HotBit Review: Is It Safe & Legit? (2021)

Choosing a cryptocurrency trading exchange can be a challenging task. There are several considerations to keep in mind such as trading pairs, charting features, ease of use, fees, security and customer support. 

HOTBIT solves this problem by offering a state-of-the-art trading platform for users globally.

While we aim to provide you with accurate and the latest information in this HOTBIT review, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward.

Key  Features:

  • Cryptocurrency trading platform with over 1.5 million users
  • Spot and ETF markets
  • 150+ trading pairs
  • Low and competitive trading fees
  • Perpetual crypto trading to short Bitcoin
  • Advanced user interface for trading on desktop or mobile devices
  • TradingView charts integrated

overall 

4/5

Ease of use

User interface

Fees

Security

This post contains affiliate links with our partners who may compensate us. However, this does not influence our review process or rating system. Read our disclaimer for further information.

It is often recommended to use a Bitcoin hardware wallet such as the Ledger Nano X when trading cryptocurrency. If you don't have a wallet, read our guide on the best digital currency hardware wallets.

What Is HOTBIT?

HOTBIT is a digital currency exchange that was founded in January 2018. The company is registered in Hong Kong and Estonia and is currently based in Shanghai and Taipei. The exchange has partnered with well-known blockchain industry partners such as F2pool, Spark Pool, Mytoken, Slow Mist and HashQuark to provide a stable, secure and feature-rich environment for cryptocurrency investors and traders.

The team behind HOTBIT are located in China, USA and Taiwan and bring a wealth of experience to the on-going development of the exchange. Since its inception, the trading platform has accumulated over 1 million registered users from more than 170 countries worldwide.

hotbit website

Quick Overview

Exchange Name

Hotbit.io

Cryptocurrency

BTC, ETH, LTC, XRP and 200 others

Fiat Gateway

No

Leverage

No

Trading Fee

From -0.05% and 0.2%

Deposit Fee

None

Withdrawal Fee

Standard network fee

TP/SL Orders

Yes

Mobile App

Yes

HOTBIT Compared

Advanced features, intuitive user interface and a mobile trading app are important features on HOTBIT. This comparison table lists other top rated crypto exchanges like HOTBIT that offer world-class features. 

Exchange

Trading Fees

Rating

Review

Promotion

Website

binance

Binance

0.1%

4.8/5

10% off trading fees

coinbase

Coinbase

0.5% - 3.99%

4.7/5

$5 BTC bonus (USA only)

FTX Exchange

FTX

0.02% / 0.07%

4.6/5

5% off trading fees

In the USA? FTX.US

Features & Products

Here are some notable features of HOTBIT:

HOTBIT has previously been ranked at No. 3 among all exchanges regarding the number of types of cryptocurrency projects listed. The exchange features an extensive number of altcoins trading pairs with several unique coins and DeFi tokens.

Is HOTBIT Safe?

On April 29, 2021 Hotbit.io suspended all services to investigate a serious hack on its cryptocurrency exchange. According to reports, the attackers attempted to access the exchange’s hot wallets that store a small portion of customer's funds but were denied access by internal systems. While unsuccessful in stealing funds, the hackers were able to compromise an internal database which included user's information such as phone numbers, email addresses and portfolio information on assets.

Is HOTBIT Legit?

HOTBIT appears to be a legitimate crypto exchange that has accumulated 1.5 million registered users across 170 countries and areas all over the world. HotBit.io has become one of the fastest growing exchanges in the world since its official opening in terms of daily traded volume according to Coinmarketcap.  

Trading With HOTBIT

For all traders alike, the charting interface is one of the most important considerations when selecting a crypto exchange to trade Bitcoins.  The importance is more significant for traders that rely on technical analysis to find an edge in the market. When selecting a cryptocurrency exchange, you must be comfortable with the charting package as this is where you will identify trade setups and manage your positions. 

hotbit exchange

When you first login to HOTBIT Exchange crypto platform, the first thing you will notice is the overall interface is clean, well laid-out and beginner friendly. The charts are provided by TradingView that are well known for their smooth, intuitive and clean charts. It allows traders to use advanced trading tools and indicators to refine their trading edge in maximize profits and minimize risk. 

