Hotbit Exchange Review
Ease of Use
Platform & Account Security
Looking for a fast-growing exchange with one of the largest selections of digital assets? That’s what Hotbit Exchange claims to offer. This cryptocurrency trading platform includes spot trading, margin trading, and charting features, along with a large variety of available tokens. In addition to crypto trading features, Hotbit also offers a mobile trading app, investment opportunities, an activity center, cloud mining, and more. Before you dive in, though, read our in-depth Hotbit Exchange review now!
- Extremely intuitive user interface that features excellent categorization as well as Trading View integration for top-of-the-line charting features
- Over 1850 cryptocurrencies available on Spot Market, and a large number of ETFs
- The different trading fees are fairly reasonable
- The mobile trading app makes trading-on-the-go convenient no matter where the user may be
- Multi-currency support for cryptocurrency deposit methods with no deposit fees
- Industry average security and customer support
- Very attractive passive income offerings
- Trading events and sales, rewarding users for trading volume, and offering price discounts for select projects purchased with Hotbit token and other offered trading pairs.
- Hotbit withdrawal fees can be exorbitant when compared to industry average (for example, 30 USDT fee for USDT withdrawals)
- Some features, such as the Affiliate Program, have outdated information.
- Though it may be due to translation, some public announcements have extremely poor grammar and/or spelling, which could cause anyone to question this exchange’s validity
The Hotbit exchange platform is one of the fastest-growing exchanges in the cryptocurrency industry. This crypto exchange offers trading services, reasonable fees, and one of the largest selections of digital assets available, making this a good platform for experienced traders, as well as a decent entry-level exchange for new crypto investors.
What sets this exchange apart from other crypto exchanges, and does it measure up to the industry average seen with other exchanges? Depending on each individual’s personal needs, there may be a number of different aspects to the Hotbit exchange platform that may make it an ideal exchange. Overall, this Hotbit review will cover the services offered, highlighting the competitive edge that this cryptocurrency exchange has to offer, including:
- A brief background and history;
- A comprehensive overview of the Hotbit trading platform, trading pairs, and other advanced features offered on the Hotbit website;
- Hotbit trading fees, Hotbit deposit fees, and Hotbit withdrawal fees
- Hotbit customer support overview
- Security measures;
- The signup process to opening an account
- A list of pros and cons to the exchange, as well as a rating of the cryptocurrency trading platform compared to other exchanges
In no way, shape, or form does the content within this Hotbit exchange review constitute investment advice or independent financial advice of any kind. Rather, this Hotbit review aims to give an unbiased and truthful assessment of the services offered overall.
The Hotbit exchange was founded in January 2018. Since its inception, the crypto exchange has seen a large influx of new users and a higher trading volume. The exchange has become quite popular by focusing on global users in emerging markets, catering services to Turkey, Russia, and other markets within the Southeastern Asia region.
Currently, the exchange has over 1 million registered accounts, with nearly 90% of those users residing outside of China. This is an astonishing feat for a crypto exchange that does not rely on an affiliate program to grow their user base. The Hotbit website is offered in multiple languages, including English, Russian, Thai, Russian, Turkish, and more.
Throughout 2021, the daily trading volume has seen ranges from $106 million to over $1.1 billion, showing that this exchange does have a fair amount of activity. However, it should be noted that low volume periods related to a hack in April 2021 may have helped to contribute to a lower daily trading volume over that period.
Despite the aforementioned hack that halted all exchange activities, Hotbit is back and offering the same services it has come to be known for. With a reputation for an exchange that offers the most tradable digital assets, it is safe to say that Hotbit will continue to remain a contender with a competitive edge. As of 2021, they have a large number of cooperative partners, including Coingecko, CoinMarketCap, Spark Pool, and more.
Is Hotbit Legit?
For those wondering, “Is Hotbit Legit?” The answer is, yes, Hotbit is a legitimate cryptocurrency exchange that holds licenses in multiple regions, including an Australian AUSTRAC license, a Canadian MSB license, an American MSB license, and an Estonian MTR license.
Opening an Account on Hotbit
Opening an account on the Hotbit exchange is very easy. Users can sign up directly through the website using their email address, along with a confirmation link provided in an email sent by Hotbit. Users can also sign up using their mobile phone number, along with an SMS verification code that will be sent to the user’s phone. Once an account is created, users can fund their accounts and start trading.
Does Hotbit Require KYC?
Users wondering, “Does Hotbit require KYC?” The answer would be: No, KYC is not required to use the Hotbit crypto exchange platform. Users can sign up without needing to provide personal information credentials.
