With the ability to support several coins and tokens from new ICO projects, the Hotbit exchange has received lots of positive reviews from investors. So what is Hotbit? How to Hotbit sign up and use it? Let’s find out the answer in the article below.
What is Hotbit?
Hotbit exchange, founded in 2017 in the United States, is a reputable exchange in the cryptocurrency market. By 2022, after 5 years of development, there are more than 7 million registered users for Hotbit accounts. At the same time, the exchange was licensed to operate in Hong Kong and Estonia.
Marcy Boyle and Hot Bit VR are the two founders of the exchange. Hotbit has cooperated with several partners in the blockchain technology industry such as Spark Pool, Mytoken, F2pool, and Hash Mark to provide a safe, stable, and multi-featured trading environment. Hotbit was once in the top 50 cryptocurrency exchanges with high trading volume on CoinMarketCap.
The scale of the exchange: nearly 210 countries around the world.
The most prominent feature of the Hotbit exchange is listing a lot of potential coins. With nearly 2000 coins & tokens, this is 5 times the number of coins & tokens of Binance & FTX. Hotbit exchange lists many coins before other large exchanges.
- 4/30/2018: HOT (Holochain) was listed on Hotbit and then listed on Binance on July 23.
- 2018/05/07: NPXS was listed on Hotbit and then listed on Binance on June 18.
- 2018-12-31: Bean was listed on Hotbit and then listed on Binance on September 16, 2019.
- 7/5/2018: NEXO was listed on Hotbit and then listed on Huobi on March 3, 2019.
- 18/3/2019: By cooperating with the relevant partner organization, Hotbit listed ATOM for the first time. By the time ATOM launched its mainnet, Hotbit had immediately completed the distribution of ATOM to the 1,500 Hotbit users who purchased ATOM as a future product. It allows users to transfer their ATOM tokens freely to any other address at the earliest.
Exchange Review before Hotbit sign up
Hotbit exchange advantages
- High security and safety: Using a multinodular structure to meet the requirements of the IT monitoring system from the Financial Industry, ensuring stable trading activities on Hotbit.
- High liquidity: Hotbit was built by the AI Market Marker suite, which is the analytical model that depends on more than 250 parameters in the market to ensure high liquidity, avoiding slippage when trading.
- Hotbit provides a lot of cryptocurrency pairs around the world.
- Customer support works 24/7, ensuring fluently transactions of customers through various channels such as Telegram, Facebook, email, and ticket.
- Unlimited withdrawals: You can withdraw as much as your demand.
- Low transaction fees: Hotbit has a fee of 0.2% for all transactions.
- Free deposit: This is an advantage that makes many traders trust Hotbit.
- The exchange app is available on the phone with both Android and iOS platforms, which helps users trade wherever they want.
- Supports Vietnamese and other languages such as English, Korean, Chinese, Portuguese, and Spanish, etc.
- Hotbit Token (HTB) is the exchange’s own coin and this is important for Hotbit development.
- Hotbit has major partners in the cryptocurrency market, increasing its operational reputation.
Hotbit exchange disadvantages
- Compared to other cryptocurrency exchanges, Hotbit’s trading volume is relatively small.
- About the brand, Hotbit has not been appreciated in the market yet.
Margin trading users are not supported yet.
Users who trade with Fiat are also not supported.
Currently, the number of Vietnamese users on Hotbit is still not much.
Guide to Hotbit sign up
If you Hotbit sign up with your phone, download the Hotbit app on the Appstore and Ch Play to your device.
If you Hotbit sign up with the computer, click on the Register Hotbit button below to go to the Create Hotbit account page or do the following steps.
Step 1: Access the KuCoin exchange’s homepage, click Register
Step 2: Choose section Email. Enter your Email and click Send to receive the verification code via Email. Then enter and confirm your password. Please don’t forget to enter the ref code 3372696.
In another way, access the website by the link https://www.hotbit.io/register?ref=3372696.
Step 3: Make an authentication request with a Captcha by completing the puzzle.
Step 4: Enter the Email Verification Code from your email and click Register.
This registration process is done. You’ll see a Success notification.
Hotbit account security guide
Preparation before Hotbit sign up:
- Commonly used email address.
- Photos of the ID card or driving license: a photo of the front, a photo of the back and a selfie photo with the front.
- A smartphone has the Google Authenticator Application.
2FA (Google Authenticator) setup after Hotbit sign up
Google Authenticator is an application that automatically generates a random 6-digit code to log into your account. However, these 6 numbers only last for 30 seconds and will change to 6 other numbers on their own.
To set up Google Authenticator, follow these steps:
- Step 1: On the homepage of Hotbit exchange, choose Account, then click Security Settings.
- Step 2: Click Enable in section Google authentication.
Step 3: Setup and activate Authenticator on Google Extensions if you haven’t used it before. Click Next
Step 4: Copy the QR Code and click Next.
