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Hotbit Exchange Review

Hotbit Exchange shut down in May 2023. This article was written earlier, so we recommend that you do not follow the guidelines in this article. We advise you to check out one of the many available reputable alternatives.

Hotbit exchange is a centralized cryptocurrency exchange with a focus on security and convenient trading services. It supports a wide variety of tokens and offers 24/7 customer support.

Hotbit global exchange is also known for its daily current deposit interests program, which distributes USDT to users who hold cryptocurrencies on the exchange. In this review, we share our expert insights on this exchange.

Table of content

Pros of Hotbit

Wide range of supported tokens: Hotbit supports a wide variety of tokens, including both major cryptocurrencies and lesser-known altcoins. This makes it a good option for traders who want to access diverse trading opportunities.

Low trading fees: Hotbit offers a competitive fee structure, with both maker and taker fees as low as 0.05%. This makes it one of the most affordable exchanges to trade on.

24/7 customer support: Hotbit has a responsive customer support team that is available 24/7 to help you with any issues you may encounter.

Daily current deposit interests: Hotbit offers a daily current deposit interests program, which distributes USDT to users who hold cryptocurrencies on the exchange. This can be a great way to earn additional passive income on your crypto holdings.

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Cons of Hotbit

Limited liquidity: Hotbit has relatively low liquidity compared to some of the larger exchanges. This can make it more difficult to execute large trades without causing significant slippage.

Limited trading pairs: Crypto exchange Hotbit only supports a limited number of trading pairs for each token. This can make it more difficult to find the best price for your trades.

Potential for security vulnerabilities: As with any centralized exchange, there is always a risk of security vulnerabilities. Hotbit has been the target of several attacks in the past, and there is no guarantee that it will not be attacked again in the future.

Limited regulatory oversight: Hotbit is not regulated by any major financial institution. This means that there is no external oversight of its operations, and traders have no recourse if they experience any problems.

Hotbit Trustpilot

Hotbit takes security very seriously and has implemented a number of measures to protect its users' funds:

  • Cold Wallet Storage: Hotbit stores the majority of its user's funds in cold storage, which is offline and not connected to the internet. This makes it much more difficult for hackers to steal the funds.
  • Multi-Factor Authentication: Hotbit requires users to enable multi-factor authentication (MFA) in order to log in to their accounts. This adds an extra layer of security to protect their accounts.
  • Intrusion Detection and Prevention Systems: Hotbit uses intrusion detection and prevention systems (IDS/IPS) to monitor its network for suspicious activity. This helps to identify and block attacks before they can cause damage.

Safety Concerns

Hotbit has been the target of several security breaches in the past. In one incident, hackers stole over $1 million worth of cryptocurrency from the exchange. As a result, Hotbit has implemented a number of new security measures in an effort to prevent future attacks.

Hotbit Trading Features

Hotbit offers a variety of trading features:

  • Spot Trading: Hotbit supports spot trading, which is the most common type of cryptocurrency trading and investing. This involves buying and selling cryptocurrencies directly for other cryptocurrencies or fiat currencies.
  • Margin Trading: Hotbit also offers margin trading, which allows users to borrow funds from the exchange to increase their trading leverage. This can amplify their profits but also increase their losses.
  • Lending: Hotbit offers lending services, which allow users to earn interest on their cryptocurrency holdings by lending them to other users.
  • ICO Listings: Hotbit lists new cryptocurrency projects on its exchange in exchange for a fee. This allows users to participate in initial coin offerings (ICOs) and potentially earn significant returns.

Hotbit Review: Fees

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Hotbit Crypto Trading Fees

Hotbit exchange offers competitive trading fees for both makers and takers. The maker fee is 0.05% and the taker fee is 0.1%. This makes Hotbit one of the most affordable exchanges to trade on.

However, it is important to note that Hotbit also charges additional fees for certain types of transactions, such as margin trading and ICO listings.

Margin Trading Fees

Margin trading fees on Hotbit are slightly higher than spot trading fees. The maker fee is 0.075% and the taker fee is 0.25%. This is still competitive with other exchanges, such as Abra, Kraken or Huobi, but it is something to keep in mind if you are planning to margin trade on Hotbit.

