Hotbit Review | Important Read Before Creating an Account

Estimated reading time: 10 minutes

Selecting a cryptocurrency trading platform is a challenging task. You have to consider many factors like trading pairs, ease of use, Security, charting features, fees, customer support, deposit methods, and many others. Hotbit solves all these problems, as it offers a state-of-the-art trading platform for all the users from different parts of the world.

In every review, we try to provide you with the latest information, and the same goes for the Hotbit review article. However, we would highly recommend you to visit the Hotbit website to remain updated with the latest changes that might occur in the future.

Hotbit Overview

Hotbit is a cryptocurrency exchange platform, which was launched in January 2018. Hotbit exchange is registered in Hong Kong and Estonia. Their core members are from China, the USA, and Taiwan. 

According to the Hotbit website, they have partnerships with The Blockchainers, Wandarin, and MyToken. US-investors are not eligible to trade here because of their country policies.

In general, Hotbit attracts users its 4 Unique Selling Points. These include multi-currency support, high liquidity, 24 hours customer support, and Security.

Hotbit Review: Summary (TL;DR)

• It is a platform for global users with more than 1.5 million users.
• Hotbit has a negative (-0.05%) maker fee, meaning you get paid to add liquidity to the order book.
• You can trade around 156 crypto pairs with a wide variety of altcoins.
• It has advanced trading features and charting tools.
• The mobile trading app for this exchange platform is available for both Android and iOS devices.
• It has previously ranked third among all exchanges, based on the number of types of cryptocurrency projects listed.

How to get started with Hotbit?

Here are the steps to get started with Hotbit.

Step 1: Register your account

You need to visit the site of Hotbit to register yourself. On the top right corner, you will see the register option. Click on it, and you will enter the signup process.

Step 2: Email Verification

Enter your email id and click on the send button. After clicking, you will receive a confirmation mail on your email id. Copy the code you got in the email, and paste it on the verification code into the box below.

Now, you have to enter the password and check on the box “I agree to the Terms and Policies.” After filling in the details, click on the register option.

Step 3: Log in to your account

The Hotbit login process is simple. Click on the “login” button on the top right corner. Enter your email id, password, and click on log in.

Note: You have to follow the same steps for SMS verification if you want to register with your phone number. In place of email, you have to enter your phone number with your country code.

Hotbit Fees

Knowing the trading, deposit, and withdrawal fee of a particular website is another factor to look for in the best crypto exchange platforms. So, here are the fee details of Hotbit.

Hotbit Trading Fee

Hotbit trading fees for both takers and makers are quite different. The fee that takers have to pay is 0.20% of the order value. This trading fee of takers roughly matches the average of industry standards. However, you will be glad to know if you are a maker, then you are paid for making a trade. You heard it right the trading fee for makers is -0.05%, which means you are getting a reward to add liquidity to the order book. This will encourage all the traders to join this platform.

Hotbit Deposit fees

The deposits are only applicable in 22 different cryptocurrencies. The best part is that Hotbit does not charge a penny for any deposit to the platform. However, you will still need to pay the standard blockchain transaction fee.

Hotbit Withdrawal Fees

The Hotbit withdrawal fee differs from the type of cryptocurrency it is. Primary tokens like USDT, BTC, and ETH have withdrawal fees of 2 USDT, 0.001 BTC, and 0.01 ETH. This amount is relatively high compared to the industry standards. But at the same time, the amount is reasonable in contrast with the other exchanges. You can visit their site here for a detailed fee structure.

Hotbit Review: Deposit and Withdrawal methods

This exchange does not deposit any fiat currency. It means that the new crypto investors cannot trade here because to purchase your cryptos, you will need an entry-level exchange, you can select Binance for this. The platform also provides its users with the previous deposits and withdrawal history.

Hotbit Leveraged ETF

Hotbit’s leveraged exchange-traded fund is marketable security, which uses financial derivatives and debts to magnify the particular token returns. Whereas the traditional exchange-traded fund just tracks the securities on a one-to-one basis. Therefore for significant gains, which exceeds the underlying index, individuals prefer it as they aim for a ratio of 2:1 or 3:1. Hotbit leveraged ETF offers many advantages like no liquidation risks because the price will not approach zero. Also, with Hotbit, investors can buy and sell it at any moment without any margin.

