This is the weekly “altcoin corner” article where we explore another project in the greater cryptocurrency ecosystem
HitBTC has turned into one of the heaviest trafficked exchanges for BTC, especially on the BCH/BTC, which is consistently its highest traded pair by volume. Trading on HitBTC, like any exchange, comes with a learning curve, so the goal of this article is to give you some tips on how to use the platform for your trading, and which cryptos are best to use when taking any trading profits.
Main trading brackets
HitBTC brackets four cryptos in its account list together, BTC, ETH, BCH & USDT. Note that 3 of these currencies currently enjoy exchange trading tabs on HitBTC while BCH is yet to be offered a tab. Whether HitBTC plans on offer a BCH trading tab is a point of speculation, but among these 4 bracketed cryptos, it is clear that HiTBTC favors BCH withdrawals over the others with the following rates denominated in each currency:
BTC- 0.0009 withdrawal fee (around $14)
ETH- 0.00958 withdrawal fee (around $9)
BCH- 0.0018 withdrawal fee (around $6)
USDT- 100 USDT
(as of this writing, subject to change by HitBTC at any time)
HitBTC’s highest trading volume is currently on it BTC tab, although the ETH & USDT tabs enjoy good exchange volume. HitBTC also has an ICO futures tab. Volume on this tab has dried up substantially since the ICO FUD that gripped the markets late last summer, but there is profit potential even in this overlooked tab primarily because of the extremely low volume and high volatility. If a trader has the patience to wait for an ICO they like to be offered at a good price, they can take a position for one of the frequent spikes that occur in this low volume trading tab.
High withdrawal fees
HitBTC offers trading in most of the top volume altcoins on the market, but that does not necessarily make it a good platform for buying altcoins you wish to hold. This article won’t offer a complete list here of all the withdrawals fees for alts, which must be executed from the main wallet instead of the trading wallet, but will give a list of those currently offered for traders either taking profit or tucking away in a wallet.
BTG- 0.0005 (under $5)
DASH 0.03 (about $30)
LTC- 0.003 (about $3)
ZEC- 0.0001 (about 50 cents)
The best way to minimize withdrawal fees
For those wanting to cash out profits on fiat gateways, these numbers can be crucial when making decision on which crypto to move, so traders should take this into account as they take profits, to maximize their returns. Other alts that traders may want to hold for either a staking reward or to use the technology will now be listed:
EOS- 1.5 (about $15)
DOGE 2 (pennies)
ETC- 0.002 (<10 cents)
MAID 217 (prohibitive)
NXT- 3 (about $2)
OMG- 2 (about $30)
STRAT 0.01 (about 15 cents)
This list is by no means complete, as HitBTC offers a large array of altcoins for traders from market giants to tiny market cap coins, but this should serve as a useful guide to traders when they decide which coins they will hold on HitBTC solely for trading purposes and which coins they can use for taking of profits or for holding in wallets.