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Hotbit

No KYC crypto exchange
HotBit is a cryptocurrency exchange based in Shanghai. In this Hotbit exchange review we will look at different topics related to the exchange – which cryptocurrencies you can trade in Hotbit, how high or low are Hotbit fees, how hotbit deposit work, how to withdraw money from Hotbit and much more.

Hotbit exchange details

ClarityCryptosPaymentsFeesAppFeaturesTrustOverall
Ratings
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ExchangePayments & feesAccount
Exchange nameHotbitPayment optionsCrypto, FiatKYCNot required
Websitehotbit.ioFiat depositsyesAccepted countries
Established2018Min depositRestricted countriesUnited States of America, People's Republic of China, Singapore, Japan, Republic of The Sudan, The Syrian Arab Republic, North Korea (Democratic People's Republic of Korea), Islamic Republic of Iran, Republic of Liberia, The Republic of Cuba, The Republic of Côte d'Ivoire, The Republic of North Macedonia, The Republic of South Sudan, Republic of Belarus, The Republic of Congo, The Democratic Republic of the Congo, The Republic of Zimbabwe, Central African Republic, Republic of Albania, Republic of Lebanon, State of Lybia, The State of Eritrea, The Federal Republic of Somalia, The Republic of the Union of Myanmar, Yemen Republic, The Islamic Republic of Afghanistan, Republic of Iraq, Bosnia and Herzegovina, The Republic of Burundi, Republic of Chad, Bolivarian Republic of Venezuela
Nr. of active accounts7 000 000Min withdrawalMobile appYes
LicenseHong Kong & EstoniaFeesFeatures

Hotbit

HotBit – exchange with no KYC requirement

Hotbit is a digital assets exchange platform launched in 2018. According to Hotbit website, they are registered in Estonia and Hong Kong.

However, neither the Estonian Authorities nor the Hong Kong authorities can verify that.

Being a fairly new cryptocurrency exchange, Hotbit has shown good growth during the last few years.

At the time of writing this Hotbit review, Hotbit has more than 7.1 million accounts.

Considering Hotbit is a no KYC crypto exchange, or at least an exchange where you don’t need KYC for withdrawing up to 10 BTC a day, that’s no surprise.

Of course, compared to the big exchanges, Hotbit is still fairly small when it comes to trading volumes.

As such Hotbit exchange might not be a good choice for professional traders because of lower trading volume. But as a no KYC exchange it’s perfect for beginners.

Hotbit Exchange native crypto token is Hotbit Token (HTB).

Where is Hotbit available?

Hotbit is currently available in more than 170 countries. So you could say that Hotbit account creation option is available for people from around the world.

Of course, Hotbit does not accept users from some very big countries.

Is Hotbit available in the US?

At this time Hotbit does not accept traders from the United states.

Which other countries doesn’t Hotbit accept?

In addition to USA, Hotbit doesn’t accept traders from China, Singapore, Japan, Sudan, Syria, North Kore, Iran, Liberia, Cuba, Côte d'Ivoire, North Macedonia, South Sudan, Belarus, The Republic of Congo, The Democratic Republic of the Congo, Zimbabwe, Central African Republic, Albania, Lebanon, Lybia, Eritrea, Somalia, Myanmar, Yemen, Afghanistan, Iraq, Bosnia and Herzegovina, Burundi, Chad, and Venezuela.

Hotbit safety and regulation

Hotbit is currently one of the fastest growing exchanges in the world when it comes to daily trading volume. At least according to the company itself.

According to Hotbit, they offer an internal review audit team that is looking for potential issues 24/7.

So based on that Hotbit should be a safe exchange.

So is Hotbit safe to use?

Is Hotbit.io safe to use?

Hotbit has a number of safety measures in place to protect your crypto assets, such as

  • Two factor authentication
  • Additional Email/SMS verification for withdrawals

But as a no KYC exchange, you do need to be careful. Especially considering the discrepancies between what the company says itself about where they are registered and what those governments are saying.

