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Hotbit Exchange Reviews

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Country: China
Launched: 2017
Volume: $ 720,191,869.0
Pairs: 675
Mobile app: iOS, Android
Expert Review
May 25, 2020

Hotbit is quite a young centralized cryptocurrency exchange with a wide range of supported digital assets. The exchange provides over 500 trading pairs. It took not much time for this exchange to gain relatively high liquidity and get into the top 50 list of exchanges by trading volume (according to some estimates Hotbit is even among the top 25 exchanges). The team behind Hotbit has experience both in cryptocurrencies and the conventional finance sphere. According to the Hotbit website, the company has partnerships with F2pool, Spark Pool, Mytoken, Slow Mist, and HashQuark.

The exchange exists as a web-based platform that is available from any device at any time. Moreover, there is a local client and mobile versions. The website is available in six languages including English, Russian, Chinese, Korean, Thai, and Turkish. Hotbit exchange is available in many countries including the US. There's no data that could confirm that Hotbit is not available in some countries.

The platform was launched in 2018. It is registered in Estonia and Hong Kong. Most of the team members are the citizens of China, USA, and Taiwan. 

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  1. Hotbit Features Review
  2. Hotbit Fees Review
  3. Hotbit API Review
  4. How to Use Hotbit?
  5. Customer Service
  6. Is Hotbit Safe?

Note: You can exchange cryptocurrencies at the best rate in a few minutes here.

Hotbit Features Review

As it was mentioned above, Hotbit supports a lot of cryptocurrencies (although there are exchanges with an even wider choice of coins). Some of them were already supported by Hotbit prior to listing on Binance, Huobi, and other top exchanges. One of the special features of Hotbit is the distribution of current daily deposit interests among users. This feature requires no freeze of the user assets making it quite convenient. Interests are distributed in such currencies as Bitcoin, Ethereum, ATOM, DASH, and many others.

The Exchange Tab

In the Exchange tab, there are 7 markets. They include USDT, BTC, ETH, EOS, HTB, ATOM, BHD markets. There are over 250 currencies that can be traded against BTC. The charts are quite basic. The user can add some extra indicators to the candlestick graph. Also, the user may change candles for hollow candles, or display Commodity Channel Index, Net Volume, and many other tools. Above the graph, there are info on prices (24h high, 24h low, 24h volume, 24h change, and Last Price. In general, the execution is clear and intuitive. The users are free to place limit orders or take ones from the order book. Also, there's a so-called "Lazy Mode" that allows exchanging the assets quickly but probably not for the best price. Most of the currencies on Hotbit are traded against BTC and ETH.

Unfortunately, there's no way on Hotbit to deposit the fiat money. Leveraged trading is not supported, too.

Hotbit Fees Review

Depositing on Hotbit is free of charges just like on many other centralized cryptocurrency exchanges. The withdrawal fees vary from coin to coin and depend on the network fees and other factors. Trading fees are equal for makers and takers. So it doesn't matter if the trader places limit orders increasing liquidity or takes orders from the order book removing liquidity, she/he will be charged with a 0.1% fee. Such a fee is quite a low fee if we compare it with trading fees on other exchanges. However, the fact that makers and takers pay the same fees doesn't incentivize people to "make" liquidity. Some other exchanges have a rebate system that provides discounts on fees or even rewards instead of fees for those who place limit orders. Hotbit offers a different method to decrease trading fees — one can do it via using HTB coins (Hotbit native token) to pay fees. In case of activation of this feature, traders pay only 0.05% as a trading fee.

Registration

Hotbit API Review

Although there is an API link at the bottom of the Hotbit website, as for November 2019 it leads to an announcement that API is going to be opened soon. The date is not specified and no other info is given. Currently, Hotbit has no active API.

How to Use Hotbit?

First, one needs to register. The Register button can be found in the upper-right corner of the website. The potential user should provide an email address and set the password. Alternatively, it is possible to sign up using the mobile phone number. After verifying the email address it is required to set 2-factor authentication. That's a good requirement because 2fa critically decreases the chances of being robbed. Many cryptocurrency platforms don't obligate users to activate 2fa right during registration. In some cases, it results in sorrowful consequences. 

When the password is set, the email address is confirmed, and 2fa is turned on, the user should log in and deposit some money. There's a Fund button in the top part of the website. The next step is choosing the proper currency and its amount. Hotbit provides a deposit address that should be used to fund the account. In order to withdraw coins, one should proceed to the same section (Funds), choose the currency and tap on the Withdraw button. The next step is inserting the label and the receiver's wallet address. There’s no info about the withdrawal limit on Hotbit. Some users are required to complete KYC in order to withdraw their funds.

All trading processes are operated via the Exchange tab of the website. At the bottom of the page, one can see the order book, and on the left side, it is possible to create the new limit order.

