ByBit vs Hotbit: Fees, Coins, Safety Comparison
| Feature | ByBit | Hotbit |
|---|---|---|
Overall |
4.9 |
3.8 |
3.1 |
1.8 |
|
5.0 |
4.1 |
|
5.0 |
5 |
|
Investment Instruments |
5.0 |
5 |
Platforms and Charting Tools |
4.9 |
4.1 |
Deposit and Withdrawal |
4.0 |
3.5 |
Research |
4.2 |
1.2 |
Education |
4.1 |
1.5 |
Support |
4.5 |
2.4 |
Bonuses |
5.0 |
1 |
|
Your capital is at risk.
|
ByBit vs Hotbit: Pros and Cons
The Bybit cryptocurrency exchange first appeared in 2018. It is a standalone derivatives trading platform with inverse and perpetual futures contracts with up to 1:100 leverage. Quarterly USD futures are available at Bybit in combination with BTC, ETH, XRP, EOS, LTC, and multiple tokens. There is a linear futures contract on BTC/USDT. The exchange has several technological advantages: it provides for mutual insurance of market participants against possible sharp price movements. There are offsets for long and short positions, and there is market depth.
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 The commission for withdrawing funds by any of the methods is BTC 0.001 or the equivalent in the withdrawn currency.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.
| ByBit | Hotbit | |
|---|---|---|
| Overall Pros | Trading With Leverage up to 1:100 | Over 1500 supported coins |
| Derivatives, NFT Available | the simple and convenient trading platform | |
| Zero fee spot trading | five investment solutions | |
| Deposit Fee – 0% | Negative maker's fee | |
| Passive Income With Staking, DeFi Mining, Multi Currency deposits, Principal-Protected Investment | Leveraged ETF contracts | |
| Strong Research | ||
| Overall Cons | No tier-1 regulation | Non regulated |
| No Fiat Deposit and Withdrawal | Successful hack attacks | |
| US customers are not supported | ||
| high taker's fee |
ByBit vs Hotbit: Safety and Regulation
| Regulated By: | ByBit | Hotbit |
|---|---|---|
SEC |
No |
No |
FINRA |
No |
No |
SIPC Protection |
No |
No |
Other Regulators |
No |
No |
ByBit vs Hotbit: Trading Conditions
| Trading Conditions | ByBit | Hotbit |
|---|---|---|
Minimum Deposit |
$1 |
$1 |
Trading Platforms |
ByBit |
Hotbit |
Max Leverage (Futures) |
1-100 |
44562 |
Number of Markets |
320 |
1500+ |
Trading Accounts |
1 |
1 |
Base Account Currencies |
Crypto |
Cryptocurrencies, Fiat currencies |
ByBit vs Hotbit: Fees
Trading Fees
| Fee | ByBit | Hotbit |
|---|---|---|
Max Maker |
0.1% |
-0.05% |
Max Taker |
0.1% |
0.65% |
Min Maker |
0.1% |
-0.5% |
Min Taker |
0.1% |
0.20% |
Debit/Credit Card Purchase Fee |
0 |
Not supported |
Futures Trading fees
| Fee | ByBit | Hotbit |
|---|---|---|
Max Maker |
-0.025% |
not supported |
Max Taker |
0.075% |
not supported |
Min Maker |
-0.025% |
not supported |
Min Taker |
0.075% |
not supported |
Non-Trading Fees
| Fee | ByBit | Hotbit |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Bank Transfer Withdrawal Fee |
- |
Not supported |
Debit/Credit Card Withdrawal Fee |
0 |
|
BTC Withdrawal Fee |
0.0005 BTC |
0.001 BTC |
Inactivity Fee |
No |
ByBit vs Hotbit: Trading Assets
| Asset Name | ByBit | Hotbit |
|---|---|---|
Overall |
320+ |
1500+ |
Bitcoin (BTC) |
Yes |
Yes |
Litecoin (LTC) |
Yes |
Yes |
Dogecoin (DOGE) |
Yes |
Yes |
Binance Coin (BNB) |
Yes |
Yes |
Uniswap (UNI) |
Yes |
Yes |
Ripple (XRP) |
Yes |
Yes |
Polkadot (DOT) |
Yes |
Yes |
Cardano (ADA) |
Yes |
Yes |
Stellar (XLM) |
Yes |
Yes |
IOTA (MIOTA) |
Yes |
Yes |
Tron (TRX) |
Yes |
Yes |
Derivatives (Futures) |
Yes |
No |
NFT |
Yes |
Yes |
Crypto ETF |
No |
Yes |
ByBit or Hotbit: Investment Programs
| Asset Name | ByBit | Hotbit |
|---|---|---|
Staking |
Yes |
Yes |
Mining pool |
Yes |
No |
Managed Accounts |
No |
No |
MAM/PAMM |
No |
No |
Other |
Liquidity mining, Principal-Protected Investment, Guaranteed yield savings |
Lending. Credits are provided to projects by affiliates of the exchange; Deposits in De-Fi coins; 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. |
Trading Platforms: Hotbit or ByBit
| ByBit | Hotbit | |
|---|---|---|
Web |
Yes |
Yes |
Desktop |
No |
No |
Mobile (Android, iOS) |
Yes |
Yes |
|
Your capital is at risk.
