Hotbit is one of the newer cryptocurrency exchanges to enter the big leagues. The platform is poised to offer crypto enthusiasts the ability to trade a long list of crypto assets, which grows almost daily. The exchange platform is intuitive to use, well-designed, and supports major cryptocurrency. There are over 500 trading pairs on offer from this highly liquid cryptocurrency exchange.
This quick guide will touch upon the pros and cons of Hotbit while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose Hotbit?
Zero deposit fees
Wide variety of altcoins on offer
Trading fees are viable and economical
The mobile application is swift and easy to use
What’s not to like?
Doesn’t support fiat currency
Users struggle with KYC during withdrawal
Very low-security levels
Brief Background of Hotbit
Hotbit was launched in 2018 by a team consisting of members from China, the USA, and Taiwan. The exchange is registered in both Estonia and Hong Kong. The team has rich experience in the conventional finance sphere and crypto-assets. According to its website, the company has viable partnerships with Spark Pool, Mytoken, Slow Mist, F2pool, and HashQuark.
What is the Trading Fees on Hotbit?
There is no charge to deposit funds in Hotbit, like with any other premier centralized cryptocurrency exchange. The withdrawal fees depend on the type of coin and network fees among other factors. For instance, Bitcoin withdrawals accrue a fee of 0.001 BTC. This is slightly higher as compared to the industry average.
A unique feature offered by Hotbit is that the maker and taker fee is equal. It doesn’t matter whether you place limit orders or accept orders. You shall be charged a flat fee of 0.1%.
This falls in the low fee category with the industry average at 0.25%. However, a drawback to this model is that users do not get incentivized to “make” liquidity with the fee being similar. Other exchanges tend to offer rebates, discounts, and even rewards for those who place limit orders.
How Does Hotbit token (HTB) Help?
Hotbit has a native token in the form of HTB tokens. These can be used to decrease trading fees. If you activate payment of trading fees through HTB tokens, you would only have to pay 0.05% as a trading fee. That is a whopping 50% discount. Plus, Hotbit has vowed to destroy 50% of tokens recovered through deductions and to utilize the other 50% towards stimulating users to hold and promote HTB.
What Funding Options Are on the table?
A major drawback of Hotbit is that it doesn’t accept fiat currency. As a newcomer to the crypto space, you would find it mighty difficult to get started on this platform. You should already hold crypto assets to begin trading here. You can fund your account with any supported crypto coin.
Is Hotbit Versatile in Terms of Trading?
Hotbit is a new exchange and has already gained a reputation for offering hundreds of trading pairs. There are over 32 supported cryptocurrencies, including BTC, ETH, ACAT, ATN, BOOL, BOX, BXX, EKO, ELF, EOS, EOSDAC, GVT, HAND, HOT, HTB, LOOM, NEXO, ICX, OMG, ONT, QASH, QUN, SPHTX, TCASH, THETA, TNB, TOMO, TRX, SKM, SS, WICC, ZRX, and ZIL.
How User-Friendly is Hotbit?
Hotbit has an extremely user-friendly interface, which makes it easy for users to navigate through the site. You can easily find your way whether you are purchasing, selling, or investing in supported tokens. A quick, easy, and seamless user interface experience is assured.
Hotbit Customer Service
Hotbit customer service is one of the best. It touts that the customer care department is working round the clock, 7 days a week. The platform also has many short informative articles in the Support section. However, they are not as detailed as other cryptocurrency exchanges.
One particularly helpful link for beginners is the “New User Guide", which is available as a help article and a video tutorial. This will help you understand Hotbit and how to make it work for you. The best part about this exchange is that they offer an option to submit additional questions in the FAQ section.
The Bottom Line
Freebies are an integral part of the Hotbit ecosystem. There is always some kind of competition, airdrops, bounties, or giveaways going on. You can find more information about it on the activity page. Hotbit can be a great place to dabble in cryptocurrency if you have already made your entry-level exchange (purchased your first crypto asset).
The fact that there are over hundreds of crypto trading pairs on offer makes it worth your time. Trading fees are on the low side, which makes the platform lucrative. It is recommended that you complete your KYC before you start trading. Many users have complained of being stuck on KYC while withdrawing.