Hotbit Exchange Review | Is This Exchange Still Operational?
Jack Moreau
Feb 2024
9 min read
Fact checked
Are you wondering how Hotbit compares to other exchanges and whether you should use it or some other exchange? Great, this review of Hotbit was created to answer questions like this. We have done the hard work of researching every relevant detail about this exchange for you! Our breakdown of Hotbit covers all the important facts that you need to decide if, how and when you should be using it. We have written about it's products and services, it's trading features, number of cryptocurrencies and fees and much more!
Hotbit which was founded in 2017 and registered in Hong Kong is an up-and-coming cryptocurrency exchange that has quickly risen to prominence. With over 7 million registered users and support for over 400 cryptocurrencies, Hotbit is a serious contender in the world of digital asset trading.
Hotbit exchange
Hotbit is quickly establishing itself as a reliable and trustworthy cryptocurrency exchange, with a strong presence in over 200 countries and a dedicated team of over 100 employees. The platform boasts support for over 400 cryptocurrencies, including top assets like Bitcoin, Ethereum, and Ripple, along with a variety of trading services such as spot, futures, ETFs, and earn products.
While there are some location restrictions on user access, with regions like Texas, New York, China, and OFAC countries being off-limits, the majority of users can take advantage of Hotbit's robust selection of supported coins and top-notch customer service.
Hotbit's mobile app is available for both Android and iOS devices, offering users a seamless and intuitive experience for buying, selling, and trading cryptocurrencies on-the-go. With over 1 million downloads and an average 3.5-star rating based on 90,000 reviews, it's clear that the app is a popular choice for cryptocurrency traders who need access to their trades and finances anytime, anywhere.
Hotbit Android App
The app is designed with a user-friendly interface, making it easy for both beginners and experienced traders to navigate. It offers real-time price tracking, allowing users to stay up-to-date with the latest cryptocurrency prices and make informed trading decisions.
Hotbit Signup & KYC
Hotbit is a cryptocurrency exchange platform that allows users to deposit, trade futures, and withdraw assets without the need for KYC verification. The signup process for Hotbit takes less than a minute, and users can connect their 2FA to deposit cryptocurrencies.
Signup on Hotbit exchange
However, it is worth noting that KYC is mandatory for most exchanges, and users looking to use more advanced features have to go through the verification process. Without KYC verification, users on Hotbit can still deposit crypto, trade futures, and withdraw assets.
Overall, Hotbit's focus on ease of use and quick signup process makes it an attractive option for those who are new to cryptocurrency and looking for a simple way to get started.
Hotbit Products & Services
Hotbit is a cryptocurrency exchange that offers both spot and futures trading, demo trading, and the option to buy crypto with a card. It also offers ETFs and earn products on USDT, BTC, ETH, and other altcoins.
The user experience on Hotbit is not great with a somewhat basic and uninspiring interface. It does however makes up for it with a high average daily spot trading volume of over $140 million and a wide range of cryptocurrencies to choose from.
Spot trading on Hotbit
One of the unique features on Hotbit is its option to trade ETFs, which can be a great way for investors to diversify their portfolios. Additionally, Hotbit offers earn products on a variety of cryptocurrencies, allowing users to earn interest on their holdings.
Hotbit allows for a maximum leverage of up to 100X on perpetual contracts, making it a great option for traders who are looking for high leverage and high risk. While the user experience may not be the best, the platform still delivers on its promise of providing a variety of products and features to its users.
Hotbit offers a range of options for users to purchase digital assets. One of the most common ways to buy crypto on the platform is through spot trading, which allows users to purchase cryptocurrencies at the current market price.
In addition to spot trading, Hotbit also supports the ability to buy crypto with a credit or debit card through third-party providers such as MoonPay, AlchemyPay, and Advcash. This option provides a convenient and easy way for users to purchase cryptocurrencies without the need for bank transfers or complicated payment methods. However, it's important to note that the fees for buying crypto with a card range from 1.5% to 5%, depending on the coin being purchased and the provider used.
Buy crypto with credit card Hotbit
Users who prefer to buy crypto by depositing fiat currencies or through p2p will need to look elsewhere, as these options are not available on the platform. Overall, Hotbit's varied options for purchasing cryptocurrencies provide a convenient and straightforward way for users to enter the crypto market.
Hotbit offers a competitive spot trading fee for makers ranging between 0.05% and 0.50%. However, the spot trading fee for takers is slightly higher, ranging between 0.2% and 0.65%. The futures trading fee for makers and takers is the same as the spot trading fee which makes it significantly more expensive than the competition.
Hotbit's spot fee schedule can be somewhat confusing, as it varies between assets. While the exchange's average spot fees are competitive with other major players in the market, the same cannot be said for its future fees, which tend to be on the expensive side.
Hotbit Deposit Methods
When it comes to fiat deposits, Hotbit unfortunately doesn't offer this option. However, they do provide a variety of deposit methods for crypto, as well as the ability to purchase crypto with credit cards via third-party providers.
How to withdraw from Hotbit?
While Hotbit does not support fiat withdrawals, it does provide withdrawals for over 400 cryptocurrencies, each with varying fees depending on the blockchain.
Withdrawals of Bitcoin from Hotbit come with a 0.001 BTC fee, which may be considered relatively high compared to other exchanges. However, the exchange offers a low 2 USDT withdrawal fee for ERC-20 USDT. On the other hand, withdrawing ETH from Hotbit incurs a high 0.01 ETH withdrawa fee and 0.008 SOL for Solana.
Is Hotbit Safe?
While the platform was hacked in 2021, no user funds were stolen, and Hotbit has since taken steps to improve its security measures even further. Hotbit offers advanced security features to protect user accounts and funds. The platform uses two-factor authentication, email authentication, anti-phishing codes, and login history to ensure that only authorized users can access their accounts.
Additionally, Hotbit stores the majority of its funds in multisig cold storage, ensuring that user assets are safe from potential hacks. While Hotbit does not yet offer proof of reserves, the exchange is making efforts to improve its transparency and security measures.
Hotbit has a 24/7 monitoring and alert program for risks and potential security breaches, and the platform is constantly working to improve its security measures through ongoing bug bounties and other initiatives.
Hotbit bug bounties
Hotbit that takes regulatory compliance seriously evidenced by its various licenses and registrations with regulatory authorities. The platform holds an Estonian MTR license, an American MSB license, an Australian AUSTRAC license, and a Canadian MSB license.
In conclusion, with over 7 million registered users and support for over 400 cryptocurrencies, Hotbit offers a diverse range of options for traders at all levels.
While Hotbit may have some restrictions on user access in certain regions, it makes up for it with a focus on ease of use and a quick signup process without the need to KYC. The platform offers both spot and futures trading, demo trading, and the option to buy crypto with a card.
Although Hotbit doesn't support fiat deposits, it offers a variety of deposit methods for crypto, as well as the ability to purchase crypto with credit cards via third-party providers. The fees for buying and trading cryptocurrencies on Hotbit are reasonable, with competitive spot trading fees for makers and takers.
Overall, Hotbit is a dynamic and exciting exchange that is well worth checking out for cryptocurrency traders of all levels.
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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.
