What Is Hotbit?
Are you interested in using HotBit? HotBit is a cryptocurrency exchange founded in 2017 by a global team of professionals that had gained in-depth experience on both traditional and crypto markets and decided to create their own platform.
How Hotbit Cryptocurrency Exchange Trading Platform Works
HotBit finds other people who want to trade the same trading pair that you do and match you two. To make transactions, you have to store cryptocurrency on your wallet and then deposit the quantity that you want to trade on your account. If you want to trade BTC/ETH, for instance, you need to deposit BTC.
The company has many trading pairs, so you can deposit a diverse range of different tokens without problems. The transactions that you make also have a small fee that you need to pay in order to complete the transaction.
It seems that the company also has a referral program, but when we clicked on the link on the page, an error message in Chinese appeared, so we do not have much information about a possible referral program. Another page states that an affiliate program will be coming “soon”.
How To Use Hotbit?
Your first step to begin using HotBit is to register. You have to read the terms and policies of the company (you should really read them) and then create your account with a valid email and some information about who you are. The account will be made after you validate your email with a keycode that will be sent there.
After this step, you have to decide a 2-step authentication method to use. This will be important because you will not be able to access your account without using it.
While you can deposit tokens for free while using HotBit, you have to pay a fee to withdraw them. The fees are not percentages, so they vary from token to token. If you want to withdraw BTC, for example, you have to pay a fee of 0.001 BTC; while the ETH fee is 0.01 ETH and it goes like this. You can see the complete list here.
The company has many charts and news that you can read to make an informed decision about how you are going to invest, so remember to never trade unprepared.
This company boasts to have a high liquidity. While not as big as a company like Coinbase, HotBit is not one of those exchanges that you struggle to make even the most common transactions. Also, the company has multi-currency support having many altcoins that you will be able to trade. This is good because it makes the exchange more prepared and versatile.
HotBit provides trading 24/7 and smooth operations that will make your life easier.
Is It Secure To Use Hotbit?
HotBit does not seem like a scam and we have no reason to believe that the company might be malicious in any way. Do the company have a good security scheme? The company states that it has the best security engineers creating solutions to provide that the exchange will be safe for its clients while they trade.
It uses a 2-step authentication, so you will hardly lose your account, but the company does not say if it uses any special measure against hacking.
HotBit sounds like a decent option, not a great option, mind you, but a very decent one, meaning that you will probably not regret investing using this company and that you will not have any major problem with it.
If you want a better option, though, you should look for a major crypto exchange that has more experience and a greater structure to help you to trade.