Hotbit Review

Hotbit Review

Robert McDougall 

November 9, 2022

Cryptocurrency

What is Hotbit?

Launched in 2018, Hotbit is a global cryptocurrency exchange aiming to provide efficiency, stability, diversity, and the best possible security to their users. The exchange is currently headquartered in Taipei and Shanghai, but they offer their services around the globe. You can sign up on the platform from over 200 countries and get full-on access to cryptocurrency features and services. Hotbit claims they have over 5 million registered users who help them build an ecosystem that benefits the overall crypto industry. 

Hotbit provides 24/7 real-time online audit services and allows users to trade in a secure environment through their industry-leading security system and architecture. Since their launch, there have been no reports of lost funds. In terms of features, Hotbit competes with all the big names. You can easily purchase crypto assets on the exchange, digital trade currencies, check out NFTs, or even invest your money to grow your portfolio. To get started on the exchange, sign up with your email address and phone number.

  • Web Address: www.hotbit.io
  • Main location: Shanghai, China
  • Cryptocurrencies: BTC, ETH, SHIB, DOT, DOGE, XRP, BNB, and 2,800 more
  • Fiat Currencies:  USD and EUR
  • Withdrawal Fees: Varies depending on the selected asset
  • Trading Fees: Varies
  • Deposit Methods: Cryptocurrency, Visa/Mastercard
  • Deposit Fees: Crypto: Free; Fiat purchases incur a fee depending on the chosen method
  • Mobile app: For Android and iOS devices

My Overall Thoughts on Hotbit.io

Hotbit can be considered as a complete crypto exchange as they basically bring all the necessary crypto features for users. Starting with simple crypto purchasing, Hotbit goes all the way to investment products through which you can make some serious bucks. The professional trading experience, along with the advanced features to enhance your positions, is something any trader would desire. Considering Hotbit was released just in 2018, they have certainly done very well in a short period of time, and they are not stopping anytime soon.

Their list of supported cryptocurrencies is getting longer every day, offering diversity to traders and investors. You can even take part in events and donate to hot drops to make the projects successful. The following are the things I love the most about the exchange:

1) Variety of digital assets: This is where Hotbit wins the race by miles compared to 95% of the crypto exchanges available on the Internet. Hotbit has over 2,800 digital assets, and this staggering number is just unreal for a crypto exchange that also offers you professional trading experience. You will never have to worry about diversity, and you can trade a new asset every day. You can explore new opportunities and see how different markets work.

2) Investment products and returns: Hotbit has over 180 investment products that you can check out, and almost all of them offer good returns. You can also invest in popular cryptocurrencies like BTC, ETH, and SHIB and have your crypto assets work for you while you sit back and relax.

3) Trading layout and design: The overall trading experience at Hotbit is also unmatched. It is professional, advanced, feature-filled, comes with tons of tools, and also provides real-time data and analytics. These are all the things needed by a professional trader who wants to win every executed trade.

But Hotbit has to work on their customer support and bring their own payment methods to make transactions cheaper. Third-party merchants charge a lot, making it very expensive for users to purchase cryptocurrencies.

Key features and advantages of Hotbit

Hotbit comes with a lot of valuable features that pretty much fulfill all the needs of traders and investors. There are over 1800 assets available that you can trade instantly with all the professional tools available on the exchange. You can even improve your training experience with the trading layout of the exchange and find new ways to trade, win, and make some serious bucks.

Hotbit also allows users to purchase cryptocurrencies directly with their fiat assets, thanks to available payment methods. You can use your Hotbit account as a crypto wallet and keep holding your assets there. The exchange also organizes different events to attract more users and give them opportunities to benefit from the crypto industry. But there is more to Hotbit. Take a look at all of their best features and services below:

Negatives and disadvantages of Hotbit

Hotbit needs to work on a few things to make sure they are offering the best experience to users. Take a look below to find out what Hotbit needs to improve.

What services does Hotbit offer?

