UPDATE 8 September 2020: We have received several emails from users claiming that something's not right with this exchange. Withdrawals are not processed, accounts can't be signed on to etc.
Furthermore, the exchange states on its website that it is registered in Hong Kong and Estonia, but neither the Estonian Authorities nor the Hong Kong authorities have ever heard of the exchange or the company owning the exchange (one user actually checked, we were forwarded the email threads where the Estonian Authorities and the Hong Kong Authorities clearly state that Hotbit is not registered in their respective countries).
Other sources stating that Hotbit is a scam includes: https://medium.com/@
We recommend you to stay away from this exchange.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
Hotbit is an exchange launched in January 2018 that offers trading in many very unusual cryptos.
Its domicile country is unclear, but seeing as the company owning and operating the exchange is called Shanghai Gametree Information Technology Co. Ltd., a reasonable conclusion is that the exchange is from China.
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.
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.
The exchange promotes four things in particular as reasons to choose Hotbit as your trading platform. First off, it has multi-currency support, meaning that you can trade a lot of different cryptocurrencies here. It is easy to verify this statement and declare that it is true. Hotbit does indeed provide support for a large number of cryptocurrencies. Second, Hotbit has high liquidity (see more on this under Liquidity below). Third, the platform provides 24 hour customer service 7 days a week. Naturally, this is very important to its user base. Fourth and finally, the platform promotes that it is “secure and steady”. All of the promoted advantages are things that we deem very important and we applaud Hotbit for having them all.
The exchange has also announced that they will “soon” (statement made on 14 May 2019) launch its function Option Trading. We’re assuming that this will correspond to the leveraged trading functionality that many other trading platforms have, but we will follow up and update here as soon as it has been made public. There will also be a Mock Option Trading-function where you can practice option trading for free but without the risk of losing any actual assets.
Hotbit Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Hotbit:
Hotbit Trading fees
This platform has different trading fees for takers and makers, which is quite normal in the business. This exchange’s trading fees for takers are roughly in line with industry average. The exchange charges takers 0.20% of the order value. However, if you are the maker in a trade, you will be happy to know that you will get paid to trade. Hotbit's trading fee for makers is -0.05%, meaning that you get rewarded for making a trade. This is naturally very beneficial for all makers out there.
To our understanding, if you hold the platform’s native token, Hotbit Token (HTB), and pay trading fees with that, the trading fees for takers are even lower.
Hotbit Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is arguably around 0.0008 BTC when you withdraw BTC, but we see more and more changes that have started charging 0.0005 BTC per withdrawal. 0.0005 BTC is thus establishing itself as the new industry average.
Here, at Hotbit, you only have to pay the network fees when withdrawing. These are the fees that miners receive to confirm transactions. Only charging network fees is competitive.
At this exchange, you can not deposit fiat currency. This means that new crypto investors (i.e., those without any previous crypto holdings) can’t trade here. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!