HotbitNo 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
|Exchange||Payments & fees||Account|
|Exchange name||Hotbit||Payment options||Crypto, Fiat||KYC||Not required|
|Website||hotbit.io||Fiat deposits||yes||Accepted countries|
|Established||2018||Min deposit||Restricted countries||United 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 accounts||7 000 000||Min withdrawal||Mobile app||Yes|
|License||Hong Kong & Estonia||Fees||Features|
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
Top 25 HotBit.io new listingsAll prices are in EUR.
|Cryptocurrency||Current Price||Week Change %||Added to Cryptolorium|
|The Virtua Kolect||0.0310637||-5.19102%||2022-06-28|
|The Soldiers Gold||0.0282045||0.631536%||2022-05-18|
What payment options does Hotbit offer? Let’s quickly go through all Hotbit deposit options as well as Hotbit withdrawal options.
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:
- Sign up
- Find “Wallet” tab on top-right of the page and choose “Deposit”
- Choose Crypto or Fiat
- 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.
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.
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 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.
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:
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:
- Incentive plans
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
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!
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.
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.