Today I want to talk about my recent experience with HITBTC, or as they are known in the crypto-space “shitbtc”. This dogshit exchange are not only known for charging $250k to list a coin, they also have have incredibly high withdrawal fees as well as allowing dust to accrue on your account, which often leaves a few dollars that you simply cannot trade, move or sell because the quantities are too low. These are just a few ways that HITBTC charge, and I wouldn’t mind if the service was good….. but it’s not, in fact I would go as far to say that HITBTC are criminals.
Despite all of this, HITBTC still remains a hugely popular exchange and I only honestly can’t see why. I’m not the only one either, earlier this year we saw crypto super bull John McAfee turn against them, who after a heated exchange on twitter, as well as some aggravating responses from the exchange, led McAfree to partner up with Coinbene who are now offering free listings to all coins that choose to delist from HITBTC.
Now, all of the above doesn’t sound great but the extent of what they are doing is much worse, and I’ll use an example that I sadly experienced first hand. HITBTC stole 32 split BCH coins from me after I held BCH during the Bitcoin Cash fork on the 15thof November 2018. In an act of idiotic FOMO (fear of missing out) I exchanged some of my precious Bitcoin in to Bitcoin Cash, in the hope that I would double up my stack. However the plan back fired when bitcoin cash tanked in value, so to save my bleeding portfolio I chose to sell my BCH after the snapshot.
Unfortunately for me, this meant that I wouldn’t be getting my 32 .85 BSV valued today at approximately $3200. When I queried HITBTC about this I received an infuriating support ticket saying that I had fucked myself via their cunting shitty policy.
Keep in mind that in a fork you shouldn’t be asked to choose which coin to get, the way it works is you hold the coin that is being forked, and then you get the new one as an extra coin. The confusion that arose in the bitcoin cash fork is that either BCH ABC or BCH SV would become the main chain coin. As it transpired ABC assumed the BCH name and BCH SV became the second free coin that I am entitled too.
Just when I thought that this exchange couldn’t get any worse, HITBTC then brought in a new “ Security Measure” where all customers were forced to whitelist addresses for each coin before they withdraw it. This might sound great in principal, but it was actually a very intrusive move from the scam exchange to keep my coins for longer than they need to. This is what they pulled.
First they forced this option upon their customers. So when I attempted to withdraw my tokens to an Ethereum address, I was told after adding the address that I would now need to wait 48 hours. I wasn’t told in advance, and this pissed me off. When I went to disable it, I was told that in the interest of security I would need to still wait 48 hours…… hmmm it was fine for the last 12 months, why are they now doing this now I thought.
2 days passed and I went to withdraw my coins, but I also wanted to withdraw some new coins that I had bought. Now you might be questioning, “why I would still be using this exchange?”, sadly it is the only exchange that had listed the coin I wanted to buy, and as I learnt with another heap of shit exchange that I will be blogging about tomorrow, I realised sometimes you need to suck a dick once in a while if you want to catch a 10 x in a bear market, and sadly this is the price I am paying.
So I went back to HITBTC and processed my inital withdrawal, however I also then wanted to withdraw another token to the same ETH address. What happend next really pissed me off!! This time, they wanted me to whitelist the very same ETH address and wait another 48 hours before I could withdraw my coins.
I can now happily say that I have taken all my coins off of HITBTC and the only thing left is the dust I can’t move. I may have to use HITBTC again, but I sincerely hope that I do not. However if you do have to use HITBTC my advice is proceed with caution, and use an alternative exchange for the asset you want where possible.
Personally the only centralised exchange I trust is Binance. However if you have to use HITBTC make sure that 48 hours in advance you have whitelisted the addresses you may need and get in and out as quick as you can.
You should never leave your crypto on an exchange, especially in the run up to January 3rd2019 where all crypto should be removed from every single exchange, I’ll be blogging about that later this week.
I will also be explaining why I believe exchanges like HITBTC are desperate to hold on to our crypto very soon, so make sure you subscribe to me on YouTube to hear all about this.