Customer Service

According to information on the website, customer service is working 24/7. Besides, there are many short informative articles in the Support section of the Hotbit website that can help to solve some of the occurring questions.

Is Hotbit Safe?

It was already mentioned that setting 2fa on Hotbit is obligatory. It automatically means that accessing the account is not possible without the use of the personal mobile device of the account owner. This measure critically decreases the potential amount of intrusions.

Hotbit on Twitter

If we look into the user reviews about Hotbit, we will find out that some people have unpleasant experiences of using this exchange. Complaints are quite typical. Some say that they were suddenly stuck with KYC when they were about to withdraw money. Many people complain about the lack of response/action from the support team. Also, there are allegations concerning fake volume. Some find Hotbit's withdrawal fees too high. It's understood that many of these accusations are quite typical in the industry. Some of these cases may be frustrating, but they don't mean that Hotbit is a scam. Nevertheless, it's better to do research before deciding on whether or not to use this exchange. Anyway, it should be used with caution.

Our Score
Functionality 4 / 5
Reputation 3 / 5
Security 4 / 5
Support 4 / 5
Fees 3 / 5
Our Score
3.6 / 5

pros

Many supported trading pairs

Wide functionality

Stable platform with quick transactions

cons

Fake volume allegations

Slow customer support

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User reviews
MTL 17 January, 4:23 AM
1.0

Trying for 2 weeks to withdraw or even exchange...nothing. At this point looks like they've stolen $6,500. No help or explanation from the company's customer support.

MS 4 December 2020, 2:02 AM
5.0

I've transferred BTC to Hotbit 3x and purchased $SRK and then moved it to my wallet and it has shown up in minutes each time. That has been my experience; no issues at all.

helpful trader 19 November 2020, 6:07 PM
1.0

After I withdrew my funds so be off my deposit history disappeared as if to make it look like they didn't take as much as they did

Alvin Swift 13 October 2020, 8:45 AM
5.0

So far so good

José Ferreira 2 October 2020, 3:43 PM
1.0

scam

Matty P 30 September 2020, 7:39 PM
1.0

Horrible Exchange. Rude Customer Service and just trying to scam. I was testing different ones since I acquired a few Bitcoin Coins from a uncle who passed and had experience in day trading with NYSE. Which I know its a whole different world pretty much like doing penny stocks. But this exchange is so slow on prices where doing limit buying/selling is not a good thing. 10 other exchanges were about 10% off of eachother on pricing but not Hotbit they were off by 60-70% cause there time was way off. And their app and website are not synced which is not a good thing either and you will see in pictures. And they tried this lock on me where I tried to sell before a coin went down 80% then they said I cant trade it for 24hrs. So thank god I didnt invest my money here. STAY AWAY!!!!!!

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Agnaldo Pereira Dos Santos Silva 27 September 2020, 12:24 AM
1.0

Péssima! falta de suporte eles não dão atenção suficiente não resolvem o problema saque travado

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Dan 17 September 2020, 11:19 PM
1.0

I had rave reviews until I tried to withdrawal coins to a wallet. So far screwed out of $1500 theta and $300 XRP. SCAM!!!

nicolas 13 September 2020, 4:25 PM
1.0

Do not use this platform, a real hell to make withdrawals. You suddenly find yourself stuck and forget about customer support, which gives you ready-made answers. In addition the fees for withdraws are too high / at other platforms.

Ulisse 3 September 2020, 4:38 PM
1.0

Hotbit is the best crypto excange where you can see your money disappear into thin air! Fake support and general answers from a computer! I work on many excanges and this is the worst ever! Scam !!!

Kai Groth 18 August 2020, 1:39 PM
1.0

I tried to exchange about 230 usdt to ETHER in the Lazy Mode.
But the only thing that happened is that the USDT disappeared and i received no ETHER.
I have reached out to customer service. I hope they fix it. But its reallly not good anyhow

Elias Josephat Onyema 10 July 2020, 4:03 AM
4.0

All has been well in HOTBIT except my present surprise . My TRX withdrawal has been delayed for over 14 hours now! My last check I can see the coins in FREEZE column! What for?

I hope to get the withdrawal delivered quickly without further delay please.

Dane 21 June 2020, 9:23 PM
5.0

I don't know about all that negative, but in my opinion it's an excellent exchange. I did face a problems in use. I think I'll support the platform here.

Egner 20 June 2020, 12:15 PM
3.0

The 500 pairs are great number, but all of them are really working? I haven't checked them all, but some are suspicious.

Drone 19 June 2020, 1:41 PM
4.0

The mobile app is little bit slow. I wonder when they fix this bug. But, I gotta say, that I'm ok with it

Related news
Country: China
Launched: 2017
Volume: $ 720,191,869.0
Pairs: 675
Mobile app: iOS, Android
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Hotbit Exchange Reviews