Review on Hotbit by Stephen Toluwani
A user centered exchange
Hotbit is a centralized exchange that has come to stay as they provide services that are not popular in the market nowadays. From the numbers of coins that is being traded on the exchange to its positive balance to it's market makers, the exchange sure is a lot to some traders. There are four different wallet balances on the exchange wallets which includes
1. Trading balance: this is where every direct deposits enter the exchange and is used in trading activities
2. Game balance: this is another wallet area which I couldn't explore due to the high minimum deposit reasons I explained to the support team.
3. Investment Wallet: this is where users stake their coins for daily accruals.
4. ETF balance: the exchange traded fund account is another balance on the exchange which needs improvement for new users to understand.
The platform has an easy to understand User Interface for the app version and also security for users funds through their 2 factor authentication system which comprises of email/phone number code and Google authentication. Not many exchange provide this service for their withdrawal features. The greatest downside of the exchange is the high withdrawal fees which are not dynamic. The platform still needs more improvement in areas like adding price alerts so users can be updated on latest price Apart from the withdrawal fees, the platform is a great exchange.
Pros
- Has a large range of coins on its platform for traders to choose with many trading pairs
- There is very high liquidity for many currency pairs which allows traders to fill orders quickly
- Provides market makers with liquidity fees for adding liquidity to the market
- Hotbit exchange has a very clean user interface that allows new users to understand how to place and take orders; it was even the first centralized exchange I have ever used as a beginner in the crypto market
- Allows staking of coins for daily interests
Cons
- Has crazily high transaction fees for withdrawal
