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Hotbit Review – Is Hotbit Scam or Legit?

Hotbit Exchange Rating
Account Types9.1
Trading Speed9.3
Customer Service9.6
Safety9
9.3
Conclusion
Read our Hotbit review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this Hotbit review before you sign up with the exchange.

Hotbit Review

Hotbit logo

Crypto trading appears to flourish even in this global financial crisis caused by the COVID pandemic. You probably know how the ‘merciless’ virus destroyed the economy. You can hardly find a profitable investment at the moment. The best thing is that you have an option: online trading. If you find the crypto game interesting, the next thing is to find a dependable exchange. That means a trading platform that will offer you all the necessities to execute your trades. Hotbit exchange can fit that context. This Hotbit review has what you may want to know about the crypto exchange. Let us dig dip.

Firstly, what are the entry requirements of the crypto space? Maybe not much as you think. Online trading is now simple than it used to be a decade ago. After all, what do you expect from a tech era? If you think that it is that time you dive into the crypto waves, it can be a sound idea. You can utilize the internet to learn what cryptocurrencies are all about and join the craze.

Choosing a reliable trading platform can be daunting. Indeed, the internet has many platforms ready to invest with you. Are they legit? Not all. You have to avoid fake trading sites to enjoy profitable undertakings as a trader. You can utilize various skills to access a platform tailored to meet your crypto expectance. You may consider factors such as the platform’s trading pairs, deposit methods, trading fees, charting tools, customer support, security, ease of use, and others.

Hotbit exchange positions itself as an all-in-one trading platform. The exchange developers seem to know what modern traders want. If you want a crypto site that can improve your financial experience, this exchange is worth your attention and savings if you are satisfied. The best thing is that you can access their platform regardless of your location.

In this Hotbit review, we compiled conversant information to ensure that you keep up with the market trend. You probably understand how knowledge is vital as far as the crypto market is concerned. As much as you can access learning materials from the internet, the latest articles make a difference. You do not have to worry about that. We are here for you. Use these detailed insights to decide to your best when interacting with financial instruments. Meanwhile, the best thing is to keep navigating through Hotbit’s official website for the latest platform’s adjustments in the future.

Hotbit website

Here is what Hotbit exchange has for its loyal followers.

About Hotbit Exchange

Hotbit is a crypto exchange site that has served digital investors since January 2018. The platform boasts Estonia and Hong Kong registration. Do you want to trade without worries? Use registered cryptocurrency firms. Hotbit has its core team from Taiwan, the US, and China. The exchange’s websites declare partnering with Wandarin, MyToken, and Blockchainers. At the moment, investors from the US cannot utilize Hotbit. That is because of the stiff policies by the region. However, US traders can access multiple crypto exchange platforms.

Generally, the exchange has unique points that attract online traders. They include security, reliable customer support, high liquidity, and multiple currencies.

The exchange’s website is easy to navigate, even if you are a beginner. You might enjoy the platform filled with trading tools, live charts, price updates, and other features designed to maximize your crypto returns. Meanwhile, make sure to act with diligence and research before you trust any platform with your investments. The best thing is to use the platform that supports what you want from the cryptocurrency space. That way, you will reduce losses related to exchange errors. Does Hotbit have what you want? You will answer that after you read this content.

Hotbit Exchange Review – Summary

  • It’s a global trading platform with over 1.5 million active users.
  • The exchange has a negative maker fee (-0.05%). That means that users get rewarded once they add liquidity to the order book.
  • That platform has about 156 cryptocurrency pairs waiting for you. Moreover, you can access multiple altcoins, including, Litecoin, Ethereum, Polkadot, and others.
  • Hotbit has the latest charting tools and trading features.
  • Their mobile app is compatible with iOS and Android devices.
  • It once ranked 3rd among platforms with many crypto projects.

How to Join Hotbit?

The exchange tried all the available ways to ensure that you do not suffer while investing in cryptocurrency. You might enjoy smooth services from your first day with Hotbit. Here are some of the steps to begin your trading undertakings with the site.

  1. Create your account

Indeed, you cannot access services by any exchange without registering your trading account. Trading platforms are unique in various ways. Some might accept your registration requests within minutes, while with others, it will be a matter of counting business days. You probably want a platform that embraces speed.

To create your trading account with Hotbit, you only need to visit their website and click the ‘register’ option. You will access the signup process once you tap the feature.

