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Hotbit Review - is it scam or safe?

Hotbit Review - is hotbit.io scam or good cryptocurrency exchange?

RATING: 2.2 / 12 REVIEWS Hotbit

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions


Account type

Leverage

Taker Fee

Withdrawal Fee

Standard

1:1

0.25%

0.001 BTC / 0.01 ETH


Hotbit is a newly-launched digital assets platform that does not work with fiat currencies. This means that it only offers coin-to-coin trading and does not work with fiat currencies.


Like most exchanges, this one also offers a single account type with Google two-step (2FA) verification for security reasons.

 


Hotbit Advantages


Competitive trading fees

Hotbit does not charge those who place passive orders in the book, thus adding liquidity to it (a.k.a. Market makers). Market takers, on the other hand (who take the best available price), are charged with a 0.25% fee, which is not much. The top exchanges charge something very similar.


Fast deposits and withdrawals, no deposit fees

There are no deposit fees on blockchain transfers to Hotbit, which is another plus of this exchange. This is pretty much the norm in the sector, but some crypto exchanges charge you when you send coins to them.


Another plus of Hotbit is that all deposit and withdrawal transactions are processed automatically and are therefore rather fast. BTC transfer confirmation process normally takes less than or a couple of hours. As regards ERC20 tokens, this process usually takes a couple of minutes to less than 1 hour.


Many altcoins listed, including exotic ones

One of the key selling points of Hotbit is the solid number of coins it offers for trade. The famous ones include Bitcoin, Ethereum, EOS, OmiseGo, Icon and Tron. Some of the lesser known coins listed on this exchange are Alphacat (which is actually one of the most heavily traded ones), WaykiChain, Theta Token, and others. Trading at Hotbit is done against ETH & BTC.


Nice platform, mobile apps

The web-based trading platform provided by Hotbit is nicely designed and equipped with everything a crypto investor needs. What we like most about the platform is the charting powered by trading view and the fact that there are also mobile apps available. Here is the preview:


 

Hotbit's web trading platform. Click to zoom-in.

 

 

Hotbit Disadvantages


No info about the company, the security

Our main concern with this exchange is the fact they don’t reveal much about themselves. We even could not find the name of the company owning Hotbit on its website, let alone its headquarters or background. It does seem like a Chinese exchange, though. Furthermore, there is no info on the security measures.


No fiat deposits, not beginner-friendly

If you are new to cryptocurrencies, Hotbit is not the place to start, as it does not accept deposits in USD, EURO, CNY or other traditional currencies. A lot of other exchanges, however, accept fiat currencies via bank transfer, credit card or other payment methods.



>> Buy bitcoin with a credit card <<



Leverage not available

Hotbit does not offer leveraged trading, which is not surprising. This service is only provided by several major exchanges (such as Kraken, GDAX, or QUOINE). If you would like to play the crypto-space more aggressively, you must know, some forex brokers offer a better environment for short term speculation.



>> Forex brokers offering margin Bitcoin trading <<



Note that trading with such companies is done via Contracts for Difference (CFDs). This means you will not be buying or selling Bitcoin, but a derivative asset based on it. Read this post for further information.

Withdrawal fees

While Hotbit does not charge deposits, withdrawals have fees which are not low. For example, withdrawals in Bitcoin are chared 0.001 BTC, and those in Ethereum - 0.01 ETH.



Conclusion



Hotbit is a rethar new digital assets exchange, which offers spot trading trading in Bitcoin, Ethereum, and ERC20 tokens, including some rather interesting ones, on an advanced web trading platform. While its fees are rather competitive, the website of the exchange provides no information about the company that owns it, which is our major concern with Hotbit. It appears to be a Chinese project that is not suitable for beginners, as fiat currencies are not supported.


In case you are only looking to speculatively trade Bitcoin and other coins (without owning them), we will again recommend forex brokers which offer CFDs on the major digital assets. Here is a list of reliable and regulated ones:



>>Highly recommended Bitcoin forex brokers<<



Here is the summary of Hotbit:


Pros

Cons

Competitive trading fees

No info about the company, security

Fast deposits and withdrawals, no deposit fees

No fiat deposits, not beginner-friendly

Many altcoins listed, including exotic ones

Leverage not available

Advanced platform with mobile apps

Withdrawal fees

 

 

 

 

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Traders` reviews for Hotbit

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

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Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

Cons

 

 

SCAM Hotbit! Stay Awy

This is just a addition to all the reviews here. Its a scam. Unprofessional
mproper, unethical, unprincipled, unscrupulous, dishonourable, disreputable,unseemly, unbecoming, unbefitting, indecorous, unworthy, lax, negligent.

add few work if you want. They are not letting me withdraw my BTC even after providing KYC.

Customer service is a shame.Ivy is nothing but a fake customer service.

Emma 07/01/2019

Scam exchange

Simply cannot withdraw (what a surprise lol). do NOT use hotbit. their only facebook "page" is actually a person with 600 friends, mostly nigerian. SCAMMERS, STAY CLEAR.

Andy 04/16/2019

Hotbit Scam

I sent etherum to Hotbit using a smart contract an deposit never arrived . When I contacted support they told me I need to send them .3 etherum to remedy the issue . It was for high recovery costs and provided a a eth wallet address . I knew this was shady and checked etherscan and saw my funds were transferred out of my wallet to a random address . I’m so pissed off :

Steven becker 02/22/2019

Horrible exchange, huge withdrawal fees, unclear daily volume, bad website code it's killing CPU

First you will notice that their website, especially exchange page is hitting hard on CPU, no they are not running miners but front-end code is poorly implemented. So on low-end CPUs whole browser can freeze on time to time, or you can hear you stock CPU cooler.

