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Hotbit

2 from 1 vote
Unknown country

Fees

Taker fee

0.25%

Maker fee

0.25%

Withdrawal fee

0.001

Funding methods

Wire transfer

Credit card

Other crypto

US investors permitted


Hotbit Review

A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Hotbit consists of four parts: general information, fees, deposit methods and security.

General Information                                                            

Hotbit is an exchange launched in January 2018 that offers trading in many very unusual cryptocurrencies.

Its domicile country is unclear. This is not a red flag per se, but we recommend all visitors to be careful and form their own opinion on whether Hotbit is a legitimate exchange our not. No information on the company owning and operating the exchange is presented at the exchange’s website either.

As far as we can tell, US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.

Hotbit proudly announce on their website that they have partnerships with The Blockchainer, MyToken and Wandarin. However, we have not found any information detailing what these partnerships are made up of. Accordingly, the statements regarding partnerships have not been possible to verify. Something that has been possible to verify however is the exchange’s statement that the exchange has high liquidity. According to information from Coinmarketcap, Hotbit had the 47th highest 24 hour trading volume at the date of writing this exchange (29 September 2018). The 24 hour trading volume at this date was approx. USD 21 million.

Hotbit Fees

Hotbit Trading fees

This coin exchange doesn’t charge different fees between takers and makers. Their fee model is instead a “flat fee model”. Hotbit’s flat fees are 0.25%, which is in line with the global industry average. As we have not been able to determine Hotbit’s domicile country, we cannot compare their fees against any domestic counterparts either.

Hotbit Withdrawal fees

When withdrawing Bitcoin, Hotbit charges a withdrawal fee amounting to 0.001 BTC. This is in line with industry average, albeit slightly on the high end.

Deposit Methods

Hotbit does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!

Security

Hotbit’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.

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If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, find the best cryptocurrency exchange site for you by using our revolutionary matching tool.

Good luck!

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