Review on Hotbit by Sam Carmichael

Name: Hotbit
Item: Hotbit
Rating: 1

August 20, 2020

Hotbit's trading delays (limit orders) are a BIG disappointment! Don't sign up until they fix it!

Overall, I thought Hotbit would be a great exchange at first because of the multitude of coins/tokens. But it's built for Asians mainly. By the time you get the price information, you will already have waited for a while,  and then when ordering it can take a VERY long time, especially with the only order type being limit. You will see the order prices changing in correlation with the price, but the price graph will hardly change. I hope they update this soon. I have used other US exchanges like Coinbase, Kraken, Bittrex (one of the best ones), BinanceUS, etc. and they all offer trades way faster plus market orders. Bittrex can come closer to competing when it comes to the number of coins plus it's secure. Kraken even offers some great leverage for margin trading which means they increase your profits/losses by up to 5x but it's illegal to do margin trading on hotbit! Hotbit will actually change the price to make money off you much more than those exchanges (except Coinbase which has a 6 times higher trading fee than most exchanges) probably because of "fees." I can see why some people were saying that these exchange makers were conartists. hotbit was a big disappointment and definitely needs to improve their order updates. You would need to do research on how limit orders work (buying is the price or lower, selling, the price or higher) just to purchase part of a coin. If they improve the trading soon, it will be an awesome exchange but I'm guessing that'll  be a year or more down the road. I wrote my last experience in pink text on the picture. Do not get your hopes up on this if you're not in (southeast) Asia! And you will not waste your time and money for no reason! I'm glad I could help a lot of people out by learning about this website and preventing the problem from happening again.
﻿

Pros

Tons of coins/tokens (probably the biggest exchange in the world): Bitscreener says it has 897 pairs and coingecko says it has 1150 pairs with some shooting up
The app and website, overall work alright.
You can zoom into the minute on the graphs.

Cons

Trading takes a lot of time as an American since the exchange is in Asia. I'm saying 5 to 15 minutes, minimum, for one order, and that's only if you put the right price in!
You will not be able to use any other trade order types besides limit!
When the price changes from your limit, it may just keep your money in that coin for a very long time!
Many of the coins are unused and volatile meaning that they could just drop on you any second.
You will see the price of the coin drop dramatically after you try to purchase it, probably only from your perspective of the market! Or the price increase when you're buying! They may have rigged the app/website to gather this money from you (or had extra legal fees to pay).