HotBit Review 2023 – Is It Safe to Use?

Many people search for a reliable cryptocurrency trading exchange. They must keep a number of factors in mind while doing so, including charting features, trading pairs, trading fees, deposit methods, security, usability, and customer support. Hotbit is among the platforms that best provides all the features listed above. For its users worldwide, this cryptocurrency exchange provides cutting-edge trading platforms. Additionally, it supports six different languages, including English, Chinese, Russian, Turkish, Thai, and Korean. With over 7 million registered users, this exchange is accessible in more than 170 nations worldwide.

Hotbit Overview

One of the top cryptocurrency exchanges, Hotbit, was founded in 2018 and provides cutting-edge features, a mobile app, and a simple user interface. This exchange offers traders and investors a safe, reliable, and feature-rich trading environment thanks to partnerships with some well-known names in the blockchain technology sector, including Spark Pool, Mytoken, F2pool, HashQuark, and Slow Mist. More than 7 million active users from more than 170 nations have signed up on this cryptocurrency trading platform since it first launched.

Is Hotbit Exchange Legit?

Hotbit is a trustworthy cryptocurrency exchange with millions of users in numerous nations. In terms of daily trading volume, it has reportedly emerged as one of the largest and fastest-growing exchanges worldwide. A real-time, 24/7 online audit service is provided by Hotbit’s internal review audit team for users’ assets. Leading cryptocurrency audit teams like Beosin and Slow Mist have partnered with this exchange. This prevents alerts from being manipulated while Hotbit checks for potential security issues.

Features of Hotbit Exchange

Let’s look at some of the features of Hotbit exchange:-

• According to Hotbit’s review, Hotbit has more than 700,000 active and registered users and is active in numerous nations.
• It is concentrated on the nations of Southeast Asia, Turkey, Russia, South Korea, and Japan, which are among the world’s most rapidly growing markets.
• Through Telegram, Twitter, WeChat, Facebook, and VK, this exchange platform has accumulated more users.
• More than 200 cryptocurrency assets are available for use in trades by users.
• Utilizing cryptocurrencies, users can trade with ETFs.
• According to a market analysis, Hotbit doesn’t offer margin trading; only spot trading is available. Advanced charting tools and trading features are available on Hotbit exchange.
• A mobile trading app for iOS and Android is offered by the Hotbit trading platform.
• Regarding the quantity of cryptocurrencies traded on the platform, Hotbit exchange ranks as one of the best crypto coin exchanges. The daily trading volume is more than $100 million.
• A common practice in the trading industry today is to have different trading fees for makers and takers. Aside from that, Hotbit’s exchange trading fee for takers is comparable to the industry standard.
• A variety of coins, trading pairs with numerous altcoins, several trading pairs with DeFi tokens, and unique coins are all available on the Hotbit trading exchange.

Services

1. According to Hotbit reviews, Users can download the Hotbit Trading Exchange mobile trading app from the website; it works with both Android and iOS gadgets. It can be used by traders to check and keep track of open positions on the market.
2. The Hotbit exchange is dedicated to offering top-notch features, security, and services. A fantastic user experience and a clear, uncomplicated, and simple platform are provided for the users.
3. If users want to trade their preferred digital asset at market value, they can easily do so on the platform because it supports a large variety of trading pairs and cryptocurrencies.

HotBit Exchange: Registration Process

Both using an email address and using a mobile number are significant ways to sign up for this platform. Entering the code that was sent to the registered phone or email is necessary for this.

Due to the presence of high-risk intuitive control systems, this platform does not require users to register their KYC information in order to engage in trading.

Hotbit may request KYC from the user if these are triggered, which frequently occurs when the user attempts to withdraw money. Go to the website’s home page and click the Register button if the user wants to sign up for the Hotbit platform.

After that, they must agree to the terms and conditions and provide their email address. Additionally, they must enter the account information.

Utilizing the key code sent for email verification, confirm the account as the next step. The user should now use Google Authenticator or a mobile text message for two-factor authentication. To finish setting up their account, they must enter the authentication code they are given. Finally, they can access the account, make a deposit, and start trading.

How Can I Start Using Hotbit Exchange?

Let’s see how to get started with Hotbit

Registration

The user needs to visit the Hotbit website, and they need to click the “register” option to proceed with the signup process.

Verification

The user should enter their email address, and shortly after, they will receive a confirmation link to that address, where they must copy the code received by email. The password must then be entered, the terms and conditions clicked, and the register option selected.

Login

According to our evaluation, logging into Hotbit is a very simple, secure process. On the Hotbit website, users must click the sign-in button and enter their email address and password in order to continue. After logging in, they can make deposits to their account and start trading.

What Services Does Hotbit Offer?

