Hotbit vs Binance | Why You Can Only Trade On Binance Today
Jack Moreau
Feb 2024
10 min read
Fact checked
Looking to buy and sell cryptocurrencies and not sure which exchange to use, Hotbit or Binance? Our team has conducted extensive research to determine the best option for you. We analyzed signup and KYC processes, trading fees, products and user experience to determine the best exchange. Read on to discover if Hotbit or Binance comes out on top!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Hotbit and Binance are two of the most popular cryptocurrency exchanges in the world, offering a wide range of trading options and advanced features to cater to the needs of both novice and experienced traders.
Hotbit which was founded in 2017 and registered in Hong Kong, has over 7 million registered users and is available in over 200 countries. The exchange supports a wide range of over 400 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and many others.
The platform provides access to trading services such as spot, futures, ETFs, and earn products. The Hotbit Android app has been downloaded over 1 million times and has an average 3.5-star rating based on 90,000 reviews.
Hotbit app
Binance was founded in 2017 by Changpeng Zhao and registered in the Cayman Islands as Binance Holdings Ltd. It is one of the largest and most popular trading platforms in the world. The exchange has over 120 million users worldwide and is available in 186 countries. Binance offers a comprehensive suite of services, including spot trading, futures trading, staking, and a variety of DeFi products.
Coinbase exchange
The exchange supports over 350 cryptocurrencies and numerous trading pairs. The Binance Android app has been downloaded over 50 million times and has a solid rating of 4.4 based on over 1 million reviews. While both exchanges offer a wide range of cryptocurrencies, Binance has a larger user base and offers more services compared to Hotbit. Binance is also more widely available with support in almost every country in the world.
Binance app
Hotbit vs Binance Signup & KYC
When it comes to signing up and getting verified on cryptocurrency exchanges, there can be a lot of hoops to jump through. However, some exchanges make the process easier than others. Let's take a look at how Hotbit and Binance compares.
Hotbit is known for its speedy signup process. In less than a minute, you can have an account up and running. All you need is an email address and to connect your 2FA to deposit cryptocurrencies and start trading. The best part? No KYC is required which means you can trade without any verification.
Hotbit signup
Contrary to Hotbit, Binance does requires all of it's users to verify their identity through a Know Your Customer (KYC) process. Creating a Binance account takes seconds, but in order to unlock full account privileges, users must verify their account.
Binance verification levels
Submitting all of the required documents and information for verification takes a maximum of 3-5 minutes. Generally, the verification process on Binance can be as short as 15 minutes but can take up to 2-3 business days in some cases to complete the verification process. So, if you're looking for a quick and easy signup process without any verification, exchanges like Hotbit, OKX and Phemex who don't require KYC are solid options.
Hotbit vs Binance Products & Services
When it comes to crypto related products and services, Hotbit offers spot and futures trading, demo trading, ETFs and interest on digital assets such as BTC and ETH. Hotbit does not offer too many products and despite this, the user experience on Hotbit is not great.
Hotbit spot trading
The interface is quite basic and not very exciting to use. While it's great that KYC is not required, that also comes with limitations in terms of no fiat deposits or withdrawals. The average daily spot volume on Hotbit is over $140 million and the exchange also offers a max leverage of up to 100X on perpetual contracts, making it a great option for those looking to take on a bit more risk.
Binance offers a much wider range of trading services such as spot, futures, margin, perps, and options trading. Binance offers perpetual or quarterly contracts settled in USDT, BUSD and cryptocurrencies. The exchange also offers additional features such as copy trading, trading bots, and leveraged tokens.
Cryptocurrencies on Binance
The user experience on Binance is quite good considering the wide range of products on offer. It manages to offer this wide range without overwhelming the user. Liquidity on Binance is one of the best in the world with daily spot trading volumes frequently exceeding $10 billion.
