HotBit Comprehensive Review 2023 – Is It Legit & Safe To Use?

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When talking of crypto tokens, HotBit is one of the early entrants that has recently made it to the list of leading crypto platforms. The platform tends to provide a wide range of coins via its well-designed, user-friendly financial assets trading platform. 

HotBit’s worldwide workforce has expertise in cryptocurrency and traditional finance industries. Moreover, the exchange is an ideal start for beginners since it covers a broad selection of cryptos and has a straightforward design.

In addition, the network should be able to draw capital from various sources thanks to the team’s business expertise and collaborative associates.

Therefore, if you’re searching for a reliable cryptocurrency exchange platform with good customer support, ease of use, lower fees, and multiple deposit methods, HotBit is the platform for you! 

Continue reading as we take a deeper glimpse into what the website has to provide so everyone can make their own decision.

Table of Contents

 

Pros And Cons Of HotBit

Pros

  • The crypto exchange comes with numerous coins and tokens, with options to trade in eight fiat currencies.
  • Provides a quick and easy trading terminal in two versions: a website edition for a PC as well as an app for smartphones.
  • Five investing options that contain hundreds of projects with varying assets and performance.
  • Regulated fees for trading activities at or under the industry average, as well as withdrawal costs, are usual.
  • Its security safeguards user’s information and commodities, so there is a Bounty program for users who find bugs.
  • Offers introductory incentives and competitions.

Cons

  • Does not offer an affiliate program.
  • There are no demo registrations available, only basic instruction in the shape of FAQs.
  • There isn’t a helpline.
  • Leverage trading is not available.

HotBit At a Glance

Website Homepage https://www.HotBit.io/
Year Founded 2018
Headquarters Shanghai, China
Wallet Availability N/A
Hardware wallet availability N/A
Number of coins 1,900+
Number of coin pairings 3,000+
Native token availability HotBit Token (HTB)
Exchange availability Yes
Customer Service Submit Form Support
Mobile app Yes
Cloud storage N/A
Deposit Fee 0
Transaction Fee Maker- -0.05% to -0.50%Taker- 0.20% to 0.65%
Withdrawal Fee Depends on Network Cost of the Blockchain
Supported Fiat Currencies CNY, USD, KRW, RUB, THB, JPY, EUR, TWD
Supported Nations 200+

HotBit Exchange: Company Overview

HotBit was first introduced in Hong Kong in 2018 that initially started off as Shanghai Gametree Information Technology Co. Ltd. However, later, the crypto exchange established its services in Estonia.

The trading exchange has its affiliations and collaborations with renowned firms, including MyToken, Mandarin, and the Blockchain, which have earned its recognition as a secure and trusted place to conduct transactions. But unfortunately, due to regulatory and legislative rules, participants from the US market won’t be able to reap the benefit of the different functionalities that HotBit has to offer.

Besides, the HotBit platform also gets its fundamentals with several fiat currencies. Users signing up for the platform have the option to liquidate their funds at all times via its excellent client service and comprehensive safety architecture.

Start trading with Hotbit

Cryptocurrencies Supported In HotBit

One of the primary factors of HotBit.io is the number of available cryptos for its users. Users signing up for the platform have access to a wide selection of altcoins to help you locate any currency you’re searching for. 

HotBit also accepts a wide range of unique cryptocurrencies. Here’s a listing of all 28 coins to give you a brief idea of what you’ll be signing up for:

TomoChain (TOMO) Time New Bank (TNB) WaykiChain (WICC) Tron (TRX)
Aelf (ELF) EchoLink (EKO) eosDAC (EOSDAC) EOS (EOS)
SophiaTX (SPHTX) QunQun (QUN) THETA (THETA) TCASH (TCASH)
SpookySwap (BOO) ATN (ATN) Baanx (BXX) BOX (BOX)
ShowHand (HAND) Genesis Vision (GVT) HotBit Token (HTB) Holo (HOT)
Ethereum (ETH) Bitcoin (BTC) Alphacat (ACAT) Zilliqa (ZIL)
Omise Go (OMG) Icon (ICX) QASH (QASH) Ontology (ONT)

Besides, the platform is also listing new crypto tokens with high potential on its platform. Therefore, if you’re one of those users who are interested in investing into new tokens, HotBit has you covered! 