|
Trading Platforms Features: Hotbit or ByBit
| ByBit | Hotbit | |
|---|---|---|
SMS Based 2 FA |
No |
Yes |
App Based 2 FA |
Yes |
No |
Voice Call 2 FA |
No |
No |
Search Bar |
Yes |
Yes |
Filters |
Yes |
Yes |
Technical Analysis: Hotbit or ByBit
| ByBit | Hotbit | |
|---|---|---|
Indicators |
Yes |
Yes |
Drawing tools |
Yes |
Yes |
Historical Trades |
Yes |
Yes |
Live 2 Quotes |
Yes |
No |
Mobile trading: Hotbit or ByBit
| ByBit | Hotbit | |
|---|---|---|
iOS Version |
Yes |
Yes |
Android Version |
Yes |
Yes |
Apple Watch App |
No |
No |
Touch ID |
No |
No |
Face ID |
No |
No |
Types of orders: Hotbit or ByBit
| ByBit | Hotbit | |
|---|---|---|
Market |
Yes |
Yes |
Limit |
Yes |
Yes |
Stop Loss |
Yes |
Yes |
Stop Limit |
No |
Yes |
Trailing Stop |
No |
No |
ByBit vs Hotbit: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | ByBit | Hotbit |
|---|---|---|
Bank Transfer |
No |
No |
Credit/Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
Yes |
Crypto |
Yes |
Yes |
ByBit vs Hotbit: Research
| Research Type | ByBit | Hotbit |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
No |
Trading Ideas |
No |
NO |
E-Mail Reports |
Yes |
No |
ByBit vs Hotbit: Education
| Education Type | ByBit | Hotbit |
|---|---|---|
Demo-account/Paper Trading |
No |
No |
Courses |
No |
No |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Webinars |
No |
No |
Hotbit vs ByBit: Support
| Support Features | ByBit | Hotbit |
|---|---|---|
Working Days |
24/7 |
24/7 |
Yes |
Yes |
|
Phone |
No |
No |
Online chat |
Yes |
Yes |
Other |
Telegram |
No |
ByBit vs Hotbit: Crypto Bonuses and Promo
| Promo | ByBit | Hotbit |
|---|---|---|
Crypto Bonus |
Complete tasks and get up to $580 |
No |
Affiliate Program |
$20 per invited user, up to $50 deposit bonus |
No |
|
Your capital is at risk.
|
Top 5 Reviews on Hotbit
-
Comment
The Hotbit exchange behaved unworthily after closing. They promised to withdraw the money within a few months in 2023. But now it's already February 2024, and my 5000 USDT are still on this exchange. And I suppose I won't be able to get my money back. Even the fact that the Hotbit exchange was registered didn't help me get my money back.
-
Comment
The Hotbit exchange is the most disgusting platform for cryptocurrency trading. Not only did their platform work very poorly, but they also didn't withdraw my funds after announcing the closure of the exchange. This is already called fraud. A group of traders and I tried to file a collective lawsuit, but we were told that we wouldn't achieve anything.
