SegWit format addresses? From the 7k satoshi fee you're stating it looks like SegWit to me, but it could also have been a batched legacy transaction sent without much network congestion.

If they use SegWit then it's absolutely ridiculous that they dare to ask so much in withdrawal fees. It's probably done so that people no longer withdraw their funds but keep it in their account and potentially trade more.

I have always believed that this exchange is largely insolvent. They have waves where people easily withdraw and waves where there are a lot of complaints popping up regarding withdrawals that aren't being processed.

 
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August 25, 2019, 02:14:38 AM
 #45

Only trading fee not all fees. They still have ridiculous withdrawal fee for bitcoins and altcoins. Some of the altcoins have a fee more than the amount of altcoins I hold and same for BTC where they have 0.0015 withdrawal fee. Will never use this exchange unless the coin is not listed on any other exchange except hitbtc.



I got into HitBTC exactly because of coins that are either listed on very poor exchanges or not listed at all save HitBTC. Another annoying fact about my experience in HitBTC is that I already accumulated fractions of coins I used to trade there. They cannot be traded anymore and so they end up stuck in there forever. Binance is great with their option to convert these tiny fractions into BNB. I hope HitBTC will also address this somehow.

Lowering trading fees may not be enough but it is pretty much a good start. Lowering withdrawal fees might follow soon. They might be using this strategy to keep the coins from coming out of their exchange. But this will certainly cost them more rather than gaining something from it. In effect, they are actually discouraging traders to use their platform.

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August 25, 2019, 07:30:18 AM
 #46

Scam exchange.

Too many scam reports on reddit. They mostly do selective scamming. Stay away.
I do not know if it is a real scam, but my ICON and IOTA coins are being held on this exchange because they don´t have working withdrawals for about 2-3 months.  Roll Eyes

That's exactly how they scam people.

I don't know anything about ICON but I am pretty sure the IOTA network works just fine. Then there isn't a valid excuse for disabling IOTA withdrawals.

Most people say HitBTC is insolvent. Might be a insider thief, might be they got hacked, might be they just want to do selective scams.

One thing is for sure, something is seriously fucked up with this exchange.
This exchange is a joke , how could when i'm listing my buy order at 10,077 usdt ... the market history show there's a transaction below my price and it's stand for hours!

They are clearly faking trading history .. faking volume and most importantly yeah it seems they do selective scams just like what you said above and many people claimed about this. I'm out from hitbtc.

And one more thing , i found their customer service unprofessional even tend to 'childish' .

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August 25, 2019, 08:28:21 AM
 #47


Their withdrawal fee is why I don't use them these days. I remember when I invested in TRX (Tron) back in 2017 when it grew to 2000 satoshis making me a profit of BTC0.06 on my BTC0.01 investment. I was fine to pay them the fee considering their fake volume helped me gain something but this doesn't help in the long time anyway. They have felt the heat of other exchanges with comparatively low fees on both trading as well as withdrawal, but are still taking very high fees for which many will pass it. They send transactions in a batch so definitely there's not much that they pay and I have seen them paying BTC0.00007 for transactions while taking BTC0.002 from each member who withdrew which is garbage in my eyes.

I had 0.005 BTC lying there and thought of not withdrawing as it would take 0.0015 BTC as fee but when exchanges started getting hacked, I preferred paying the fee. Most of my coins there have been delisted or have no trading volume and they ask me to pay 300-400 tokens as fee which is way more than the tokens I hold there. I prefer Tidex as they still have a reasonable fee and even Kucoin.

They pay few sats per transaction which is why I had to use an accelerator to get it confirmed after 5 hours. After paying fee, they don't even use 10% of it.

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August 25, 2019, 02:01:58 PM
 #48

They send transactions in a batch so definitely there's not much that they pay and I have seen them paying BTC0.00007 for transactions while taking BTC0.002 from each member who withdrew which is garbage in my eyes.
Do they batch transactions using legacy or SegWit format addresses? From the 7k satoshi fee you're stating it looks like SegWit to me, but it could also have been a batched legacy transaction sent without much network congestion.

If they use SegWit then it's absolutely ridiculous that they dare to ask so much in withdrawal fees. It's probably done so that people no longer withdraw their funds but keep it in their account and potentially trade more.

I have always believed that this exchange is largely insolvent. They have waves where people easily withdraw and waves where there are a lot of complaints popping up regarding withdrawals that aren't being processed.

The transactions I saw were not SegWit, but like baofeng told you they started using SegWit in late 2017 and continued using the same fee format they had been using since, but no matter what even if they ask it for legacy it is still unjustifiable on their end to give a reason why they had been stealing our funds through high fees even when, during current days, transactions are being confirmed at a fee of just 1 or 2 Sats/byte.



...

I had 0.005 BTC lying there and thought of not withdrawing as it would take 0.0015 BTC as fee but when exchanges started getting hacked, I preferred paying the fee. Most of my coins there have been delisted or have no trading volume and they ask me to pay 300-400 tokens as fee which is way more than the tokens I hold there. I prefer Tidex as they still have a reasonable fee and even Kucoin.

They pay few sats per transaction which is why I had to use an accelerator to get it confirmed after 5 hours. After paying fee, they don't even use 10% of it.

That's the point I was trying to convey that these ridiculously high fees will get them their customers fly away from them to different options available. Even Binance doesn't ask for this high fees while comparatively giving much better services than hitbtc.

 
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August 25, 2019, 09:23:08 PM
 #49

They send transactions in a batch so definitely there's not much that they pay and I have seen them paying BTC0.00007 for transactions while taking BTC0.002 from each member who withdrew which is garbage in my eyes.

If you follow your coins after each deposit, you'll notice that the exchange starts to move these coins from address to address. It almost looks like they're mixing the inputs. Each one of these transactions requires a fee, and the steep withdrawal fees that people pay are meant to cover these fees. In other words, you're paying the exchange for something it shouldn't charge you for.

People should stop using this exchange. Usding them equals rewarding them for their misbehavior.

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August 26, 2019, 01:47:35 PM
 #50

They send transactions in a batch so definitely there's not much that they pay and I have seen them paying BTC0.00007 for transactions while taking BTC0.002 from each member who withdrew which is garbage in my eyes.

If you follow your coins after each deposit, you'll notice that the exchange starts to move these coins from address to address. It almost looks like they're mixing the inputs. Each one of these transactions requires a fee, and the steep withdrawal fees that people pay are meant to cover these fees. In other words, you're paying the exchange for something it shouldn't charge you for.

People should stop using this exchange. Usding them equals rewarding them for their misbehavior.

I noticed it sometimes that they are mixing the coins to save themselves from something? Maybe an exit scam some time later was planned but they didn't go because of those foolish people who are still using their expensive exchange and paying them the still-very-high fees even after a cut. They are just being used because of the type of denomination they give in each pair listed there as well as the fake volume that gives them the opportunity to show a lollipop to people with some small gains and then crashes. I don't know how they are still working under the hood as a centralized exchange with such fake volumes that is not even licensed.

 
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August 27, 2019, 04:42:56 AM
 #51

HitBtc is one of the worst & insecure exchange I've ever seen.
First Reason
What to do with low fees if they scam your fund?? There are huge negative review against HitBtc.One of the Worst &
insecure exchanges I've ever used.
Second Reason
In the matter of fees with altcoins, HitBtc charges too much fees than any others exchanges. I can Still remember, HitBtc charged 1000dent token(20$) for withdraw dent token where kucoin only charged 50dent token including binance.
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