Key Features Of HotBit

HotBit crypto exchange is dedicated to offering its clients the highest quality products and solutions! The platform provides its users with some of the most outstanding features, here;s an overview of some of them: 

Multi-Currency Support

Customers appreciate having a trading system that is filled with multiple commodities. This is where HotBit exchange can be used for trading several online products accessible to its trading system. 

Because the cryptocurrency exchange supports several currencies, users are at ease to access HotBit using their own fiat currencies. 

Multiple Language Options

HotBit’s offerings are not confined to a particular country; instead, users anywhere from the world can access the services of the platform. As a result, HotBit offers several language support to its global consumers, allowing them to communicate with the exchange platform without difficulties. 

This trading system’s principal recognized language choices are:

  • English
  • Korean
  • Chinese
  • Thai
  • Russian
  • Turkish

Besides, the platform continues to add new languages, as it continues to expand across new regions. 

Real-Time Online Customer Service

HotBit offers continuous online client care 24 hours a day, seven days a week, to assist consumers with their issues or inquiries. The HotBit exchange ensures the highest level of client sales and assistance. 

User’s facing issues with seamless trading can access HotBit customer care via the following channels:

  • WeChat group
  • Support ticket
  • Telegram
  • Facebook
  • Twitter

Whether you encounter any questions, please contact HotBit’s user service.

HotBit Mobile App

The HotBit exchange’s smartphone application enables users to trade flexibly without limiting them to a computer or desktop. Also, with the HotBit smartphone application, anyone may trade from home, the workplace, or somewhere they are, in real-time. In addition, the HotBit smartphone application provides access to the most recent price movements. All iOS and Android users may access the smartphone application.

Users may only install and run the application by scanning the QR code on the webpage. It is available on the Google Play application for Android. The majority of the review is unfavorable, claiming withdrawals and functioning issues. When users trade on HotBit, it is best to use their web version because their applications are still problematic, and the iOS application isn’t properly featured on the application store.

hotbit

Additional Features Of The Platform:

  • HTB (HotBit Token): HTB is HotBit’s native crypto token. HotBit has created several use scenarios for the token’s functionality and numerous opportunities for its price to rise.
  • HotBit will develop a blogging system for digital materials. Participants will receive the HTB token in exchange for their contributions.
  • The platform will create a global customer support infrastructure and will incentivize participants with HTB.
  • IEO purchases will include limitations that could only be purchased using HTB.
  • It will develop an efficient listing mechanism in which projects will give specific details and the requisite money and will be placed on HotBit once approved.
  • A percentage of the exchange’s trade fees would be employed to purchase HTB off the markets, creating demand.
  • 50% of the tokens acquired will be destroyed, whereas the remaining half might be used in marketing activities.
  • HotBit Investment Products: HotBit provides two categories of alternative investments. These are referred to as fixed period investments and current account investments.
  • Fixed Period Investment: The first one is fixed period investments, which let users earn profits by keeping their assets. These items presently have a perpetual validity term, meaning there are no set beginning and finish dates. Users will see the estimated annualized return, projected revenue, minimal investment, and redeeming or release period.
  • Current account investment: Unlike fixed period investments, current account investments don’t require users to lock up their tokens. Possessing those coins in the wallet also lets users continue making money from them. Whereas the rate varies by token, the annualized yield is predictably lower compared to fixed period deposits.
  • HotBit Polaris (IEOs): HotBit Polaris is the company’s in-house IEO launch system. The ICO also referred to as an initial coin offering, is the IEO’s forerunner. An ICO would be the first occasion a crypto coin is made open for general purchase. This is similar to an initial public offering (IPO) in conventional markets. 