Hotbit exchange details

Year established: 2018
CEO/Chairman of the Board: Karl Wang
Number of Employees: 51-200
Number of Cryptos: ~700
Headquarters: Shanghai, Shanghai
Number of accounts: Over 7 million
Official website: https://www.hotbit.io


HotBit crypto selection

Hotbit has roughly 700 cryptos available. You can see Hotbit crypto list here.

Additionally, find 25 latest Hotbit new listings below:

Top 25 HotBit.io new listings

All prices are in EUR.
CryptocurrencyCurrent PriceWeek Change %Added to Cryptolorium
Ramestta0.9584770%2022-06-28
The Virtua Kolect0.0310637-5.19102%2022-06-28
Reef0.00318938-8.09174%2022-06-20
Frog Inu0.00000000079981-17.0489%2022-06-17
Bitcci Cash0.00019389-43.1582%2022-06-16
Learning Star0.00132282-26.1954%2022-06-14
PowerFan0.00275170%2022-06-07
Instadapp DAI0.9719291.47265%2022-06-01
Liquid KSM5.5-6.66551%2022-06-01
Hesman Shard0.012098-44.2167%2022-05-29
IPVERSE0.8637790%2022-05-28
Ripae pBNB138.24-33.7626%2022-05-27
DinoStep0.00000168-15.4552%2022-05-25
Pasha0.0010849311.7289%2022-05-25
GLOBALTRUSTFUND0.00001016-13.1561%2022-05-23
Drep0.48481-11.8903%2022-05-22
99Defi0.00374832-2.76051%2022-05-21
Cosmic Champs00%2022-05-20
Ape Finance0.021565-9.5188%2022-05-19
The Soldiers Gold0.02820450.631536%2022-05-18
MM720.000000119823-20.3926%2022-05-15
OPSMEN0.0000000953770%2022-05-14
DIVI LAND60.280%2022-05-14
KronosDao0.00126086-33.531%2022-05-14
rhoBUSD00%2022-05-12

Hotbit payments

What payment options does Hotbit offer? Let’s quickly go through all Hotbit deposit options as well as Hotbit withdrawal options.

Hotbit Deposits

At this time you can deposit either crypto or fiat. Hotbit fiat deposits can be done through third-party payment providers.

How to deposit on Hotbit?

Making deposits on Hotbit is easy:

  1. Sign up
  2. Find “Wallet” tab on top-right of the page and choose “Deposit”
  3. Choose Crypto or Fiat
  4. And make the deposit

Note that if you want to make a fiat deposit, this is done through third-party providers and you might need to create an account with them first.

Hotbit Withdrawals

Important: for new accounts there is a 24h hour waiting period before you can make your first withdrawal!

Hotbit allows withdrawals both with crypto and fiat money, but in case of fiat withdrawals you need to do it through third-party and you need to have an account with them.

Does Hotbit exchange have a withdrawal limit?

Hotbit daily withdrawal limit depends whether you have completed KYC process or not.

Minimum withdrawal limit depends on the cryptocurrency. Normally there is no maximum withdrawal limit.

But Hotbit withdrawal limit without KYC is 10BTC/day.

Hotbit withdrawal time depends on status of the network.

Trading on Hotbit platform

Trading in Hotbit platform is as easy as it is using pretty much any other crypto exchange platform.

And considering not all exchanges offer that, especially the ones that offer more unknown cryptos as well, Hotbit does have Market order option available.

It’s also important to mention that at this time Hotbit does not offer margin trading.

Trading on Hotbit exchange

Hotbit KYC

Hotbit allows trading, deposits and also withdrawals without KYC. However, Hotbit withdrawal limit without KYC is 10BTC/day.

Considering the amount, that should be good enough for most traders.

However, if you want to increase your limit or make your account safer, you recommend you to go through Hotbit KYC process.

Hotbit app

Hotbit has a nice and intuitive mobile trading app for those who want to trade using their smartphones.