But that is minor issue, bigger problem is huge trading volume and when you see history there are trades which you can't never see in orders, usually there are 1 or 2 normal trades and one huge per minute, that ones are from their bots.

Biggest issue is withdrawal amount and fees, for BTC is 0.001 (on price of 3600$ thats 3.6$), for popular coins min. withdrawal is like 50 BEAM (that's 20 days mining on average rig), GRIN is 10, that's 12 days mining.

Also if you want to withdraw XRP, you get bad memo and then you are screwed.
Stay away, and be really cautions, deposit and trade what you really must.

Paul 02/17/2019

Stay clear!

How this SH!T exchange continues to do business is beyond reality. Considering they have a license to deal in FIAT and yet they lie cheat and steal their way in the crypto market and still remain in business is a mystery. They are the epitome of crooked, fraud and everything the crypto market does not need. Stay away unless you enjoy losing your money. They bot trade with themselves to produce false volume and spreads. By the time you are done trading there your equity goes from $100 to zero fast as they nickel and dime you into a loss in fees and min trades. Watch the fake orders come through non stop then try and buy or sell at the exact same prices but wow your order never fills. Cancel your order and within seconds your seeing buy sells for the exact same price you just cancelled. The exchange trades with itself to produce false values. I put $5 in to test the exchange and by the time i was done i left with $3 only because they raped me with fees and theft of crypto. This company will not last and will go down as a failed exchange eventually. STAY CLEAR !!!!!

Jasper 02/01/2019

Scam! Can't wirthdraw

I can't withdraw because i don't receive verification email. Support don't help me

Yury 01/02/2019

scammers

Stolen eth.No withdraw to wallet.no record of selling 2 crypto's on exchange to eth.Problems with log in and verification.

DON'T USE THIS SO CALLED EXCHANGE!

whatsred 10/13/2018

Hotbit blocks USA users

Not recommended at all! Hotbit lets you buy certain tokens but will then block you from selling it because of your location.

The token I purchased not knowing this because there is only a tiny one sentence warning on the exchange page is only traded on Hotbit and one other smaller exchange so now I'm stuck with it due to low volume.

Why let users buy if they can't also sell? After reading the comments below, I decided not to contact support because of the risk of getting banned for just asking about trading. Luckily I was able to withdraw the tokens I wasn't "supposed to" have.

Avoid this exchange unless you like ridiculous surprises like this.

AdamS 09/11/2018

This exchange is manipulating volume

I've transferred ETH to HotBit to buy UBT (Unibright) tokens. First of all the price was much higher than IDEX and it wasn't possible to get one single trade through.

Fake volume and phantom transactions is created via bots or some kind of internal system in their exchange software, just like Spvder has reported.

I immediately withdrew my ETH after noticing the phantom transactions. This thankfully worked as it should. I've seen this behavior before on other new exchanges, fake volume is pretty normal, but at this rate, where I sat for an hour watching the orders, the phantom orders stood for at least 80-90% of Unibright (UBT) volume.

Please for your own sake. Keep your coins out of this exchange.

Nicklas Vestergren Pedersen 08/10/2018

It's a scam. They are thieves. No reason to use hotbit at all

I got a positive 300 usdt after selling some ETH's. Then I wanted to whidraw them but it wasn't possible. After this, I saw 250 usdt dissapearing from my funds. I contact them and they told me an uncredible story about a hack. The hacker got to uprise eth and btc price a 12% using some usdt in another single user account. This was the moment that I sold my eth's. So they decided to revert the transaction to a 2% wining for me, in stead of 12%.
It's up to you to use this "exchange".

John 06/25/2018

Phantom Transactions

Reporting Exchange Website: https://www.hotbit.io/

I would like to report this site, as I have noticed a manipulation in the prices of the exchange between the sell/buy orders. There are "Phantom" transactions being processed between the sell/buy orders in order to make it seem as if the exchange is generating volume trades.

For example, let's use the coin "EXRN" which in fact was the coin I noticed the issue. It goes like this...

Currect Buy/Sell Prices
Buy Order: 0.0000000180
Sell Order:0.0000000227

You will constantly see transactions being processed for 0.0000000203. I will remove the "0" decimals to make things easier. In order to obtain 203 as a constant transaction flow, the exchange is doing the following:
227-180=47/2=23.5+180=203.5(It will only show 10 decimals on the exchange, so re move the .5)

Basically, it is splitting a transaction flow down the middle (50%) between the sale and buy orders, thus providing traders with false data, manipulating the sale/buy prices and reporting incorrect volume to the market.

Now... Here is where it gets tricky. The moment you post a sell at 203, the transactions will drop to 192 (Again 50%). It will keep doing so until you as a buyer or seller, reaches the actual Buy/Sell price.You can however, if timed correctly, sell for the predicted price -1 or +1, I will honestly not recommend it. I was able to get away with it while testing this maybe once out of 20-30 attemps.

On a special note:
The transactions are in multiples of 1000, so whatever is in between, consider it lost. Also, they charged 13000 EXRN transfer fee, where other exchanges charge 1. Another scam, so keep a close eye on this.

Well, I hope this helps or at least points anyone on the right direction. If you have any questions, feel free to email me.

Regards,
Spvder

Spvder 06/10/2018

horrible exchange

the trades don't even fill when they get to your call and sometimes the graphs disappear and you can't see anything for days.
by far my worst experience in crypto

Sacha Bissonnette 05/16/2018
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