- Live support
- Large trading volume
- Good for beginners
- 24/7 support
- Competitive fees
- Multi-lingual support
- User-friendly trading platform
- Wide selection of cryptocurrencies
|Supported Fiat Currencies||CNY, USD, KRW, RUB, THB, JPY, EUR, TWD|
|Transaction Fees||Maker- -0.05% to -0.50%
Taker- 0.20% to 0.65%
|Withdrawal Fees||Depends on Network Cost of the Blockchain|
|Customer Support||Submit Form Support|
What Is Hotbit?
Hotbit exchange is one of the leading cryptocurrency exchanges, established in 2018, and it offers advanced features, a mobile app, and an intuitive user interface. This exchange has partnered with some popular blockchain technology industry partners like Spark Pool, Mytoken, F2pool, HashQuark, and Slow Mist to offer a secure, stable, and feature-rich trading environment for traders and investors. Hotbit team members are from the USA, China, and Taiwan, and they bring in several years of experience to the development of this exchange. From the beginning, this cryptocurrency trading platform has gained more than 7 million active users registered on the platform from over 170 countries.
Is Hotbit Exchange Legit?
Hotbit is a legit crypto exchange, having several million users across various countries. According to Coinmarketcap, it has become one of the biggest and fastest-growing exchanges around the world in terms of daily trading volume. Hotbit offers an internal review audit team that offers a 24×7 online audit service in real-time for users’ assets. This crypto exchange has established partnerships with top audit teams in the cryptocurrency industry like Beosin and Slow Mist. In this way, Hotbit checks for potential security problems and alerts before they get manipulated.
Features of Hotbit Exchange
Let’s look at some of the features of Hotbit exchange:-
- According to Hotbit’s review, Hotbit has more than 700,000 active and registered users, and it operates in many countries.
- It focuses on the world’s most developing markets like Japan, Russia, South Korea, Southeast Asian countries, and Turkey.
- This exchange platform has more users accumulated through telegram, Twitter, WeChat, Facebook, and VK.
- The users can execute a trade using more than 200 crypto assets.
- The users can trade with ETFs using cryptocurrencies.
- As per the market review, Hotbit offers only spot trading and does not offer margin trading. Hotbit exchange has advanced charting tools and trading features.
- The Hotbit trading platform offers a mobile trading app available on iOS and Android.
- Hotbit exchange ranks as one of the best crypto coin exchanges regarding the number of cryptocurrencies traded on the platform. It has more than $100 million as a daily trading volume.
- Hotbit has different trading fees for takers and makers, which is a norm in today’s trading business. Further, Hotbit’s exchange trading fee for takers is at par with the industry average.
- Hotbit trading exchange features an array of coins combined with trading pairs with many altcoins, several trading pairs with DeFi tokens, and unique coins.
- According to Hotbit reviews, Hotbit trading exchange offers a mobile trading app that users can download from the website; it supports Android and iOS devices. Traders can make use of it to check and monitor open positions on the market.
- Hotbit exchange is committed to providing high-quality features, security, and services. The users are offered with great experience and an intuitive, simple, and easy-to-use platform.
- This platform supports a wide range of trading pairs and cryptocurrencies; if users want to trade their preferred digital asset at the market value, they can easily execute the trades on the platform.
- According to our Hotbit review, this platform also provides an IEO platform known as Polaris; this is considered as an initial coin offering only for exchanges.
HotBit Review – Pros and Cons
|Hotbit exchange provides several crypto pairs like BTC, ETH, USDT, etc. for its users.||Hotbit exchange does not support US customers.|
|This platform does not require KYC for registration.||It does not offer margin trading.|
|Hotbit platform offers a mobile app.||Hotbit does not have an affiliate program currently.|
|This exchange offers its service in multiple languages.|
|Hotbit is available in 170 countries, and it has more than 7 million users.|
There are two important methods to register on this platform; either get registered through email or using a mobile number. This requires entering the code that is sent to the registered phone or email.
