Hotbit User Reviews and Exchange review

 It features an impressive selection of trading pairs. It is known that Hotbit is one of the many exchanges that trades mainly in cryptocurrencies. She started working in the financial market only in 2017. Therefore, it may well be considered quite young.

In various sources, information about her registration and whereabouts vary. However, there is evidence that the main office of the company is located in Shanghai, China. Many traders consider this exchange to be a scam. Therefore, in this review, we will try to figure out whether it is worth trusting this company or whether they really deceive people.

Brief Overview of Hotbit

The company has been operating on the Internet for several years. And, it should be noted, it has gained great popularity among traders who deal specifically with cryptocurrencies. But there are also a large number of negative reviews, which in turn does not inspire much confidence in the official site. Let's take a closer look at the positive and negative points noted by users of this crypto exchange:

Advantages

Site adaptation for Russian-speaking clients. 

Large selection of crypto pairs. 

Intuitive interface design. 

Good liquidity.

Flaws

Some pages of the site cannot be accessed in the mobile version. 

The owners information of the company is not available. 

There is no external regulator. 

There is no possibility to replenish the account or withdraw the usual international currency. 

Some sections of the site do not exist or are incomplete. 

The official location of the company is hidden. 

The Russian translation exists only in the beta version, therefore it is incomplete.

And although the lack of detailed information about the company itself and its management in most cases does not inspire confidence among traders, there are still several tens of thousands of people among its active users.

The key feature of the Hotbit exchange is the absence of mandatory identity verification. However, to attribute this fact to pluses or minuses is a moot point.

Detailed Hotbit Review

It is worth noting that this exchange is mostly suitable for professional traders. Since this exchange uses the most modern technologies. Among which:

• GSLB;
• High speed exchange.
• Separate storage of cryptocurrency on different wallets;
• Advanced trading engine;
• Server with distributed clusters.

HotBit considers its mission in today's financial market to be to provide users with an absolutely safe and completely comfortable exchange service. And also to combine blockchain resources and thus create a platform of the highest class.

What HotBit can be proud of is a great choice of cryptocurrency. In addition to the already famous tokens (like Bitcoin or Ethereum), in the general list you can also find those options that are still gaining popularity. For example, these are stable and security coins.

Among other things, the exchange has its own coin - NTV.

Crypto exchange developers try to adhere to the basics of blockchain technologies in their work. Thus, you can:

Have an impressive impact on the global economy; 

Completely destroy all transactional obstacles; 

Significantly improve the efficiency of financial transactions.

Due to the fact that the team of the Hotbit exchange is qualified not only in the crypto-currency field, but also in the entrepreneurial field, the site is quite capable of attracting liquid resources for itself. This always has the most positive effect on the stability of the work of the crypto exchange itself, as well as on its reliability. At the heart of its development, the team of creators managed to combine the most modern technologies. 

Registration Procedure on Hotbit Exchange

To start cooperating with a crypto exchange, trading and conducting other financial transactions, you must first of all go through the registration procedure on the official website.

This requires:

Open a special registration form. 

Register email. Here it would be more correct to use an e-mail from Google, if any. 

Press "Send" (sending). 

Go to the previously specified mailbox and copy the code sent in the letter. 

Paste it into the form. 

Come up with a special password, where letters in different case, as well as numbers should be written. The minimum for the password is 8 characters, but it is better to make it longer. 

It is undesirable to use passwords that are already used to enter other sites. 

Repeat the entered password and then put a tick in the box on the right, confirming acceptance of all the terms of use of the site. 

Click "Register".

This completes the registration, and you can go to your personal account.

How to Secure Your Hotbit Profile

As already mentioned, there is no mandatory verification. At first glance, this can be assessed positively. After all, then the registration will be faster. But on the other hand, if access to the profile is obtained by fraudsters, it will be very difficult to prove the fact of theft. And it will be almost impossible to find criminals. After all, absolutely any kind of financial transfers will still be anonymous.

After logging in, the system will ask you to set up a security profile. It is recommended not to postpone this moment until later in order to protect your assets. 