Before the IEO, projects conducting an ICO had to create their site and financing channel. However, with the introduction of an IEO, the cryptocurrency marketplace manages this for customers. HotBit raises cash in favor of the firm and then lists it for trade shortly afterward.

Lichang, HotBit’s initial IEO, was a venture. The IEO went live on April 7, 2019, and was rapidly listed two days later. As of March 2020, HotBit had successfully raised 11 IEOs. Another action HotBit has to do is raise funds in two directions: first in USDT and then another in HTB, the firm’s coin.

  • HotBit Activity Center: Unlike other exchanges, HotBit invests heavily in advertising, inside contests, and events. Most events fall under three classifications: trade contests, freebies, and gatherings.

This demonstrates HotBit’s support for its various initiatives and attempts to increase trading volume and liquidity for such tokens. In addition, they collaborate with several initiatives, and as a result, they are obtaining visibility through blockchain solutions.

  • HotBit Dapps: HotBit Dapps, which was founded in Oct of 2019, includes a part on the site where customers may utilize various Dapps. All the ones that are accessible are entertainment applications. 

Whereas the majority are slot machines, they also provide other titles such as football, including gambling. Then, you utilize the gaming wallet funds to gamble and earn more. In addition to BTC and USDT, you may gamble using additional coins like BEAM or GRIN. Go to the Funds area and select the gaming profile option to view your gaming money. 

  • Hotbank: HotBit provides a variety of investment possibilities that enable people to earn money on their cryptocurrency holdings. Individuals can wager their possessions for a specified time or even loan them out for a payout of revenue calculated at the asset’s interests. This solution supports many currencies, with all accepted crypto projects mentioned inside the Hotbank platform.

Trading Experience

HotBit has an options trading function that allows users to acquire and manage leveraging trade positions. In addition, the feature includes Simulated Option Trade, a service that enables individuals to polish their technique and build their talents before engaging in elevated transactions.

Individuals wishing to trade on HotBit will find a reasonably user-friendly interface on the HotBit site. Customers may utilize Trading View’s inbuilt graphing elements for fundamental indicators within the graphing interface. Inside the graphing interface, customers may keep records of the transaction value and history. Trade pairings also are easily organized into divisions, such as:

  • Global Select — a collection of the platform’s key coins.
  • Global — includes all tokens listed just on the HotBit platform.
  • Growing – consists of digitized commodities that are gaining popularity or market cap.
  • ETF is a type of margin trading that provides 3-5x margined contracts with such a one-day settling time.
  • Sections — dividing digital assets into areas like food, amusement, sports, betting, and so on.

HotBit offers many tokens accessible on their live trading market (approximately more than 1900 at the moment of publishing), and they may have the most diverse offering when matched to other cryptocurrency exchanges. Most of this is attributable to HotBit’s constantly adding new digital products to the market. 

This might be an excellent exchange for beginners and seasoned crypto investors. The disadvantage is that the trade view functionality is not adjustable, so customers must make do with what is provided. However, this is not always negative because specific traders may enjoy how the display is set up. Still, many of HotBit’s rivals nowadays allow users to customize their layout and choices.

Start trading with Hotbit

Fees Structure

Trading Fee:

Trading fees associated with HotBit are in line with the remainder of the sector. The various transaction costs that might be incurred depend highly on the kind of transaction utilized while trading. HotBit trading costs are based on a basic Maker and Taker paradigm; those eligible for Maker orders get a trading fee refund. The following is the trading commission (also referred to as the transaction fees): 

  Maker Fee Taker Fee
Global Select -0.05%               0.20%
Global -0.30%               0.45%
Growing -0.50%               0.65%

Deposit and Withdrawal Methods

HotBit accepts both crypto and fiat money deposits when funding a profile. Customers must transfer their digital assets to the HotBit-provided digital wallet address to fund crypto. Because there are no HotBit transaction costs while using bitcoin, consumers may place deposits while just being concerned with service expenses.

The platform also has a fiat money portal via EPAY, albeit USD is presently the solely supported fiat money. This transfer incurs deposit costs since 1% of each USD payment is levied.