Hotbit may not have added every single cryptocurrency service to their platform, but what they do offer is varied and available in a number of forms. This is one of the aspects of Hotbit that many traders and investors adore and why they choose it over competing platforms. You can check out the variety of digital assets listed on the platform, as well as the things you can buy to invest in and start making money, for example. You can also buy cryptocurrencies on the exchange using fiat money, and you can trade them using a sleek, multi-layered interface.

The smooth operation of the exchange and the assurance that user funds are secure and protected are two other things that Hotbit is renowned for. Discover more about Hotbit’s additional services by continuing to read.

Purchase cryptocurrencies with fiat assets:

Users of Hotbit can easily buy a number of cryptocurrencies using their fiat assets. To complete the transaction, simply go to the platform’s buy crypto section, choose the cryptocurrency you want to buy, the fiat asset you want to pay with, and the specific payment method.

Users can enter the cryptocurrency market without having to worry about challenging trades by purchasing cryptocurrencies with fiat assets. You can also pay with your credit or debit card and instantly get your hands on the crypto assets you want thanks to Hotbit’s collaboration with a third-party payment merchant.

Nearly all of the well-known cryptocurrencies that can be purchased directly are listed on Hotbit. These include BTC, ETH, USDT, XRP, TRX, and LTC, among others. You will need to manually exchange your current crypto assets for the ones you want if you want to own any cryptocurrencies that are not on the buy list.

2,800+ digital assets are available to trade:

On Hotbit, there are more than 2,800 digital assets that are available and that can be exchanged right away. They are yours to buy, sell, or hold for however long you like. Hotbit has also separated digital assets into distinct categories to make things even simpler for users. Global assets, stable assets, NFTs, web3 assets, DAO, and a few other types are options.

With this much variety available to trade on one platform, traders can diversify their portfolio and investigate uncharted opportunities. To help you decide whether to trade a specific asset, the Hotbit asset list includes information such as price change, value, volume, 24-hour greatest and lowest, and other specifics.

Therefore, Hotbit will not dissapoint if you desire access to a wide variety of cryptocurrencies.

Trade spot and ETFs separately:

A diverse selection of cryptocurrencies are available on Hotbit’s impressive Exchange Traded Funds (ETFs) market. You can use the ETFs and check out the opportunities if you are sick of trading digital assets all day.

Trading on two distinct markets enables traders to switch between them without any limitations. If the cryptocurrency market is currently very volatile, you can look into ETFs and apply your skills in a different market to make money trading there. For some assets, Hotbit also provides leveraged trading up to 5 times. If you are sure of your abilities and assessments, you can use leveraged trading to increase the profits from your trades. But keep in mind that using leverage carries risks and can cause a quick loss of your money.

Whatever your preferences and the trading environment you are in, Hotbit will always offer you the chance to carry on your trading.

Advanced and professional trading layout:

Hotbit has a carefully thought-out trading interface that enables users to conduct professional trading and explore essentially all the advanced features they could possibly need. The layout’s simplicity and thoughtful placement of all the features make it ideal. This makes it simpler for any beginner to comprehend what is happening and where various options are located.

Each digital asset or ETF in Hotbit’s trading interface has a separate chart that was retrieved from TradingView, a charting provider that provides the most precise, fast, and accurate charts available online. This allows for more accurate trading. On a single interface, you can use countless drawing tools, choose different timestamps, use full-screen mode for maximum focus, swap out the candle bars for other options, and do much more. If you want to compare two different assets side by side, a multi-charting option, which is very useful, is not offered. You can adjust the settings for the order execution panel, trade history, and order book on the right-hand side.

You can be sure that your trading experience will not be impacted by all of these features and functions, and it will be ideal in many ways. It won’t be difficult for you to understand everything if you’re a novice thanks to Hotbit’s intuitive design.

IOS and Android mobile applications are available:

Mobile apps for iOS and Android are available from their respective stores and are offered by Hotbit. Additionally to being quick and effective, the apps have key trading features built in so you can trade wherever you want. Utilizing a handheld device, you can execute trades immediately and take advantage of real-time transactions. Along with accurate and real-time charts for analysis, Hotbit also offers a comprehensive asset list. Additionally, you can use the applications as a mobile crypto wallet and access your portfolio and buy cryptocurrencies.

Now that you’re constantly connected to the cryptocurrency world via your mobile, you won’t have to miss a market trend. Since everything will be accessible on your palm, you won’t have to rely solely on your laptop to keep track of market trends.

Earn by investing in over 180 products:

No one wants their money to lose value by being kept in a bank or wallet. Investment options that enable users to earn a specific percentage as interest by staking their digital assets were provided in order to address this issue in the cryptocurrency industry. Hotbit offers more than 180 products that you can purchase to start making money.

