HitBTC (Hit BTC) is not available for Japanese traders? Thorough explanation of good points and issues!
HitBTC (HitBTC) is a famous overseas exchange that consistently ranks within the top 20 in exchange rankings.
However, it is also true that the operating company information is opaque and the founder is unknown, which makes it somewhat concerning as an overseas exchange.
Nevertheless, among overseas exchanges, HitBTC offers low handling fees, so many people overseas use it.
In this article, we will introduce HitBTC in the following sections.
- Overview and features of HitBTC
- Problems and good points of using HitBTC
- HitBTC usage by Japanese users, non-availability and reopening timeline
- What to do if you cannot log in to HitBTC
Regarding the above. We will explain thoroughly, so please read to the end and use it as a basis for considering whether to use it.
HitBTC (HitBTC) is an overseas exchange operated by HIT Solution Inc., established in September 2013.
Registration of the exchange itself appears to be conducted in the United Kingdom, but further company information is unclear.
However, the number of supported cryptocurrency brands exceeds 500, and major ICO evaluation site ICOrating.comSecurity ranking of the exchangeshows that,it ranks 16th in security— indicating a higher security assessment than Japan's Bitbank.
Problems with using HitBTC
Although HitBTC ranks high in security, there are issues due to the lack of detailed information about the operating company.
The four problems of using HitBTC are as follows.
- No support for Japanese
- No support for Japanese yen (JPY)
- Lack of detailed information about the operating company
- Possible regulatory targets
These four problems are inherent to an overseas exchange.
Now, let's look at each one.
No Japanese language support
HitBTCsupports Chinese and Englishand generally does not support Japanese.
Sometimes Japanese-like menus appear briefly, but it is better to consider them temporary.
No support for Japanese yen
HitBTC only supports USD and EUR as fiat currencies, and does not support JPY.
To purchase altcoins with JPY, you would first convert to Bitcoin on a domestic Japanese exchange, transfer to HitBTC, and then buy altcoins with Bitcoin.
Lack of detailed information about the operating company
Information about HIT Solution Inc., HitBTC’s operating company, is hardly available on the Internet.
For investors using overseas exchanges, not being able to gauge corporate strategy at three levels—corporate, business, and functional strategies—makes it harder to trust placing assets there.
Possibility of regulation
HitBTC allows trading with maintained anonymity.
While anonymity helps protect privacy, it also poses a risk for money laundering.
Therefore, it may come under regulatory scrutiny in the future.
Indeed, Coincheck does not allow trading with anonymity for coins likeMonero (XMR).
Good points of using HitBTC
However .......Continue here ⇩
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