Withdrawing out off the platform is as straightforward as depositing. Customers can make withdrawals of assets by providing wallet information linked with the commodity being transferred. However, every item does have its own set of withdrawing costs, several of which might be relatively high.

HotBit Deposit Fees

Currently, there are no transfer fees for crypto deposits made into a profile using crypto funding methods. However, each Fiat payment using EPAY is subject to a 1% charge.

 

HotBit Withdrawal Fees:

Withdrawing fees apply to customers who seek to remove monies from their accounts. These system fees involved with making a trade on the system determine the withdrawing fee for every crypto token.

Those wishing to withdraw cash should be aware of HotBit withdrawal costs, which could also eat up a significant chunk of the funds being transferred, particularly if taking a little sum. However, customers could be capable of saving money on withdrawal costs by converting and sending the item on a system with a cheaper withdrawal charge.

How Secure Is HotBit?

The platform offers a security and intelligence auditing team that delivers real-time digital internal audits for users’ assets 24 hours a day, seven days a week. They regularly stress analysis and identify potential preexisting vulnerability issues, alerting them to plug the gaps before they are abused.

Regarding user profiles, HotBit provides several options to assist you in safeguarding your profile. Each of these may be enabled in the safety preferences.

  1. 2FA — This is a common type of account authentication with most cryptocurrency platforms. It is accomplished by employing a different device, which creates a distinct key or combo every so often. When you login in, you will be prompted to input this key.
  2. Email verifications – Whenever you withdraw, an email is sent to the email id asking you to verify whether the activity is authentic. SMS verifications – SMS confirmation is necessary for access, transfers, password change requests, and API maintenance. 
  3. Hot & Cold Wallets – This is a conventional approach for separating rotating money (hot wallets) from most customer funds (cold wallets). Because this cold wallet is not linked to the web, it’s much less prone to be hijacked. It’s like banks without keeping all their assets locked up in a giant safe.

Besides, the sector’s two leading audit teams, SlowMist and Beosin, have formed a strategic collaboration alongside the HotBit platform. Each of those groups offers applicable one-stop safety options and identifies possible HotBit exchange vulnerabilities. Finally, let us also mention that HotBit’s reliability grade is B+, the same as Binance’s cryptocurrency platform.

Start trading with Hotbit

Account Opening With HotBit

To open an account with HotBit, you’ll have to follow the listed steps:

Step 1: Anyone may sign up for HotBit from almost all site pages, even the main website. 

Step 2: A “Register” icon is in the site’s upper corner. Users will be required to give their email addresses and accept the policies and rules. 

Step 3: Next, you enter your details. 

Step 4: However, users must verify the profile using the code number sent in your mailbox at this stage. 

Step 5: Users would then proceed to two-factor verification, with an option of Authenticator and Cellular Sms. 

hotbit - REGISTER

To complete building up a profile, input the login key you received. Once done, you are now prepared to sign in and access the services of the platform.

Customer Satisfaction

HotBit has a low rating of 1.7 stars out of 5 stars on Trustpilot. This grade is based on over 350 reviews on the Trustpilot website.

Almost all the testimonials praise their excellent customer service and the speed with which their issues were remedied. However, most complaints include accounts being stopped, being unable to withdraw cash, and becoming stuck in the verification process.

Because the platform is relatively new, it’s possible that it’s difficult to assess how well it’s doing. However, a few opinions say that HotBit isn’t a fantastic exchange but is also not too awful for basic trading purposes.

HotBit Vs. Competition

Considering the unique functionality and features provided by the HotBit platform, it won’t be wrong to say that the platform stands out in terms of its application. In addition, users signing up for the platform can tap into multiple features and functionalities, paired with the excellent fee structure. 

However, unlike the pros, the platform also has similar cons that sometimes outweigh it. If HotBit doesn’t seem like a reliable option for you, let’s evaluate its performance against one of its major competitors, Gate.io. 