This platform does not ask the user to register their KYC details for trading as they have high-risk intuitively control systems in their place.
If these are triggered, Hotbit can ask the user for KYC, which is often triggered when the user goes for withdrawing funds. If the user wants to register on the Hotbit platform, they need to go to the website’s homepage and click the Register button.
Next, they are asked to provide their email address, and they should agree to the terms and conditions. Also, they need to fill in the account information.
The next step is to confirm the account with the key code sent for email verification. At this point, the user should use two-factor authentication to choose a mobile text message or through Google authenticator. They need to enter the authentication code they receive to complete the setting up of their account. Finally, they can log in to the account, deposit funds, and proceed with trading.
How to Get Started With Hotbit Exchange?
Let’s see how to get started with Hotbit
The user needs to visit the Hotbit website, and they need to click the “register” option to proceed with the signup process.
The user should enter the email ID, and within a few minutes, they will receive a confirmation link to their email ID where they need to copy the code sent through email. Next, they need to enter the password, click the terms and conditions, and click the register option.
As per our review, the Hotbit login process is very easy, secure, and simple. The user should click the sign-in button on the Hotbit website, and they need to provide their email ID and password to proceed. After signing in, they can add deposits to their account and proceed with trading.
How to Trade With Hotbit Exchange?
The most important feature is the charting interface, and this feature should be considered before a user selects a crypto exchange for trading. Several traders trading in cryptocurrency rely mostly on technical analysis to find the right edge in the market.
When the trader first logs in to the Hotbit platform, they check the overall intuitive and beginner-friendly interface and great features for its users. Further, Hotbit offers a mobile app so that the traders can trade on the go.
Hotbit charts are offered by Tradingview, which are intuitive, smooth, and clean. It permits the traders to use advanced indicators and trading tools to their advantage for maximizing profits and minimizing the risk.
Hotbit Exchange Fees Limit
When choosing a cryptocurrency trading exchange to buy, sell, or trade-in digital assets, exchange trading fees play an important role. The transaction cost should be analyzed when the user considers trading larger positions.
Hotbit Deposit Fees
Hotbit deposit fees are zero. Currently, Hotbit deposit fees are charged in 22 various cryptocurrencies. Moreover, it does not charge fees for deposits for the coins to be traded on the platform.
Hotbit Withdrawal Fees
The industry average for a withdrawal fee is 0.0008 BTC when the user wants to withdraw BTC, but few exchanges have started to go with 0.005 BTC as a withdrawal fee, which is establishing itself as the new norm.
Hotbit is the exchange where withdrawal fees are fixed, irrespective of the number of cryptos withdrawn, and it differs from crypto to crypto. Hotbit withdrawal fees are determined by the network cost of the blockchain and not the platform.
It does not charge any specific cost to withdraw cryptocurrency from the exchange. Further, Hotbit withdrawal fees for primary tokens, such as BTC, ETH, and USDT, are charged reasonable fees like 2 USDT, 0.01 ETH, and 0.001 BTC.
Hotbit Trading Fees
Hotbit trading fees are based on the maker and taker model; the taker’s fee is 0.20% to 0.65% of the order value. The taker fees are high when compared to other exchanges. However, the traders can use the platform’s native cryptocurrency token – HTB token to reduce the transaction fees, which is -0.05% to -0.50% for any maker models.
Deposit and Withdrawal Methods
Hotbit does not support fiat currency; this implies that new crypto investors cannot use this platform for purchasing digital currencies as they need an entry-level exchange. This platform provides the traders the history of deposits and withdrawals.
When the trader uses Hotbit, they have various choices to deposit on the platform. It allows the users to use ePay, where the trader needs to have an account with the service provider. When the account is created, they can choose withdrawals and deposits to use the service.
However, the user needs to pay a 1% minimum fee as a transaction charge if they proceed with this method. The traders can deposit or withdraw their digital assets like Bitcoin, Ethereum, etc., from this exchange.
However, this company does not accept wire transfers, credit cards, or debit cards as deposit methods.
