Hotbit cryptocurrency exchange was founded in 2018. It aims to be “the Amazon of Crypto”. Because of the diversity of its users, Hotbit crypto exchange supports six different languages which includes English, Chinese, Russian, Turkish, Thai, and Korean.
Hotbit crypto exchange is focused on emerging crypto markets like Japan, Russia, South Korea, Southeast Asian countries, and Turkey. Due to strict financial and cryptocurrency regulations in the countries they operate in, the KYC verification process is optimized to ensure the authenticity of all users. Thus, to withdraw funds, users must verify their identity using government issued identification cards. Furthermore, as a means to ensure against money laundering or the financing of terrorist activities, new accounts cannot make any withdrawals till after 24 hours of their registration and verification.
As at the time of writing this, Hotbit cryptocurrency exchange has more than 7 million registered users and is available in more than 170 countries around the world. However, it is not available to customers in the United States of America.
Markets
There are over 3200 Hotbit trading pairs and over 1900 tokens listed on the exchange. Hotbit is considered one of the exchanges in the world with the highest number of trading pairs and listed crypto assets. This is one of the reasons Hotbit trade volume averages over $60 million over a 24-hr period.
In terms of trading, the Hotbit spot and ETF trading options are the only available trading options on the platform. The platform does not currently support margin or futures trading. Some of the major cryptocurrencies supported include BTC, ETH, LTC, and more. Hotbit has divided digital assets into specific categories. Users can go with global assets, stable assets, NFTs, web3 assets, DAO, and a few other types.
In terms of Hotbit exchange fees for trading, the platform operates different fee structures for maker and taker trades. For maker trades, 0.30% and 0.50% are charged on global and global select trades respectively. For taker trades, 0.45% and 0.20% are charged for global and global select trades accordingly. There is no Hotbit crypto price paid for deposits. These deposits are made in crypto only, as it does not currently support fiat deposits.
For withdrawals, Hotbit crypto fees charged on withdrawals are dependent on the network or gas fees of the blockchain in question. Users are advised to only make withdrawals when they are comfortable with quoted gas fees.
The Hotbit token (HTB) is the native utility token of the Hotbit ecosystem. Holding these tokens gives users discounts on trading and staking fees. The total supply of HTB tokens stands at over 700 million HTB tokens.
Other Services
Apart from trading the exchange also offers various income-generation possibilities. For instance, Hotbit offers flexible staking and DeFi farm options. You can stake USDT, BTC, USDT, ETH, SHIB, FIL, and many other crypto assets.
Also, the Hotbit crypto exchange organizes different events and airdrops for traders and investors in a bid to keep them engaged on the platform and offer them opportunities to earn more. These events are based on the trades of particular assets. If users successfully trade a particular asset in a given time period and make it to the leaderboard, they get rewarded with a prize.
As for the airdrops, first, a user has to pledge some amount to a project, then they get rewarded the same asset when the event ends. This is usually done by various platforms that want to promote a new asset or make it successful through donations.
Additionally, there is a referral program that allows users to invite their friends to Hotbit and earn up to 60% commission on fees they pay to the exchange. The platform has different commission ratios for the referrals, depending on what they trade. Users can earn up to 60% in trading fee commissions if their referrals trade ETFs, and a 40% trading fee commission if their referrals trade spots. The rebate ratio also depends heavily on the amount of HTB a user holds.
About the Company
Founded in January 2018 and registered in both Hong Kong and Estonia, with its core team members from China, the USA, and Taiwan, Hotbit is currently based in Shanghai and Taipei. The platform has established partnership with multiple powerful partners such as F2pool, Spark Pool, Mytoken, Slow Mist, HashQuark, and others.
In April 2019, Hotbit cyrpto exchange started to distribute current deposit interests for its users. It was one of the first cryptocurrency exchanges to offer daily current deposit interests to its users with no token lockup or freeze required. As at the time of writing this, they have distributed over 180,000 USDT worth of daily current deposit interests for over 190,000 Hotbit users.
Details about the founders and the core team of the Hotbit crypto exchange are scarce online. However, the platform describes its founders as individuals with competent experience in crypto and entrepreneurship.
Although there were problems with consumers withdrawing their money, the site declared in November 2022 that those problems had been overcome and that users could now complete their transactions successfully. As of January 2023, there has been no indication of any security breach or hack on the platform.
