Hotbit vs Crypto.com | Here's Why You Should Use Neither
Jack Moreau
Feb 2024
9 min read
Fact checked
Hotbit or Crypto.com? Wondering which cryptocurrency exchange is the better choice? Our team has conducted a comprehensive comparison, analyzing sign-up and KYC processes, available countries, trading fees, products and services plus user experience to help you make the right decision. Find out which exchange comes out on top in this in-depth review.
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 Crypto.com are both popular cryptocurrency exchanges offering a variety of services to users around the world.
Hotbit was founded in 2017 and is registered in Hong Kong. The exchange has over 7 million registered users and supports over 400 cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin and many others.
Hotbit exchange
The exchange provides access to trading services such as spot, futures, ETFs, and earn products, making it a popular choice for traders looking for a diverse range of trading options.
In comparison, Crypto.com was founded in 2016 in Singapore, has a user base of over 80 million worldwide and is available in 180 countries. The Crypto.com Exchange launched in 2019 and offers a comprehensive platform providing a range of services including spot trading, staking, and lending. Crypto.com supports a solid range of over 250 cryptocurrencies such as Bitcoin, Ethereum, and many other popular digital assets.
Crypto.com exchange
The platform also offers the Crypto.com Visa Card which allows users to spend their crypto holdings seamlessly and earn rewards. While Hotbit provides a wider range of cryptocurrencies for trading, Crypto.com offers a unique and innovative feature in the form of its Visa Card.
Both exchanges are available on Android and IOS and have millions of app downloads. Hotbit is sporting an average rating of 3.5 stars based on over 90,000 reviews and Crypto.com boasting an impressive 4.6-star rating based on over 400,000 reviews.
Crypto.com app
Hotbit vs Crypto.com Signup & KYC
When it comes to signing up for cryptocurrency exchanges, there are a few factors to consider. One of the most important is whether KYC (Know Your Customer) is required or not. Hotbit and Crypto.com are two exchanges with different approaches to KYC.
On Hotbit, KYC is not required and users can deposit and trade cryptocurrencies without it. The signup process is incredibly fast, taking less than a minute. All you need is your email address and to connect your 2FA to deposit cryptocurrencies and start trading.
Hotbit signup
However, if you want to withdraw assets, you will need to complete at least Level 1 KYC verification which involves entering your country of residence and phone number.
KYC is mandatory on Crypto.com for all trading and other features. However, the signup process is incredibly quick, taking less than 5 minutes to complete, including KYC verification. This means providing your full legal name and a picture of a government-issued ID. The verification process is fast, usually taking only a few minutes to a few hours.
Ultimately, the choice between Hotbit and Crypto.com depends on your priorities. If you value privacy and quick access to trading, then exchanges like OKX, Hotbit and Phemex which don't require KYC makes more sense to use.
Hotbit vs Crypto.com Products & Services
Hotbit is an exchange that offers spot and futures trading, ETFs along with demo trading and the option to buy crypto with a card. However, the user experience on Hotbit is not great, as the interface is quite basic and not very exciting to use. Additionally, Hotbit does not allow fiat deposits or withdrawals due to no KYC requirements.
Spot trading on Hotbit
On the other hand, Crypto.com offers a more wide range of trading services, including 500 spot trading pairs and over 100 futures, perps, margin trading and warrants. They also offer trading bots to help with basic functionality such as dollar cost averaging and grid trading.
Margin trading on Crypto.com
Crypto.com also has products and services more tailored to beginners such as lending and borrowing of digital assets, Crypto.com cards with cashback, and an NFT marketplace. For institutional clients, they also offer an OTC desk.
NFTs on Crypto.com
The user experience on Crypto.com is pretty good overall with a good variety of products and services. The exchange satisfies the needs of both professional traders and more average beginners with spot and futures products. Additionally, liquidity on Crypto.com is in the top 20 category with daily spot trading volumes in the range of $100-$300 million. The max futures leverage available on Crypto.com is 20X, and margin leverage is up to 3X.