Since its inception, Hotbit has been growing exponentially. In 2018, according to Coinmarketcap, Hotbit ranked #47 with the highest 24-hour trading volume that was USD 21 million.
In November 2019, Hotbit moved higher to its last year ranking #13, and its 24-hour trading volume was 1.0 billion USD.
In 2020, during the pandemic, Hotbit ranked 6th, and the trading volume went up to 2.3 billion USD showing that there is no problem with the high liquidity with this exchange.
Hotbit Mobile App
The Hotbit platform is available as iOS and Android applications, and it can be downloaded as an app for Android phones from the Google play store. However, iOS users need to download and install it using the QR code which is linked to the website.
Hotbit Token (HTB)
According to the Hotbit review, Hotbit offers its native token, referred to as HTB token. There are several cases where it is used to reward its users with an HTB token. They can use it on the platform, and it has developed several use cases for the utility of the tokens, thereby increasing their value.
The Hotbit exchange platform has created a digital-asset system, and the contributors to this system are rewarded with HTB tokens. In addition, the platform has IEO sales that can be brought only with the token.
A small number of transaction fees charged by the exchange are used to buy HTB in the open market by increasing demand. Thus, half of the purchased tokens will be burnt, and the balance half will be utilized for marketing campaigns.
Security Measures at Hotbit Exchange
The Hotbit website informs that it offers the highest security measures and features to protect its trader’s funds. Also, it provides the following security measures:-
- It has two-factor authentication, which is considered the standard account protection norm for any crypto exchange.
- When the user wants to withdraw their funds, email verification is sent to their email, and after confirming the transactions, the process is carried out.
- Users are asked to use SMS verification when they are logging in, withdrawing, managing API, and modifying passwords.
Hotbit Exchange Supported Cryptocurrencies
Currently, Hotbit supports a wide range of cryptocurrencies and more than 1500 trading pairs with over $100 million as trading volume. In addition, this crypto exchange supports new coins regularly, which provides a competitive edge for experienced traders.
As per Coinmarketcap, as of 2019 October, the Hotbit trading platform has listed 547 trading pairs and ranked #3 compared with other exchanges regarding the number of cryptocurrency projects listed.
The Hotbit platform currently supports six languages like English, Chinese, Korean, Russian, Thai, and Turkish; it has more than 7 million registered users from several countries worldwide.
Hotbit Customer Support
Hotbit customer support is prompt and knowledgeable. One of the advantageous features of Hotbit customer support is that the customer can contact support in several ways. One of the common methods is through a support ticketing system. They can also be contacted directly on their WeChat group, official Chinese and English telegram channels, official Twitter account, and also through Facebook accounts. Further, the customers are offered answers within a short time.
To conclude, Hotbit is one of the popular cryptocurrency exchanges, and it’s growing exponentially. This platform can be considered if the trader wants to trade with a wide variety of altcoins as they offer several varieties of coins. One of the most beneficial features of this exchange is they list the tokens immediately.
This company also provides a wide list of trading pairs and offers its users new digital assets and tokens. Even though this platform does not have an affiliate program to encourage its users, comparing its other features, we can say that it is a good platform that offers multi-currency support, reasonable trading fee, and high security. Further, it notifies the user to provide two-factor authentication to safeguard their assets and trade on this platform.
Is Hotbit Safe?
There are no major security breaches, loss of funds, or hacks on Hotbit.
Where Is Hotbit Based?
Hotbit exchange was established in 2018 January, and it is registered in Estonia and Hong Kong, and its team members are from the USA, China, and Taiwan. Currently, Hotbit is based in Shanghai and Taipei.
Does Hotbit Require KYC?
As per our Hotbit review, Hotbit does not ask for KYC for registering on the platform, and trading, withdrawing or depositing funds. In addition, this platform does not allow margin trading; the traders can start trading cryptocurrencies instantly when the funds are deposited on the Hotbit platform.
Can US Residents Use Hotbit?
Hotbit does not support US customers. US traders should find a reliable crypto exchange located in their country.