Hotbit might not have brought every single crypto service to their platform, but whatever they have on offer is diversified and comes in a variety. This is one of the features many traders and investors love about Hotbit and why they prefer it over other platforms. For instance, you can take a look at the number of digital assets listed on the platform along with the products you can invest in and start earning. The exchange also lets you purchase cryptocurrencies with your fiat assets and trade them with a professional and multi-layered layout.

Hotbit is also known for their seamless security system and precautions that allow the exchange to function smoothly and ensures that the funds of users are safe and protected. Read on to learn about the other services Hotbit offers.

Purchase cryptocurrencies with fiat assets: Hotbit allows their users to purchase several cryptocurrencies easily with their fiat assets. You can simply head to the platform's buy crypto section, select the cryptocurrency you want to purchase, the fiat asset you want to pay with, and the particular payment method to complete the transaction.

Buying cryptocurrencies with fiat assets allows users to enter the crypto industry without worrying about complicated trades. As Hotbit has partnered up with a third-party payment merchant, you can also pay with your credit or debit card and instantly get your hands on the crypto assets you want.

Hotbit has listed almost all the popular cryptocurrencies that can be bought directly. These include BTC, ETH, USDT, XRP, TRX, and LTC. In case you want to have the cryptocurrencies that are not listed in the buy list, you will have to manually trade your existing crypto assets with the one you want.

2,800+ digital assets are available to trade: There are over 2,800 digital assets available on Hotbit, which can be traded instantly on the exchange. You can buy them, sell them, or hold your position for as long as you want. To make things even easier for users, Hotbit has also divided digital assets into specific categories. You can go with global assets, stable assets, NFTs, web3 assets, DAO, and a few other types.

Having this much variety to trade on a single platform allows traders to diversify their portfolio and check out unexplored opportunities. The asset list available on Hotbit comes with the price change, value, volume, 24-hour greatest and lowest, and a few other details to let you know if you should trade a particular asset.

So, if you want a diverse range of cryptocurrencies available to trade, Hotbit will not disappoint.

Trade spot and ETFs separately : Hotbit also has an impressive Exchange Traded Funds (ETFs) market which also comes with a diverse range of cryptocurrencies. If you are tired of trading digital assets all day long, you can go with the ETFs and see what opportunities are available.

Having two different markets to trade in allows traders to jump from one market to another without any restrictions. If the crypto market is very volatile at the moment, you can check out ETFs and implement your skills in a different market to execute profitable trades. Hotbit also offers leveraged trading up to 5 times for certain assets. If you are confident your skills and evaluations, you can go with leveraged trading to get better returns on your trades. But do note that leveraged trading comes with risks and can result in quick loss of your funds.

It does not matter what your preferences are and what conditions you are trading in; there will always be opportunities available to continue your trading on Hotbit.

Advanced and professional trading layout: Hotbit has a carefully designed trading layout that allows traders to trade professionally and explore pretty much all the advanced features a trader would want. The best thing about the layout is that it is not confusing, and all the features are placed rightfully. This makes it easier for any beginner to understand what is happening and where different options are located.

In Hotbit’s trading layout, each digital asset or ETF comes with its own chart fetched by TradingView, a charting company that offers the most accurate, precise, and fast charts that you can get on the internet, making precise trading possible. You can go full-screen mode to have ultimate focus; replace the candle bars with the other available options; use countless drawing tools, select different timestamps, and do much more on a single interface. But a multi-charting option is not available, which works great if you want to compare two different assets side by side. On the right-hand side, you will find the order book, trade history, and the order execution panel, where you can customize the settings.

With all these features and functions, you can rest assured that your trading experience will not be affected, and it will be perfect in many ways. In case you are an amateur, it will not be difficult to grasp everything with the easy-to-understand layout of Hotbit.

IOS and Android mobile applications are available: Hotbit offers IOS and Android mobile that can be downloaded from their respective stores. The apps are not only fast and efficient, they are also integrated with important trading features for you to trade anywhere you want. You can enjoy real-time transactions right from your handheld device and even execute trades instantly. Hotbit also provides a complete asset list along with accurate and real-time charts to evaluate. You can also access your portfolio, purchase cryptocurrencies, and use the applications as a mobile crypto wallet.