HotBit vs. Gate.io

Like HotBit, Gate.io is a relevantly new crypto exchange platform that strives to be more user-friendly than previous exchanges. In addition, it is a safe marketplace with security features not seen on rival platforms.

Gate.io is an innovative new crypto platform aimed at offering our consumers a straightforward and user-friendly interface. It is one of the largest and fastest-growing platforms in Asia. It is well-known for its excellent customer service and wide selection of innovative trading capabilities.

While the platform has similar functionalities, HotBit does stand out on certain fronts. Here’s an overview of the different sections where the platform stands out!

  • Market Availability: Users signing up for the HotBit platform have over 635+ tokens, whereas Gate.io provides access to just 410+ tokens around different markets. 
  • Trade Fees:  Both platforms stand equal at a 0.2% trading fee for crypto tokens. 
  • Real-time Customer Support: Users considering signing up with Gate.io might want to consider that the platform doesn’t provide real-time customer support. On the contrary, HotBit has its customers covered with 24/7 customer support.  

Looking at the short but insightful review, we can say that both the platforms are competitive and provide exceptional features and services to their customers. However, HotBit takes the lead over Gate.io in more than one instance, making it the clear winner. 

 

Final Verdict

Should You Consider Using HotBit?

  • Long list of crypto pairs: HotBit is a cryptocurrency exchange platform that offers several crypto pairs for its users. It is one of the most reputable cryptocurrency exchanges in the market. It’s a solid option for those looking to exchange cryptocurrency.
  • No KYC registration: HotBit does not require KYC to signup on the site, trade, withdrawal, or deposit money. Furthermore, this network does not provide leverage trading; users may begin trading coins immediately after depositing cash on the HotBit website.
  • Mobile App Available: HotBit offers a smartphone application for trading on the move, in addition to its browser interface, which is available from every gadget at all times. Mobile applications support both iOS and Android devices.
  • User Friendly: The exchange is simple and intuitive to use, with a modern and well-designed trading interface. It provides the tools and information you need in a clear and concise format, with features like real-time price updates and advanced trading tools like order types, stop-loss, and take-profit points. This makes it easy for you to get started, and navigate your way around the platform to get the best experience possible.
  • Competitive Pricing: The main advantage of adopting HotBit is indeed the affordable cost. Other exchanges provide comparable services at a greater cost. This lets people retain funds over time, which is an appealing option for individuals trying to cut costs on crypto purchases.

Shortcomings Of HotBit

  1. No Leverage trading: HotBit does not offer leverage trading. When you trade cryptocurrencies, you typically use margin to increase your investments. This means you borrow money from a broker to buy coins, then sell them to cover your original investment. The profits are then used to repay the loan, and the loan is then paid back to the broker.
  2. Lacks Transparency: Its lack of data and openness about the organization cause worry. While considering a centralized exchange like HotBit, it is beneficial to learn everything regarding the business with whom you are committing your money. This is an area where we would want to see improvement.

HotBit is also a new crypto platform, although it has a lot of upsides. The amount of cryptos they had introduced in the previous few days suggests a severe attempt to increase the offers, which traders will undoubtedly welcome and grow to a fair range of crypto pairings.

We suggest trying out HotBit when offering certain cryptocurrencies or tokens you want to buy. However, we advise not to have a significant sum in the marketplace and use the 2FA authentication alternative.

Start trading with Hotbit

FAQs

 Do I require to undergo the KYC process to start trading with HotBit?

As per our review, the HotBit platform doesn’t ask you to go for a KYC registration to get started with trading. Therefore, once you’re signed up, you can easily trade, invest, or withdraw your funds from the HotBit platform.

What type of training chart do I get when signing up for the HotBit platform?

Talking of the charting options, users of the HotBit platform get access to charts sourced by TradingView. The provider has earned a name around ensuring customers get a smooth, clean, and intuitive experience. Besides, you can also leverage trading bots over the platform.

 I am a US resident, can I sign up with HotBit?

Not currently! The HotBit platform is currently not open to residents of the United States. However, with the increasing customer base of the platform, chances are that you might soon have the chance of registering with them.

 

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