Hotbit is a Hong Kong-based cryptocurrency exchange that has grown rapidly since launching in 2017. With over 7 million registered users across hundreds of countries, Hotbit processes $140 million daily trading volume across its 400+ trading pairs. Our in-depth Hotbit review covers everything you need to know, including fees, supported currencies, security, user experience, and more.
Overview of Hotbit Exchange
Hotbit offers trading services for over 400 cryptocurrencies, including top coins like Bitcoin, Ethereum, and stablecoins and a vast selection of altcoins and DeFi tokens. Traders can access cryptocurrency markets through the exchange’s website, iOS and Android apps.
In addition to spot trading, Hotbit offers futures contracts with up to 100x leverage, an ETF market, staking services, and peer-to-peer lending. Margin leverage is available for selected trading pairs.
While Hotbit had suffered a security breach in 2021, it claims that user funds were not affected. The exchange responded by upgrading its security systems and offering free trading promotions to impacted users.
Some locations restricted by Hotbit include the United States (with the exception of 48 states), China, Syria, Iran, and Crimea regions. The exchange has active licenses in Estonia, Australia, the US, and Canada.
Key Metrics:
- Global rank decreased from #319,694 to #218,949 over the past 3 months.
- Approximately 159K total visits in December 2022, up 8% from the previous month.
- Bounce rate is 38.41%.
- Average pages per visit is 6.70.
- Average visit duration is 1 minute and 35 seconds.
- Top country for traffic is Argentina (18.93%) followed by United States (13.74%).
- About 51.54% of traffic comes from other countries outside the top 5.
- Top referral source is coinmarketcap.com, driving 7.84% of traffic.
- 77.47% of traffic comes from direct visits, 17.34% from referrals.
- Site uses 13 different technologies across 9 industries, including Google AdSense, Coinbase, and G Suite.
Hotbit Review of Pros and Cons
| Pros | Cons |
| Support for over 400 cryptocurrencies | User experience could be better |
| No KYC requirements | No fiat deposits or withdrawals |
| Up to 100x leverage for futures trading Availability of crypto ETFs | Slightly higher trading fees compared to competitors |
| Simple and quick account setup | Suffered a hack in 2021 (no user funds lost) |
Hotbit Fees Breakdown
Hotbit uses a variable fee structure where rates are based on 30-day trade volume. Fees are paid by takers while makers receive a rebate. Here are the fee tiers:
Spot Trading Fees:
- Taker fee: 0.20% – 0.65%
- Maker rebate: 0.05% – 0.50%
Futures Trading Fees:
- Taker fee: 0.20% – 0.65%
- Maker rebate: 0.05% – 0.50%
Hotbit’s spot fees are fairly competitive, but its futures fee structure is expensive compared to derivatives-only platforms. There are no deposit fees, but withdrawal fees vary by cryptocurrency network. For example, Bitcoin withdrawals cost 0.001 BTC.
Hotbit Security and Compliance
Hotbit utilizes standard security features, including SSL encryption, DDoS protection, 2-factor authentication, and mandatory email verification. It also monitors risk 24/7 and offers anti-phishing codes.
Most user funds are held in cold storage wallets. API access requires whitelisting IP addresses. Hotbit participates in bug bounty programs to identify vulnerabilities.
In terms of regulation, Hotbit has actively sought licenses from global authorities. It abides by KYC/AML laws but allows basic trading without ID verification. Hotbit also has restrictions in certain high-risk jurisdictions.
Supported Cryptocurrencies and Altcoins
One of Hotbit’s biggest value propositions is support for over 400 different crypto assets. This gives traders access to both major coins and obscure altcoins. Some of the top assets available include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Ripple (XRP)
- Polkadot (DOT)
- Uniswap (UNI)
- Chainlink (LINK)
- Aave (AAVE)
- Decentraland (MANA)
Almost every ERC-20 token is supported along with most top DeFi coins and metaverse tokens. Hotbit is a popular choice for altcoin enthusiasts given its long-tail selection.
Hotbit User Experience
The Hotbit exchange offers a streamlined user experience that prioritizes functionality over aesthetics. The website and mobile apps have clean layouts with charts, order forms, order books, and wallet balances readily accessible.
However, the overall interface design is quite basic compared to more modern exchanges. There are limited charting tools and customization options. While usability is decent, the unpolished UI may disappoint some users.
Positive aspects include fast order execution speeds and a responsive platform. The mobile apps have intuitive navigation for trading on the go. Customer support response times are prompt through email and in-app chat.
Hotbit Customer Support and Reviews
Hotbit provides customer support via email and online chat available within the exchange interface. Inquiries are typically addressed within 24 hours based on user reviews.
The exchange also has an extensive help center, FAQ knowledge base, and user forum to assist with issues. Most support experiences users report are positive, with quick and useful responses from staff.
Trustpilot reviews of Hotbit are mixed, averaging around 3/5 stars. Positive reviews highlight the large altcoin selection, margin trading, fast withdrawals, and responsive support. Complaints mostly focus on the platform’s user experience.
Staking, Lending, and Additional Features
Aside from trading, Hotbit offers the ability to earn interest on crypto holdings through staking and lending:
- Staking – Earn yields up to 21% on 38 different PoS coins including ATOM, XTZ, ALGO, and more.
- Lending – Borrowers pay daily interest for loans collateralized by lenders. Supported assets include BTC, ETH, USDT, and stablecoins.
Hotbit also provides an innovative ETF market where traders can gain exposure to baskets of assets via tokenized funds. Other features include IEO token launches and demo accounts for practice trading.
Final Verdict – Is Hotbit Legit and Worth Using?
For cryptocurrency traders focused on altcoins or smaller-cap gems, Hotbit is definitely worth considering. The extensive selection of over 400 coins, quick signup without KYC, and 100x futures trading make it appealing to many users.
However, the higher fees and unpolished user experience detract from the overall value proposition compared to rival platforms. Hotbit is a legitimate exchange making strides in security and compliance, but does have room for improvements.
Hotbit is best suited for altcoin enthusiasts who value wide asset availability over advanced trading tools and low fees. For casual cryptocurrency investors, the exchange offers an easy entrance point into lesser-known assets outside the mainstream.
Hotbit Alternatives
- OKX – Lower trading fees, more advanced interface, derivatives, and Earn products. But has KYC requirements.
- KuCoin – Similar fee structure and altcoin selection but higher liquidity and more polished experience.
- Gate.io – Comparable altcoin offering and volume with lower fees but restricted access for US users.
FAQs
Does Hotbit require KYC?
No, creating a basic account on Hotbit does not require any KYC verification. Users can deposit, trade, and withdraw cryptocurrencies without submitting ID documents.
Is Hotbit safe to use?
Hotbit implements standard security features like 2FA, cold storage, and SSL encryption. It suffered a breach in 2021 but compensated all users. Overall, it appears to take security seriously.
What payment methods does Hotbit support?
Hotbit does not allow fiat currency deposits. You can only fund your account using cryptocurrencies. Purchasing crypto with credit/debit cards is available through third-party partners.
How long does verification take on Hotbit?
Basic account creation without KYC only takes a few minutes. Verifying your identity for enhanced account features can take 1-2 days in most cases. The process involves submitting ID proof and a selfie.
