Hotbit Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Mobile application
- TradingView
- Lots of cryptocurrencies and tokens, eight fiats, five investment solutions, a proprietary business incubator for blockchain projects, and low fixed fees
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Mobile application
- TradingView
- Lots of cryptocurrencies and tokens, eight fiats, five investment solutions, a proprietary business incubator for blockchain projects, and low fixed fees
Our Evaluation of Hotbit
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Hotbit is a high-risk cryptocurrency exchange with the TU Overall Score of 2.62 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Hotbit clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. Hotbit ranks 169 among 172 companies featured in the TU Rating, which is based on the evaluation of 100+ criteria.
The Hotbit cryptocurrency exchange offers a stable and functional trading terminal in two versions. The platform has all the necessary features for successful spot and ETF trading. Many solutions with different levels of risk diversification are offered to investors. There are dozens of cryptocurrencies and coins and eight fiats. There is no leverage. Trading commissions do not depend on the trading volume and other factors. Fees are below the average for the segment. The platform is characterized by a high level of security, and there have been no failures or break-ins.
Brief Look at Hotbit
The Hotbit cryptocurrency exchange offers spot and ETF trading without leverage. Bitcoin and the most popular altcoins are traded on the platform, including Ethereum, Litcoin, Ripple, etc. Several fiat currencies are represented, including the US dollar, euro, and Chinese yuan. The exchange implements five investment solutions, including De-Fi coin deposits, lending, and POS. Trading commissions on the exchange are fixed and do not depend on the trading volume, for example, 0.05% for the maker, and 0.2% for the taker. The commission for withdrawing funds by any of the methods is BTC 0.001 or the equivalent in the withdrawn currency. In addition to the web terminal, there is a mobile application for iOS and Android. There is a listing that promotes the addition of new cryptocurrencies, and coins are constantly being added to the platform.
- many cryptocurrencies and tokens, as well as eight fiat currencies, are traded on the crypto exchange;
- the simple and convenient trading terminal comes in two iterations, such as a web version for a PC and an application for mobile devices;
- five investment solutions include hundreds of programs with different assets and profitability;
- fixed commissions for trading operations below the market average and commissions for withdrawal are standard;
- high-security ratings protect users’ data and assets, and there is a Bug Bounty program;
- welcome bonuses and contests are available.
- the exchange does not yet have a referral program;
- no demo accounts, only basic training in the form of FAQs;
- there is no call center.
TU Expert Advice
Financial expert and analyst at Traders Union
The Hotbit exchange was launched in 2017, and the release of the full trading and investment functionality took place in 2018. At the moment, the exchange offers swaps and ETFs for crypto-crypto and crypto-fiat pairs. Bitcoin, the most popular altcoins, and dozens of coins are traded on the platform. There is a listing, so the pool of assets is constantly growing. Fiat currencies include the Chinese yuan, US dollar, South Korean won, Thai baht, Japanese yen, euro, and Taiwan dollar.
Hotbit provides users with the standard TradingView trading terminal and its version adapted for iOS and Android mobile devices. There are no original features. The exchange does not offer demo accounts or tutorials. There is only a typical FAQs section that outlines the basics of crypto trading and interaction with the platform. Novice traders are attracted by the nonexistence of a minimum deposit and low fixed commissions.
The exchange has another important advantage over its competitors. This is an intuitive investment. There are five types of deposits offered, from lending to POS. Each section has several programs, more than three hundred in total. An investor can easily choose the best option for himself by the asset, minimum deposit, term, and annual interest. The platform is equally convenient for both active traders and users who are guided by passive earnings.
- You want to access variety of trading options, as Hotbit offers a wide range of trading options, including spot and futures trading, demo trading, and the ability to buy cryptocurrencies using a card. Additionally, they provide ETFs and earn products for various cryptocurrencies such as USDT, BTC, ETH, and other altcoins.