ICO Listing Fees

Hotbit charges a fee to list new cryptocurrency projects on its exchange. The fee is typically 3% of the raised funds. This is a standard fee for ICO listings on major exchanges.

Deposit Fees

Hotbit does not charge any deposit fees for cryptocurrency deposits. However, users may be charged network fees by the blockchain network when depositing certain cryptocurrencies.

Withdrawal Fees

Hotbit charges withdrawal fees for all cryptocurrencies. The withdrawal fee varies depending on the cryptocurrency and the network that is used for the withdrawal. However, the withdrawal fees are generally competitive with other exchanges.

Hotbit.io Review: User Interface and User Experience

Hotbit's user experience is excellent. The exchange Hotbit is easy to use, intuitive, and well-designed. The educational resources are also a valuable asset for new traders.

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Here is more detailed look:

Design

Hotbit's interface is designed to be modern and user-friendly. The color scheme is clean and professional, and the fonts are easy to read. The layout is also well-organized, with all of the important information easily accessible.

Navigation

Hotbit's navigation is simple and straightforward. The homepage clearly shows the main sections of the exchange, such as the Hotbit market, trading, and deposit/withdrawal pages. The top menu bar also provides quick access to other important features, such as the user profile, settings, and support page.

Trading Platform

Hotbit's trading platform is easy to use and provides all of the features that traders need. The order book is clear and easy to read, and the charts are responsive and high-quality. The order entry fields are also well-labeled and easy to fill out.

Educational Resources

Hotbit crypto exchange offers a variety of educational resources to help new traders learn about cryptocurrency trading. This includes a comprehensive knowledge base, a learn-to-trade section, and a live trading chat room.

FAQ
⭐ What is Hotbit?

Hot bit exchange is a centralized cryptocurrency exchange that offers a wide range of services, including spot trading, margin trading, lending, and ICO listings.

⭐ What is the daily current deposit interests program?

The daily current deposit interests program distributes USDT to users who hold cryptocurrencies on the exchange.

⭐ How can I earn USDT through this program?

You can earn USDT by holding cryptocurrencies on the exchange.

⭐ What are the fees for trading on Hotbit?

Hotbit charges a maker fee of 0.05% and a taker fee of 0.1% for spot trading. Margin trading fees are slightly higher.

⭐ Is Hotbit scam or regulated?

❌ Hot bit crypto exchange is not scam, but it is not regulated by any major financial institution.

Hotbit Reviews: Customer Support

Hotbit offers 24/7 customer support via multiple channels, including email, phone, and live chat. The exchange also has a comprehensive knowledge base with frequently asked questions and tutorials. Overall, Hotbit's customer support is responsive and helpful.

Here are some specific details about Hotbit's customer support:

  • Multiple Channels: Hotbit offers customer support via multiple channels, including email, phone, and live chat. This gives users the flexibility to choose the channel that best suits their needs.
  • Responsiveness: Hotbit's customer support team is generally responsive and quick to respond to inquiries. Most users report receiving a response within a few hours.
  • Helpfulness: Hotbit's customer support team is knowledgeable and helpful. They are able to address a wide range of issues, from account setup to technical problems.
  • Knowledge Base: Hotbit also has a comprehensive knowledge base with frequently asked questions and tutorials. This can be a great resource for users who want to learn more about the exchange or troubleshoot common problems.

Overall, in the Hotbit crypto exchange review, customer support is a valuable asset for exchange users. The exchange offers multiple support channels, and the team is responsive and helpful.

Hotbit Exchange Review: Conclusion

Hotbit is a centralized cryptocurrency exchange with a wide range of supported tokens, low trading fees, and 24/7 customer support. It also offers a number of other features, including margin trading, lending, and ICO listings. 

However, Hotbit exchange has also been the target of several security breaches and is not regulated by any major financial institution. As a result, potential traders should be aware of the limitations of the exchange before deciding whether or not to use it.

Yana Levkovich

Crypto Analyst

Yana is an expert with a deep understanding of cryptocurrency more than 7+ years. Covering everything from traditional technology to blockchain tech and decentralized finance (DeFi). Her expertise extends to tasks like white paper creation and tokenomics consultancy. She advises companies seeking success in the cryptocurrency industry, so sh ..
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