Hotbit Investment

The Hotbit fixed-term investment was launched on October 10, 2019, with only four tokens in the first batch, namely BTC, ETH, ATOM, PCX. Currently, numerous other tokens are available for users. These four tokens come under perpetual investment products with no investment time and duration requirements. Hotbit is still working on launching more such products with other validity periods. To enter the fixed-term investment interface, click here. 

Hotbit Liquidity

Since the time it started, that is in 2018, Hotbit has been growing constantly. According to the Coinmarketcap, in 2018, Hotbit had the 47th highest 24-hour trading volume. Approximately the trading volume at that time was USD 21 million. It did not stop there.

On 26 November 2019, it boosted more in contrast with the previous year. In 2019, Hotbit had a 24-hour trading volume of USD 1.0 billion, and its position rose to the 13th.

Not only that, even during the pandemic in 2020, the trading volume kept on rising to USD 2.3 Billion and rose to the 6th position. This increment in progress is very impressive, and it proves that liquidity is not a problem in this exchange.

Hotbit Mobile Application

Hotbit exchange platform offers both Android and iOS applications. You can download the app for Android phones directly from the Google play store. However, for Hotbit app on iOS, you won’t find it on the App store. iOS users have to download and install it from the QR code, which is linked to the Hotbit website. It is advisable to use the website, as the mobile application is still developing and the reviews are negative, stating problems during the withdrawals and other functionalities. 

Hotbit Token (HTB)

This Hotbit coin is the cryptocurrency for the Hotbit Platform. There are many cases where the exchange will reward you with the HTB and where you have to use it. According to the latest information from Coinranking, the current value of 1 HTB is USD 0.01045. In terms of Bitcoin, its value is 0.000000186 BTC, and its rank is 10,295 among the rest of the cryptocurrencies. 

Hotbit Review: Security

As mentioned above, Security is one of the major factors due to which the Hotbit platform is famous. It has an internal security audit team, which provides 24 hours real-time online audit services. According to Hotbit, they have established strategic partnerships with the two most influential audit teams. These two teams include SlowMist and Beosin. They continuously keep on testing and observing to detect any threat causing issues and resolve them as soon as possible.

To keep the user’s account and their data safe, it offers numerous ways to protect them. Below are the features, which users can enable from the security settings:

Email Verification: Under this feature of Hotbit email verification, you can enable it whenever you withdraw funds. An email will be sent to you to confirm your withdrawal. 

SMS Verification: Users can enable SMS verification for a new login, withdrawals, API management, and password modification. 

2FA: This is general account protection which most of the crypto exchanges prefer. It involves using separate devices to generate unique code every few seconds. Users have to enter this unique code to sign in. 

Hotbit Review: Customer support

One of the best things about Hotbit customer support is that a user can get in touch with them in numerous ways. However, the primary and common medium is through the support ticketing system. You can also directly contact them on their separate WeChat group, official Twitter account, official Chinese and English Telegram channels, and Facebook accounts. This fact shows that Hotbit does care about its customers and is willing to help its customers anytime.

Hotbit Review: Pros and Cons

Pros

• This exchange platform is available in 170 countries with over 1.5 million users.
• More than 150 crypto pairs are available for you to trade.
• It also supports multiple languages.
• KYC is not required for any activity like sign-in, withdrawal, or deposit.
• Hotbit exchange app is also available for users to trade online at any moment.

Cons

• It does not support US customers.
• Margin Trading is not available.

Hotbit Review: Conclusion

Hotbit is still a new cryptocurrency exchange platform, which is growing at an exponential rate for the past three years. The Hotbit rose from the 50th position to the 4th position is magnificent. This indicates the legitimate efforts this platform puts to increment the offerings that are the needs of today’s customers. Therefore, it is a decent platform with high security and reasonable fees. As an endnote, we would recommend you enable the 2FA security option, and you are all set to start trading here.

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