- You are concerned about numerous negative reviews, as Hotbit has garnered numerous negative reviews from users, citing sudden account bans without detailed explanations and allegations of being a scam exchange. Users have reported encountering obstacles such as additional fees or tax demands when attempting to withdraw funds, leading to distrust in the platform.
- You value customer support, as reports suggest that customer support is sometimes unresponsive, leaving users feeling frustrated and unsupported.
Hotbit Summary
Your capital is at risk. Cryptocurrency trading can be extremely risky. Cryptocurrency trading can lead to large and immediate financial losses. The volatility and unpredictability of the price of cryptocurrency relative to fiat currency may result in significant loss over a short period of time. Transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. The nature of cryptocurrency may lead to an increased risk of fraud or cyber attack.
| 💻 Trading platform: | TradingView for the web; plus a mobile version |
|---|---|
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, Chinese yuan, US dollar, South Korean won, Thai baht, Japanese yen, Euro, Taiwan dollar |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat currencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | No data |
| ⭐ Trading features: | Lots of cryptocurrencies and tokens, eight fiats, five investment solutions, a proprietary business incubator for blockchain projects, and low fixed fees |
| 🎁 Contests and bonuses: | Yes |
The Hotbit crypto exchange does not impose minimum deposit restrictions. This means that you only need to register and verify (confirm the data). You do not need to deposit a specific amount of funds into your account to start trading. There is no leverage for swaps or ETFs. Please note that communication with technical support is carried out through the ticket system on the site. Start by clicking on the "Submit Your Problem" button in the footer. The company does not have a call center or contact email. Potentially, you can contact its representatives through the official accounts of the exchange on social networks such as Facebook.
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Commissions and fees
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | Up to 0.2% per order | Yes |
The Hotbit crypto exchange does not charge fees for depositing any cryptocurrency or fiat currency. However, there is a commission for withdrawing funds. Its value is BTC 0.001 or the equivalent in the withdrawal currency. Please note that there are restrictions on the minimum withdrawal, they differ depending on the asset, they are not affected by the withdrawal channel. For example, you can withdraw Bitcoin in the amount of at least BTC 0.002.
| Broker | Average commission | Level |
|---|---|---|
|
$0.2 | |
|
$20 | |
|
$0.1 |
Investment Options
The Hotbit cryptocurrency exchange has introduced five investment solutions. The first of these is lending. Credits are provided to projects by affiliates of the exchange. There is a minimum deposit, the term of the deposit is fixed. The deposit cannot be adjusted or withdrawn at any time. It is returned along with the accrued interest after the completion of the program. The average interest for a deposit for 30 days is 12%, for a deposit for 180 days, it is 30-40%.
The second investment solution is deposits in De-Fi coins. The investor provides a certain cryptocurrency for the development of the coin and receives interest of the deposit for this. Technically, for the investor, this solution does not differ from the first one. The profit is much higher - up to 100% and more. However, the risk is also higher, since deposits are sent to third parties, and the platform does not provide full protection for user investments.
The third solution is POS. This is about cryptocurrency assets that operate based on Proof-of-Stake blockchain networks. In the most general terms, this is a form of staking. You choose an asset, make a minimum or greater deposit, and start earning interest. Under these programs, the deposit in most cases can be adjusted or withdrawn at any time with the recalculation of the interest rate. The average profitability is 3-10%.
Two more solutions are represented as Quantitative and Incentive Plans. In both cases, the investor provides cryptocurrency from his account for the development of blockchain projects and the personal needs of the platform. In total, these solutions offer more than a hundred programs for different assets, with different deposits, terms, and payments. For each program, you can see the most detailed information (click on "Details"). The shortest period for these programs is 7 days, the longest is 30 days. The yield is not more than 10%.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Hotbit’s affiliate program
The Hotbit cryptocurrency exchange announced its referral program in 2021. But for the moment it has not yet been introduced. You can invite new users to the platform, but you will not receive any bonuses, discounts, or trade benefits for this — at least not yet.
User Satisfaction