Hotbit mobile trading app is available both on iOS and Android.

Hotbit Fees

What are hotbit fees? How how commission should you expect to pay when trading in Hotbit? And how much do Hotbit deposits and withdrawals cost?

Hotbit deposit fees

Hotbit crypto deposits don’t cost a thing, like in most other crypto exchanges.

But when it comes to Hotbit fiat deposit option, then it depends on your country and which third-party payment provider you are using. But Hotbit deposit fee is usually not too high and costs you anywhere between 2-5%.

Hotbit withdrawal fees

The withdrawal fee depends on network Cost of the Blockchain, but you can see the standard fees for some main cryptocurrencies here:

BTCETHUSDTBNBADASOLXRPDOTDOGESHIBXLMLTCTRX
Hotbit0.0010.012300.00150.0540.125200000080.0110


As you can see, Hotbit USDT withdrawal fees are quite high. And the same can be said about hotbit xrp withdrawal.

Hotbit trading fees

Hotbit.io exchange trading fees are not the lowest in the industry, but they are still pretty average and we can’t complain about that.

  • Maker-> -0.05% to -0.50% (when using HTB token to pay fees)
  • Taker-> 0.20% to 0.65%

Hotbit Earn – investments

Which type of earning options besides just HODL does Hotbit offer?

Hotbit earn products can all be found under “Investments” tab.

Hotbit investments page does look slightly more complicated or overwhelming compared to some other exchanges like Binance, Kucoin or Gate.io, but fortunately in the bottom of each page you have a nice FAQ list to help you out.

Hotbit investments page is currently divided between the following tabs:

  • Lending
  • Defi
  • Quantitative
  • Incentive plans
  • POS
  • Rebase

Hotbit customer support

Hotbit has live chat feature which is always available in the bottom-right corner.

Additionally you can also use the contact form to send them an email. The link to the contact form can be found in the site footer under “Submit Your Problem ” anchor.

And Hotbit has put together a nice FAQ page which explains most of the topics as thoroughly as possible.

You can find Hotbit new users guide, answers to most common questions relating to Hotbit deposits and Hotbit withdrawals and much more.

Pros and cons of using Hotbit

Pros
Cons
Wide range of cryptos - More 700 cryptocurrencies and 1500 trading pairs
U.S. customers can’t use the Hotbit platform
Fiat deposits are possible
Some crypto withdrawal fees can be high
Does not require KYC verification
Fiat deposits through third-party provider

Does not offer margin trading

Fake volume allegations

No unique features compared to other exchanges

How to get started in Hotbit?

Getting started in Hotbit is very easy.

  • Go to hotbit.io website and click “Register” button in the top-right corner.
  • You can create your account either by using your email or your phone.
  • After that’s done, you are asked to set up 2FA verification. It’s not mandatory, but it’s definitely recommended.
  • Please keep in mind that you do need do use your real email address and phone number.
  • That’s because now you’ll need to verify your email/phone with the code you were just sent.
  • And your account has been created!

Create Hotbit account

That’s how easy it is to create Hotbit account.

And as mentioned, Hotbit is an exchange without KYC verification. This means that you can deposit, trade, and withdraw money from Hotbit without identity verification.

At the same time – we do recommend you do verify your account.

Conclusion

Hotbit.io is a fairly new crypto exchange. But since its inception Hotbit has seen remarkable growth. However, based on 24h trading volume at the time of writing this Hotbit review, it ranks only #119 with volume of $321,201,157.

Hotbit is an exchange that doesn’t require you to go through KYC process. And there aren’t too many of those around anymore. At least not trustworthy ones.​​​​

Jay Gory image
Author: Jay Gory
I became interested in cryptocurrencies only a bit more than a year ago. Since then I have been in investing in cryptos using different crypto exchanges, playing around with crypto trading bots, and also launched Cryptolorium.com to share my crypto journey and my results with all crypto traders.