Hotbit Exchange Review 2022 Is It Safe and Legit?

how to buy on hotbit

In order to withdraw coins, one should proceed to the same section (Funds), choose the currency and tap on the Withdraw button. The next step is inserting the label and the receiver’s wallet address. Some users are required to complete KYC in order to withdraw their funds. US traders should find a reliable crypto exchange located in their country. When the trader uses Hotbit, they have various choices to deposit on the platform. It allows the users to use ePay, where the trader needs to have an account with the service provider.

When the password is set, the email address is confirmed, and 2fa is turned on, the user should log in and deposit some money. The next step is choosing the proper currency and its amount. Hotbit provides a deposit address that should be used to fund the account.

how to buy on hotbit

The Hotbit platform currently supports six languages like English, Chinese, Korean, Russian, Thai, and Turkish; it has more than 7 million registered users from several countries worldwide. The Hotbit platform is available as iOS and Android applications, and it can be downloaded as an app for Android phones from the Google play store. However, iOS users need to download and install it using the QR code which is linked to the website.

Hotbit Review 2023

One particularly useful link on this page is the “New User Guide,” which is available both via a help article and a video tutorial to accommodate all learning styles. There is the option to submit additional questions or to search the FAQ section. At the top-right corner of the Support page, you will find a button to “Submit a request.” As Hotbit is new, there are few reviews on their customer service yet. Submitting a request is straightforward, just including your email address, the request type, a description, and the option of an attachment.

Alternatively, it is possible to sign up using the mobile phone number. After verifying the email address it is required to set 2-factor authentication. That’s a good requirement because 2fa critically decreases the chances of being robbed. Many cryptocurrency platforms don’t obligate users to activate 2fa right during registration.

Never hold a large balance on any exchange and only keep a small trading stack their – their purpose is a trading exchange, not a wallet. It does not charge any specific cost to withdraw cryptocurrency from the exchange. Further, Hotbit withdrawal fees for primary tokens, such as BTC, ETH, and USDT, are charged reasonable fees like 2 USDT, 0.01 ETH, and 0.001 BTC.

Hotbit is quite a young centralized cryptocurrency exchange with a wide range of supported digital assets. It took not much time for this exchange to gain relatively high liquidity and get into the top 50 list of exchanges by trading volume (according to some estimates Hotbit is even among the top 25 exchanges). The team behind Hotbit has experience both in cryptocurrencies and the conventional finance sphere. According to the Hotbit website, the company has partnerships with F2pool, Spark Pool, Mytoken, Slow Mist, and HashQuark. Hotbit trading fees are based on the maker and taker model; the taker’s fee is 0.20% to 0.65% of the order value.

  • As it was mentioned above, Hotbit supports a lot of cryptocurrencies (although there are exchanges with an even wider choice of coins).
  • At the bottom of the page, Hotbit has a link to apply to list, including instructions and an application form.
  • As a reward for increasing liquidity, they do not have to pay transaction fees.
  • One of the common methods is through a support ticketing system.

Further, it notifies the user to provide two-factor authentication to safeguard their assets and trade on this platform. Depositing on Hotbit is free of charges just like on many other centralized cryptocurrency exchanges. The withdrawal fees vary from coin to coin and depend on the network fees and other factors.

If we look into the user reviews about Hotbit, we will find out that some people have unpleasant experiences of using this exchange. Some say that they were suddenly stuck with KYC when they were about to withdraw money. Many people complain about the lack of response/action from the support team. It’s understood that many of these accusations are quite typical in the industry. Some of these cases may be frustrating, but they don’t mean that Hotbit is a scam. Nevertheless, it’s better to do research before deciding on whether or not to use this exchange.

How to Trade on HotBit

There are several cases where it is used to reward its users with an HTB token. They can use it on the platform, and it has developed several use cases for the utility of the tokens, thereby increasing their value. Since Hotbit is still a relatively new exchange, the website is not yet complete. In the future, it will add details about an Affiliate Program and an Elite Program. At the time of writing, each of these programs has an empty page on the Hotbit website with a message that information is coming soon.

Finally, they can log in to the account, deposit funds, and proceed with trading. There are many other successful exchanges hailing from these countries, for instance, Hong Kong is the motherland of such giants as Binance and HitBTC. Most of the team members are the citizens of China, USA, and Taiwan.

Is Hotbit Safe?