What types of security settings are available:

• E-mail;
• login and password;
• SMS notifications;
• 2fa.

Let's consider in more detail. Of these items, the first two have already been configured. Notifications can be enabled if desired. As for the 2fa item, it is advisable to set it up right away, because it can reliably protect the user profile.

How to Set Up Two-Factor Authentication

This item is also called two-factor authentication. It's not that hard to figure out how to set it up. This requires:

Install the 2fa application to your phone. Android and iPhone owners will be able to find it in system markets, respectively.

Install and run the application. 

Click on the plus sign in the right corner and select a barcode scan. 

Enter your personal account password. 

After scanning the barcode from the PC monitor, a line with a six-digit code will appear. It must be entered into the computer near the inscription "Enter 2FA code". 

Click "Confirm".

If the QR code cannot be read for some reason, you can try brightening up your computer monitor. Or read the code through a third-party QR recognition application. The application will then itself redirect the user to the desired page.

Users write that occasionally there is a problem with entering a six-digit code. If the problem repeats several times, you need to delete the acc in the application and register not through QR, but manually.

What Hotbit Has to Offer

The company is ready to offer customers a huge variety of functionality. In particular:

High level of asset protection; 

Comfortable site interface; 

Several hundred trading pairs; 

Excellent level of liquidity of popular tokens.

This crypto exchange also released its own coin, but the client does not receive anything for using it.

Over the years of Hotbit's existence on the Internet, more than two hundred cryptocurrencies have been added to the official website. Although most of them are not of particular interest to traders. It is noted that 7 out of 10 transactions are carried out only with tokens from the TOP. Basically, these are bitcoin, ethereum, komos and hotbit.

But many exchange clients share their suspicions in their reviews that most of the resource turnover here is created artificially. And that the exchange uses special robots for this.

The crypto firm takes a certain percentage of the total amount of each financial transaction that the client conducts. The withdrawal of assets is also subject to a commission. However, its dimensions depend directly on the method of excretion. In turn, replenishment of the account is not subject to commission. 

More About the Trading Platform 

In total, the company here offers only two options for the purchase and sale of assets:

1. Commercial

In this case, the transaction is supposed to be executed instantly. But it is worth noting that professional traders do not use it. Since the purchase and sale in this case is carried out according to counter orders. And their cost from time to time can vary significantly from the one that the user installed.

2. Limited

With this method, the order is placed at the cost fixed by the client. The transaction will be concluded immediately, as soon as a willing to acquire or sell the proposed assets at this specific price is found.

Also, a special trading terminal is offered on the official website right in the browser. To use it, you need to go to the "Exchange" tab. The schedule located there changes in real time. And on the right you can see the "glass of orders", which can be used to analyze the market situation.

How to Buy and Sell Tokens

The algorithm in the case of a purchase is actually simple. You need to perform just a few steps. Necessary:

Select the crypto pair you are interested in. 

Select an order. For example, you can set the cost of the token yourself. 

Fill out the "Buy" form.

Now the order has been created and all that remains is to wait for it to be executed. In the case of the sale of cryptocurrency, the procedure is little different. All actions specified in the algorithm above are repeated. The only difference is that instead of the "Buy" (purchase) form, you need to fill out the "Sell" (sale) form. 

Another distinguishing feature is pricing. To buy coins, it will be better to set the value lower. And for sale - higher. And then confirm the action by pressing the appropriate button.

What Exchange Offers Promotions and Bonuses

It is worth noting that the stock exchange puts forward promotional offers regularly. But usually they all come down to popularizing those coins that are now unpopular among traders.

To participate, you need:

• Trade specific tokens.
• Be included in the list of traders with the highest level of trading turnover.

If the conditions are met, the user is rewarded with coins, which, at least for today, are of very little use. A promotion can also be offered, where a bonus will be provided for replenishing a deposit in a specific currency - only a few percent of the total amount in the account. Hotbit is really trying to attract new users. But, as you can see, the exchange is not doing very well.