In comparison, Hotbit's average daily spot volume is over $140 million with a max leverage of up to 100X on perpetual contracts. The exchange has limitations due to no fiat deposits or withdrawals and a not-so-great user experience.
When it comes to trading fees, Crypto.com in particular offer competitive rates for their users.
Let's start with Hotbit. Their spot trading fees range from 0.05% to 0.50% for makers and 0.2% to 0.65% for takers, which is higher than the industry standard. And for futures trading, their fees are identical to their spot trading fees which is worse as futures fees are normally lower than spot. Also, Hotbit does not offer any rebates for higher trading volumes.
Now let's talk about Crypto.com. Their spot trading fees are a significantly lower starting at 0.075% for both makers and takers. Their futures trading fees are also very low ranging from 0.017% to 0.034%.
Crypto.com fees
Crypto.com also offers the opportunity to lower trading fees based on trade volume or by holding their own CRO tokens. Users who exceed monthly trade volumes of $250,000 or hold at least 1000 CRO tokens can take advantage of reduced fees on their transactions. Overall, Crypto.com is the much better option compared to Hotbit for users who want to save money on their trading fees.
Hotbit and Crypto.com have different deposit methods available for their users. In short, Hotbit does not offer any fiat deposits options which means that users can only deposit cryptocurrencies into their accounts. However, the exchange does offer the option to buy crypto using a credit card through third-party providers. This however comes at much higher cost which is why we don't recommend it.
Buy crypto with card on Hotbit
On the other hand, Crypto.com offers fiat deposits only in USD via wire transfer. The best part is that there are zero deposit fees for wire transfers. This is a convenient and cost-effective way to transfer funds into the exchange for trading. While it's positive that Crypto.com supports fiat deposits of USD, it's deposit offering is much more restricted than the likes of Kraken and Binance.
Let's take a look at the withdrawal methods offered by each of these platforms. Starting with Hotbit, the exchange does not offer any fiat withdrawal methods. However, it does provide cryptocurrency withdrawals with varying fees for each coin. Withdrawing Bitcoin from Hotbit comes with a flat fee of 0.001 BTC, which is decent. However, withdrawing ETH comes with quite a high fee of 0.01 ETH.
In contrast, Crypto.com offers fiat withdrawals for USD via bank transfer with no fee charged for these withdrawals. However, the exchange does charge fees for cryptocurrency withdrawals, with the fees varying for each coin. For instance, withdrawing Bitcoin from Crypto.com requires a fee of 0.0001 BTC, which is lower than Hotbit's fee. Meanwhile, withdrawing ETH from Crypto.com incurs a much higher fee of 0.04 ETH while withdrawing SOL comes with a high 0.03 SOL fee.
Hotbit and Crypto.com are both popular cryptocurrency exchanges that offer a range of services to their users. Hotbit currently boasts over 7 million registered users and supports over 350 cryptocurrencies, while Crypto.com has a user base of over 80 million worldwide and is available in 180 countries.
When it comes to KYC verification, Hotbit does not require it for deposits and trading while Crypto.com mandates it for all trading and other features.
In terms of trading services, Crypto.com offers a wider range of options, including spot trading, staking, and lending, and even offers a Visa Card that allows users to spend their crypto holdings seamlessly and earn rewards.
On the other hand, Hotbit provides access to trading services such as spot, futures, ETFs, and earn products. Crypto.com stands out by offering much more competitive trading fees compared to Hotbit. Spot fees start at 0.075% at Crypot.com vs 0.05%-0.5% on Hotbit.
When it comes to deposit methods, Hotbit only accepts cryptocurrency deposits and offers the option to buy crypto using a credit card through third-party providers. In contrast, Crypto.com offers fiat deposits in USD via wire transfer with zero deposit fees for wire transfers.
Overall, the main benefit of Hotbit compared to Crypto.com is the fact that KYC is not required. Besides that, Crypto.com offers a better, more versatile and cheaper trading experience than Hotbit.
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.