Now you will never have to miss a market trend as you will always be connected to the crypto world through your mobile. You won’t have to rely solely on your laptop to monitor market trends, as everything will be available on your palm to access.

Earn by investing in over 180 products: No one wants to see their money depreciate in value by keeping it in a bank or a wallet. To solve this problem in the crypto industry, investment options were offered that allow the users to earn a specific percentage as interest by staking their digital assets. Hotbit has over 180 products available that you can invest in and start earning money with.

There are different investment plans available for each asset that you can invest in. For instance, Hotbit offers flexible lockup and DeFi farm options only for USDT, and all of these options come with different returns. It depends on your own preferences which one you go with, depending on the risk, time period, and the overall returns. But the best thing is almost all popular digital assets can be invested to start earning interest on them. You can stake BTC, USDT, ETH, SHIB, FIL, USDC, DOT, and many other names that you might be holding.

So, it is actually better to let your assets work for you and earn you a few bucks every now and then. Choose the right plan, consider the rewards, and start benefiting from your assets that are lying idly in your wallet.

Be part of profitable events and hot drops: Hotbit organizes different events and drops for traders and investors to keep them engaged on the platform and offer them opportunities to earn more.

Most of the events organized on Hotbit are regarding trades of a particular asset. If you successfully trade a particular asset in a given time period and make it to the leaderboard, you are rewarded with the specified prize. This can be a great way to earn on the side along with your successful trades. As for the drops, first you have to pledge some amount to a project, then you are rewarded the same asset at the end when the event ends. This is usually done by the platforms to promote a new asset or make it successful through donations.

Joining these types of events and hot drops allow you to connect with the broader crypto community and earn a great deal of money if you win. To participate, you can check out the events section on the platform and see what events are going on and what events ended in the past.

Premium security system with a bug bounty reward: Hotbit takes security seriously, and that is why they have implemented all the necessary measures to offer users perfect protection when trading and investing with them. The exchange claims that they have implemented the multinodular security system, ensuring flawless protection.

With all this, you can trade with peace of mind and never have to worry about losing your funds. Hotbit is so sure about their security system that they have even introduced a bug bounty program. You can earn up to $1500 just by pointing out a flaw in the system of the exchange, and if it is verified, you will be rewarded at the end. 

There have been no attacks or reports of lost funds in the history of Hotbit, proving their integrity further. They claim their security rating is B+, which is equivalent to the security rating of Binance, one of the most popular cryptocurrency exchanges. 

Beginner-friendly platform with guiding content: There might be tons of professional and advanced features available on Hotbit, but the exchange is beginner-friendly and comes with a detailed layout. All the features and services available on the platform are visible on the top bar and are separated for easy access. You can start trading, buying, or investing with a single click.

Hotbit also provides users with detailed content and FAQs sections. If you are a complete beginner and do not know how to start, you can check out those sections and start understanding things from scratch. The registration process on the exchange is simple and fast, as it only requires your email address or phone number along with the password.

Whether you’ve been trading for years or just starting out, Hotbit will help you get started with its user-friendly structure.

Earn up to 60% commission with referrals: You can invite your friends or anyone to join Hotbit and earn up to 60% commission on the fee they pay to the exchange. But do remember that all the transactions executed by your friends should be legit in order for you to earn money.

Hotbit has set different commission ratios for the referrals, depending on what they trade. You can earn up to 60% trading fee commission if your referrals trade ETFs and 40% trading fee commission if your referrals trade spots. The rebate ratio also depends heavily on the amount of HTB (the native token of Hotbit) you are holding.

If you have a big family or friend group which might be interested in trading, you can invite them to the platform and create a second income stream which can be very profitable.

Things I don’t like about Hotbit

Take a look below to find out what I don’t like about Hotbit.

