Hotbit Exchange Review: Fees, Safety And More

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?

History

Founded in 2018, Hotbit is a centralized 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 its 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.

Location

Hotbit is located in Taipei and Shanghai and supports several languages, including:

• Chinese
• English
• Russian
• Korean
• Turkish
• Thai

Additionally, the platform boasts many partners within the industry, including HashQuark, Spark Pool, MyToken, and Slow Mist.

Volume

Even though Hotbit isn’t as recognizable as other crypto trading exchanges (like Coinbase), 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.

Hotbit features

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.

Fees

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.

Deposit

Hotbit deposit fees are zero. When you use Hotbit, so long as the platform supports your token, all cryptocurrency deposits are free of charge.

Withdrawal

Withdrawal fees aren’t quite as simple. The fees for withdrawals depend on the type of digital asset or the network cost of the blockchain 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.

Take note that Hotbit does not support fiat currency.

Trading

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 such as Coinbase, 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.

Cryptos supported

Hotbit supports a wide range of cryptocurrencies and trading pairs. If you want to trade cryptocurrencies, 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)

Countries supported

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
• Japan
• Sudan
• North Korea
• Iran
• Liberia
• Yemen
• Iraq
• Afghanistan
• Albania

Mobile/desktop app

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 (hotbit.io).

Advanced options

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.

Fixed-term investments

The first advanced option on the list is referred to 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, the 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.

Security

In many crypto FAQ sections, one of the most frequently asked questions is: Is Hotbit safe?

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.

Hotbit has established partnerships with top audit teams in the crypto space like Slow Mist and Beosin.

Additionally, the platform stress tests the exchange, looking for loopholes, backdoors, or other areas that could potentially be exploited.

Hotbit provides the following security measures, 2FA, a cold wallet storage solution, and a multilevel firewall system.

Users can also secure their accounts by enabling a few settings through the exchange.

Users are asked to use SMS authentication when they are modifying passwords, managing API, withdrawing, and logging in.

To create an account on the platform, new users must provide a valid email address and password. For crypto-to-crypto trading only, there’s no need to complete the KYC process and verification of identity.

2FA

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.

SMS confirmation

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.

Email verification

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.

Hotbit Customer Support

The exchange’s customer support is fast. One of the best features of Hotbit customer support is that the user can contact support in many ways such as through ticketing system, and social media platforms like WeChat, Telegram, Twitter, and Facebook.

Hotbit Token (HTB)

Hotbit offers its native token called HTB token. There are many cases where the token is used to reward its users with an HTB token. Those who receive it can use it on the platform.

Hotbit High Liquidity

Since its foundation, Hotbit has been growing dramatically. In 2018, Hotbit ranked #47 with the highest 24-hour trading volume which was 21M USD according to Coinmarketcap.

In November 2019, the platform moved higher from its 2018 ranking to #13, and its 24-hour trading volume was 1B USD (yes, ‘billion’). And a month before this, Hotbit has listed 547 trading pairs and ranked #3 regarding the number of cryptocurrency projects listed.

And in 2020, the platform ranked 6th, and the trading volume went up to 2.3B USD showing that there’s no issue with the high liquidity of this exchange.

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!

Fun fact: Users can trade with ETFs using cryptocurrencies.

You should keep in mind that Hotbit only offers spot trading and doesn’t offer margin trading. At the same time, the platform boasts advanced charting tools as well as trading features.

Speaking of chart, Hotbit charts are offered by Tradingview, which are clean, smooth, and intuitive. At the same time, you should keep in mind that trading bots cannot be used on the platform.

Hotbit Exchange Review Australia: Fees, Safety And More

Many individuals interested in the crypto world search for a good crypto exchange platform. While doing so, they have to keep a few factors in mind, such as customer support, ease-of-use, security, deposit methods, trading fees, trading pairs, and charting features.

One of the most outstanding crypto exchanges right now that provides all the features we mentioned above is Hotbit. This crypto exchange offers state-of-the-art crypto trading platforms for crypto traders and investors around the world. It offers an intuitive user interface, a mobile app, and advanced features.

Hotbit is registered in both Hong Kong and Estonia, and it operates in Shanghai and Taipei. The exchange supports six different languages which include Korean, Thai, Russian, Turkish, Chinese, and English. The exchange has over 7M registered users and is available in over 170 countries around the world.