Restricted Countries and Regions
While Hotbit exchange does offer services to a large portion of the world, there is quite an extensive list of regions that do not allow Hotbit trading services. The list of regions is as follows:
US investors may be disappointed that Hotbit trading services are not offered to their country, though there are many exchanges that offer similar services to US traders. Many services such as margin trading and exotic token offerings are not usually available for most US traders. However, US investors may have some hope, as Hotbit did obtain an American MSB license to conduct trading services to US traders in April 2020.
Hotbit Features and Services
The services on the Hotbit cryptocurrency trading platform include spot trading, margin trading, a mobile trading app, and more. Currently, there is no affiliate program, though details for an affiliate program are to be announced. Passive income services are also offered for those looking to extend the range of their earning possibilities. Users interested in this exchange can be sure that many of their needs will be met.
Hotbit Trading Markets
For those looking to use Hotbit to trade, the exchange has a very intuitive user interface within the Hotbit website. Within the charting interface, users can take advantage of Trading View integrated charting features for technical analysis purposes. Users can keep track of their order value and trade history within the charting interface. Trading pairs are also conveniently grouped in different sections, including:
- Global Select – consisting of primary tokens offered on the platform
- Global – consisting of all tokens available on the Hotbit website
- Growing – consisting of digital assets that are growing in public interest or trading volume
- ETF – a form of margin trading offering small 3x-5x leveraged contracts with a 1-day settlement period
- Sections – categorizing digital assets into sectors such as forks, entertainment/gaming, sports, gambling/predictions, and more
Hotbit has a vast amount of tokens available (over 1850 at the time of this writing) on their spot trading market, and perhaps the widest offering compared to other crypto exchanges. Much of this is due to the fact that Hotbit regularly lists new digital assets on the exchange. Overall, this can be a great exchange for new crypto investors and experienced traders alike. The charting interface is extremely user-friendly but does not lack advanced features that experienced traders may need.
Hotbit Mobile Trading App
Hotbit offers a mobile app allowing traders to use conveniently use Hotbit’s services wherever they may be. The mobile app features many of the same services found on the web page, including spot trading, margin trading ETFs, order value and account maintenance, and more. Chart integration with Trading View is also available on the mobile trading app, allowing for convenient technical analysis.
Users can feel comfortable using the mobile app, knowing that they will be able to fully command their portfolio from the convenience of their palm. The Hotbit Mobile trading app is available in the Google Play Store and the Apple Store.
Hotbit offers numerous investment opportunities that can allow users to receive interest on their crypto holdings. Users can stake their assets for a duration of period, or even lend them out, all for a return of interest, paid out at each asset’s unique interest rate (many of which are very attractive). There is multi-currency support available with this service, with all of the supported cryptocurrency projects listed within the Hotbank service.
The Hotbit Polaris section of the cryptocurrency exchange offers sales on new digital assets. Of the cryptocurrency projects listed, many can be purchased by fiat currency-based stablecoins as well as the Hotbit token. Quite often, listings in Polaris will be featured at a discounted rate, allowing investors to accumulate digital assets at a low cost. Some of the past projects featured include FIL coin, MOMAT, Mantra DAO Om, and Tuber.
Hotbit also offers an Activity Center, featuring trading events that pay out rewards to those who accrue a high trading volume for selected trading pairs during a set duration of time. Those with the highest trading volume during the time duration will receive attractive rewards, with a large pool of assets being distributed amongst the top traders. Despite these events that promote trading, there seems to be no discount on trading fees for these events.
However, it must be stated that not all events are based on trading volume, as there have been some events that give rewards to those that deposit funds (such as the Hotbit token) into their account. Like the trading competitions, users with the most deposited funds over a period of time will receive a reward (either in the Hotbit token or other designated digital asset).
Like many other crypto exchanges, Hotbit offers cloud mining via the FIL Cloud service. With this 720-day program, traders can mine the FIL blockchain using computing power purchased with USDT. The rewards that a user may receive greatly depend on how much computing power is purchased.
Users can participate in Hotbit’s Slot Auction, which allows users to purchase a slot within the DOT and Kusama networks on Hotbit’s behalf. This allows users to not only help to secure these networks, but also receive rewards based on the network’s transaction cost and network fees. Those who may win the slot in the auction will have their slot active in the network for 48 weeks.
