Hotbit crypto, Exchange, App, Token & withdrawal fees Review 2022

Hotbit is still a relatively new cryptocurrency exchange platform that has increased over three years. Hotbit rise from the 50th spot to the 4th spot is a fantastic feat. It indicates the platform’s effort to improve its offerings that meet what customers want today. It is, therefore, a good platform with good security and affordable fees. For a final note, we suggest you turn on your 2FA security option, and you’re ready to begin trading on this platform. In this article, we will analyze and review Hotbit crypto, Exchange, App, Token, safety & withdrawal fees.

Is the Hotbit exchange legit or a scam?

Is Hotbit Exchange Legit? Hotbit is a reputable cryptocurrency exchange with more than a million users in various nations. Hotbit’s cryptocurrency exchange is a genuine site, and it boasts 1.5 million active users in around 170 nations. In addition, Hotbit has become one of the fastest-growing exchanges worldwide regarding the daily volume of trading. That is proof that it’s not a scam.

Is the Hotbit mobile app legit or a scam?

The Hotbit exchange platform is available for Android as well as iOS applications. The app can be downloaded on Android phones directly through the Google Play Store. But in the case of the Hotbit app for iOS, there isn’t a place to download it in the App store. iOS users need to download and install the app using the QR code connected via Hotbit’s website. It is recommended to go through the website since the mobile app is still being developed. Most Hotbit mobile app reviews are generally negative, with many issues during withdrawals and other features. However, it is surely legit app. It is ambiguous where Hotbit is established. Some speculate that this digital asset exchange is in China, and Hotbit was in the market in January 2018.

The Hotbit website is available in 5 languages, including English. A Hotbit review reveals that they serve the crypto sphere via no less than 327 active markets and trading pairs, both fiat-to-crypto, and crypto-to-crypto trading pairs. They seem to have an extensive selection of altcoins listed, including many exotic cryptos or digital assets.

They seem to have started dealing in cryptocurrencies or digital assets only, not accepting deposits or withdrawals in fiat currencies. That seems to have changed as deposits and withdrawals are available in USD today. Furthermore, they seem to host giveaways and competitions frequently, including various trading competitions (general trading competitions, net buy-in volume competitions, etc.).

A review of Hotbit exchange shows that they are planning to offer both an API and affiliate program, although it is unclear when exactly. In addition, no info is available about the company behind this crypto exchange or where it is based. They also provide no facts about the security measures deployed (if any) and seem to only deliver spot trading at the stage (no margin trading). In proliferation, they assert that Hotbit team is international. Still, there are no details about team members or the team behind Hotbit to verify. Hotbit appears to charge no deposit fees but exceptionally high withdrawal fees. Likewise, they have accusations about creating fake trading volume.

Hotbit Exchange Review

Hotbit exchange serves many customers across different nations. According to Coinmarketcap, Hotbit has grown to become one of the largest and fastest-growing exchanges in the world in terms of daily trade volume. Hotbit recently suffered a significant cyber-attack that began around 08:00 PM UTCon on 29 April 2021, resulting in the suspension of its essential services. However, the issues were quickly fixed.

Is the Hotbit token an investment worth it?

If you’re looking for digital currencies that offer good returns, HTB could be an investment opportunity that can yield profits. Hotbit Token cost equal to 0.0514 USD as of 2021-12-28. According to expert projections, a future price increase is anticipated, and the price forecast for 2026-12-25 is 0.140 US Dollars.

Is Hotbit safe?

Security is one of the primary aspects of Hotbit. Hotbit has its security auditing team that offers 24/7 real-time online auditing services. According to Hotbit, they have made strategic partnerships with two of the most potent audit teams. These two teams comprise SlowMist as well as Beosin. They continue to test and monitor to identify any threats that cause problems and fix them as fast as they can.

Ensuring that the user’s account and their data are secure provides many ways to secure the account and their data. Below are the security features that users can turn on through the security settings

Email Verification: With this function of Hotbit verifying your email, you can enable it each time you withdraw funds. An electronic confirmation mail will arrive to confirm your withdrawal.

SMS verification: Customers can activate SMS verification to allow new login withdraws, API administration, and even modify passwords.

2FA verification: 2FA is general protection for accounts that most of the crypto exchanges choose. It uses different devices that generate unique codes each time, and users must enter this code to sign up.

What Cryptocurrencies Does Hotbit Support?

Hotbit is always striving to improve the exchange and is rapidly adding new currencies to its list. As of the writing time, there were only 28 supported currencies which are at the bottom of the page for fees: BTC, ETH, ACAT, ATN, BOOL, BOX, BXX, EKO, ELF, EOS, EOSDAC, GVT, HOT, HTB, HAND, ICX, OMG, ONT, QASH, SPHTX, TCASH, THETA, TNB, TOMO, TRX, WICC, and ZIL.

Customer support

One of the most appealing aspects of Hotbit customer service is that users can contact them through various methods. However, the most preferred method is through Support ticketing. You can also connect with them via their separate WeChat group Official Twitter account and the official Chinese and English Telegram channels and Facebook profiles. That shows that Hotbit cares for its clients and is ready to assist customers at any time.

Hotbit Review: Pros and Cons

Pros

The exchange platform is accessible in 170 countries, with more than 1.5 million registered users.
More than 150 cryptocurrency pairs are available to trade.