HOTBIT Trading Assets

HOTBIT Exchange offers more than 156 pairs that can be traded by its users using a secure, stable and reliable platform. Digital coin can be traded against the following pairs:

The exchange is regularly adding new coin offerings that could provide a competitive edge in the market for experienced crypto traders. The full list of trading pairs can be viewed on the HOTBIT website as shown below.

hotbit supported coins

HOTBIT Fees

Exchange fees are an important consideration when selecting a cryptocurrency trading exchange to buy, trade and sell digital assets. The transaction cost becomes even more critical when trading larger position sizes.

Trading Fees

HOTBIT trading fees are based on the maker and taker model for determining trading fees which are 0.1% (maker) and 0.01% (maker). The trading fees are lower compared to other exchanges in the cryptocurrency trading industry such as Crypto.com and Huobi which charge 0.2% per trade. Users that utilize the platforms native HTB token can reduce the transactions fees of any maker and taker orders to 0.05%. 

Deposit Fees 

The exchange currently allows deposits in 22 different cryptocurrencies. HOTBIT does not charge a fee for deposits for any type of tokens to the platform. 

Withdrawal Fees

HOTBIT withdrawal fees for cryptocurrency coins and tokens are determined by the blockchain network cost, not the platform. There are no specific costs by HOTBIT to withdraw cryptocurrency funds from the exchange.

HOTBIT Security

HOTBIT website mentions it provides the highest level of security features to protect its users funds from compromise which you can read in the FAQ section. The exchanges mentions it provides the following security measures:

  • Multi-level firewall system to monitor system data
  • Cold wallet storage solution to protect customer funds
  • 2 Factor authentication to increase user security

We could not find any other information on the cold wallet storage solution and withdrawal verification process. Overall, the information on the platform security is brief compared to other crypto exchanges that provide a thorough explanation of its security measures to maintain a secure trading environment.

Not all cryptocurrency exchanges are the same.

COMPARE HOTBIT WITH OTHERS

Mobile App

HOTBIT exchange has a mobile trading app that can be downloaded from the website and supports iOS and Android devices. Crypto traders can take full advantage of the app to check open positions and monitor the markets. 

Frequently Asked Questions

Are US Traders Allowed To Use HOTBIT?

US customers are not allowed to trade cryptocurrency on HOTBIT exchange due to strict regulations. This is outside of the control of the crypto exchange. US traders will need to find a reputable cryptocurrency exchange in the United States such as CoinbaseGemini and eToro.

Can You Use HOTBIT In Australia?

HOTBIT is a supported crypto exchange that is available in Australia for locals to use for crypto-to-crypto trading. There is the option to deposit AUD through a third-party provider, however, residents are better off using a similar cryptocurrency exchange in Australia.

Does Hotbit Require KYC?

HOTBIT does not require KYC to register an account, trade, deposit or withdraw funds. Users can begin trading cryptocurrencies immediately once funds have been deposited to the platform.

Which Wallets Support HTB Tokens?

HTB is a ERC20 token which is supported by MyEtherWallet and imToken

Does Hotbit Have A Demo Account?

HOTBIT does not offer a testnet or a demo account for crypto trading without a deposit. Users need to deposit funds into the exchange to trade cryptocurrency.

Is There An Affiliate Program?

HOTBIT does not have an affiliate program to offer referral bonuses as a reward for bringing in new users to the platform. The website states an affiliate program will be coming soon.

Conclusion

To conclude this HOTBIT review, this crypto exchange a good option to consider if you want to trade a wide variety of altcoins. The exchange supports a massive list of trading pairs and gives its users an edge when it comes to new digital assets and token offerings.  

HOTBIT exchange platform offers an intuitive platform and organised trading interface that is well designed for desktop and mobile app for crypto traders.

You Might Also Be Interested In:

HotBit

4

Ease of use

4.0/5

User interface

4.5/5

Fees

3.5/5

Security

4.0/5

Customer support

4.0/5

Pros

  • Available in over 170 countries
  • Over 150 crypto pairs to trade
  • Multi-language support
  • Mobile trading app
  • No KYC required

Cons

  • US customers not allowed
  • No margin trading
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Kevin Groves
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 and is a swing trader with over 10 years of experience. He loves trading crypto using various platforms and helping others learn about cryptocurrencies via hedgewithcrypto.