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HitBTC Bitcoin Trading Platform – The Next Mt.Gox?

Thursday 27th, February 2014 / 15:36
HitBTC Bitcoin Trading Platform – The Next Mt.Gox?

With issues plaguing the future of Mt.Gox, we noticed our browser Bitcoin price extension showing us an amount in low 100’s as well requesting an update. As we proceeded with the motions of providing approval for the update, to our surprise it opened a new browser to hitBTC.com which appears to be a fairly new Bitcoin trading platform quite similar to Mt.Gox.

hitbtcWith our interest peaked in light of the fall of Mt.Gox, we decided to signup and take a look and noticed some familiar assets during our initial account setup.

If you once had a Mt.Gox account then you remember what it took to set up a “Verified Account” which included sending them a copy of your driver’s license, power bill or similar documentation. Low and behold these same style features exist here at HitBTC.

Furthering our interest we took a look at the banks and institutions that HitBTC supports and learned that they seem to offer similar geographic locations as what Mt. Gox served before as per this excerpt from the HitBTC website.

“hitbtc” will only accept and make transfers only to accounts in banks located in the following countries as they are in full compliance with the FATF regulations (for more information visit: http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/).

  • Africa: Algeria, Central African Republic, Mauritius, Morocco, Seychelles, Tunisia.
  • Asia: China, Israel, Japan, Jordan, Kazakhstan, South Korea, Kyrgyzstan, Malaysia, Maldives, Oman, Philippines, Qatar, Singapore, Sri Lanka, Tajikistan, United Arab Emirates.
  • Europe: Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Russian Federation, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, United Kingdom, Vatican City.
  • North America: USA (see note 1), Antigua and Barbuda, Bahamas, Barbados, Belize, Costa Rica, Dominican Republic, Haiti, Honduras, Jamaica, Panama, Saint Lucia, Saint Vincent and the Grenadines.
  • Oceania: Australia, Fiji, New Zealand.
  • South America: Argentina, Brazil, Chile, Colombia, Uruguay, Venezuela.

Coincidence one might ask?

That is quite a few financial institutions to have relationships with in the short start-up period HitBTC has been live which Yahoo details a launch date of Feb 14, 2014. Not to mention a number of typo’s throughout the site which suggests a quick push to set up content.

See “quick start” guide

Support  hitbtc

As we don’t know with absolute certainty and are not attempting to spread unfounded rumors or FUD, it’s not unreasonable for one to speculate where these similar type interfaces originated from. As well, this could be no different than a Mac compared to Ubuntu. Those OS interfaces look and function quite similar which both were also built on UNIX, but are they the same? Not completely.

Without doubt there is a similar feel to Mt. Gox, though HitBTC has introduced a few more options than Mt.Gox offered such as the Terminal dashboard which enables you to trade in BTC, LTC, USD and EUR. We do recall not to long ago that discussions existed that Mt.Gox had plans to include Litecoin into the mix at one point.

We performed a brief look up of the corporate info (google search “hitbtc”) and found that HitBTC’s headquarters and supporting company, Ullus Corporation is located in Hong Kong, though their “About Us” section states, ““hitbtc.com” was founded in 2013 by a group of British investors”.

Overall, it’s not our intention to suggest this is a resurrection of Mt.Gox being branded under a new name, though in light of all the issues and uncertainty surrounding Mt. Gox, it’s imperative to do your research and if need be, err on the side of caution.

As HitBTC is still fresh and new and Exchanges are being ransacked consistently, once usage reports and metrics start to flow on the Exchange BTC World News will be able to make a more informed opinion about the future of HitBTC.

From our standpoint, HitBTC and Mt.Gox remind us of a Mercury Sable vs a Ford Taurus. Those cars looked pretty close to each other being only separated by the name, branding and minor cosmetics, the parent company behind them was the same.

2000 Mercury Sable2000 Ford Taurus

We would be interested in learning if any relationship exists between HitBTC and Mt.Gox and will offer update to our finding’s if any surface.

The bottom line is that the world needs more Exchange options when it comes to trading Bitcoin though do your research first before plunking down your investment.

We hope you’ve enjoyed this article, HitBTC Bitcoin Trading Platform – The Next Mt.Gox? 

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