Each asset that you can invest in has a variety of investment plans available. As an example, Hotbit only provides flexible lockup and DeFi farm options for USDT, and each of these options has a different return. Which one you choose depends on your personal preferences, the risk involved, the length of time involved, and the overall returns. The best part, however, is that the majority of widely used digital assets can be invested to begin earning interest. You can bet on names such as BTC, USDT, ETH, SHIB, FIL, USDC, DOT, and many others that you may hold.

Therefore, it is actually preferable to let your assets generate some extra income for you occasionally. Pick the best strategy, weigh the benefits, and start gaining from the resources that are currently sitting idle in your wallet.

Be part of profitable events and hot drops:

To keep traders and investors interested in the platform and give them chances to make more money, Hotbit organizes a variety of events and drops.

A particular asset is the subject of the majority of events hosted on Hotbit. In order to receive the specified prize, you must successfully trade a specific asset within a predetermined time frame in order to rank among the leaders. Along with your lucrative trades, this can be a great side-hustle opportunity. Regarding the drops, after making a financial commitment to a cause, you are given the same asset at the conclusion of the event. Platforms typically use this to solicit donations for the success of a new asset or to promote it.

You can interact with the larger crypto community by taking part in these events and hot drops, and if you succeed, you can make a ton of money. Check out the platform’s events section to see what events are currently underway and what ones have already come to a conclusion if you want to participate.

Premium security system with a bug bounty reward:

Hotbit takes security seriously, so they have put in place all necessary safeguards to provide users with the best protection possible when trading and investing with them. The exchange asserts that they have put in place a multinodular security system, guaranteeing flawless security.

With all of this, trading is stress-free and money loss is never a concern. Hotbit has even started a bug bounty program because they are so confident in their security system. By merely pointing out a bug in the exchange’s system, you can make up to $1500. If the bug is confirmed, you will also receive payment.

Hotbit’s integrity is further demonstrated by the fact that there have never been any attacks or reports of money lost. They assert that their security rating is B+, matching that of Binance, one of the most well-known cryptocurrency exchanges.

Beginner-friendly platform with guiding content:

Despite the fact that Hotbit has a ton of professional and advanced features, the exchange is user-friendly for beginners and has a clear layout. On the top bar, which is divided for easy access, are all the features and services that are offered by the platform. With a single click, you can begin trading, purchasing, or investing.

Users of Hotbit can also access comprehensive content and FAQs sections. You can check out those sections and begin comprehending things from scratch if you are a total beginner with no idea where to begin. The only information needed to register on the exchange is your password and either your email address or phone number.

Hotbit’s user-friendly design will make it easy for you to get started whether you’ve been trading for years or are just starting out.

Earn up to 60% commission with referrals:

You can earn up to 60% commission on the exchange fee your friends and others pay by inviting them to join Hotbit. However, bear in mind that in order for you to make money, all of your friends’ transactions must be legitimate.

Depending on the trades they make, Hotbit has set different commission rates for the referrals. If your referrals trade ETFs, you can receive up to 60% of their trading fee commission, and if they trade spots, you can receive 40% of their trading fee commission. Your holdings of HTB, Hotbit’s native token, have a significant impact on the rebate ratio.

You can invite them to the platform and establish a second, potentially very lucrative income stream if you have a sizable family or friend network that might be interested in trading.

How to Trade With Hotbit Exchange?

Before a user chooses a crypto exchange for trading, they should take into account the charting interface, which is the most crucial feature. Many cryptocurrency traders rely heavily on technical analysis to gain an advantage in the market.

The trader first logs in to the Hotbit platform and examines its user-friendly features and overall intuitive interface. In addition, Hotbit provides a mobile app so that users can conduct trading while on the go.

Tradingview provides hotbit charts, which are simple, slick, and clean. It enables traders to employ sophisticated indicators and trading tools to their advantage in order to increase profits and decrease risk.

Hotbit Exchange Fees & Limit

Exchange trading fees are a crucial consideration when picking a cryptocurrency trading exchange to buy, sell, or trade in digital assets. When a user thinks about trading larger positions, the transaction cost needs to be considered.

Hotbit Deposit Fees

Hotbit charges nothing for deposits. Currently, Hotbit charges deposit fees in 22 different cryptocurrencies. It also doesn’t charge any fees for deposits for the coins that can be traded on the platform.

Hotbit Withdrawal Fees

The industry standard for withdrawal fees is 0.0008 BTC, but a small number of exchanges have started to use 0.005 BTC, which is quickly becoming the new standard.

Regardless of the quantity of cryptocurrencies withdrawn, withdrawal fees on Hotbit are set and vary by cryptocurrency. The network cost of the blockchain, not the platform, determines the hotbit withdrawal fees.

