Hotbit Review: Is Hotbit trustworthy?

Pros:

• Offers a list of more than 50 cryptocurrencies on its platform
• Has a user-friendly interface. 

• Hotbit’s exchange employs various security measures to keep your funds safe

Cons:

• Hotbit has a large number of trading pairs

• Has a peer-to-peer exchange and does not as secure as Binance.

Introduction

This Hotbit Review looks into the digital asset exchange of the platform that provides opportunities to trade, sell, and buy digital assets. It will assess how Hotbit gives users an efficient way to conduct transactions while also educating them about the benefits of virtual currency. That said, let’s get into the different aspects of Hotbit.

What is Hotbit?

Hotbit was launched in 2017, and its listing of crypto-assets followed in 2018. It was registered in Hong Kong and Estonia, but the core team members are from the USA, China, and Taiwan. 

The exchange is built to facilitate trading a wide variety of digital assets, including cryptocurrencies, tokens, and other digital assets that can be traded online. Hotbit assists trading in both cryptocurrencies and tokens and plans to maintain a wide range of different digital assets on the exchange. Hotbit focuses on trading ERC-20 tokens and other virtual assets based on the Ethereum blockchain.

As of now, it supports 6 languages (English, Chinese, Korean, Thai, Russian, and Turkish), with mover than 1,000,000 users registered from over 170 countries. They have also partnered with F2pool, Mytoken, and HashQuark, among many others.

Trading Options & Order Type

Trading Options

Hotbit caters to Spot Trading and EFT Trading. The former is used for buying assets at its current market rate. Spot trading is intended for buying them at the moment and selling them when the assets’ price increases.

EFT Trading is a pooled investment of securities traded like common stock. Its price changes like any other stock, and its value depends on the net asset value it represents.

Order Type

There are three order types featured in Hotbit’s platform. Each of these may result in different outcomes. That said, it is important for a trader to understand how they work and how distinct they are from each other.

Whether you are a buyer, a seller, or are still in the process of learning about the order types, you have to identify the goals you have in joining the platform. Be clear with what you want so that you can decide which order type works for you.

Hotbit offers three order types. You can read each of them below to help you have a clear vision of your goal.

One of the order types in Hotbit is the limit order. It enables users to set their buy and sell prices. This means that the maximum or minimum price of the tokens you want to buy or sell depends on you.

For instance, you want to sell 200HTB for $50, but its current market price is $30. You can go on placing your limit order at $50 and wait for the market price to reach the target price or even higher.

Market Order is intended for buying or selling a token at the current best available price in the market. This is an excellent option for those who want to execute the trade immediately. Use the market order and purchase HTB as instant as possible.

When the current market price reaches its trigger condition, the system automatically places orders according to a pre-set price. Trigger orders are advised to use when traders have a prediction of future price movements.

Currencies and Payment Methods

One of the advantages of the Hotbit exchange is that its owners have created their own native token, the HB token (HTB). The exchange will distribute HB tokens to users based on their contributions to the company’s development. This will encourage investors to support the company by purchasing tokens, providing a new way for cryptocurrency users to contribute to developing projects they believe in. 

Hotbit’s owners will distribute the HB tokens at a later date. Once launched, the exchange plans to accept payments in a variety of different currencies, including ETH, BTC, NEO, and USDT. Hotbit Token is a utility token that allows its holders to benefit from the platform’s performance 

Fees

Hotbit applies various transaction fees for different services. They are the Maker Transaction Fee, Take Orders Fee and Deposit. Let’s get to them one by one.

Maker Transaction Fee

This fee applies to users offering to buy any type of token at a price lower than the price in limit order. It also applies to ordering any type of token at any price higher than the price limit order. This helps increase the market depth of orders.

Withdrawal Fee

Withdrawal fees for Hotbit are fixed, regardless of the number of cryptos withdrawn. The fees are not determined by the platform but by the blockchain’s network cost.

There is no specific cost charged for withdrawing cryptocurrency in Hotbit. They charge reasonable withdrawal fees for their primary tokens, such as 0.01 ETH and 2 USDT.

Take Orders

This fee applies to users offering to take any type of buy and sell orders placed by any maker. It is also known as the taker transaction fee.

Deposit

The platform provides express and free services for deposit transactions available on Hotbit.

Limit

Hotbit sets limits to transaction fees for withdrawal transactions. In their policy, withdrawal transaction fees of cryptocurrency tokens/coins are determined by their network cost. 

New users cannot withdraw their tokens within 24 hours of registering. Their web page also updates regularly. So, withdrawal transaction fee standards are constantly adjusted.

