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Hotbit Cryptocurrency Review

7

CURRENCY VERITY

7.0/10

CUSTOMER FEEDBACK

7.5/10

CUSTOMER SUPPORT

6.5/10

DESIGN

7.0/10

Pros

  • Secure storage
  • 24/7 Support
  • Mobile trading app
  • Available in over 170 countries

Cons

  • New Exchange
  • No Livesupport
  • No margin trading
  • US customers not allowed

About Hotbit Cryptocurrency

Founded in January 2018 and registered in both Hong Kong and Estonia, with its core team members from China, USA and Taiwan, Hotbit Cryptocurrency is currently based in Shanghai and Taipei. So far, Hotbit has been running smoothly for 29 months. According to CoinMarketCap, until October 14th, 2019, Hotbit had listed 547 trading pairs in total and was ranked No. 3 among all exchanges regarding the number of types of cryptocurrency projects listed. Currently, Hotbit platform supports 6 languages (Chinese, English, Russian, Korean, Thai, Turkish) and has accumulated 650k+ registered users from more than 170 countries and areas all over the world, among which 90% of registered users are non-Chinese users.

Hotbit Exchange firmly believe that the decentralized crypto-assets are set to reform the global financial system fundamentally and provide us with further highly efficient asset circulation, fairer resource distribution and more transparent trading processes. The distributed ledger and smart contract technology construct the foundation of trust building among mankind, which eliminates the trading barriers, accelerates trading efficiencies and forms a huge impact on real economy. Based on the management concepts of decentralization, Hotbit team aims at building the Amazon in blockchain industry.

ExchangeDetails
Exchange NameHotbit Cryptocurrency
Exchange TypeCryptocurrency
LanguageEnglish
Withdraw Fee0.00047 BTC
 WebsiteHomepage
Support24/7
Taker Fee0.20%
MakerFee 0.05%
 Top CountryIndia

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

Hotbit Cryptocurrency Hosting Information

Given URL:https://www.hotbit.io/
Domain:hotbit.io
Hosting:AS13335 Cloudflare, Inc.
Registrar:GoDaddy.com, LLC
Server IP:104.16.66.107
Name Servers:MICAH.NS.CLOUDFLARE.COM , JULE.NS.CLOUDFLARE.COM
Creation Date2017-09-19 03:44:05
Expiration Date2027-09-19 03:44:05
Updation Date2018-08-09 06:55:37

Enable 2-Factor Authentication (2FA)

When you log certain the primary time, a pop-up will show up and ask you to enable the 2FA, which can help in increasing your account security. If you’re new 2FA, you’ll got to download the Google Authenticator  app then scan the QR (or enter the key key) so as to urge a 1-minute changing code.

After completing these three steps, you’re through with fixing your account.

Transaction Fees

Maker Transaction Fee Maker Transaction Fee -0.05%●

. Maker transaction fee applies to users who offer to buy any type(s) of token(s) in any price lower than the current price in limit order or sell any type(s) of token(s) in any price higher than the current price in limit order, which thus increase the market depth of either buy or sell orders.
. Negative transaction fee means makers do not have to pay the transaction fee. Instead, Hotbit will return extra bonus to the makers.

Taker Orders Taker Transaction Fee 0.2%●

. Taker transaction fee applies to any users who offer to take any type of buy or sell orders placed by any makers, which thus decreases the market depth of the order book.

Hidden Orders The function of hidden orders requires all users to pay the same transaction fees as any other normal orders. No extra fees applies to the function of hidden orders.

Hotbit Trading fees

This platform has different trading fees for takers and makers, which is quite normal in the business. This exchange’s trading fees for takers are roughly in line with industry average. The exchange charges takers 0.20% of the order value. However, if you are the maker in a trade, you will be happy to know that you will get paid to trade. Hotbit’s trading fee for makers is -0.05%, meaning that you get rewarded for making a trade. This is naturally very beneficial for all makers out there.

To our understanding, if you hold the platform’s native token, Hotbit Token (HTB), and pay trading fees with that, the trading fees for takers are even lower.

Hotbit Withdrawal fees

Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is arguably around 0.0008 BTC when you withdraw BTC, but we see more and more changes that have started charging 0.0005 BTC per withdrawal. 0.0005 BTC is thus establishing itself as the new industry average.

Here, at Hotbit Cryptocurrency , you only have to pay the network fees when withdrawing. These are the fees that miners receive to confirm transactions. Only charging network fees is competitive.

Deposit Methods

At this exchange, you can not deposit fiat currency. This means that new crypto investors (i.e., those without any previous crypto holdings) can’t trade here. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency.

Transaction Fee for Deposit Transactions

Deposit Free●

. Hotbit will provide express and free services regarding any deposit transactions of any types of tokens available on Hotbit.

Transaction Fees for Withdrawal Transactions

The withdrawal transaction fees of cryptocurrency token/coins are determined by the network cost. The transaction fee standards of withdrawal transactions on Hotbit are listed as below

. New users will not be able to withdraw their tokens within 24 hours of their registration on Hotbit.
. The web page of withdrawal transaction fee standards will be updated regularly. Please refer to our web page for any of the latest adjustments on any withdrawal transaction fees.

Security

Hotbit’s powerful internal security audit team provides year-round 7*24-hour real-time online audit services for all users’ assets. Meanwhile, Hotbit has also established strategic partnership with two top audit teams in the industry, namely SlowMist and Beosin, who are responsible for the detection of potential existing security problems of Hotbit exchange and the provision of relevant one-stop solutions.

According to the data provided by relevant authorities, the security rating of Hotbit is classified as B+ (which is the same as Binance).

For further details, please refer to the link here: https://icorating.com/report/exchange-security-report/

So far, Hotbit still proudly holds the record of zero loss to any of its user assets due to the platform own security weaknesses.

Service

Hotbit Cryptocurrency provides year-round 7*24-hour customer service. Should you have any concerns or inquiries, you can contact Hotbit’s customer service staff through any channels such as 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 etc. Hotbit guarantees to provide all its users with the best and most efficient services and supports.

Data

Hotbit always possesses a strategically prospective view when it comes to the listing of new types of cryptocurrency tokens with qualities.

HOT (Holochain) was listed on Hotbit on April 30th, 2018, and then listed on Binance on June 18th, 2018.

Beam was listed on Hotbit on December 31st, 2018, and then listed on Binance on September 16th, 2019.

NEXO was listed on Hotbit on May 7th, 2018, and then listed on Huobi on March 3rd, 2019.

Apart from that, Hotbit has also listed some other types of tokens, for example, QKC, TOMO and FTM, ahead of top leading exchanges like Binance. Hotbit sincerely invites you to discover the value of potential types of tokens together.

Join Hotbit communities

Hotbit Cryptocurrency has over 700,000 registered users from over 210 countries and areas around the world. Hotbit focuses on world’s emerging markets such as Russia, Turkey and southeastern Asia market. Users are active in Hotbit communities covering Twitter, Telegram, WeChat, VK, Facebook. Join Hotbit communities, where you could exchange experience and collaboratively explore the new industry trends with thousands of experienced users around the world.


editor