Binance spot trading
Binance offers a max leverage of up to 125X on futures and margin trading is available with up to 5X leverage with USDT, BUSD, BNB, BT, Alts and fiat as underlying collateral. Overall, both Hotbit and Binance offer a range of products and services to satisfy the needs of both professional traders and beginners alike.
While Hotbit may not have the best user experience it does offer a decent range of trading services and high leverage. Binance on the other hand manages to balance a wide range of products with a great user experience and high liquidity.
When it comes to trading fees, let's take a look at how the fees of Hotbit and Binance compare. Starting with Binance, their spot maker fee is 0.1% and their spot taker fee is 0.10%. For futures trading, the maker fee is 0.02% while the taker fee is 0.04%. While the fees on Binance are already very low to begin with, they can be lowered even further if monthly trading volumes exceed $1 million or if users hold at least 25 BNB tokens.
Binance spot fees
Moving on to Hotbit. For spot trading, their fees range between 0.05% and 0.50% for makers and 0.2% and 0.65% for takers. The same fees apply to futures trading as well which is a bit strange considering futures fees are lower than spot on most exchange. Unfortunately, Hotbit does not offer any rebates for higher trading volumes.
Needless to say, Binance's fee structure is much cheaper than Hotbit's and much less complicated to comprehend. Hotbit's fees are on the higher end and in-line with American exchanges such as Gemini and Coinbase.
When it comes to deposit methods, exchanges like Hotbit and Binance offer different options. Hotbit does not offer fiat deposits at all and only accepts crypto deposits an the option to buy crypto via credit card through third-party providers. If you choose to buy crypto via credit card through third-party providers, transaction fees can range between 2-5% depending on the provider and the coin you are buying.
Buy crypto with card Hotbit
On the other hand, Binance supports an impressive 26 fiat currencies including EUR, AUD, GBP and PLN among others. You can deposit these fiat currencies through Bank Transfers via Swift, Signet, SEPA, and Faster Payments (FSP).
Users can can also make fiat deposits using Visa, Mastercard, PayID, and Advacash. When it comes to deposit fees, Binance charges fiat currency deposits with Visa and Mastercard a 1.8% fee, while SEPA Bank Transfer incurs a small EUR fee. However, using an Advacash account to deposit means paying a 1.5% fee.
When it comes to withdrawing funds from your cryptocurrency exchange account, it's important to know the withdrawal methods and fees that are offered.
Hotbit once again disappoints which means that no fiat withdrawals are available. However, you can withdraw your crypto with different fees depending on the blockchain. Withdrawing Bitcoin comes with a 0.001 BTC fee, withdrawing ETH comes with a high 0.01 ETH fee and withdrawing ERC-20 USDT comes with a 2 USDT fee.
Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA and GBP via Faster Payments (FSP). Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. For SEPA withdrawals, there is a 1 EUR withdrawal fee while bank withdrawals with many other fiat currencies are free.
Binance fiat withdrawals
When it comes to withdrawing cryptocurrencies, Binance charges a 0.0002 BTC fee for Bitcoin, 0.000768 ETH fee for Ethereum and 0.008 SOL fee for Solana. Binance thus offers both greater depth of fiat deposit and withdrawal options compared to Hotbit, while also offering lower fees for withdrawing cryptocurrencies.
In conclusion, Hotbit offers a wide range of over 400 cryptocurrencies and a range of trading options, including spot, futures, ETFs, and earn products, with no KYC required for signup.
Meanwhile, Binance supports slightly less cryptocurrencies (350) but offers a much more comprehensive suite of services, including spot trading, futures trading, staking, DeFi products and much more.
In terms of user experience, Binance offers a more intuitive and user-friendly interface, while Hotbit unfortunately offers a more average experience. When it comes to trading fees, Binance offers much lower fees for both spot and futures trading.
Deposit and withdrawal options are also different between the two exchanges, with Hotbit only accepting crypto deposits, while Binance supports a staggering 26 fiat currencies and offers more options for fiat currency withdrawals.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
