HotBit Review
In this HotBit review, we are reviewing one of the growing crypto exchanges that offer a large variety of cryptocurrencies and digital assets to trade.
Overview
HotBit is one of the finest crypto exchanges that offer a large variety of markets and assets to trade. At the time of writing, there are 2000+ cryptocurrencies available on the exchange, making it one of the largest in the sector. Traders on Hotbit will benefit from its straightforward, yet advanced trading platform with attractive trading fees, although professionals may not use the exchange because of its low trading volume and liquidity.
About Hotbit
HotBit, a trading platform with over 1 million registered users from more than 170+ countries, was developed in the year 2018 by a group of professionals based in China, the United States, and Taiwan. HotBit is a multifunctional crypto-to-crypto service that is accessible to a variety of investors and traders.
The team behind HotBit are globally distributed, and also they have a lot of experience in developing the exchange. There is a wide range of features available on Hot Bit to meet the needs of different investors and traders.
The exchange has worked with well-known blockchain industry partners such as F2pool, Spark Pool, Mytoken, Slow Mist, and HashQuark to provide a secure, stable, and feature-rich environment for cryptocurrency investors and traders.
Features of Hotbit
The hotbit exchange has some of the following features:
- The Hotbit website has more than 700,000 active and registered users, and it operates in many countries.
- They are focusing on the world’s most developing markets, such as Japan, Russia, South Korea, Southeast Asian countries, and Turkey.
- More than 200 cryptocurrencies are offered for trade.
- Users can use cryptocurrencies to trade with ETFs.
- According to the market analysis, Hotbit only offers spot trading and does not offer margin trading. Hot bit has advanced charting tools and trading features.
- The Hotbit trading platform allows users to trade mobile apps on iOS and Android.
- The number of cryptocurrencies traded on Hotbit is available on the top 10 crypto exchanges. It has $100 million as a daily trading volume.
- Today’s trading business has numerous different trading fees, which is a common practice. In addition, Hotbit’s exchange trading fee for takers is likewise the industry average.
- The hot bit trading exchange has a wide range of coins paired with DeFi tokens, several trading pairs with different altcoins, and unique coins.
Supported Cryptocurrency
Users can trade more than 2000+ cryptocurrencies against different pairs on HOTBITExchange using a rock-solid, stable and reliable framework. There are 2000+ digital coins that can be traded against HOTBIT Exchange pairs such as
- BTC
- ETH
- SHIB
- DOT
- FIL
- HTB
- DOGE
- XRP
- BNB
The token offering exchange is continually adding new offers that could provide a competitive edge for seasoned cryptocurrency traders. Hotbit is also one of the few centralised cryptocurrency exchanges that support SafeMoon tokens for trading.
Hotbit Fees
Based on the maker and taker model, Hot bit trading fees are 0.20% to 0.65% of the order value for taker fees and 0.05% to -0.50% of the transaction fee for makers. The taker fees are higher than other exchanges because of the high fees. Using its native cryptocurrency token, HTB, traders can reduce the transaction fees, which are -0.05% to -0.50% for any maker model.
Hotbit Deposit Fees
Currently, Hotbit charges no fees for deposits in 22 different cryptocurrencies. According to the platform’s website, no fees are charged for deposits of hotbit coins for trading on the platform.
Hotbit Withdrawal Fees
All Hotbit withdrawal fees are fixed regardless of the number of crypto coins withdrawn and are not dependent on the blockchain network cost.
Token Type | Blockchain | Withdrawal Transaction Fees | Minimum Volume Of Withdrawal |
BTC | Bitcoin | 0.001 | 0.002 |
ETH | ERC20 | 0.012 | 0.024 |
USDT | OMNI | 30 | 50 |
QASH | ERC20 | 513 | 1026 |
EOS | EOS | 0.15 | 10 |
TCASH | ERC20 | 7500 | 15000 |
BKX | ERC20 | 40000 | 80000 |
SPHTX | SPHTX | 112 | 224 |
EKO | ERC20 | 39500 | 79000 |
QUN | ERC20 | 3550 | 7100 |
HTB | ERC20 | 760 | 1000 |
Deposit and Withdrawal Methods
Hotbit does not allow fiat money to be deposited or withdrawn on the platform; as a result, crypto investors who do not have a fiat currency exchange cannot use this platform to purchase digital currencies. The traders can access historical data on deposits and withdrawals.
When the trader deposits on the Hotbit platform, they can choose to use ePay or a different method, such as cryptocurrencies. The trader must have an account with the service provider in order to create an account. They may use withdrawals and deposits on the service.
Since this process involves paying a 1% transaction fee as a transaction charge, the user must also pay a minimum fee of 1 USD. The users can deposit or withdraw Bitcoin, Ethereum, etc. into this exchange. Hotbit does not accept wire transfers, credit cards, or debit cards as deposited funds.
Transaction Fees
Maker Transaction Fee
The Maker transaction fee applies to users who wish to buy or sell any kind of tokens in hotbit platform.
Global Select | Global | Growing |
Maker | Maker | Maker |
-0.05% | -0.30% | -0.50% |
Taker Transaction Fee
Any makers who place buy or sell orders that are then taken by users who offer to take them are subject to the taker transaction fee.
Global Select | Global | Growing |
Taker | Taker | Taker |
0.20% | 0.45% | 0.65% |
Hotbit Token
Hotbit uses its native token, the Hotbit token, as part of its rewards programme. Each user can use the token on the platform and it has a number of purposes. This increases its value according to the token’s utilisation.
Hotbit has created a digital-asset system and rewarded contributors with HTB tokens through the Hotbit exchange platform. IEO may only be acquired with the token on the Hotbit exchange platform.
To keep up with demand, some transaction fees purchased HTB in the open market by increasing the number of tokens being purchased. Thus, half of the purchased tokens will be burned, and the balance half will be utilised for marketing campaigns.
Hotbit Application
The HoBit exchange mobile app can be downloaded from the website which supports both iOS and Android devices. The best crypto trading app that can be used to check open positions and monitor the markets using only their smartphones.
Hotbit Pros And Cons
Pros
- A hotbit global cryptocurrency exchanger that is available in more than 170 countries worldwide
- The exchange is always supporting new tokens and coins.
- More than 2000+ trading pairs to speculate on
- A crypto EFT that can be traded with a 3X margin
- Lending and DeFi products can earn Additional Income.
Cons
- The charting function is difficult to use on the mobile app.
- No hotbit exchange service is available to US customers.
- Hotbit has no affiliate programme at present.
Security And Safety
The HoBit website mentions that it provides the highest level of security features to protect its users’ funds from compromise, and you can read the FAQ section in order to find out more about this. HoBit provides the following security measures:
- A security level firewall that monitors system data.
- A cold wallet storage solution to protect customer funds is presented.
- Increasing user security by using 2-factor authentication.
The cold wallet storage solution and withdrawal verification process are not listed in any other information about the platform security. In comparison, the information on platform security provided by other crypto exchanges is very detailed and comprehensive.
Hotbit Review- Final Thought
In Final Thought, Considering that this is the best crypto exchange and has a lot of different cryptocurrency pairs, it is a good option to consider if you want to trade a large variety of altcoins. It has a large list of trading pairs, and its users have an advantage when it comes to new digital assets and token offerings. The interface is well designed for desktop and mobile apps for crypto trading platforms, and it is easy to use.
