Hotbit Exchange Review | Fees, Security, Pros and Cons
Hotbit exchange is one of the most popular cryptocurrency trading platforms, and it claims to have so much to provide. In order to clarify what this exchange has to offer us, we will examine its design and features that are important to traders and investors in general. Read on to find out more about this new veneration crypto exchange.
Hotbit Exchange Overview
Hotbit was founded in 2018 with the belief that digital assets are the future. Registered in Hong Kong and Estonia, the exchange has offices in Shanghai and Taipei. Although of Chinese origin, Hotbit has a mission to be a global venue for the trading of digital assets, so its core team is made up of members from China, the United States, and Taiwan.
The platform also supports 6 languages to ensure that a wide variety of customers can use it. The languages include Chinese, English, Russian, Thai, Korean, and Turkish. There are currently over 1 million registered users, 90% of which are not Chinese.
Supported Currencies and Available Countries
There are over 500 trading pairs on Hotbit exchange with top cryptocurrencies and DeFi tokens, so that everyone has something they want. The exchange has users from over 170 countries.
User Interface and Experience
Hotbit has a fairly attractive user interface but not so simple to navigate, mainly because of the many features it has. On the exchange’s page, users can easily see the listed assets, charts, and trade history. But on the markets’ page is a long list of supported assets and their available trading pairs, which users can choose from to start trading. It is not the best UI but is good enough for trading or whatever users wish to do.
How to Use Hotbit Exchange
Create an Account
To use Hotbit, new users have to register and create an account. The process is quite simple; with just your email or phone number, you can easily register by creating a password. A verification code will be sent to your email or phone, and after confirmation, you can access the full platform.
How to Deposit
Hotbit exchange is very conscious of security. You will need to activate two-factor authentication by installing a Google Authenticator and using the code to be able to make a deposit. The process is a security measure to ensure that no unauthorized person can deposit or withdraw from your account.
The same process is required to withdraw from the exchange. Also, note that you can only withdraw after 24 hours of depositing on the platform if you are a new user that just signed up.
Hotbit Exchange Fees
Hotbit charges Maker and Taker transaction fees as well as withdrawal fees on most tokens and coins but not all.
Deposit fees: No fees are charged for making deposits.
Withdrawal fees: Even if withdrawal fees vary with the network like on any other exchange, it also depends on a few tokens as listed below:
|Token type||Withdrawal fees||Min. Withdrawal volume|
Maker fees: Maker fees are -0.05% for Global Select, -0.15% for Global, and -0.05% for Growing.
Taker fees: Taker fees are 0.20% for Global Select, 0.30% for Global, and 0.65% for Growing. The fees seem quite high, but there are no hidden fees.
All cryptocurrency deposits are supported and free of charge. Apart from this, the other available option is to use ePay, which requires you to sign up with the service. Once you’re done, you can use the app to deposit USD on the exchange. It is worth noting that there is a 1% charge for depositing using this method.
Hotbit exchange seems quite serious about security. It is registered in Hong Kong, which means that it is fully regulated. There is two-factor authentication for deposits and withdrawals. However, no KYC is required, so users will only rely on their 2FA codes and passwords.
The crypto exchange has no record of loss to users and has a B+ rating from relevant authorities. It is also regularly audited by two audit firms, SlowMist and Beosin.
Hotbit claims to offer customers round-the-clock support through several channels, including submitting a support ticket, Hotbit’s official Chinese WeChat group, Hotbit’s official Chinese and English Telegram channels, Hotbit’s official Twitter account, Hotbit’s official Facebook account, and so on. Some customers have written poor reviews on the quality of customer service.
Hotbit Exchange Reputation
The exchange hasn’t been around for long, so it could be hard to tell how it’s performing. However, there are a few comments that suggest that Hotbit is not a stellar exchange but is also not too bad to use for the basic purpose of trading.
Hotbit Exchange Review: Verdict
Hotbit is a relatively new exchange and has ambitions to become a big global trading platform. However, it may have to improve its services to make it more inclusive for users. For instance, the withdrawal and deposit options are quite limited and could be a major hindrance to the users. They also need to work on the provision of liquidity as most of the listed assets are low caps, which usually have liquidity issues.
- The platform is easily accessible in many countries globally;
- It has a high return on investment that is second only to Binance, OkEx, Huobi, and Gate.io;
- The exchange has a large number of listed assets, with a lot of trading pairs.
- Fees are relatively high;
- Customer support is not very effective according to users;
- Most of the listed tokens have poor liquidity, which causes users to have problems trading assets;
- Limited deposit and withdrawal options.