Hotbit Review 2023
Each new crypto exchange strives to offer users some features that will make their experience with cryptocurrencies more efficient.
The Hotbit team has a global goal of creating Amazon in the blockchain industry. The main advantages of their trading platform: multi-currency, high liquidity, flexibility, security and reliability.
The platform has been operating since 2018, and at the time of this review, has never been hacked. Hotbit’s security rating is classified as B+ (corresponding to the top exchange rating of Binance).
According to many traders, Hotbit is a good and reliable partner for the crypto market. Let’s know more about the functionality and capabilities of Hotbit exchange with TGDRatings.com experts.
Registration and account verification
Instructions on how to register on Hotbit:
- Go to the official website of the exchange and click Register in the upper right corner;
Hotbit registration - Fill out the registration form depending on the chosen registration method (via email or by phone number);
- Write in your email address or phone number and create a password;
- Accept the platform terms of use;
- Press Register.
Hotbit registration form
KYC is not required on Hotbit for trading and withdrawals. However, the maximum withdrawal amount is 10 BTC per day per account. If the user wants to increase the limit, he needs to pass identity verification. For verified accounts the daily withdrawal amount is unlimited.
Account protection
Despite the optional verification of your identity, you must activate two-factor authentication immediately after registration. This will increase your account security and protect your funds.
To enable 2FA:
- Select the tab Account → Security settings in your personal account,;
Hotbit security settings - Scroll down to Google authenticator line and click Enable;
Enable two-factor authentication - Download the Google Authenticator app on your mobile device → Next;
Loading the application - Scan the QR code (or enter it manually) → Next;
Setting up two-factor authentication - Enter password and 2FA code from app → Confirm.
Entering the 2FA code
The account is registered. What’s next?
You can use the exchange immediately after registration. If you want to withdraw more than 10 BTC per day, you will need to pass verification.
Available deposit and withdrawal methods
The only way to replenish deposit on Hotbit is with cryptocurrencies (fiat is not supported). The output is also available in crypto only. There are the tnstructions on how to fund up your account with cryptocurrency:
- Select the tab Wallet → Deposit in your personal account;
Hotbit user wallet - Select the type of account you want to fund up. To fund up your main trading account, select Spot;
Spot account funding - Select the asset that you will transfer to the exchange from the list, for example, USDT → click Deposit in the same line;
USDT depositing - Specify the network for transferring USDT in the new window, for example, choose TRC20 (make sure that the network on the exchange and in the sending wallet matches, otherwise the funds will be lost);
- The system will generate a unique deposit address: copy and paste it into the wallet from which you will transfer coins;
Address for transferring USDT coins - Complete the transaction.
Trading conditions and instruments available on Hotbit exchange
In addition to trading on the classic spot market, the exchange offers other tools such as buying crypto from a card and ETF. Next, we will analyze each instrument in details, as well as designate the commissions.
Buy crypto
A Hotbit user can buy popular cryptocurrencies in one click by paying for the purchase with a card (EUR and USD are available). To buy cryptocurrency with a card:
- Select Buy crypto in your account;
Purchasing cryptocurrency with a card - Specify currencies: the fiat one for which you will buy crypto and cryptocurrency for purchase;
- Select payment method;
- Mark the checkbox with terms of purchase;
- Click Buy now.
Buying BTC with USD
Spot market
Hotbit offers users to trade on the classic spot market.
Spot contracts are executed with the user’s own funds and paid “here and now”. To access the spot market, select the Exchange tab.
ETFs
Hotbit also offers ETFs to its users.
Select the ETF tab in your account to view offers from Hotbit.
Commissions and limits
- Deposit: no commission;
- Withdraw: The fee is determined by coin and network. For example, you need to pay 0.001 BTC for withdrawing Bitcoins in the Bitcoin network, 0.00001 BTC in the BCS network. This data is a subject to change: stay tuned for the fees page;
- Trading: Commissions on trades are calculated on a Maker/Taker basis. The amount of fees also depends on the status of the user: Crowing, Global, Global Select. So, the higher the status, the lower the commission.
How to trade on Hotbit cryptocurrency exchange
We will show you how to trade on the Hotbit spot market. We funded our USDT account with coins, so we will demonstrate the buying process using the USDT/BTC trading pair as an example. Instructions on how to buy cryptocurrency:
- Select the Exchange tab in your account;
Spot trading - The trading terminal will open: specify the trading pair on the left part of it (in our example, this will be USDT/BTC);
Selecting a trading pair - Fill out the form for creating a buy order. It is located under the chart. Here you can select the type of order to operate with (for example, let’s choose Market one – the order will execute on the market price);
- Enter the number of coins you are spending on buying in the Total column;
- Click Buy BTC.
Buying BTC
To sell assets, follow the same pattern. The onlu difference is after choosing a trading pair, you need to select the selling form (it is located on the right side under the chart). After filling in all the data, click the red button Sell BTC.
Additional services of the Hotbit exchange
Besides trading tools, the exchange offers several additional options, such as Investments and Hotdrop.
Investments
The Investment section contains exclusive privileges for exchange’s VIP users, thanks to which you can maximize your passive income.
Hotbit promises maximum bang for your buck with the best rates in the industry and personalized account management.
Hotdrop
The Hotdrop section provides access to new blockchain projects. By subscribing to the distribution of tokens, you can buy promising coins at a very early stage of their launch.
Mobile Application
You can use the Hotbit exchange from your phone by installing the application on your iOS or Android device.
With the help of the mobile application, you can trade anytime, anywhere and get quick access to assets.
Reviews
You can read reviews about the Hotbit exchange on the popular service Trustpilot.
Among the positives, users note easy to use interface, multi-currency, negative trading fees for makers, B+ security (like Binance) and other advantages.
Negative reviews are most often related to site outages, rejected withdrawal requests, delayed withdrawals, long waits for a response from support.
Advantages and disadvantages
FAQ
- Select the Exchange tab on the exchange's website,;
- Select trading pair on the left side of terminal, for example, BTC/USDT;
- Fill out the form for creating a buy/sell order below the chart: specify order type and other data;
- Click Buy BTC or Sell BTC depending on whether you are buying or selling assets.
- Select the tab Wallet → Deposit in your personal account;
- Specify the type of account you are depositing (for example, Spot);
- Select the asset you want to trasfer (for example, USDT);
- Click Deposit on the same line opposite the name of coin;
- Specify the network to transfer (for example, TRC20);
- Copy deposit address and paste it in the wallet where you transfer funds from;
- Complete the transaction.
- Go to your personal account and select Exchange;
- Specify trading pair, for example, ETH/USDT;
- Create an order to buy ETH: specify order type, enter other data;
- Click Buy ETH (buy) or Sell ETH (sell).
- Select the tab Wallet → Withdraw in your account;
- Select the coin to withdraw, for example, ETH;
- Specify the network;
- Copy the address (or scan the QR-code) and paste it into the wallet where you transfer coins from;
- Confirm the transaction.
