Hotbit or Gate.Io: Which cryptocurrency exchange should you choose? Our team has extensively researched both platforms to determine which one comes out on top. We've evaluated signup and KYC processes, supported countries, trading fees, product offerings and user experience to provide you with a comprehensive comparison. Discover the best exchange for your needs with our in-depth analysis.
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 Gate.io are both popular cryptocurrency exchanges that offer a range of trading options and support for 100s of digital assets.
While Hotbit was founded in 2017, Gate.io has been operating since 2013. Hotbit is registered in Hong Kong while Gate.io is registered in the Cayman Islands.
Hotbit offers access to over 400 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and many others.
The exchange provides access to trading services such as spot, futures, ETFs, and earn products. Hotbit has over 7 million registered users worldwide and is available in over 200 countries.
Hotbit exchange
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
Gate.io on the other hand offers access to an impressive +1000 cryptocurrencies including Bitcoin, Ethereum and numerous altcoins along with various trading pairs.
The platform supports spot trading, margin trading, futures, and options trading offering advanced features to cater to experienced traders.
Gate.io exchange
Gate.io has over 12 million users around the world with the majority being based in Europe and Asia. The Gate.io app has been downloaded over 1 million times and has a solid rating of 4.4 stars with over 40,000 reviews.
Gate.io app
Both exchanges have a global workforce of over 100 employees with Gate.io being available in 184 countries and Hotbit being available in over 200 countries. Gate.io overall offers more cryptocurrencies to trade than Hotbit and more advanced trading options.
Hotbit vs Gate.io Signup & KYC
While both exchanges have their unique features and benefits, there are also some differences in their signup and KYC processes.
Hotbit is an exchange that does not require KYC verification and allows users to deposit and trade cryptocurrencies without submitting any personal information. The signup process on Hotbit is straightforward and takes less than a minute to complete. In order to deposit cryptocurrencies, users will need to connect their 2FA.
Signing up to Hotbit
On the other hand, Gate.io requires KYC verification for both depositing and withdrawing crypto and fiat currencies.
The signup process is quick and takes less than a minute to complete. The processing time for KYC verification on Gate.io is usually a few hours to 24 hours in most cases. Both Hotbit and Gate.io offer their users a seamless signup process, but Gate.io has more stringent KYC verification requirements.
KYC verification on Gate.io
Hotbit vs Gate.io Products & Services
Hotbit and Gate.io are both cryptocurrency exchanges that offer spot and futures trading as well as a number of additional services. However, when it comes to user experience, they are quite different.
While Gate.io offers a solid variety of products and services with an easy-to-navigate interface, the user experience on Hotbit leaves something to be desired with a basic and unexciting interface that can be frustrating to use at times.
Spot trading on Hotbit
In terms of liquidity, Gate.io has the upper hand with an average daily spot volume of over $500-900 million while Hotbit's average daily spot trading volume is in the range of $100-200 million.
Gate.io spot trading
Hotbit offers a max leverage of up to 100X on perpetual contracts while Gate.io offers a futures leverage of 50X and a margin leverage of 10X. Both exchanges offer a wide range of altcoins and futures products, as well as finance services such as staking and lending and borrowing.
Gate.io products and services
Overall, if you value a more polished user experience and higher liquidity, you will likely prefer Gate.io. However, if you're looking for higher futures leverage and don't mind a less exciting interface, Hotbit still has something to offer.
When it comes to trading fees, Hotbit and Gate.io both have different offers, with Hotbit having a more flexible fee structure.
Hotbit charges spot trading fees for makers between 0.05% and 0.50%, and for takers, it's between 0.2% and 0.65%. While Hotbit offers some flexibility on fees depending on the coin traded, they do not offer any rebates for higher trading volumes.
Meanwhile, Gate.io charges an average 0.20% for both spot maker and taker fees and a competitive futures maker and taker fees are at 0.02% and 0.05%, respectively. Users on Gate.io can also lower trading fees if monthly trade volumes exceed $60,000 or if the user holds enough GT tokens.
When it comes to deposit methods, Hotbit and Gate.io have different approaches.
Hotbit only allows crypto deposits and buying crypto through third-party providers with a credit card. This is an expensive option and we recommend users stay away for the sake of cost efficiency.
One click buy on Hotbit
On the other hand, Gate.io also offers instant purchase with credit/debit card via MoonPay, Banxa, Advacash and Simplex.
However, the credit card fees on Gate.io are quite expensive, ranging from 2-5% transaction fee. The big downside of both Gate.io and Hotbit is that neither exchange supports fiat deposits.
Let's take a closer look at the withdrawal methods offered by each exchange.
Starting with Hotbit, it's once again important to note that the exchange does not support fiat withdrawals.
Instead, users can only withdraw cryptocurrencies from their Hotbit account. Withdrawal fees vary depending on the cryptocurrency being withdrawn. For example, withdrawing Bitcoin comes with a 0.001 BTC fee while withdrawing Ethereum incurs a high 0.01 ETH fee.
Gate.io like Hotbit does not offer their users the option to withdraw fiat currencies. Only cryptocurrencies can be withdrawn with different fee structure. The withdrawal fees for Bitcoin and Ethereum are 0.001 BTC and 0.0019 ETH, respectively. Withdrawing SOL comes with a lower fee of 0.003 SOL while withdrawing USDT (ERC-20) comes with a fee of 3 USDT.
Both Hotbit and Gate.io disappoint by not offering any fiat withdrawal options. In terms of the fees they charge for withdrawing cryptocurrencies, both exchanges frequently charge higher fees than necessary.
Hotbit and Gate.io are two popular cryptocurrency exchanges that offer their users a range of trading options and support for multiple digital assets.
Hotbit provides access to over 400 cryptocurrencies and has over 7 million registered users worldwide. In contrast, Gate.io offers access to 1500 cryptocurrencies to their over 12 million users worldwide.
In terms of user experience, Gate.io offers a more polished interface and higher liquidity, with an average daily spot trading volume in the range of $500-$900 million. On the other hand, Hotbit offers higher futures leverage of up to 100X on perpetual contracts compared to the 50X offered by Gate.io.
When it comes to trading fees, Gate.io on average offers lower trading fees than Hotbit who offers a flexible fee structure that ranges from 0.05% up to 0.60%.
Both exchanges disappoint when it comes to deposits and withdrawals of fiat currencies by not offering any options. Their crypto withdrawal fees are also higher than they should be in many cases.
Both exchanges have the option for users to buy crypto through third-party providers with a credit card, but as mentioned previously, this comes with high fees.
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.
