Hotbit: Features, Pros & Crypto Exchange Review
Hotbit exchange has partnered with some popular partners in the blockchain technology industry like Spark Pool, Mytoken, F2pool, HashQuark, and Slow Mist to offer a secure, stable, and feature-rich trading environment for traders and investors.
Hotbit team members are from the USA, China, and Taiwan, and they bring in several years of experience to the development of this exchange. From the beginning, this cryptocurrency trading platform has gained more than 7 million active users registered on the platform from over 170 countries.
What is Hotbit?
Hotbit is a cryptocurrency exchange platform, which was launched in January 2018 and is registered in Hong Kong and Estonia. Their core members are from China, the USA, and Taiwan.
This crypto exchange partnership with The Blockchainers, Wandarin, and MyToken. Although US investors are not eligible to trade here because of their country’s policies, this crypto exchange platform attracts users with its 4 Unique Selling Points which include multi-currency support, high liquidity, 24 hours customer support, and Security.
- Available in 170 countries with over 1.5 million users.
- Over 150 crypto pairs are available for trade.
- It supports multiple languages.
- It doesn’t require KYC for any activity like sign-in, withdrawal, or deposit.
- Hotbit app is also available for users to trade online at any moment.
- It does not support US customers.
- Margin Trading is not available.
Hotbit exchange platform offers both Android and iOS applications which you can download the Hotbit app for Android phones directly from the Google play store.
However, for the Hotbit app for iOS, you won’t find it on the App Store, you have to download and install it from the QR code, which is linked to their official website.
As at the time of writing, It is advisable to use the website for trading as the mobile application is still developing and the reviews are negative, stating problems during the withdrawals and other functionalities.
It is a platform for global users with more than 1.5 million users. It has a negative (-0.05%) maker fee, meaning you get paid to add liquidity to the order book.
You can trade around 156 crypto pairs with a wide variety of altcoins. It has advanced trading features and charting tools.
The crypto mobile trading app for Hotbit exchange platform is available for both Android and iOS devices.
It has previously ranked third among all exchanges, based on the number of types of cryptocurrency projects listed.
Is Hotbit Safe?
Hotbit is a legit crypto exchange, having several million users across various countries. According to Coinmarketcap, it has become one of the biggest and fastest-growing exchanges around the world in terms of daily trading volume.
It offers an internal review audit team that offers a 24×7 online audit service in real-time for users’ assets. Hotbit crypto exchange has established partnerships with top audit teams in the cryptocurrency industry like Beosin and Slow Mist.
In this way, Hotbit checks for potential security problems and alerts before they get manipulated.
Hotbit Trading Fee
Trading fees for both takers and makers are quite different. The fee for takers is 0.20% of the order value. However, you will be glad to know if you are a maker, then you are paid for making a trade so the trading fee for makers is -0.05%, which means you are getting a reward to add liquidity to the order book and this will encourage all the traders to join this platform.
Hotbit Deposit Fees
The deposits are only applicable in 22 different cryptocurrencies. The best part is that this crypto exchange app does not charge a penny for any deposit to the platform. However, you will still need to pay the standard blockchain transaction fee.
Hotbit Withdrawal Fees
The Hotbit withdrawal fee differs from the type of cryptocurrency it is. Primary tokens like USDT, BTC, and ETH have withdrawal fees of 2 USDT, 0.001 BTC, and 0.01 ETH.
This amount is relatively high compared to the industry standards. But at the same time, the amount is reasonable in contrast with the other exchanges.
You can visit their site here for a detailed fee structure.