BitMart と Hotbit を比較 Exchange

In this article, we will compare two high-liquidity exchanges (both from the top 20 by 24h trading volume). Both trading platforms offer hundreds of trading pairs and are considered beginner-friendly. We will review the main characteristics of these exchanges and compare their features, so it will be easier for you to decide which platforms best fit your needs.

Please note that both exchanges have many negative reports from users claiming their funds were compromised by the platforms.

1. What Is Bitmart?
2. What Is Hotbit?
3. Bitmart vs. Hotbit (table)
4. Bitmart vs. Hotbit (details)

What Is Bitmart?

Bitmart is one of the most significant crypto exchanges in terms of the daily trading volume. As of July 2022, the Bitmart liquidity exceeds $1.4 billion. It is more than on the Coinbase exchange and OKX. The platform supports over 600 cryptocurrencies and provides traders with diverse and vast functionality. The exchange exists in the form of a mobile app. More than that, it can be accessed via the web browser. 

Functionality-wise, Bitmart provides such features as crypto-to-crypto trading, earning rewards, lending, and staking. The exchange was founded in 2017 by Sheldon Xia. The platform is registered in the Cayman Islands. The reputation of the exchange is not flawless. Bitmart was subjected to a multi-million hack in 2021, and allegedly the compensations to affected users are still pending. However, such things can take time, and it's early to write this platform off, especially considering its best sides, such as liquidity, coins selection, good functionality, etc.

What Is Hotbit?

Hotbit is a crypto exchange that supports the biggest number of coins among the top centralized exchanges. On Hotbit, you can trade around 2,000 cryptocurrencies at high speed (thankfully, liquidity is relatively high). However, it's understood that no one really needs all of these coins in the roster, so the rest characteristics of Hotbit play a more prominent role when you decide whether you should use it.

The exchange was launched in 2018, just before the entire crypto market's long-term decline. Some allege that the exchange is based in China. As for features, it allows you to buy crypto via fiat money (bank card, etc.), trade cryptos, and ETFs. Hotbit is characterized by tremendous withdrawal fees (e.g., 0.001 BTC for Bitcoin). As for trading fees, takers pay a high 0.2% fee while makers are rewarded instead. The reward is 0.05% of the trade amount. That's an unusual rule.

Bitmart vs. Hotbit (table)

Bitmart vs. Hotbit (details)

Supported coins & 24h trading volume

Regarding the number of supported coins, Hotbit is superior to any centralized crypto exchange in the world. No other trading platform supports 2,000 cryptocurrencies. Bitmart supports over 600 crypto coins. This selection is wide enough for most traders, but still, Hotbit outperforms Bitmart by this measure. 

Liquidity is a more important characteristic. Bitmart has considerably higher liquidity (5x) than Hotbit and nearly the highest 24-hour trading volume in the industry. Both exchanges have high liquidity, though. It's understood that the least known coins are harder to sell/buy.

Fees

In terms of fees, Hotbit collects twice as much as Bitmart. When it comes to trading fees, Hotbit is a more pleasant platform. It collects lower fees from takers and doesn't collect anything from makers. However, Bitmart will grant you serious fee discounts if you trade in large amounts. Futures trading is much cheaper than regular spot trading on Bitmart. 

Regulated?

Bitmart is regulated by the U.S. by the Financial Crimes Enforcement Network (FinCEN), which makes Bitmart a relatively trustworthy company. Hotbit is not regulated at all. More than that, some claim that Hotbit's claims about registration in Estonia and Hong Kong can't be verified and are denied by the officials of these countries. We can't say if these accusations are true. Nevertheless, it means that you should approach using Hotbit with extra caution.

Security

No matter what security features were used on Bitmart, it didn't stop hackers from stealing $200 million worth of crypto belonging to the exchange users. It means that not enough money was held in the cold storage, and not enough effort was put into making this platform safe.

Some hacker tried to steal money from Hotbit in April 2021, but the exchange sustained the attack. It came at the cost of closing services for several days. However, no money was stolen. We should conclude that Hotbit seems to have more robust security.

Additional features

Bitmart is a more versatile platform than Hotbit. The latter exchange offers ETF markets on top of regular crypto trading, and that's probably the only "extra" feature. Bitmart gives users more opportunities to make money out of crypto investments. It includes futures trading, lending, staking, etc. Margin trading and NFT markets are also in place. 

Available

Both exchanges don't provide service to residents of many countries; however, it's safe to say that Hotbit has more geographical restrictions as it's not available for the entire U.S. population, Japan, and some other countries that can use Bitmart instead.