  1. Email Verification

The next thing is to enter your email address and click send. After that, you will receive a validation code via your email, copy it, and paste it into the email verification part within the registration form.

Now, enter a password, easy to remember but massive enough to secure your account. After that, accept the Terms and Conditions, then click “register.”

  1. Log in

Signing in to your Hotbit account will not challenge you. You only need to click the login feature, enter your email, password and tap login.

When registering using a mobile device, you will follow a similar procedure for SMS crypto account verification. Instead of email, you will enter your mobile number, starting with your nation’s code.

Hotbit Fees

You have to evaluate the transaction charges involved before you select any crypto exchange firm. Some platforms charge high fees, while others have free deposit offers. Make sure to choose the platform with reasonable fees if you want to maximize your returns. Hobit’s makers and takers trading fees are somewhat different. Takers pay 0.2% of their order value. That percentage is close to the average industry standards. However, it’s worth noting that makers earn from making trades. Does that make sense? Makers trading fees are -0.05%, translating to rewards. Such features attract more users to the platform.

  • Deposit Fees

Indeed, you need to fund your crypto account to start your trading journey. That is why you need to consider the available depositing methods before you select any trading firm. Hotbit developers ensured that you fund your account with fewer hurdles. However, keep in mind that you can only deposit using 22 different cryptos. Meanwhile, you will pay standard transaction charges by the blockchain.

  • Withdrawal Fees

When using Hotbit, withdrawal fees will differ depending on the type of crypto you are transacting. However, Bitcoin requires 0.001 BTC, USDT charges 2 USDT, whereas ETH withdrawal fees are 0.01 ETH. Although the charges might be somewhat high compared to the industry’s standards, the fees are fair contrary to what other exchanges demand. The best thing is that you can access their website for a comprehensive fee structure.

Deposit and Withdrawal Options

Firstly, you cannot deposit fiat currency when using this exchange. That means that new investors cannot use the platform to buy cryptocurrency. Meanwhile, that should not block you if you’re a newbie in the industry. You can access platforms such as Binance to access beginner-friendly services.

The last thing you may want to experience when trading online is delayed transactions. That is not to talk about the fear that comes with late payments. Moreover, speed means a lot in the crypto industry. That is why you require platforms that ensure swift services, like Hotbit.

Leveraged ETF

Hotbit’s leverage ETF (exchange-traded fund) is tradeable security that utilizes debts and financial derivatives to increase the returns by a specific token. On the other hand, traditional ETF tracks them on a one-on-one basis.

Investors interested in substantial gains use the leveraged ETF by Hotbit. That way, the returns might surpass the underlying index. The 3:1 or 2:1 ratio seems to attract crypto trades. Also, users enjoy multiple benefits with the Hotbit leveraged ETF. For instance, it alleviates liquidation risks since the price can drop to zero. Moreover, Hotbit allows investors to complete their crypto undertakings without margin.

Hotbit Investment

Hotbit launched a fixed-term investment in 2019 October, with four assets available- PCX, ATOM, ETH, and BTC. But, the platform has added many tokens for its customers. Meanwhile, the four assets mentioned earlier are long-lasting savings in instruments without investment duration and time requirements. The exchange still plans to launch more products with similar characteristics. Do you want to join the fixed-term investment interface? You can navigate through their platform for more information.

Hotbit Liquidity

Hotbit has seen constant gains since its inception in 2018. Coinmarketcap 2018 reports show that the exchange ranked 47 as far as 24-Hr trading volume is concerned. The trading volume hovered around $21 million at that time. It moved higher.

In 2019 November, the platform’s 24-hr trading volume increased to $1.0 billion. That saw it rising through the ranks to 13th.

The exchange registered trading volume surge even when the economy struggle with COVID over last year. 2020 had the platforms trading volume climbing to $2.3 billion as it moved to rank 6. That is impressive progress, indicating that the exchange has no liquidity problems.

Mobile Application

The internet tries various ways to ensure that you enjoy efficiency and convenience as a trader. Most exchanges understand that, and that is why they make sure that you access the trading services any time you need. That is why you have mobile apps at your disposal.

Hotbit exchange has iOS and Android apps for its users.  If you own an Android phone, you can access the trading app via the Google play store. However, iOS users cannot access the mobile application on the App store. That does not mean restrictions. iOS users can download and install the mobile app using the QR code linked to the exchange’s website.

However, most traders advise you use the official website as the Apps are in the developing stage, no wonder the negative reviews. Most of the experienced clients complained about withdrawals and different functionalities provided by the mobile application.

