Beware, crypto exchange HitBTC charges $10 inactivity fee per month on inactive accounts
If you have let some Bitcoin (BTC) or other cryptocurrencies sleep on a HitBTC account for months, you may get a nasty surprise when viewing your account which can be charged $10 inactivity fee per month by the trading platform.
While the crypto exchange Bitstamp recently backtracked on its idea of charging fees on inactive accounts, HitBTC had already implemented in June 2021 the debit of these fees which apply to accounts inactive for 6 months.
The crypto exchange does not send any message to the user to warn him that these inactivity fees have been taken from his account, it is only when he logs back in that he will discover the debit of these 10 monthly dollars…
“17.4. Inactive Account Fee.
In case during 6 (six) months the User has not made a single Trade, or single Deposit, or single Withdrawal of Funds, the Account of such User shall be considered Inactive Account (“Inactive Account “). For all Inactive Accounts, HITBTC applies a monthly fee, which is the equivalent of 10 (ten) USDT at the current SPOT rate of the USDT to the Currency in which the fee will be debited (“Inactive Account Fee “).
From the moment of recognizing the Account as Inactive, HITBTC has the right, without notification of the User, to debit Inactive Account Fee every calendar month. Inactive Account Fee debit occurs before the 10th (tenth) day of each such month. Herewith, the Account ceases to be considered an Inactive Account from the date of execution of any of the following actions: one Trade, one Deposit, one Withdrawal of Funds.
The debiting of Inactive Account Fee shall discontinue from the date when the Account ceases to be considered an Inactive Account. Inactive Account Fee is debited by HITBTC in any Currency in which the Funds are available in Inactive Account at the time of such debit. If the amount of Funds in User Account is less than the amount of Inactive Account Fee, HITBTC debits the entire balance of Funds from such Account. Inactive Account Fee is debited starting from 1 June 2021 for each Account, which is considered as Inactive Account as of such date and hereinafter for each Account that is considered as Inactive Account according to the conditions specified in this Clause.”
During long periods of crypto bear market, many people tend to leave their crypto tokens on trading platforms, waiting for the BTC price to go up along with the rest of the market.
So beware of platforms that charge inactivity fees and gradually empty their users’ accounts if they don’t use their account for months.
Fortunately, there are crypto trading platforms such as Binance or Kraken that do not charge their clients any inactivity fees.
Therefore, favor these platforms, withdraw your funds from exchanges that charge fees on inactive accounts and transfer your cryptocurrencies to Binance, Kraken or to a secure crypto wallet such as a Ledger Nano X.