What is Hotbit Exchange? Should you trade on Hotbit Exchange? Find out more information about the Hotbit cryptocurrency exchange in this article.
According to the latest announcement, the cryptocurrency exchange (CEX) Hotbit will cease trading operations starting from May 22nd, 2023. All withdrawals from the exchange will be guaranteed during the process of the exchange completing its closing procedures.
What is Hotbit Exchange?
Hotbit is a cryptocurrency exchange established in 2017 in the United States. It was once one of the largest exchanges in the world, at one point ranking in the Top 50 exchanges with the highest trading volume globally according to CoinMarketCap.
Hotbit was founded with the mission to provide a safer and more convenient digital asset exchange service for users. Hotbit has accumulated over 700,000 registered users from over 210 countries and regions worldwide.
Hotbit Exchange Review
Advantages
- Good security and safety: Implements a multinodular structure that meets the requirements set by IT monitoring systems in the financial industry, ensuring stable operation on the exchange.
- Hotbit ensures high liquidity: Hotbit is built with an AI Market Maker from Wall Street, with an analytical model relying on over 250 market parameters to ensure high liquidity and avoid slippage during trading.
- Hotbit offers a wide variety of cryptocurrency pairs from all over the world.
- 24/7 customer support: ensuring smooth trading operations for customers through various communication channels such as Telegram, Facebook, email, and tickets.
- No withdrawal limits: This is one of the advantages that appeals to investors.
- Low transaction fees: Hotbit has relatively competitive transaction fees compared to other exchanges, with a fee of 0.2% for all trades.
- Free deposits: This is an advantage that makes Hotbit popular among traders.
- Mobile app available: allowing users to trade anywhere they want (on both iOS and Android platforms).
- Supports Vietnamese and many other languages such as English, Korean, Chinese, Portuguese, Spanish, Italian, etc.
- Has its own native token: The exchange has its own coin, the Hotbit Token, which is an important factor for the development of Hotbit.
- Hotbit has major partners in the crypto market, increasing its operational credibility.
Disadvantages
- Trading volume is not as large compared to other cryptocurrency exchanges.
- In terms of brand recognition, Hotbit is not well-known in the market.
- Does not support margin trading.
- Does not support fiat trading.
- Currently, the number of Vietnamese users on Hotbit is quite small, making it relatively difficult to access the exchange if you are in Vietnam.
Fees on Hotbit Exchange
Trading Fees
The standard trading fee on Hotbit is 0.2% for all trades.
Deposit and Withdrawal Fees
- Hotbit’s deposit fee is 0% (Hotbit will provide free services related to any deposit transaction of any cryptocurrency available on Hotbit).
- The withdrawal fee for cryptocurrencies is determined by the network cost. The transaction fee standards on Hotbit are listed below.
- New users will not be able to withdraw their tokens within 24 hours of registration on Hotbit.
- The withdrawal fee standards will be updated regularly here.
Examples:
- BTC: 0.001
- ETH: 0.01
- USDT: 10
- Ripple: 1.8
- LTC: 0.016
- EOS: 0.15
- Hotbit Token: 300
Introduction to the Hotbit Exchange Interface
The main interface of Hotbit includes:
- [1] Market: Displays the cryptocurrency trading pairs.
- [2] Exchange: Where you can trade.
- [3] ETF: Exchange-Traded Fund.
- [4] Investment: Where users can perform other earning activities such as staking, farming, lending, etc.
- [5] Events: Where activities organized by Hotbit for users take place.
- [6] Hotdrops: Where projects raise capital.
- [7] Announcement & Support: Where news, announcements, and user support are aggregated.
- [8] Slot Auction: Where you can participate in parachain auctions on Polkadot and Kusama.
- [9] Register.
- [10] Login.
- [11] Language.
Right below is the price of some assets currently supported for trading on Hotbit. You can click directly on the asset you want to trade.
Guide to Registering a Hotbit Exchange Account
Preparation Before Registering on Hotbit
- Email.
- Some personal identification documents such as National ID, Citizen ID, Driver’s License, Passport…
- A phone with the Google Authenticator or Authy app installed.
Step 1: Registering a Trading Account on Hotbit Exchange
To register on Hotbit, visit: https://www.hotbit.io
Click the Register button in the top right corner of the screen to register.
