HotBit Review 2022: Is It Safe & Legit To Use?
HOTBIT is a state-of-the-art crypto exchange for users globally to buy and sell crypto. But is it safe to use? In this review, we assess the basic features of the exchange such as its trading pairs, charting features, fees, security and customer support. To assess these important aspects, our methodology includes creating an account, transferring Bitcoin to the wallet, trading on the spot exchange and withdrawing funds back to our wallet.
- 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
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.
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Quick Overview
HotBit is a crypto trading exchange that offer a wide selection of markets and assets to trade. At the time of writing, there are 1345 cryptocurrencies supported on the exchange which can be bought or sold. Traders on Hotbit will benefit from its simple, yet advanced trading platform with competitive trading fees. However, the exchange is not ideal for professional traders due to the lack of trading volume and liquidity across the lesser-known altcoin pairs.
| Exchange Name | HotBit |
|---|---|
| Cryptocurrency | BTC, ETH, LTC, XRP & 200 others |
| Fiat Gateway | No |
| Leverage | Yes |
| Trading Fee | -0.05% / 0.2% |
| TP/SL Orders | Yes |
| Mobile App | Yes |
What Is HotBit?
HotBit is a trading platform that has accumulated over 1 million registered users from more than 170 countries worldwide. The team behind HotBit are based in China, USA and Taiwan and bring a wealth of experience to the on-going development of the exchange. HotBit is a crypto-to-crypto service only that offers a broad range of features to cater to different investors and traders using a single unified platform.
- Global crypto exchange that is available in over 170 countries worldwide
- The exchange is constantly supporting new coins and tokens
- Over 1835 trading pairs to speculate on
- Crypto EFTs that can be traded with 3X margin
- Lending and DeFi products to earn additional income
- No unique features to entice traders to HotBit
- Trading volume and liquidity on the spot pairs are low
- Charting is a little difficult on the mobile app
HotBit Compared
Advanced features, intuitive user interface, derivatives markets 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 | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 FTX | 319 | 0.02% / 0.07% | Rating  | 5% off trading fees | Visit FTX | FTX Review |
 Bybit | 81 | 0.06% / 0.01% (leverage), 0.1% (spot) | Rating | Deposit bonus up to $30,000 | Visit Bybit | Bybit Review |
 Binance Futures | 100+ | 0.02% / 0.04% | Rating | Up to $100 welcome bonus | Visit Binance Fu... | Binance Futures Review |
 Hotbit | 200+ | -0.05% / 0.2% | Rating | None available at this time | Visit Hotbit | Hotbit Review |
Accepted Countries
HotBit is a global exchange that specializes in crypto to crypto trading. However, there are certain countries are are prohibited from creating an account and using the platform such as the USA. Due to strict regulations in the United States, residents are not allowed to trade with HotBit and will need to find a reputable cryptocurrency exchange in the USA. Reputable options that we have reviewed include Coinbase, Gemini and eToro.
Features & Products
Here are some notable features of HOTBIT:
- Global exchange with over 1 million registered users
- Trade up to 214 cryptocurrency assets
- ETF and perpetual market to trade crypto with margin
- Advanced trading features and charting tools
- Mobile trading app available on Android and iOS
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 that included user's information such as phone numbers, email addresses and portfolio information on assets.
Is HotBit Trustworthy?
HoBit 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.
Supported Assets
HOTBIT Exchange offers more than 1835 pairs that can be traded by its users using a secure, stable and reliable platform. There is a total of 1345 digital coins that can be traded against pairs such as:
The exchange is regularly adding new coin offerings that could provide a competitive edge in the market for experienced crypto traders. Hotbit is also one of the few centralized cryptocurrency exchagnes that supports SafeMoon tokens for trading. The full list of trading pairs can be viewed on the Hotbitwebsite as shown below.
Is HotBit Free To Use?
Like the majority of crypto exchanges, there is no cost involved to create a new account. However, there are some fees involved such as depositing money to the exchange, buying and selling, trading between assets and withdrawing to an external wallet. These fees are common for a centralized exchange to cover the companies expenses for providing the infrastructure to create a safe trading environment.
To create an account with HotBit, new users will be required to provide an email address and password. For crypto-to-crypto trading only, there is no requirement to complete a KYC process and verify their identity.
Trading With HotBit
For all traders alike, the charting interface is one of the most important considerations when selecting a crypto exchange to buy Bitcoin. 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.
When you first log in 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.
What Are The Fees?
HoBit 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%.
The exchange currently allows deposits in 22 different cryptocurrencies and does not accept fiat currency. Therefore, there are zero fees to deposit or withdraw to and from the platform.
Security Measures
The HoBit 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 exchange 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.
Mobile App
HoBit 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. While the app is not as sophisticated and modern compared to the best cryptocurrency apps in the market, it allows Hotbit users to perform all the basic functions.
Frequently Asked Questions
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.
HTB is a ERC20 token which is supported by MyEtherWallet and imToken.
HoBit 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.
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.
Conclusion
To conclude this HoBit 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. In short, the platform has an intuitive platform and organised trading interface that is well designed for desktop and mobile app for crypto traders.
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