Hotbit has partnered with some prominent blockchain technology industry partners such as Slow Mist, HashQuark, F2pool, Mytoken, and Spark Pool to offer a stable, secure, and feature-rich trading platform for both crypto investors and traders.

To conclude, Hotbit is one of the most popular crypto exchanges around the world right now. And it is growing exponentially! Hotbit is a solid choice if you’re an Australian crypto trader who wants to trade with a broad range of crypto assets and altcoins as the platform supports several varieties of cryptocurrencies. One of the most outstanding features of Hotbit is that they list the tokens very fast.

Aside from that, Hotbit also provides a broad list of trading pairs and offers its customers new tokens and digital assets. Even though Hotbit doesn’t have an affiliate program (as of writing this) to encourage its users, if we compare its features to other exchanges, we can confidently say that it’s a solid crypto platform that offers exceptional security, reasonable trading fees, and multi-currency support.

On a side note, if you still don’t feel like trying Hotbit for some reason, don’t worry because a guide that will help you decide. Here’s our easy-to-read best Australian cryptocurrency exchanges review. 

Hotbit Exchange Review Canada: Fees, Safety And More

Established in 2018, Hotbit is currently one of the leading crypto exchange platforms in the world. The company is registered in both Estonia and Hong Kong, and it operates in Taipei and Shanghai. The platform supports 6 different languages (i.e., Thai, Korean, Turkish, Russian, English, and Chinese). As of writing this, Hotbit has more than 7M registered users and is available in more than 170 countries.

The crypto exchange platform has partnered with some renowned blockchain technology industry partners, including HasQuark, Slow Mist, Mytoken, F2pool, and Spark Pool in order to provide a stable, secure, and feature-rich crypto trading platform for new users. The crypto company also offers advanced features including derivatives markets, a mobile app and an intuitive user interface.

Overall, Hotbit is one of the most prominent crypto exchange platforms in the crypto space. The good news is that it is growing immensely. This makes it a great choice for Canadian crypto traders and investors who want to trade with a wide range of altcoins because the exchange supports a plethora of cryptocurrencies. Listing tokens fast is one of Hotbit’s amazing features.

Aside from a wide range of cryptocurrencies, Hotbit also provides a broad list of trading pairs. As of writing this review, Hotbit doesn’t have an affiliate program yet. But if we compare its features to other popular crypto exchanges, we’re confident to recommend this as an excellent crypto exchange platform that provides reasonable trading fees, exceptional security, and multi-currency support.

Have a look at our post of the best Canadian platforms to trade cryptocurrencies for a list of Canadian-based crypto exchanges.

Hotbit Exchange UK Review: Fees, Safety And More

Are you one of those crypto-minded people who are searching for a good cryptocurrency exchange platform? An exchange that offers good customer support, security, ease-of-use, deposit methods, low fees, trading pairs, and charting features? You are exactly describing Hotbit.

This company is currently one of the best crypto exchanges in the world. Hotbit is registered in both Hong Kong and Estonia, and currently operates in Taipei and Shanghai. It’s a global crypto exchange platform because it supports six different languages that include Chinese, English, Russian, Turkish, Korean, and Thai. Right now, Hotbit has over 7,000,000 registered users and is available in over 170 countries.

In order to provide a secure, stable, and feature-rich crypto trading exchange for new users, Hotbit has partnered with popular blockchain technology industry partners which include Spark Pool, F2pool, Mytoken, Slow Mist, and HasQuark. At the same time, the exchange also offers advanced features such as an intuitive user interface and a mobile app.

All in all, Hotbit is a great pick if you’re looking for a reliable and trusted crypto exchange. It’s a great choice for British crypto traders and investors who want to trade with a broad selection of altcoins because Hotbit supports a myriad of crypto assets. Apart from a wide range of cryptocurrencies, the company also offers a wide list of trading pairs.

On a side note, as of writing this review, Hotbit doesn’t have an affiliate program yet which could encourage new traders to try the company. Regardless of this, Hotbit is still a great crypto exchange that provides multi-currency support, reasonable trading fees, and exceptional security.

Now, just in case you’ve already tried Hotbit and are not satisfied for some reason, we recommend you try Bittrex as an alternative. If you want to learn more about Bittrex, tap here.

For a list of UK-based crypto exchanges, here’s a guide about the best Bitcoin trading platforms in UK..

Conclusion

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 and functionality 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 beginners. There’s plenty of potential with this exchange, but there is definitely some room for improvement.

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