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Monday, February 6, 2023

Hotcoin Cryptocurrency Exchange Review: Hotcoin Is Legit

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About Hotcoin Cryptocurrency Exchange

Hotcoin Global is a cryptocurrency exchange from the land down under – Australia. It launched in 2017. The platform is owned by the company Hotcoin Global Exchange Pty Ltd, and two different licenses to conducts its operations from AUSTRAC (digital currency tradings and FX). 

Hotcoin Global is a digital asset trading platform. The obtained two different licenses to conduct its operations from AUSTRAC: digital currency trading and foreign currencies exchange. As of 2022, the centralized cryptocurrency exchange (CEX) had an estimated 5 million active users, with its daily transaction volume reaching billions of dollars. Who Are The Founders of Hotcoin Global? The cryptocurrency exchange is owned by Hotcoin Global Exchange Pty Ltd. 

Key Information

ExchangeDetails
Exchange NameHotcoin
Exchange TypeCryptocurrency
Withdraw Fee0.0005 BTC
Support24/7
LangugaeEnglish
Taker Fee0.20%
Maker Fee0.20%
Website Homepage

How To Sign Up & Start Hotcoin Trading

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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

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You Then Receive An E-mail In Your Gopax 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.

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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.

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Hotcoin Global Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book.

Hotcoin Global charges what they call flat fees, meaning that both the takers and the makers pay the same fee. In this case, that fee is 0.20%. These flat fees are quite in line with, or slightly above, the global industry averages for centralized exchanges. In the largest and most recent empirical study performed on industry average crypto trading fees, we found that the industry average spot trading taker fee was 0.217% and the corresponding spot trading maker fee was 0.164%. Here, as you recall, they are both set at 0.20%.

Consequently, Hotcoin Global’s trading fees are slightly below average for the takers and a bit higher than average for the makers.

Hotcoin Global Withdrawal fees

Hotcoin Global charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. The current global industry average is 0.000643 BTC per BTC-withdrawal according to this report, which is the latest such report prepared on the subject to our knowledge. Accordingly, the withdrawal fees charged by this platform are competitive.

Deposit Methods

In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Hotcoin Global is cryptocurrency. However, if you really like Hotcoin Global but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. 

Hotcoin Global supported coins

Hotcoin Global supports various crypto assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP (XRP), Ethereum Classic (ETC), EOS (EOS), TRON (TRX), Chainlink (LINK), Bitcoin Cash (BCH), Dogecoin (DOGE), Cardano (ADA), Huobi Token (HT), and many others. There are literally more than 100 supported coins on Hotcoin Global which is a big plus for the exchange.

Features

The world’s leading

Various crypto assets & derivatives for trading, one-stop crypto assets comprehensive service platform.

Stable & Secure

Offline storage methods;Multi-encryption management; A 24/7 service for comprehensive protection of user assets all year round.

Easy to use

A trusted choice for users from different countries and regions worldwide, with multi-language options for fast and easy crypto asset trading at anytime, anywhere.

View referral rules

How to refer friends

Register a Hotcoin account, click \”Invite Friends\”button on the page to generate an invitation link or QR code to invite your friends!

Friends enjoy discount

Once friends invited by you are registered successfully, they will receive a 20 discount on the handling fee!

Hotcoin Global supported countries

The name of the exchange is Hotcoin Global so it can be used anywhere around the world, as the name suggests.  However, as previously mentioned above, Hotcoin Global is not available in the US, so this is definitely a negative side of the platform. 

Conclusion

Hotcoin Global is a completely legit cryptocurrency exchange based in Australia. In general, the platform has some benefits, but also a lot of flaws and negative sides. Fees are pretty fair, but the lack of KYC verification, no fiat deposits, and the fact that the exchange is not available in the US are all things you should consider before using Hotcoin Global.

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Disclaimer

Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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