Hotbit Trading Fees
Hotbit trading fees are relatively comparable to the rest of the industry. The different trading fees that one may pay greatly depend on the type of order being used while trading. The Hotbit trading fees follow a simple Maker/Taker model, with those qualifying for Maker orders receiving a rebate on their trading fee. The trading fee (also known as the transaction cost) is as follows:
Deposit and Withdrawal Methods
To deposit funds into an account, Hotbit has both cryptocurrency and fiat currency deposit methods. To deposit cryptocurrency, users will have to send their virtual asset to the proper wallet address provided by Hotbit. As there are no Hotbit deposit fees with cryptocurrency, users will be able to make deposits having only to be conscious of network fees.
A fiat currency gateway through EPAY also exists on Hotbit, though USD is currently the only accepted fiat currency Hotbit supports. This method of deposit does carry deposit fees, as 1% of any USD transaction will be deducted.
Withdrawing from the exchange is as simple as deposits. Users can withdraw assets by supplying a user-owned wallet address with the associated asset being withdrawn. Each asset carries its own associated withdrawal fees, some of which can be excessive.
Hotbit Deposit Fees
There are currently no Hotbit deposit fees for any cryptocurrency deposit made into an account through cryptocurrency deposit methods. Fiat deposits through EPAY carry a 1% fee for every deposit.
Hotbit Withdrawal Fees
There are Hotbit withdrawal fees for those wishing to withdraw funds from their account. The withdrawal fee for each cryptocurrency token is determined by the network fees associated with making a transaction on the network. Unlike the platform’s trading fee schedule, Hotbit withdrawal fees are not as straightforward. While the list of withdrawal fees is as extensive as Hotbit’s offerings of trading pairs, a few examples of Hotbit withdrawal fees are as follows:
- Bitcoin withdrawal fee: 0.001 BTC
- Ethereum withdrawal fee: 0.0075 ETH
- USDT withdrawal fee: 30 USDT
- EOS withdrawal fee: 0.15 EOS
- TUSD withdrawal fee: 20 TUSD
Those looking to withdraw funds should remain conscious of Hotbit withdrawal fees, as these withdrawal fees can eat up a large portion of the assets being sent, especially if withdrawing a minimal amount. Users may be able to save on withdrawal fees by opting to convert and send the asset on a network that has a lower withdrawal fee.
Hotbit Customer Support
There are a few knowledge resources available to customers via Hotbit Customer Support. There is a dedicated Announcement & Support section that regularly provides updates on the exchange, helping the customer to stay informed. Users can also view FAQs and other related articles in the Technical Support section.
Hotbit also has a number of different social media channels and messaging platforms. Users can go to their Medium page, Twitter, or Facebook to stay in the know. Users can also stay in contact via the official English and official Chinese Telegram accounts.
Overall, the Hotbit exchange ensures that customers will receive the support needed, with customer support team members available 24/7. Any customer support request will be handled in an expedient manner via communication with one of the available team members.
Hotbit Security Measures
Hotbit has a number of different security measures in place to maintain their exchange. A number of these are customizable to the user, while others are exchange-wide security measures used to ensure the operation of the exchange.
On the user end, Hotbit features:
- SMS verification by sending a unique code the user must provide at login and before certain account actions;
- Two-Factor Authentication which uses a 3rd party application to broadcast a unique code every 30 seconds, used at login and before account actions; generally considered more secure than SMS verification (though this statement does not constitute investment advice or independent financial advice of any kind)
On the exchange platform side, Hotbit features a multinodular security system that complies with the industry average standards of IT surveillance within the financial industry. Team members regularly audit the system to ensure the exchange’s normal-working status. An AI-based market maker also provides high liquidity to the market, as without high liquidity, the exchange could remain in suspended animation, making it difficult for traders to trade their funds in appropriate markets in a time-efficient manner.
Is Hotbit Safe?
While Hotbit did experience a massive hack in April 2021, security team members ensured the safety of the exchange and user funds throughout the process. In fact, the entire exchange was shut down, and all existing orders were canceled. During the entire process, Hotbit gave regular updates with verifiable data that user funds were safe. Due to the results of this crisis, as well as Hotbit’s reaction to the attack, this Hotbit review considers Hotbit safe, though no exchange is ever 100% completely safe.
Hotbit Exchange Review Conclusion
With over 1850 different assets available for spot trading, as well as ETFs for margin trading, and a mobile app for on-the-go trading, it is easy to see why Hotbit is one of the fastest-growing exchanges in the crypto exchange industry. This exchange platform can make a great entry-level exchange due to its ease of use and wide range of financial services available.