Security

Hotbit ensures to provide a powerful internal security audit team. The team practices a 24/7 online audit service for their user’s assets. They have also partnered with Beosin and Slowmist, two of the leading audit teams in the industry, to detect security problems.

Customer Service

Hotbit has a Support Center that users and potential traders can look into. Their services extend to providing News and Announcement and Hotbit Crypto Education. 

To contact or submit a request, they have 24/7 customer service. They can be reached by submitting a support ticket or by messaging them on Hotbit’s official Chinese and English Telegram channels, Hotbit’s official Chinese WeChat group, Twitter, and Facebook.

Alternative Exchanges

If you are looking for a new crypto exchange to use, you should consider the following platforms:

1. Binance. This established crypto exchange has been in the industry for over a year. Although it is also a P2P exchange, Binance is better equipped to deal with an increase in traffic and a sudden increase in orders because it is a centralized exchange. 

2. Kucoin.This trading platform is also a P2P exchange. Still, it has a more extensive customer base and a more comprehensive selection of digital assets than Hotbit. It is a good option for investors looking for an alternative to Hotbit.

How to Open an Account

The first step in using the Hotbit platform is to create an account. To do so, you can follow these simple steps:

• Step 1: On their website, click “Register” at the top right corner of their home page.

Input your valid email address and click the send button to receive a confirmation email from Hotbit. Copy the code sent to the email you used to register, log in to the account, and paste the verification code into the box as shown below. Complete the registration by filling up the rest of the form.

Ensure to read the terms and policy before agreeing. Tick the box, and press next so that it will direct you to the “Account Information” page.

Registering via phone number is also an option. Just select the country code, and input your number. You’ll receive a message containing the SMS Code after clicking the “send” button.

Just fill in the rest of the information needed, tick the “I agree to the terms and policy,” click, and “Register.”

Hotbit platform adopted Google Authenticator. IOS users can enable it by installing the “Google Authenticator” app on App Store. Android users can download the app by clicking this link: http://shouji.baidu.com/software/22417419.html.

After downloading the app, you can log in to your Hotbit account and click Account Security Settings to enable your Google Authenticator.

• Step 2: Go back to Hotbit’s website and press “Login.” Before logging in, don’t forget to press the “Click to verify” button.

From there, you can now enjoy their features. You can then navigate to the “user center” page, where you will be able to view the various digital assets available on the exchange. These assets are categorized depending on the coins’ nature and ranking. 

Once you select a digital currency, you can click on the “trade” button and then place an order. The exchange offers a variety of order types, including market, limit, and stop-loss orders. 

You can also set up trailing stops to protect your profits. You should consider placing a limited order to ensure that your order is executed at the best possible price. After placing an order, you can track its status using the “open orders” page. You can also view your recent transactions on the “transactions” page. 

Another way to track your orders is to use the “real-time trading” page. This page displays information about the latest price movements, trade alerts, and other valuable data.

Hotbit Features Review

Trading – Hotbit offers a wide selection of trading pairs, including BTC, ETH, and USDT. Once a user has logged in, they can buy or sell digital assets and use the platform’s built-in features to track the value of their digital assets over time. 

Hotbit also offers margin trading, allowing users to trade a larger volume of assets with a smaller deposit. Margin trading is designed for more experienced traders and offers higher interest rates. 

Digital asset management – Hotbit offers a digital asset management interface that lets users track the value of their assets and keep track of their digital portfolio as a whole. The platform calculates users’ portfolios based on their holdings in multiple digital assets of different types, including currencies and tokens. The “portfolio” feature also lets users view their asset information in a pie chart, providing a quick overview of their investment process.

Final Words

The crypto exchange market is more competitive than ever, and new entrants are trying to make a mark. Hotbit is a new crypto exchange that aims to achieve success by providing a wide range of digital assets and competitive trading fees. The platform offers a variety of services on its website, including information about tokens, their potential value, and the ability to buy, sell or trade with other users.

There are a few risks worth keeping in mind when investing in Hotbit, such as low liquidity and a lack of a track record. However, Hotbit is a good place to start if you want to diversify your crypto portfolio. 

FAQs

1. Is Hotbit safe and legit?

Hotbit is a legit platform for crypto exchanges. It has had a million users registered worldwide since its official opening.

2. Is Hotbit available in the US?

More than 170 countries support Hotbit. However, to date, Hotbit US customers are not among these countries.

3. Do you need KYC for Hotbit?

KYC is not required either for registering or for withdrawing.

4. Has Hotbit been hacked before?

Hotbit was hacked in 2021, which affected its systems and millions of users. Despite that, Hotbit continued to become among the world’s fastest-growing exchanges. Their withdrawal fees are fixed regardless of the number of cryptos you wish to withdraw, and the blockchain’s network cost determines them.