There are many different cryptocurrency exchange sot choose from these days. Some of them work better than others, though. More specifically, some companies excel in charging high fees. HitBTC is a prime example of how such an exchange shouldn’t be run in this regard. More specifically, a lot of users are concerned about their high fees. Moreover, the company’s trading volume and prices have been excluded from Coinmarketcap. That in itself is pretty interesting, although it remains unclear how long this situation will last.
It is evident there is a fair amount of friction when it comes to cryptocurrency exchanges. Mounting fees have caused a lot of issues in the past few months. Especially where HitBTC is concerned, people are genuinely annoyed by their service right now. More specifically, their high fees when withdrawing funds is a big problem. In a lot of cases, users pay hefty fees when using Bitcoin to withdraw money. There’s also a 10% fee affecting some trades, which shouldn’t even be possible, to begin with.
HitBTC Needs to get its act Together
There is some discussion as to whether or not the fees on HitBTC are bugged. Some people claim they pay far lower fees compared to others. At the same time, refreshing the page doesn’t always work either. It is a very complex situation for all HitBTC users, that much is evident. We may very well see a lot of people move funds off this exchange in the future. At the same time, the company may be able to put these concerns to rest in the future, for all we know.
It seems better to use Ethereum for all HitBTC trades right now. Those fees are often kept to 0.1% instead of 10% like when using Bitcoin. No one knows for sure where this difference comes from, though. Considering this has nothing to do with processing transactions, there is no reason to charge exuberant fees whatsoever. It is definitely harming the reputation of HitBTC right now. Withdrawing money from the platform is also expensive. It doesn’t make for a good business model whatsoever.
Perhaps even more worrisome is how Coinmarketcap no longer tracks HitBTC prices and trading volume for all currencies right now. That is a very worrisome sign, although it may only be a temporary measure. For now, there are a lot of uncertainties as far as this exchange is concerned. How all of this will affect the future of HitBTC, remains to be determined. For now, it may be best to avoid this platform until all of their problems have been sorted out accordingly.
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