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.