Unprofessional and slow customer support: Customer support at Hotbit is simply not the best. They have provided a chat icon on the lower right corner of the exchange, but it is actually an AI bot that would fetch you info regarding the question you have asked. It is not that efficient and can be very frustrating to use. There is apparently no live chat support that you can talk to and sort out your issues instantly.

The only way you can get in touch with the team of Hotbit is through email. You will have to write a detailed email to them explaining your problem and then wait for a few hours to get a reply back. You can also use the request form to submit your query right from the exchange.

Third-party payment merchants with only USD and EUR supported: As I have mentioned earlier, you can buy cryptocurrencies directly on Hotbit with your fiat assets. However, the exchange does not have their own payment methods to offer. This is why they have partnered up with a third-party payment merchant known as Advcash to solve this problem. Advcash offers several payment modes like credit debit cards and bank transfers, depending on your location.

For each transaction, a fee is charged, which can vary between 4%-8%, which is quite expensive. Only USD and EUR are supported as fiat currencies, meaning you will have to pay the conversion charges, too, if you do not have these currencies in your account.

Hotbit Fees

Hotbit Deposit Fee

Hotbit does not charge users for direct crypto deposits. If you are purchasing cryptocurrencies through a third-party payment merchant, you will have to pay a variable fee depending on the chosen method.

Hotbit Trading Fee

Hotbit has a fixed trading fee for certain types of assets. For instance, if you are trading an asset from global select, you will have to pay a -0.05% maker fee (you will get a rebate) and a 0.20% taker fee. For the worldwide market, the fee is set to -0.30% maker fee and 0.45$ taker fee. Hotbit charges a -0.50% maker fee and a 0.65% taker fee for growing assets.

Hotbit Fiat Withdrawal Fee

Hotbit does not support fiat withdrawals.

Hotbit Crypto Withdrawal Fee

The withdrawal fee for cryptocurrencies varies on the asset you are withdrawing from the exchange.

Pros and Cons of Hotbit.io

Pros
  • Buy cryptocurrencies with fiat assets
  • Over 2,800 digital assets are available
  • Trade professionally with advanced features
  • Invest in more than 180 products
  • Earn up to 60% referral commission
Cons
  • High fees due to third-party payment merchants
  • Unreliable customer support

Summary

Succeeding in an industry that is constantly evolving is challenging, but this does not seem to impact Hotbit as the exchange has been successfully offering the best crypto services for the past four years now. They have a good variety of digital currencies, maybe the best among the competitors. They also have a quick and fast crypto purchasing section that allows you to be a part of the crypto industry.

If your crypto assets have not paid you well enough in terms of their value increase, you can use those same assets as an investment on Hotbit and get premium returns at the end. All these features, combined with ultimate security and a flawless system, improve the experience of the traders even further and offer them peace of mind. The only flaws of Hotbit are the lack of a good customer support team and the fees users have to pay to third-party payment merchants.

If you want to conduct some more research before signing up to Hotbit, we recommend reading our article on the best crypto exchanges in the US. You can also see our quick comparison table below.

Frequently Asked Questions

Is Hotbit available for US users?

Yes, Hotbit is available for American users, and they can use all of their services legally without any problems.

How many cryptocurrencies are available at Hotbit?

There are over 2800 digital assets available on Hotbit which can be traded. Most of them are cryptocurrencies, and some are ETFs that you can trade.

Can you make money with Hotibit?

It is possible to make money with Hotbit through their investment program. There are over 180 products available in which you can invest in and start earning with.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
MEXC Global
Pionex
Coinmama
Gemini
Uphold
Crypto Exchange
Crypto Exchange
eToro
MEXC Global
Pionex
Coinmama
Gemini
Uphold
Fiat Currencies
Fiat Currencies
USD
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, AUD, CAD, EUR, GBP, SGD, HKD
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, BCH, DOGE & 90+ more
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank transfer (ACH), Debit card, Wire Transfer, Cryptocurrency
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.2% for spot, 0.02%/0.06% for futures
0.05%
2.93% - 3.90% (depending on loyalty level)
From 0.25% (maker) and 0.35% (taker)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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