Sub-Accounts Now Live on HitBTC
We are happy to announce that we’ve put together a great new feature that will give our users a higher degree of control and flexibility in their actions on our exchange. The sub-accounts option is a perfect solution for institutional and corporate clients. It enables users to create distinct subsidiary accounts with which they can explore various trading styles and strategies with operational autonomy while still contributing to the volume activity of all your accounts.
The way this works is fairly simple. Your master account is the control room of your financial operations. If you have already upgraded your account, it will be automatically converted into a master account. If you cannot create sub-accounts, you will need to upgrade your account.
Once you have a master account up and running, you can then create any number of subsidiary accounts that are all tied to the master. Each subsidiary account is like a small branch that operates independently from other sub-accounts but falls under the control of the master account.
This is important for a number of reasons. Not least among them being that, with this structure, corporate and collective clients can set up operations on HitBTC quite easily, spreading activity out but retaining full authority and security.
Key to the sub-accounts structure is the way they contribute to a trader’s Fee Tier standing. While each sub-account is separate, all sub-accounts tied to a master account contribute to the cumulative volume of all your accounts. Therefore, while you can be engaged in a variety of different trading activities unconnected to each other, all the activities will weigh in the financial favor of your accounts.
Here’s a breakdown of the differences between master accounts and sub-accounts:
You own personal command center
For the management of all your sub-accounts we’ve created a Command Center where you will find everything you need in one place. Here you can control and audit the sub-accounts you have under your master account and create new sub-accounts by linking them to email addresses that have not yet been registered with HitBTC. Additionally, this is where you will find the cumulative account balance of all subsidiary accounts displayed in BTC or USD.
Account management and reports
With the master account you will have access to the balance sheet of each of your subsidiary accounts. This will give you details on transfers, withdrawals, and deposits as well as an overview of recent account activity. The Reports section of the Command Center will give you order, transaction, deposit, and withdrawal information on all accounts, including the master, broken down by the account. Additionally, this is where you will find a summary for all sub-accounts.
The way security works for sub-accounts maximizes the security for all parties involved. Each sub-account will have its own API keys which will be accessible only to the individual sub-account and the master account. You can freeze sub-accounts or only withdrawals for them, transfer balances, and remove keys from your master account.
Transactions that occur between a master account and a sub-account occur off-chain and are therefore free.
Only master accounts have to undergo the KYC procedure. This means that, upon creation, sub-accounts already meet the KYC requirements and do not have to go through the verification process.
Right now the Sub-Accounts feature is available upon request. To get started, head over to the Sub-Accounts tab. Once your request has been approved, you can enjoy the full functionality of this feature. Please note that only new accounts, with email addresses that have not yet been linked to HitBTC can be added as sub-accounts.