More About Crypto Cxchange Partners

In the list of partners of this cryptocurrency exchange, a couple of Chinese sites and one information platform are immediately indicated. At the same time, it should be noted that only one site of all three has contacts that meet the standards. As a result, it turned out that he offers banking services, and in addition, he is engaged in marketing and PR based on blockchain technology. 

Instead of providing any data about their official suppliers, representatives of this exchange claim that they use special algorithms. Which take into account more than two hundred factors in the formation of price categories. As a result, they are not as profitable as those of rivals. From this we can conclude that there are no absolute guarantees that Hotbit will continue its work in a few months, and in a few years.

Trading Volume and Capitalization

On average, the trading volume is from 6000 to 6500 BTC per day. The most popular cryptocurrencies for trading are: ETH, USDT and SHIB

Cryptocurrency Exchange Control

First of all, it is very important for every client, both beginners and pros in trading, to protect themselves from criminal interference. The surest way to do this is to make sure that the exchange website has all the required documents confirming the legality of the company. 

Speaking specifically about Hotbit, everything should be considered in detail here. In particular, there is information that the platform is not controlled by any of the state organizations, while it also does not have any relevant licenses. The only documentation that is freely available to exchange clients is the User Agreement and the Privacy Policy. At the same time, reliable data about the main office is also unknown.

About the Client Agreement

This is the basic documentation that customers can study on the site. It contains information about the cooperation between the parties (the client and his broker), and the obligations of both parties. The key negative point is that the documentation is presented exclusively in English.

But if we consider the main points, the agreement states, first of all, that the client who uses the services of this cryptocurrency exchange has read the terms of this agreement, understood them and agreed with them.

Meanwhile, the Hotbit exchange has every right to change the terms of the agreement without notifying users, either before or after any changes have been made. But at the same time, the user still undertakes to comply with all conditions, even new or modified ones.

The client is obliged to independently re-read the agreement from time to time. And if he continues to use the services of the exchange, then he agrees with all the provisions described there.

Among other things, the crypto exchange reserves the right to partially or fully provide services to the trader. And also temporarily or permanently block his account at his own discretion. At the same time, without notifying the owner of this account in advance about the reasons. At the same time, the exchange has the full right to store data on the history of monetary transactions and other information regarding the blocked account. 

The main reasons for partial or complete profile blocking include: 

The basic data that the client provided about himself is incomplete or unreliable (even if only partially); 

letters do not come to the specified email, and the exchange does not have other ways to contact the client; 

Registering a new account after blocking the old one. 

Making a withdrawal and deposit funds to the account

Before you start trading on this crypto-exchange, you need to replenish the deposit by a certain amount. This is done in the “Fund” section (Capital) and then you need to go to the “Deposit and Withdrawals” tab (Deposit and withdrawal of funds). The algorithm of actions is as follows:

• Select the replenishment currency.
• Press "Deposit".
• Copy the link to the crypto wallet.
• Insert the received information into the line from which the transfer is planned.
• Wait for receipt on the exchange account. 

To withdraw money from the account, in the "Wallet" (or Wallet) tab, next to the desired currency, you need to click "Withdraw" (or Withdraw Funds). Further required:

• Enter the wallet address where you want to transfer assets.
• Specify the number of coins.
• Register the code from 2fa.
• Press "Withdraw now" (i.e., Withdraw now).
• Removal is carried out for several hours, but not longer than a day.

What is said about exchange commissions

If we talk about replenishment of the account, then it is absolutely free on this exchange. As, however, and on many others. As for the withdrawal of funds, it varies. And the size of the commission depends on various factors, such as the coin itself, the withdrawal amount, and so on.

Hotbit Trading Commissions

Trading commissions are equal for all traders - both for those who sell tokens and for those who buy them. Such traders will always be charged a fee - 0.1% of the amount. And it can be noted that the size of this fee is not so large when compared with the size of the fees on other different crypto exchanges.

And at the same time, this moment - the same amount of fees for sellers and buyers - stimulates to increase liquidity. At the same time, Hotbit offers an interesting option to get a kind of discount on the trading commission. Its size can be reduced by using the NTV coin, simply by using it to pay the commission. Thanks to this simple choice, the commission can be halved to 0.05%.

