DireWolf’s Partnership with Hotbit
What is Hotbit?
Hotbit is a cryptocurrency trading platform based out of Honk Kong and Estonia. Launched in January 2018, Hotbit has rapidly accumulated over 1 million users from 170 countries globally. 90% of the users are from outside China users making it a worthwhile international competitor to other crypto trading platforms like Binance.
Credentials and achievements
Hotbit takes pride in not reporting any losses to users due to security weaknesses in the app itself. They have a B+ security rating according to a claim on their website which is the same security rating as Binance.
They have also collaborated with some of the top audit teams in the world of cryptocurrencies i.e. Slowmist and Beosin. Hotbit have also established good relations and partnerships with F2pool, Spark Pool, Mytoken and HashQuark among other blockchain service providers. Hedgewithcrypto rates Hotbit a 4/5. It also credits Hotbit for a user friendly mobile application, good security with reasonable customer support.
Hotbit takes pride in listing cryptocurrencies that made it big before platforms like Binance listed them. Some examples include NEXO, Beam and Hot (Holochain). They deal in over 200 cryptocurrencies. It is also considered to be incredibly fruitful for newer cryptocurrencies because its easier to list on Hotbit compared to other top trading platforms.
User Data
Hotbit claims to have over a million users from over 170 countries. They have discussion forums on Telegram for different regions. Details for users in these forums are listed below:
Security
Hotbit has not reported any hacks or user-based loss, however, the security claim on their website seems to lead to a broken link. Mozilla Observatory allows you to scan your website and rate it, and it rates Hotbit with an ‘F’. Mozilla allows you to rescan your website every 5 minutes and the results are incredibly comprehensive
Please check the rating here: https://observatory.mozilla.org/analyze/hotbit.com
They also claim their platform takes the following security measures:
- A multi-level firewall system
- Cold wallet storage for customer protection
- 2 Factor authentication to lessen bot accounts and increase user integrity
Lesser information is available on security compared to other major trading platforms that boast their security measures. For these reasons, let us be clear, DireWolf is primarily a community-based token and our community voted for this listing. With that being said, we would highly encourage our users to actually engage in further research before trading on this platform because security concerns do seem legitimate.
Limitations
Hotbit does not work for users in the USA which is unfortunate considering 14% of US citizens have invested in cryptocurrencies.
Hotbit also does not offer margin trading which most major crypto trading platforms do in the world.
Trustpilot has user based reviews. Hotbit has a total of 183 reviews with 73% rating the platform as ‘bad’
Conclusion
Hotbit seems like a decent platform to register alt coins that have not made it to the big market yet. With the number of users Hotbit has, it can easily provide much needed recognition to newer coins and help establish them for bigger platforms like Binance. While they regularly compare themselves to Binance, the comparison seems slightly unfair considering Binance is a much larger and more comprehensive crypto trading platform. Security concerns for Hotbit are prevalent considering a lot of information on their security mechanisms is not available. Their website and introduction pages seem out of date. They have not been updated in a year or so. Apart from that with direct access to the American market and not offering margin trading are also valid points to consider before attempting to list a cryptocurrency on this platform.
Important Links:
1. https://www.hotbit.io/support?page=aboutUs
2. https://www.hedgewithcrypto.com/hotbit-review/
3. https://medium.com/coinmonks/hotbit-review-cd5bec41dafb