Step 5: Open Authenticator on Google Extensions and click the pen symbol. Click plus sign. Name the Code, for example, HotBit 2FA. Then paste the QR Code you have copied to Secret and click OK.
Step 6: In this step, you’ll see a random 6-digit code, copy it, and paste the code to 2-FA Code. Then press Confirm.
This process is done. You have enabled Google Authentication security for your account.
How to verify identity – KYC when Hotbit sign up
KYC is the process of collecting and identifying information related to the customer. The basic information that is usually collected is a portrait photo, ID number, Passport, address, etc. to eliminate unqualified people.
To KYC your account on Hotbit, you do the following:
Step 1: On the homepage of the Hotbit exchange, choose Account and click Security Settings.
Step 2: Click Go to verify in section ID Verification.
Step 3: Click Next to continue
Step 4: Select your country or region. In this step, you have to choose an ID document for KYC by selecting one of three options (ID card, Passport or Driver’s license).
Step 5: Take photos of your ID document on both sides (ex. ID card). The photos must be bright, clear, and uncut then upload the photos. Click Next.
Step 6: Check the information carefully and click Next.
You have successfully requested KYC. The verification status will update automatically.
Guide to depositing and withdrawing money when Hotbit sign up
Deposit money on Hotbit
Step 1: On the KuCoin exchange’s homepage, click Wallet → Deposit
Step 2: Choose the coin. Choose the network that is compatible with your asset, then copy the Wallet ID.
Withdraw money on Hotbit
Withdrawing money on Hotbit exchange is also uncomplicated, you do that by following these steps:
Step 1: On the KuCoin exchange’s homepage, click Wallet → Withdraw
Step 2: Choose the coin. Enter the amount of coin that you want to withdraw. Choose the network that is compatible with your asset, then paste your Wallet ID and click Submit.
See also: What Is Binance? Binance Registration Guide
How to spot trade on Hotbit
Buy coins on Hotbit
Step 1: Choose Exchange on the homepage of FTX exchange.
Step 2: Search the name of the coin in the search bar and choose the coin that you want to buy.
Step 3: Before buying, you must check the price of the coin carefully and enter the amount of coin you want in Volume or adjust the bar below. Then press Buy BNB.
Sell coins on Hotbit
The operation of selling coins is similar to buying. You have also to check the price of the coin carefully and enter the amount of coin you want in Volume. Instead of clicking Buy, you click Sell BNB.
See also: Top 10 The Best Cryptocurrency Exchanges In The World
Frequently questions when Hotbit sign up
Is Hotbit a scam? Should I trade on Hotbit?
Currently, the Hotbit exchange doesn’t have any information related to scams or attacks by hackers yet. Therefore, this exchange is still a great choice to help you feel secure when participating in trading.
Is Hotbit exchange prone to maintenance errors?
The problem of not being able to withdraw money, trade or register and login will be handled by Hotbit within 24 hours.
Which country’s Hotbit exchange? Does it support Vietnam?
Hotbit exchange was established in 2017 in the United States. The core expert members are mainly from China, the US, and Taiwan. Currently, Hotbit is headquartered in Shanghai and Taipei.
Hotbit exchange supports Vietnamese. Therefore customers in Vietnam can trade cryptocurrencies after Hotbit sign up.
What is the Hotbit exchange’s coin?
It is Hotbit Token (HTB). Holders of this coin will have a lot of advantages of discounts or transaction fees. It is an ERC20 token, a technical standard used for smart contracts on the Ethereum blockchain with a Total Supply of 2,500,000,000 HTB.
Is it necessary for KYC to withdraw money when Hotbit sign up?
The exchange does not require KYC when Hotbit sign up, pay for transactions, deposit, and withdraw. Therefore, users must keep the password and credentials in case of loosing.
What is the deposit and withdrawal limit when Hotbit sign up?
Withdrawal and deposit limitation is not available on the Hotbit exchange.
What are the fees on the Hotbit exchange?
Transaction fees: Maker (ranging from -0.05% to -0.30%), Taker (from 0.20% to 0.65%)
Deposit fee: Hotbit deposit fee is free
The coin’s withdrawal fee is determined by the network cost. The standard transaction fees on Hotbit are listed below:
- New users will not be able to withdraw their tokens within 24 hours of Hotbit sign up.
- The standard withdrawal transaction fee will be updated regularly on the homepage of the exchange.
Hotbit Token: 300.
What isHotbit exchange app on Android and iOS?
The Hotbit app is available on iOS and Android platforms. Users can download an app for Android phones from Google Play. However, iOS users need to download and install it using the QR code linked with the website.
Although there is no affiliate program to incentivize users, Hotbit is a worth considering platform that supports multi-currency and provides services with sensible transaction fees and high security. The article guides the basic operations of this exchange. Hope you know clearly how to Hotbit sign up and use it. Moreover, Ecoinomic wishes you to have the right investment decisions and a great experience with Hotbit.