Hotbit Token (HBT)

HTB is the native coin you will find when interacting with Hotbit exchange. You can earn the token in various ways. Once rewarded HTB, you can utilize it in things like voting for the platform’s decisions. Coinranking data reveals that the current price of one HTB equals $0.01045. For Bitcoin, the alt value will be 0.000000186 BTC. Also, the token ranks 10,295 among the overall cryptocurrencies.

Security

Security is critical for any trader. It is undeniable you know how the crypto space is vulnerable to hacking and theft. That is why you need to prioritize your safety whenever in your crypto accomplishments. If you want to trade or invest without fear, you may have to work with exchanges that create a secure crypto environment. Hotbit has implemented the latest security features, offering a safe trading atmosphere for crypto fans.

Their internal audit team oversees the platform’s dealings all day long. That way, they can identify any issue threat building up and deal with it before things get rough. Hotbit announced that they formed critical partnerships with reputable audit crews to guarantee the best services. The two teams working with the exchange are Beosin and SlowMist. They are always alert to solve any arising issue as quickly as possible. 

The exchange has many ways to safeguard user’s data and accounts. Here are some of the features to check when evaluating security settings.

  • Email Verification

You can use the Hotbit email verification functionality when withdrawing money from your account. You will receive a confirmation email that you will use to complete your withdrawal.

  • SMS Verification

SMS verification can be vital for withdrawals, new login, password modification, and API management.

  • 2FA

It is a general protection feature preferred by most exchanges to secure crypto accounts. 2-factor authentication (2FA) involves generating unique codes using two devices. As a user, you will need to enter the unique code to log in.

Customer Support

You might need support when trading your favorite cryptocurrencies. That is why your exchange needs to be proactive to assist you whenever you encounter challenges. Most exchange platforms understand the necessity of reliable customer support. However, some can keep you for long periods before responding to you. You should avoid such trading platforms.

The best thing is that you can use multiple ways to reach out to Hotbit customer care. However, most users prefer using the ticketing system for support. Meanwhile, you can communicate with the Hotbit support team via a WeChat group, Twitter, Telegram channels (English and Chinese), and Facebook. With all these, you will admit that the exchange wants the best for its clients. You can contact their willing-to-serve support team whenever you meet trading challenges.

Hotbit Pros

  • The crypto exchange serves more than 170 countries, boasting over 1.5 million followers.
  • Users can access over 150 cryptocurrency pairs to trade.
  • The platform supports many languages.
  • Hotbit does not require KYC verification.
  • Users can use the Hotbit app to trade any time they want.

Hotbit Cons

  • US traders cannot use Hotbit
  • Users cannot access Margin trading.

Final Thought

Hotbit is a crypto platform that has witnessed impressive growth over the last three years. Moreover, the exchange ensures constant platform development to meet demands by modern traders. If you want to understand how the crypto exchange embraces uniqueness, the Hotbit exchange review above has what you may want to know. Remember, the platform manages to rise through the ranks to 4th from the 50th position. That proves the platform’s reliability as it appears to understand the solutions crypto traders and investors need. If you want to join the crypto world or are an expert looking to improve your trading familiarity, you can try what this exchange has. Keep in mind that your research matters most if you want to enjoy a smooth experience in the crypto space.

The exchange’s reasonable fees and security make it a dependable crypto site. The 2FA security functionality secures your crypto accomplishments from unauthorized access.

FAQS

  1. Can US investors use Hotbit?

Hotbit does not accept US investors because of the stiff crypto regulations by the nation. Though the platforms seem to target global traders, the US appears out of control. If you are in the United States, you may need to consider other crypto exchange options without restrictions. They include eToro, Gemini, and Coinbase.

  • Does Hotbit Need KYC?

You can register your account, trade, deposit money, and withdraw your funds with Hotbit without KYC verification. With that, you can begin your trading accomplishments immediately after funding your account.

  • Which Wallets Support Hotbit Tokens?

Hotbit’s HTB is an ERC20 asset supported by imToken and MyEtherWallet.

  • Is there a Hotbit Affiliate Program

The exchange doesn’t offer affiliate programs. That means you cannot earn referral bonuses when you join your friends on the platform. However, their website declares the availability of the program soon.

Eino Kinnunen (Finland)

Eino is a new writer for Tokenhell, he resides in Espoo, Finland and he has been a crypto journalist for over 3 years for various cryptocurrency news agencies.

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