-
Comment
At first, the Hotbit exchange announced the temporary suspension of Bitcoin withdrawals, then they halted USDT withdrawals. I should have reacted immediately, converting everything to XRP and withdrawing. My friend did just that. However, I waited for the situation to be resolved. When the announcement came about the cessation of Hotbit's operations, it was already too late. Although they mentioned that withdrawals could be made until July, none of my withdrawal requests were executed.
-
Comment
My access to the Hotbit exchange account was blocked even before the exchange announced the cessation of its operations. I don't know about the withdrawal situation for other users; however, nobody returned my money from Hotbit. I lost $1280 here, and I believe they were simply stolen!
-
Comment
HOTBIT is also nonsense. It allowed me to deposit money without verification. And when I decided to make a withdrawal, they demanded verification. And I didn’t pass it, I don’t know why. I am submitting documents for the second time, since I have to withdraw the money.
Top 5 Reviews on ByBit
-
Comment
Bybit educational resources have really helped my early career in crypto trading. The trainings from videos, and seminars is helping me learn how to make more informed decisions on traders. Also guides to trading in bear markets, how to protect your account, a guide to MT4 crypto trading, are informative and I am really improving as a trader. There is also the ByBit Learn portal which is where I got to learn how to use the platform. The demo trading interface is rich and friendly but it took me time to carefully identify each feature. Although I don’t know how some of these indicators work for now but I know I will over time.
-
Comment
The Bybit designed for every level of crypto traders. the simple user interface has been helpful. I only have one concern but I cannot say it is an issue at the moment. This has to do with when i reached out with the customer care to inquire if i can trade futures. The response that i can trade a range of USDC-settled contracts including both USDC Perpetual and USDC Futures Contracts came, but when it did i was off my screen and attending to other things. Can't say if the slow response is due to network or other external issues. I don't know if it is too early to conclude that the customer service is slow.
-
Comment
Guys, it is normal to see trading as a game of chance. Nonetheless, iif you can learn how to use analyze financial markets using tools like line charts, indicators, and other trading tools, you will minimize the rate at which you lose out on profitable trades when you trade with real money. When you register on a platform like Bybit, get familiar with the various trading tools available and how to use them. There are also useful tools you can use to see what will happen if a trade goes your way or against you. Just like the one tool I use daily before I open a trade position which is the pre order calculator. I use this tool to calculate and know the possible profit and loss and ROI if I open trade with any strategy I created
-
Comment
At first I doubted whether to work with Bybit. The conditions here are favorable, but I was still afraid to work with the company I knew nothing about. But I decided to try with small amounts and realized that the broker works well. The money was withdrawn quickly and the fee was minimal, so I stopped being afraid. I’ve been a grateful client of this company for six months now!
-
Comment
I was looking for a reliable exchange and paid attention to Bybit, which has long been on the market and has a good reputation. My friend, who has been trading on Bybit for many years, also recommended this company. Now, after a few years I consider myself a more experienced trader and I am sure that I chose the right one. I am pleased with Bybit’s work, although the income is not too high, but stable. Withdrawals are very fast, but everything depends on the chosen payment system.
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FAQs
What should I start Crypto trading with?
For starters, you need to learn what crypto trading is, understand what cryptocurrency is and the risks and opportunities cryptocurrency trading has. It is also important to learn the existing strategies. The second step is to choose the best crypto exchange with good trading conditions. A demo account that you can use to gain valuable experience risk free is an important advantage of an exchange.
What amount should I start trading with?
It is recommended to start trading cryptocurrencies with a small amount. That way, if you partially lose it, it won’t pose a serious financial problem for you. This is because cryptocurrencies are highly volatile, which carries certain risks for novice traders. The majority of cryptocurrency exchanges allow traders to start from a small amount – from $1 to $50 or its cryptocurrency equivalent.
What should I take into consideration when choosing a crypto exchange?
The first thing experts recommend looking at when considering crypto exchanges is their reliability. Other important features include basic trading conditions, commissions and fees, customer reviews. If crypto exchanges are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One crypto exchange may be good for professionals and another – for novice traders.
Can a cryptocurrency exchange turn out to be a scam?
Unfortunately, this does happen. Therefore, it is better to choose cryptocurrency exchanges that have been operating in the market for at least several years and have a stable reputation. Regulation of an exchange in one of the countries with high legal culture is also an advantage.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.