Hotbit is a fairly new cryptocurrency trading platform with a myriad of different crypto coins on its trading portfolio. The site was first set-up in January of 2018 and since then it has expanded to provide more than 500 different trading pairs. Their bases are strong in Shanghai and Taipei, however, almost 90% of their traders are from countries other than China. Curious about what this platform has to offer you as a broker? Check it all out below.
Pros and Cons
- Practical website layout
- Quick signup
- High-security site
- Unique fee structure
- Mobile-friendly platform
- Lack of demo accounts
- No learning area for traders
Hotbit signup and set-up
Getting yourself an account on Hotbit is an uncomplicated process. All that’s needed to complete the signup process is an email and a password. Once you enter your email, you’ll be required to key-in a verification code that they send to your email address. You’ll need to log in again to access the platform, just for safety, and to ensure that your credentials are in order. It barely takes five minutes to complete the signup. To deposit or withdraw, you have to complete some identification steps and set up a second authority code to protect your logins even further.
A first look at the platform takes you back to the early days of crypto trading. All coins and their real-time prices are shown in a long list. The main navigation items are located on toolbars placed at strategic areas on the screen. You can filter your views to display either cryptocurrencies that you currently own or those that are actively earning interest. You can also choose between your trading accounts directly from the main markets page. As for exchange graphs, you can find them in ‘Exchange’, which is detailed next.
Hotbit trading options
There are many cryptocurrencies to trade with here. Some of the well-known crypto coins here include Bitcoin, Ethereum, Litecoin, Dogecoin, Cosmos, Dash, and more. These digital currencies can be traded to purchase other digital assets or be converted into a cash currency of your choice when their market values are at a peak. The most common trade pairs are between major world currencies and digital coins such as Bitcoin, Ethereum, and Litecoin.
Crypto trade & investment
Besides buying and selling digital currency, Hotbit also allows you to invest with them. This works similarly to how you’d make different investments with your financial institution, using cash. There’s a variety of investment plans to choose from, each tailored to a specific cryptocurrency and its trading patterns. Some of them include the USDT 7-Day Lockup Income, USDT Fixed Income Fund, and BTC Defi Smart Pool. These investment schemes have a fixed period, much like a fixed deposit. After the duration expires, you’re free to invest the capital and any earnings you’ve gained.
All data that’s exchanged on the website is protected with state-of-the-art encryption technology. This ensures that all information, personal, or trade-related will remain safe and secure for all traders using the Hotbit platform. It also uses Google’s two-factor verification steps to secure every login attempt. When withdrawing or depositing, you need to complete verification and identification processes before the site allows you to do so.
Hotbit tools and features
Hotbit’s trading graphs are extensive and detailed. There are multiple views you can take advantage of to be sure that you have a clear view of the current market position of your chosen cryptocurrency. Graphs can be manipulated based on time, date, and even timezones. There are six different chart display types that you can choose from, which will aggregate the data to your specification. Additionally, you can use the drawing tools to plot your projection charts based on the data.
Buying and selling
Buying and selling of cryptocurrencies on Hotbit can be done directly from each trade chart. You see a panel below that shows you the latest market value of the asset, as well as the conversion value for your trade. To make things easier, the current average market price for each cryptocurrency is listed in a panel on the left. This way, you can simply choose your trade pairs without having to switch screens. Each exchange also shows you any fees that will be incurred for a particular trade.
As the site is still fairly new, it isn’t shocking to note that there’s a lack of learning materials. Hotbit could do with a blog for the latest updates in crypto trade and financial news. To foster effective trade habits on the site, they may want to consider a dedicated area on their website where all tips and tricks, as well as, best digital currency trading practices can be found.
As yet, this platform hasn’t begun to offer a demo trading account service for its users. Although the implementation may be a tad costly for them as a startup trading platform, the demo account feature is something most new brokers sought after. Because it can be used as a medium of learning and strategizing. Hotbit may want to consider offering this service soon as an added extra to their traders and crypto brokers.
Hotbit mobile trading
You can access the site on mobile via your local web browser, irrespective of your smartphone operating system. The mobile site is fully optimized for mobile display and the layout isn’t disruptive for users using handheld devices. However, it would be a great bonus for traders on the site to have a mobile app that’s compatible with common smartphones. Having a mobile app gives the site’s brokers a more mobile-suitable platform to trade on, with more mobile-centric features and gestures.
Fees and charges
The charges levied on Hotbit differ slightly from its competitors. There are a maker and taker fees charged for each crypto pair traded on the site. The maker fee is 0.05% of the total value and is imposed only on those buying crypto assets at a price lower than market value or selling at a higher price. As for deposits, no fees will be charged, although there may be some transaction or administrative fees charged by your respective payment providers.
Help and support
The main site offers a contact form where you can submit a short message detailing your reason for reaching out. However, in the trading world, that’s just as good as barely offering any support. Most trading platforms have live chats that are managed 24/7, 365. This can be considered a necessity in the world of forex and trading, as issues need to be resolved quickly or losses may be substantial. However, in place of live chats, there are several social channels you can contact, including Weibo, WeChat, Telegram, Facebook, and Twitter.
Hotbit is a great platform for those just learning the ropes of cryptocurrency trading. However, there are a few essential features that may need to be incorporated into the site to make it a more robust and effective trading platform. The number of currencies and coins offered is substantial and their charts are pretty detailed, for a new site. Adding a mobile app would be a cherry on top of this cake. Want to try out Hotbit? Sign up for an account right now!