Withdrawing cryptocurrency from the exchange is free of any specific fees. Furthermore, Hotbit charges reasonable withdrawal fees for popular tokens like BTC, ETH, and USDT, such as 2 USDT, 0.01 ETH, and 0.001 BTC.

Hotbit Trading Fees

The taker’s fee on Hotbit trades ranges from 0.20 to 0.65 percent of the order value, and trading fees are based on the maker and taker model. When compared to other exchanges, the taker fees are high. The HTB token, the platform’s native cryptocurrency token, allows traders to lower the transaction fees, which range from -0.05% to -0.50% for all maker models. Visit this page for more information on costs and restrictions.

Deposit and Withdrawal Methods

Since Hotbit does not accept fiat currency, new cryptocurrency investors will need to use an exchange of a lower level in order to buy digital currencies on this platform. The history of deposits and withdrawals is made available to traders via this platform.

The trader who uses Hotbit has a variety of options for making deposits on the platform. It enables the use of ePay, which requires that the user have an account with the service provider. They can select which withdrawals and deposits they want to make when the account is created.

If they choose to use this method, the user must pay a transaction fee of at least 1%. Cryptocurrencies like Bitcoin, Ethereum, and others can be deposited or withdrawn by traders., from this exchange.

However, this business does not accept wire transfers, credit cards, or debit cards as payment methods.

Hotbit Liquidity

Hotbit has experienced exponential growth since it first launched. Hotbit had the highest 24-hour trading volume in 2018 (USD 21 million), placing it at #47 on Coinmarketcap’s list.

With 1.0 billion USD in 24-hour trading volume in November 2019, Hotbit improved to the 13th position from the previous year.

Hotbit placed sixth in 2020 during the pandemic, and the trading volume increased to 2.3 billion USD, demonstrating that there is no issue with the high liquidity with this exchange.

Hotbit Mobile App

Both iOS and Android users can access the Hotbit platform through apps, which can be downloaded from the Google Play store for Android devices. Users of iOS must, however, use the QR code that is connected to the website to download and install it.

Hotbit Token (HTB)

The HTB token, which is Hotbit’s native token, is available, claims the Hotbit review. It is used in a number of situations to give its users an HTB token as compensation. They can use it on the platform, and it has created a number of use cases for the tokens’ utility, thereby raising their value.

A digital asset system has been developed by the Hotbit exchange platform, and HTB tokens are given to those who contribute to it. The platform also offers Initial Exchange Offering (IEO) sales that can only be purchased with the token.

By driving up demand, a small portion of the transaction fees levied by the exchange are used to purchase HTB on the open market. As a result, half of the tokens will be burned and the other half will be put to use in marketing campaigns.

Security Measures at Hotbit Exchange

The Hotbit website states that it provides the highest security features and measures to safeguard its traders’ funds. Also, it provides the following security measures:-

• It has two-factor authentication, which is regarded as the minimum requirement for account protection on all cryptocurrency exchanges.
• When a user requests a withdrawal of funds, an email verification is sent to that user’s inbox. Once that user has confirmed the transactions, the withdrawal is processed.
• In order to withdraw money, manage APIs, change passwords, and log in, users are required to use SMS verification.

Hotbit Exchange Supported Cryptocurrencies

With more than 1500 trading pairs and a trading volume of over $100 million, Hotbit currently supports a wide variety of cryptocurrencies. Additionally, this cryptocurrency exchange frequently supports new coins, giving experienced traders a competitive advantage.

The Hotbit trading platform, according to Coinmarketcap, has 547 trading pairs listed as of October 2019 and is ranked #3 among exchanges in terms of the number of cryptocurrency projects listed.

More than 7 million users from different nations have registered on the Hotbit platform, which currently supports six languages including English, Chinese, Korean, Russian, Thai, and Turkish.

Hotbit Customer Support

Hotbit offers knowledgeable and efficient customer service. The fact that a customer can contact Hotbit customer support in a variety of ways is one of its benefits. Utilizing a support ticketing system is one of the popular approaches. On their official Facebook pages, Twitter accounts, Chinese and English Telegram channels, and WeChat groups, they can also be reached directly. Additionally, customers receive quick responses to their questions.

Final Thoughts

To sum up, Hotbit is one of the leading cryptocurrency exchanges and is rapidly expanding. This platform should be taken into account if the trader wants to trade with a wide range of alternative coins because they provide a variety of coins. The fact that the tokens are listed right away on this exchange is one of its best features. Along with offering its users new digital assets and tokens, this company also offers a huge list of trading pairs. Comparing this platform’s other features, we can conclude that it is a good platform that offers multi-currency support, reasonable trading fees, and high security—despite the fact that it lacks an affiliate program to encourage its users. Additionally, it alerts the user that two-factor authentication is required to protect their assets and conduct trades on this platform.

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