One platform you might consider is Hotbit. This exchange is great for amateurs because it supports a wide range of cryptocurrencies while offering a user-friendly interface.
Is Hotbit the right exchange for you? Let’s take a closer look at what this platform has to offer so you can decide for yourself.
Is Hotbit legit?
This is a question that plagues many of the newer exchanges. Is it a scam? Or is it a legitimate cryptocurrency exchange?
Founded in 2018, Hotbit is an exchange that offers users a stable, efficient, flexible, and secure place to exchange cryptocurrencies. The exchange is registered in both Estonia and Hong Kong. However, most of its team members reside in the United States, Taiwan, or China.
Since it’s launch, the exchange has obtained over half a million users who hail from nearly two hundred countries worldwide. Hotbit is heavily invested in the cryptocurrency industry and believes it is the future of commerce and exchange and will eliminate many of the barriers we encounter today.
Hotbit is located in Taipei and Shanghai and supports several languages, including:
Additionally, the platform boasts many partners within the industry, including HashQuark, Spark Pool, MyToken, and Slow Mist.
Even though Hotbit isn’t as recognizable as other crypto trading exchanges, CoinMarketCap reports that it does more than $250M USD in a 24-hour period. Of course, that’s not as much trading volume as you’ll see on popular platforms like Binance and Huobi. Still, the platform isn’t doing too bad for itself.
This platform has committed itself to offer high-quality services and features. As a result, users have a great experience with an easy to use platform. Here are some of the features you’ll get with the Hotbit exchange.
Payments and withdrawal methods
When you’re ready to using Hotbit, the exchange does provide a method for depositing USD. The platform uses ePay, which requires an account with the service provider. Once you’ve created an account, choose the “Withdrawals and Deposits” tab, then choose ePay.
However, keep in mind that you will pay a 1% transaction fee minimum when you deposit funds using this method. Otherwise, you can deposit and withdraw your preferred digital assets – like BTC – onto the exchange.
The fees you experience with the exchange are fairly standard for the industry. However, you will find that there are a few caveats. Let’s take a closer look at what to expect when using the Hotbit exchange platform.
When you use Hotbit, so long as the platform supports your token, all cryptocurrency deposits are free of charge.
Withdrawal fees aren’t quite as simple. The fees for withdrawals depend on the type of digital asset you’re withdrawing. For example, larger coins like BTC, ETH, and USDT have more extensive withdrawal fees, while smaller coins won’t charge as much. Additionally, the platform requires a minimum threshold before you can withdraw your crypto.
On the Hotbit platform, there are two types of cryptocurrency trading fees: maker fees and taker fees. A make is adding liquidity to the exchange while a taker is taking liquidity away. If your order completes almost immediately, then you’re the taker. If it floats for a bit before it is filled, you’re the maker.
Fees for takers are 0.2% while maker fees are -0.05%. Compared to other crypto exchanges, the taker fees are a little high. On the other hand, there aren’t a lot of platforms that offer negative maker fees. Think of it as a rebate. When you’re the maker, you’re actually getting money back when you make a trade.
Hotbit supports a wide range of cryptocurrencies and trading pairs. If you want to trade your favorite digital assets, you should have no trouble doing so on this platform. Here’s a look at just a few of the coins the exchange supports:
- Bitcoin (BTC)
- Ethereum (ETH)
- EOS (EOS)
- Dash (DASH)
- Ripple (XRP)
- Ontology (ONT)
- Tether (USDT)
- BCH (Bitcoin Cash)
- Cosmos (ATOM)
- Litecoin (LTC)
The platform offers support for users from all over the globe, which includes over 170 countries. While there are many countries that can use the platform there are also some that can’t. These include:
- United States
- North Korea
While there’s no desktop app available for the trading platform, users do have the option to download a mobile app. The app is available through both the iOS App Store and the Android Play Store, but users have to access the download through the QR code on the Hotbit website.
There are a variety of advanced options available for Hotbit users. Here’s a quick look at a few of these products available when using the platform.
The first advanced option on the list is referred by the exchange as fixed-term investments. With this feature, users have the ability to lock their tokens and earn interest. Users can currently enroll in this feature with no set start/end date.
When enrolling, users will see how much they can expect to earn, minimum amount to deposit and how long they need to stay locked in to redeem their earnings. Currently, users can enroll in this service for the following coins: BTC, BHD, ETH, USDT, IOTX, ATOM, PCX, ALGO, and others.
Initial exchange offering (IEO)
Hotbit also offers an IEO platform it calls Polaris. If you’re unfamiliar with an IEO, think of it as an initial coin offering, but for exchanges. With an IEO, a crypto exchange manages the ICO process for a project as it gets ready for launch. The exchange will raise the funds for the project and then list the coin on its platform so users can trade it.
Users like IEOs because they know the project has been vetted by the exchange prior to launching. With an ICO, investors may be contributing funds toward a scam. By using an IEO, a project is showing that it is legitimate, thereby earning the trust of potential investors.
If you’re signing up to use an exchange for buying, selling, or trading crypto, you’ll want to know that the platform is secure. Hotbit does this by using an internal audit team that offers real-time audits for not only your assets, but for the platform itself.
Additionally, the platform stress tests the exchange, looking for loopholes, backdoors, or other areas that could potentially be exploited. Users can also secure their accounts by enabling a few settings through the exchange.
A long-time standard for protection when it comes to crypto exchanges, two-factor authentication is a must-use feature. With 2FA, a separate device creates a code that changes after a certain amount of time. Provide the platform with the code to sign in.
When logging in, changing your password, or withdrawing coins, the platform will send an SMS for verification purposes. Follow the provided instructions to complete the confirmation process.
Users can also enable email verification anytime they withdraw funds. Confirm the transaction by clicking on the link contained within the email. If it isn’t verified, the transaction will not continue.
How to Trade with Hotbit?
When you’re ready to start trading on the platform, find the “Exchange” tab. Choose the crypto pair you want to trade, which you’ll find on the left side of the page. Scroll down until you find the buy/sell option, which is directly under the graph image. At the bottom of the page, users will find the order book.
With limit order trading, the option to sell is on the right side of the screen while the option to buy is located on the left. Whether you’re buying or selling, the price is filled in automatically with the market value of the coin. Next, let the exchange know how much of the desired coin you want and when you’ve got everything exactly as you want it, just hit that buy or sell button. That’s all there is to it!
Overall, Hotbit is a solid mid-tier platform that offers decent liquidity, plenty of users, and a fair amount of liquidity. There are plenty of coins and trading pairs on the exchange, along with additional features that ensure the security and safety of user assets.
While the platform offers competitive fees and plenty of altcoins, it doesn’t require KYC for verification and can be complicated for novice users. There’s plenty of potential with this exchange, but there is definitely some room for improvement.