Hotbit is a relatively new centralised cryptocurrency exchange that supports a broad variety of digital assets. About 500 trading pairs are available on the exchange. It didn’t take long for this exchange to gain a lot of liquidity and climb into the top 50 exchanges by trading volume (according to some estimates Hotbit is even among the top 25 exchanges). Hotbit’s team has worked in both the cryptocurrency and traditional finance industries. Hotbit has collaborations with F2pool, Spark Pool, Mytoken, Slow Mist, and HashQuark, according to the company’s website.
The exchange is a web-based network that can be accessed at any time from any computer. There is also a local client and a smartphone version. English, Russian, Chinese, Korean, Thai, and Turkish are among the languages available on the website. In several countries, including the United States, Hotbit exchange is open. There is no evidence to suggest that Hotbit is unavailable in certain countries.
As previously mentioned, Hotbit accepts a wide range of cryptocurrencies (although there are exchanges with an even wider choice of coins). Before they were listed on Binance, Huobi, and other major exchanges, some of them were already sponsored by Hotbit. The distribution of current regular deposit interests among users is one of Hotbit’s unique features. This function does not necessitate a freeze of the user’s properties, making it extremely convenient. Bitcoin, Ethereum, ATOM, DASH, and a variety of other currencies are used to spread interests.
There are seven markets in the Exchange column. USDT, BTC, ETH, EOS, HTB, ATOM, and BHD markets are among them. BTC can be exchanged for over 250 different currencies. The graphs are very simple. The user can customise the candlestick graph by adding additional indicators. The user may also view the Commodity Channel Index, Net Volume, and a variety of other tools, as well as adjust the candles for hollow candles. Prices (24h high, 24h low, 24h amount, 24h update, and Last Price) are displayed above the graph. In general, the execution is simple and straightforward. Users have the option of placing limit orders or selecting from the order book. There’s also a “Lazy Mode” that allows you to exchange assets quickly but not always for the best price. The majority of the currencies on Hotbit are exchanged for BTC and ETH. Unfortunately, there is no way to deposit fiat money on Hotbit. Leveraged trading is also not permitted.
Depositing on Hotbit, like many other centralised cryptocurrency exchanges, is free of charge. Withdrawal fees differ by coin and are determined by network fees and other variables. Makers and takers pay the same trading rates. So the trader will be paid a 0.1 percent fee if they position limit orders to increase liquidity or take orders from the order book to remove liquidity. When compared to trading rates on other markets, this is a very low cost. The fact that both makers and takers pay the same fees, however, does not encourage people to “make” liquidity. Other exchanges have a voucher programme that offers fee reductions or even incentives in lieu of payment for those who place limit orders. Hotbit provides a different way to reduce trading fees: using HTB coins (Hotbit’s native token) to pay for them. Traders pay just 0.05 percent as a trading fee if this feature is activated.
Although there is an API connection at the bottom of the Hotbit website, it currently leads to an announcement that the API will be open soon in November 2019. The date is not mentioned, and there is no other information given. Hotbit currently does not have an active API.
How to Use Hotbit?
To begin, one must first register. The Register button is located in the website’s upper-right corner. The potential user must enter an email address and create a password. Alternatively, you should register with your cell phone number. It is essential to set up 2-factor authentication after checking the email address. This is a good requirement since 2fa reduces the chances of being robbed significantly. Many cryptocurrency platforms do not need users to allow 2FA immediately after registering. It can have tragic consequences in some situations.
After the password has been set, the email address has been verified, and 2FA has been activated, the user can log in and make a deposit. The Fund button is located at the top of the website. The next move is to choose the appropriate currency and its value. The deposit address provided by Hotbit should be used to finance the account. To withdraw coins, go to the same section (Funds), select the desired currency, and tap the Withdraw button. Inserting the mark and the receiver’s wallet address is the next move. On Hotbit, there is no information about the withdrawal cap. In order to withdraw funds, some users are required to complete KYC.
The Exchange tab of the website controls all trading operations. The order book is located at the bottom of the list, and a new limit order can be created on the left side.
Customer service is available 24 hours a day, seven days a week, according to the website. In addition, the Hotbit website’s Support section contains a number of brief insightful articles that can assist in the resolution of some of the most frequently asked questions.
Is Hotbit Safe?
Setting 2fa on Hotbit is mandatory, as previously mentioned. It automatically implies that accessing the account requires the use of the account owner’s personal mobile device. This measure significantly reduces the number of intrusions that could occur.
When we look at the user feedback for Hotbit, we can see that some users have had negative experiences with the exchange. Complaints are fairly common. Some claim that when they were about to withdraw money, they were suddenly stuck with KYC. Many people complain about the support team’s lack of response and action. There have also been allegations of fake volume. Some people consider Hotbit’s withdrawal fees to be excessive. Many of these allegations are known to be fairly common in the industry. While some of these situations are aggravating, they do not indicate that Hotbit is a scam. However, before deciding whether or not to use this exchange, it’s a good idea to do some analysis.
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