It is also able to support multiple languages.
KYC cannot be useful for any activity like withdrawal, sign-in, or even a deposit.
The Hotbit exchange application allows users who wish to make trades online at any time.

Cons

It doesn’t offer support to US customers.

Margin Trading isn’t available.

Hotbit Overview

Hotbit is a platform for a cryptocurrency exchange first launched in January 2018. Hotbit has been registered with Hong Kong and Estonia, and their principal members are China, the USA, and Taiwan.

The Hotbit website has agreements with The Blockchains, Mandarin, and MyToken. Investors from the US can’t trade in the US due to the country’s policies.

Overall, Hotbit draws customers with its Four Unique Selling Points. They include support for multiple currencies, High liquidity, 24/7 customer support, and security.

Does Hotbit have coins?

Hotbit Token (HTB) is a cryptocurrency that runs using Ethereum. Ethereum platform. Hotbit Token has a current supply of zero. The latest price recorded for Hotbit Token is 0.05279769 USD and has decreased by -2.21 in the last 24 hours. At present, Hotbit has no coins. There are a variety of situations where the exchange pays you with HTB, and you are required to utilize it. Based on the most up-to-date information provided by Coinranking, the present value of one HTB amounts to USD 0.01045. Compared to Bitcoin, it amounts to 0.000000186 BTC, and its rank is 10,295 compared to other cryptocurrencies.

Hotbit Fees

Understanding a specific site’s deposit, trading, and withdrawal fees is another consideration when selecting the top crypto exchange platforms. That is why we have the details on fees for Hotbit.

Hotbit Trading Fee

The fees associated with trading on Hotbit for makers and takers are different. The amount that takers need to shell out is 0.20 percent of the total amount of the order. The trading cost of takers is roughly in line with the industry average. However, you’ll be happy to know that you will be paid when you’re an entrepreneur when you execute an order. The cost for trading on behalf of makers is indeed -0.05 percent, meaning you will be rewarded to increase liquidity in your order books. That will motivate all traders to sign up on the platform.

Hotbit Fees for deposits

The deposits can only be helpful in the 22 cryptocurrencies. The great thing is that Hotbit doesn’t charge any fee for any deposits made to its platform. However, you’ll have to pay the usual fees for transactions on the blockchain.

Hotbit Withdrawal Fees

The Hotbit withdrawal fee varies based on the kind of cryptocurrency it’s. The most popular tokens such as USDT, BTC, and ETH all have withdrawal charges that are 2 USDT 0.001 BTC and 0.01 Ethereum. The amount is relatively high in comparison to industry norms. However, the price is fair when compared to other exchanges. You can check their website here for more information on their fee structure.

Deposit methods and withdrawal methods

This exchange cannot accept or transfer any currency that is fiat. It is why the newest crypto investors cannot trade here since you’ll need an entry-level exchange to buy your cryptocurrency. You can choose Binance to do this. It also provides customers with initial deposits and withdrawal histories.

Hotbit Leveraged ETF

The leveraged exchange-traded funds of Hotbit is an exchange-traded security that uses financial derivatives and loans to increase the particular token’s returns. In contrast, the standard exchange-traded funds only monitor their deposits one-to-1 basis. It means that for gains that exceed the index, many people choose it since they seek an inverse proportion of 3:1 or 2:1. The leveraged Hotbit ETF has many advantages, including there is no risk of liquidation because the price won’t reach zero. Additionally, with Hotbit investors, they can purchase or sell the fund at any time without any cost.

Hotbit Investment

Hotbit fixed-term investment Hotbit fixed-term investment went live on 10 October 2019. Only four tokens are available in the first batch: BTC, ETH, ATOM, and PCX. There is a myriad of other tokens that are accessible for customers. The four tokens are permanent investment products that have no investment time or duration requirement. Hotbit is currently trying to launch more of these products with different validity dates.

Hotbit Liquidity

Since its inception at the beginning of 2018, Hotbit has been growing continuously. According to Coinmarketcap, In 2018, Hotbit was ranked 47th in 24-hour trading volume. The average trading volume in that period was around 21 million dollars. The trading didn’t stop there.

On 26 November 2019, the company saw a boost than it did in the prior year. In 2019, Hotbit had a 24-hour trading volume of USD 1.0 billion. Its rank climbed to 13th.

In addition, during the 2020 pandemic, the trade volume kept increasing up to 2.3 Billion, which climbed to 6th position. This growth is quite impressive, and it shows that liquidity isn’t an issue in the exchange.

Closing thoughts

Hotbit is a brand new exchange for cryptocurrency, and however, it is full of potential. There is a considerable amount of cryptocurrency they’ve added in the last few days. They are working hard to expand the options, which buyers will surely appreciate and create a competitive set of cryptocurrency exchanges. The exchange is accessible and easy to use, and the trading interface is sleek and well designed. The fees for trading are affordable. However, withdrawal fees are relatively high compared with other types of fees. We have tried to cover an honest review of Hotbit crypto, Exchange, App, Token, safety & withdrawal fees.

The absence of information and transparency regarding the company is a source of concerns when using a centralized exchange, such as HotBit. It is helpful to learn more about the organization you’re placing your trust in. We would suggest trying the waters of HotBit if they have tokens or coins that you are trying to purchase. Still, we suggest not keeping a significant balance on the exchange and ensuring you enable your 2FA secure option. Good Luck investors.