Hotbit Support

To contact her, you will have to use the only possible way - the feedback form. It can be found in the corresponding section of contacts. Many users consider it a big disadvantage to not be able to contact technical support by e-mail or in any other way.

In addition, to solve the most common questions about the company or problems that arise, the site has created a "FAQ" section where you can find most of the answers. A separate page with detailed instructions for working with the site was made especially for novice traders. 

Hacking clients of the Hotbit crypto exchange by Hackers

There is information that in the spring of the current 2021, this crypto exchange survived a hacking attempt. According to representatives of the exchange, the criminals carried out a large-scale "attack" in order to get free access to the accounts of platform users. Fortunately, the disaster was averted.

However, in order to fully restore the systems after the attack by hackers, two weeks had to be spent. It took so long, partly because the hackers wiped out the entire Hotbit customer database. But they managed to be restored intact, with the help of backup copies.

At the same time, customers were warned that their personal data could be stolen, and it would be better to change their passwords.

Hotbit Reviews from Real Users

What else will help you choose an excellent broker for yourself is user reviews about this exchange platform. Here are some reviews of the Hotbit broker. 

I have been working with Hotbit for several months now. Assets are credited to the account and withdrawn without problems. Of course, in the latter case, you have to wait a bit, but these are already trifles. 

I doubt that anyone will be able to achieve any impressive income on this exchange. To begin with, the trading terminal is often buggy and this makes it very difficult to carry out transactions normally. 

I'm new to Hotbit. Everything works well. The only negative is that you often have to wait a long time for a response from technical support. 

The impression of the Hotbit exchange is, frankly, the worst. Very often there are problems. The terminal hangs, and asset withdrawals are often blocked. I'll wait another day for my money and delete the profile. 

Very slow tech support. Most of my applications were considered within a few hours. I don’t like it, because I can’t normally conduct transactions. I'm already starting to doubt whether it's worth continuing to work with Hotbit. 

All the advantages of the company more than outweigh its disadvantages. I really enjoy working with her. I withdraw money without problems. 

He left this exchange, one might say, immediately after registration. I decided to try to withdraw funds, but they refused me! For the reason that there is no verification. Although it shouldn't be. 

I am a beginner trader and Hotbit was my first crypto exchange to get acquainted with the world of investments. So far, I like everything. 

This broker has advantages, but I concluded for myself that I would not work with him. Often there are problems with the terminal. During trading, the connection to the server often disappeared. Because of this, I spent a lot of nerves. So personally I don't recommend Hotbit. 

After several checks, I realized that the charts are controlled by bots. Although this exchange has something to brag about, it is this fact that repels me the most. Such work can hardly be called honest.

How Safe Is It to Use Hotbit

Although there is no verification here, we can still say that the Hotbit cryptocurrency exchange has the security at the proper level. Since the installation of the 2fa program is mandatory, this means that the profile cannot be accessed without the smartphone of the account owner. And this already reduces the risk of hacking by an order of magnitude.

Further, if you look at the reviews of the company, you can see quite a few complaints about the way the broker works. In particular, these are:

• High commission;
• Freezing of the trading terminal;
• Slow support responses;
• Problems with the withdrawal of assets.

But on the other hand, it can be noted that many users face similar problems on other cryptocurrency exchanges . And although these cons are disappointing, they still cannot reliably state that Hotbit are scammers. But also a trader should still study this broker better before starting cooperation.

Conclusion

Although this exchange is still relatively young for the financial market, many users have already noted a whole list of shortcomings. So, for example, you can contact the support service in just one way, and although there is a translation into Russian, it is partially done and in some places not so competently. Which makes it difficult for customers to work with the site. Separate sections are completely unfinished.

Therefore, it is not surprising that this broker does not inspire any confidence in most traders. For small exchanges, it is quite suitable. But no more, because users often used an unreasonable account blocking. For this and some other reasons, Hotbit is losing its popularity year after year.