Summary: Hotbit is one of the most popular exchanges across Asia thanks to their fast deposit options and no-KYC required to sign up and trade on the platform. The exchange currently offers over 1,000 cryptocurrency pairs at industry fees starting at 0.01%.
One important point to highlight is that Hotbit has been exploited and hacked in the past, with over 2 million users having their data breached and leaked to the public.
Hotbit Platform Highlights
- Available in 170+ countries with no KYC or verification.
- Trade over 2,800 coins with low trading fees at 0.01%.
- Crypto Staking, ETFs, NFTs and other digital asset features.
What is Hotbit?
Hotbit is one of the largest global cryptocurrency exchanges that is available in over 170 countries. Their exchange is well known for their cryptocurrency and altcoin diversity, offering many pairs on tokens that are not commonly found on mainstream exchanges.
The Hotbit Crypto Trading Platform boasts over 1 million users and hundreds of millions of dollars in volume that is traded on a daily basis. Hotbit also offers the latest and best cryptocurrencies from a variety of sectors including DeFi, GameFi, NFTs, OHM and OHM forks, SocialFi and many others.
Is Hotbit Licensed?
Hotbit launched in 2018 and as per their support page, they have Estonian and Hong Kong business registration licenses. They also say that their founding team members are from Taiwan, China and the US.
Despite its heavy East Asian influence, Hotbit claims that 90% of its registered users are non-Chinese. Hotbit has listed Spark Pool, Slow Mist, F2pool, Mytoken and HashQuark in its list of partners.
Is Hotbit Safe?
Hotbit has not lost its user's crypto assets to hackers. That said, in April 2021, they temporarily shut down their operations following a hacking attempt. The hackers did not gain access to user wallets, but they did compromise the exchange's user database.
The platform notified its customers that it would shut down operations for two weeks, causing unrest amongst users who could not access their crypto assets. This unrest escalated to fears of an exit scam.
Hotbit's security features include strategic partnerships with Beosin and Slowmist, the industry's leading audit teams. The platform's security team also performs 24-hour online audit services on user accounts. They will flag down any account that seems to have unusual activity and verify its credentials.
How to Trade on Hotbit
The Hotbit exchange has an easy to use, well-organized trading site. It is also beginner friendly yet provides access to professional trading and charting tools from TradingView. Experienced traders can leverage TradingView clean and feature loaded charts and indicators to perform their trading strategies and maximize trading profits.
To initiate a trade on your Hotbit account:
- Choose a crypto pair you would like to trade on the Exchange page. The Hotbit cryptocurrency trading system pairs all orders against ETH, USDT or BTC. It has over 156 trading pairs on its exchange platform.
- Scroll to the section below the TradingView charts.
- Your first option is the 'Limit Order' option. The price of your crypto asset of choice will be at the market level. Next, input the volume of crypto assets you would like to purchase and buy.
- Alternatively, you can make a Market order and purchase at the best market price.
- Hotbit's third option is the 'Trigger Order' option. A trigger order automatically executes an order once the market value of an asset is at its predefined trigger price.
Since Hotbit does not accept fiat currencies, it does not charge deposit fees. You can deposit over 28 different crypto assets to your Hotbit account at zero costs.
Hotbit charges fees on withdrawal transactions. They have listed all charges per token type on their rates page. As an illustration, the minimum BTC withdrawal level is 0.002 BTC. Hotbit withdrawal fee for BTC is 0.001 BTC. Individual network costs have an impact on Hotbit withdrawal fees.
Hotbit Customer Support
You can reach the Hotbit customer support team via a ticketing system, Twitter, Facebook, Wechat, and its English and Chinese Telegram channels. Unfortunately, there are unresolved customer management cases because they have a low 1.7 rating on Trustpilot.
Does Hotbit have a Mobile App?
Yes, Hotbit has an Android and iOS compatible mobile app.
What is the Hotbit Token (HBT)?
HBT is the Hotbit platform’s native token. It supports its user loyalty and reward system. Hotbit users that hold HTB pay lower trading fees.
In conclusion, Hotbit stands out as a popular cryptocurrency exchange available in over 170 countries, offering a vast array of crypto pairs and low trading fees. Despite past security concerns, Hotbit has implemented robust security measures and partners with leading audit teams to ensure user safety. The platform is user-friendly, catering to both beginners and experienced traders, and provides a native token (HBT) for additional benefits. However, potential users should be aware of unresolved customer support issues as they make their decision.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.