Hotbit: Is it a Secure Trading Platform?
There has been an explosion of crypto trading exchanges, including the arrival of Hotbit. There are many choices for investors these days, but it often becomes confusing to pick one. Security remains a major concern when selecting a platform.
This article reviews a relatively less renowned option in the crypto space, the Hotbit exchange. Despite having more than 7 million users, the platform is ranked at #170 in CoinMarketCap’s exchange rankings.
Hotbit offerings, however, are next to some of the best crypto exchanges. It deals with a wide range of both digital and traditional financial products. Let's find out whether the platform is secure for your crypto trading needs.
Is Hotbit safe?
To check the legitimacy of a platform, you have to gauge several aspects. It includes observing its security measures, authorisation, and liquidity.
Hotbit takes multiple security measures to protect investor assets. The platform’s login is backed up by two-factor authentication that restricts unauthorised parties from accessing your account. The exchange is continually audited by its internal team. It works with firms like Slow Mist and Beosin to protect investors' funds.
Despite that, its security was challenged once by cyber attackers in 2021. Though its team managed to secure clients’ assets, their personal data was compromised. Therefore, security is one of the major concerns of investors when choosing this platform.
Hotbit claims to hold licences from multiple authorities.
Since it's an Asia-based firm, it has secured certifications from Hong Kong and Estonia's regulators. However, that does not mean it cannot operate in other parts of the world. It's a global platform in more than 170 countries and works in the US, too.
Liquidity and volume
Hotbit claims to have high liquidity and trading volume.
However, reviews from its users show concern for the platform's liquidity. Some users have also claimed that the platform shows 'forged' figures for the trading volume. Therefore, if you would like to invest here, it is advisable to conduct research.
Hotbit exchange offerings and features
Here’s what the crypto trading exchange offers:
- Spot and ETF trading Hotbit is a viable option for crypto trades. It offers spot trading, which allows you to instantly buy or sell crypto assets with the availability of more than 500 trading pairs.
Moreover, the platform makes crypto adoption relatively easy as it offers crypto exchange-traded funds (ETFs). Both options have 1:1 leverages.
- TradingView charts Hotbit seems quite basic for seasoned traders, but it also allows some advanced features with the help of TradingView.
With the TradingView integration, you can access multiple chart layouts, several analytical indicators, and other trading insights.
An array of supported digital assets You can also keep a diverse portfolio with Hotbit. It supports an array of cryptocurrencies, including popular options. You can find more than 800 trading pairs on it. It is well-recognised in the industry for offering new tokens in the market.
Daily current deposit interest It is also a crypto exchange that offers daily current deposit interests. The best thing is that you do not have to lock in a certain amount of assets to earn it. Also, you can earn interest in Bitcoin, Ethereum, and other altcoins.
Intuitive mobile app An intuitive mobile app is also a handy feature of this platform. Android and iOS users can download its app to make swift trades and conveniently manage portfolios.
Hotbit exchange fees and commissions
Hotbit is a relatively cheaper option compared to competitors. It does not charge any commissions on deposits. You can even start with as little as $1 on this exchange. Withdrawals charge platform fees. It is not a fixed amount and changes in real-time depending on the volume.
You can track the gas fee from its withdrawal page to ensure you pay minimal charges.
Meanwhile, the transaction fees vary for order makers and takers. It costs between -0.50% to -0.05% for the transaction makers. Meanwhile, the takers must pay around 0.2% to 0.65% on each transaction. These charges will remain the same, even if you use the hidden trades feature.
Hotbit is yet another crypto trading exchange in the market. It is known for offering a variety of tokens, including recently launched ones. It allows you to do spot and ETF trading with TradingView features. Users only have to pay minimal commissions on transactions.
However, Hotbit’s security and low liquidity can be major trade-offs against its offerings. That's why we recommend you do research before making any investment decision.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.