Here you can register an account using your phone number or email. Here I will choose to register by email.
- Enter your email address.
- Verification code sent via email (If you register by phone number, the verification code will be sent via SMS).
- Password and Confirm Password: To avoid password confusion, the system requires you to re-enter it accurately and identically to the password set above. Note: You must type it directly and cannot copy-paste into these information fields. Your password must be at least 8 characters long and contain at least one uppercase letter.
- Referrer (optional): Referral ID (optional).
After entering all the information, you need to select your current location. Then, check the box “I agree the…” ⇒ Click Register.
Step 2: Identity Verification – KYC
The purpose of the KYC process is to eliminate unqualified individuals from using a particular service. For each entity, these standards may vary.
Depending on each option, you will follow the instructions and upload a certificate: ID Card, Passport, or other documents.
After providing, select Submit.
Step 3: Activating 2-Step Verification 2FA
To activate 2FA for your Hotbit account, follow these steps:
- Step 1: After successfully registering an account, log in to the exchange to proceed with account security. Select Account to go to the Security Setting section of your account.
- Step 2: In the Google Authentication section, select Enable.
- Step 3: To implement 2-layer 2FA security, you need to download the Google Authenticator app from Google Play for Android or the App Store for iOS.
- Step 4: Scan the QR code with the scanner in the downloaded app or enter the key manually. After that, the GA app will send you a 6-digit code, enter it and select ENABLE to complete.
Note: When you reach the QR code scanning step, a code will appear for backup in case you lose your Authenticator. → It is recommended to save this code carefully on paper, in case your phone is lost or there is a problem, you can still restore and log in to your Hotbit account.
Guide to Depositing, Withdrawing, and Trading on Hotbit Exchange
Depositing Funds
On the main interface, hover your mouse over Wallet.
Important: To deposit or withdraw funds, you must complete the 2-step verification (2FA) activation.
To deposit, click on Deposit and then get the wallet address for depositing. You can deposit funds by purchasing USDT, BTC, or ETH with VND on exchanges like Binance or Remitano and then transferring them from those exchanges to Hotbit.
Withdrawing Funds
Similar to depositing, to withdraw funds, click on Withdraw and then enter the wallet address you wish to withdraw to.
Guide to Trading on Hotbit Exchange
- Step 1: Trading on Hotbit is quite simple. On the horizontal Menu bar, select Exchange.
- Step 2: The screen will now display the interface as shown in the image above. Select the token pair you want to trade in the top left corner (the magnifying glass icon). The area for buying and selling coins is located at the bottom center of the screen.
- Step 3: Select BUY to buy coins or SELL to sell coins.
Frequently Asked Questions When Trading Coins on Hotbit Exchange
Is Hotbit Exchange reputable?
Currently, there is no definitive answer as to whether Hotbit is a scam or not. However, the exchange is equipped with security features similar to other exchanges and still ensures the safety of investors’ assets.
Has Hotbit been hacked or frequently under maintenance?
Hotbit has not experienced any cases of scams or hacker attacks. This is a good sign for you to consider trying out Hotbit Exchange.
What is the Hotbit Exchange Coin?
Hotbit Token (HTB) is a token issued by Hotbit itself to support the development and expansion of the Hotbit exchange in the future.
In essence, HTB is quite similar to other exchange coins like BNB (Binance) or HT (Huobi). However, HTB has a relatively low trading volume (for many reasons, the most obvious being the lack of strong marketing) and lacks utility for many features.
What is the deposit and withdrawal limit on Hotbit Exchange?
There are no deposit and withdrawal limits on Hotbit.
Does Hotbit Exchange support Vietnamese?
Hotbit Exchange does support Vietnamese. However, initially, the Vietnamese language on the Hotbit interface had many shortcomings, not accurately conveying the meaning of some features, which could easily cause confusion.
One reason why Hotbit’s Vietnamese interface was not well-refined was likely that the Vietnamese market was not a primary target for them. However, they have recently improved this issue significantly.
Conclusion
So, coinrin has introduced you to the Hotbit exchange and provided instructions for trading on it. If you have any questions or encounter any problems during use, please comment below for immediate assistance! The cryptocurrency market is quite risky; consider carefully before making your investment decisions.
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Read more: Guide to the Crypto.com Exchange.