When you go to the “Exchange” page of the Hotbit website, the default currency pair is ETH/BTC. This appears near the top of the page, along with the last price, both in terms of cryptocurrency and dollars. To the right of that, you will see the 24-hour change, the 24-hour high, the 24-hour low, and the 24-hour volume. In the center of the page is a graph displaying the relationship between the cryptocurrencies in the pair with the ability to move the mouse to see the exact value at a specific point in time.

They feel that these principles, along with those of smart contracts and a distributed ledger, change the way that people trust each other. The team also feels that via blockchain technology, there will be an increased transactional efficiency, fewer barriers in place to stop transactions, and eventually, a large impact on the global economy. Hotbit outlines its mission as providing an asset exchange service that is safer as well as more convenient while constructing a world-class exchange platform and integrating the leading blockchain assets. The global team at Hotbit has experience in the cryptocurrency industry as well as the traditional financial industry. The team’s entrepreneurial experience and cooperative partners should help the platform attract liquidity from numerous sources.

Next, they need to enter the password, click the terms and conditions, and click the register option. If these are triggered, Hotbit can ask the user for KYC, which is often triggered when the user goes for withdrawing funds. If the user wants to register on the Hotbit platform, they need to go to the website’s homepage and click the Register button. This platform does not ask the user to register their KYC details for trading as they have high-risk intuitively control systems in their place.

How to Get Started With Hotbit Exchange?

Hotbit charts are offered by Tradingview, which are intuitive, smooth, and clean. It permits the traders to use advanced indicators and trading tools to their advantage for maximizing profits and minimizing the risk. As per our review, the Hotbit login process is very easy, secure, and simple. The user should click the sign-in button on the Hotbit website, and they need to provide their email ID and password to proceed. After signing in, they can add deposits to their account and proceed with trading.

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You can also completely customize the graph in terms of colors, price line thickness, scale location and type, backgrounds, and time zone. One of the advantageous features of Hotbit customer support is that the customer can contact support in several ways. One of the common methods is through a support ticketing system. They can also be contacted directly on their WeChat group, official Chinese and English telegram channels, official Twitter account, and also through Facebook accounts. Further, the customers are offered answers within a short time. According to the Hotbit review, Hotbit offers its native token, referred to as HTB token.

Features of Hotbit Exchange

One of the best platforms that offer all the features mentioned above is Hotbit. This cryptocurrency exchange offers state-of-the-art trading platforms for its global users. It also supports six different languages like English, Chinese, Russian, Turkish, Thai, and Korean. This exchange has more than 7 million registered users and is available in more than 170 countries around the world.

When choosing a cryptocurrency trading exchange to buy, sell, or trade-in digital assets, exchange trading fees play an important role. The transaction cost should be analyzed when the user considers trading larger positions. The fees page also provides a quick refresher on the maker-taker model. Makers place limit orders or make requests to buy in at prices less than listed or sell out at prices higher than listed. As a reward for increasing liquidity, they do not have to pay transaction fees.

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Please note that your feedback may be crucial for the user when choosing a product, so try to avoid inaccuracies and unreasonable criticism. The user needs to visit the Hotbit website, and they need to click the “register” option to proceed with the signup process. There are two important methods to register on this platform; either get registered through email or using a mobile number. This requires entering the code that is sent to the registered phone or email. The exchange is simple and intuitive to use and the trading screen is modern and well designed. To the left of the trade history and under the graph, you will find the section for placing orders with your personal order history and open orders directly below it.

The lack of details and transparency about the company are of some concern – when trusting a centralized exchange such as HotBit, in helps to know more about the company you are trusting your coins with. examples of dapps Trading fees are reasonable but withdrawal fees are quite high when compared to others. At the bottom of the page, Hotbit has a link to apply to list, including instructions and an application form.

Hotbit offers a different method to decrease trading fees — one can do it via using HTB coins (Hotbit native token) to pay fees. In case of activation of this feature, traders pay only 0.05% as a trading fee. Several people look for a good cryptocurrency trading exchange. While doing so, they need to keep several aspects, such as charting features, trading pairs, trading fees, deposit methods, security, ease-of-use, and customer support.

how to buy on hotbit

You can register with Hotbit from nearly any page on the website, including the homepage. On the homepage, the “Register” button is in the top-right corner. You will be asked to enter your email and agree to the terms and policies. At this point, you will need to confirm your account with the key code you receive in your email. From there, you will go to two-factor authentication, with your choice of Google Authenticator or Mobile Text Message.

Enter the authentication code you receive to finish setting up your account. Now, you will be ready to log in and use Hotbit in the future.

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