Hotcoin Global Review – Fees, Supported Countries & Coins, Payment Methods
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Hotcoin Global Overview
It is clear more than ever that the crypto market is growing rapidly with more and more people investing in different crypto-assets. In the sea of different cryptocurrency exchanges, investors and traders have to do their own research and decide what are the ones that suit their needs and goals.
In this article, I will take a close look at one of the exchanges that stands out recently. The name of the exchange is Hotcoin Global.
Hotcoin Global is a cryptocurrency exchange based in Australia. It was launched back in 2017 so it is still a relatively new player on the market. The headquarters of the platform is in Sidney. The owner of the platform is the company called Hotcoin Global Exchange Pty Ltd.
The main purpose of the platform, at least as per their website, is to offer safer, easier, and faster digital asset exchange trading services to all users. The ultimate goal of the project is to be the world’s leading crypto trading platform.
Another goal of Hotcoin Global is to establish a “globalization, transparency, and service-leading” brand in the blockchain world. All of these ambitious goals sound pretty nice, don’t they? I investigated the platform thoroughly, so let me share what I found and let’s go into the details.
Services & Features
Hotcoin global is one of those exchanges that implemented various services and features so that it can stand out from the competition. Let me break the most important features.
Exchange and Trade
First of all, Hotcoin Global is a cryptocurrency exchange, and therefore, the most used feature on the platform is definitely exchanging. To be precise, HotCoin Global offers the only basic type of exchange, while advanced features such as OCO (One-cancels-the-other) are not available.
Hotcoin Global offers its users a basic feature of simply buying and selling different crypto assets. A variety of cryptocurrencies are available to trade, and exchange on the platform, but more about the supported coins on Hotcoin Global later.
The exchange feature offers various useful trading charts you can use to find more information about the crypto you would like to buy (or sell). When you have time, go through these charts
At this point, it is good to note that all opinions and suggestions written in this article are not considered financial advice.
It took me some time to find the “Margin” button in the app and at the end, I found it in the “trade” tab which makes sense. But, all I found here was the “Maring function is coming…” message which means this feature was not released yet (November 2021).
In general, margin trading is actually using capital boexrowed from a broker to invest in some crypto assets. Unfortunately, I can’t tell you any details about the margin option at Hotcoin Global at this point. It is nice of them that they want to implement this feature though.
When it comes to derivatives products, Hotcoin Global offers its users leverage trading. Leveraged trading means that you can gain profits based on some cryptocurrency price fluctuations without actually owning the asset. In other words, you borrow money from the exchange in order to bet more.
In the derivates section, you can find a few different trading tabs such as positions, open orders, and order history. There is also a button “Open Futures” that you can use if you want to work on futures trading. For those of you who do not know, futures trading is a method of speculating on the price of assets, including cryptocurrencies in the future, without actually owning them.
Futures trading is particularly popular among experienced traders. This is exactly why Hotcoin Global has an interesting quiz you need to take before actually doing futures trading. When you tap on the “Open Futures” button you will be directed to a new page with a few questions – all of them you need to answer correctly before trading.
A big bravo for Hotcoin Global for this since they wanted to avoid the situation where an inexperienced trader goes into risky futures trading. Questions are not easy at all and all traders who do not have a lot of experience will have issues answering them.
Yet another service offered by Hotcoin Global is related to finance and we can divide it into earn and loans sections. Both of these are pretty easily accessible from the Home tab. So, let me explain each one.
Hotcoin earn is a feature you can easily find on the home tab of the Hotcoin Global app. A crypto earn account or crypto savings account operates mostly the same way as a normal savings account. Instead of depositing cash to earn interest, you deposit crypto-assets and earn crypto interest in return. Sounds easy and logical if you ask me.
On Hotcoin earn tab there are two options – Steady Flexible and Fixed-income locked. These are actually flexible and fixed earnings.
The term flexible does not need much explanation, you are flexible with your earning, you can either trade with them or withdraw it. You make a steady profit by lending your crypto to Hotcoin.
A fixed earnings account does not need much explanation either. The coins are locked with the exchange and the exchange uses it to generate rewards for savers. Before generating rewards, you need to deposit crypto-assets and earn crypto interest in return.
Above the “Hotcoin earn” button, there is the “Crypto loans” button. Crypto loans work pretty much like traditional loans, you can deposit an amount in the borrower’s bank account and then the borrower pays EMIs (equated monthly installment) to the lender.
In the crypto world, to put it simply, Crypto loans are loans given to a borrower (Hotcoin Global in this case) in exchange for your crypto assets as collateral. In the “Crypto loans” section on Hotcoin Global, there is a button “Borrow Now” and once you tap on it, you can start the loans process.
Hot Launch is another feature next to earn and loans buttons. There are two tabs in this section “On-going” and “Completed” and the first one seems to be empty with the message “Coming soon…”.
In other words, it looks like there are no hot projects for sale on Hotcoin, at least at the time of writing (November 2021). I think this shows the team around Hotcoin Global is not that serious about this service going forward.
In the “Completed” tab you can see all projects that are finished, and what was their price. POC, IMET, or ECELL are some projects finished here.
Hotcoin Global supported coins
Hotcoin Global supports various crypto assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP (XRP), Ethereum Classic (ETC), EOS (EOS), TRON (TRX), Chainlink (LINK), Bitcoin Cash (BCH), Dogecoin (DOGE), Cardano (ADA), Huobi Token (HT), and many others. There are literally more than 100 supported coins on Hotcoin Global which is a big plus for the exchange.
Hotcoin Global Deposits and Withdrawals
On Hotcoin Global the only way to deposit funds is if you own some cryptocurrency (supported by the platform of course). In other words, if you do not own any cryptocurrency yet, you can’t use Hotcoin. The positive thing I found about the deposits system here is that it is very smooth and easy, at least as per the user’s reviews.
Once you click on the “deposit” button, you will need to select a cryptocurrency you would like to deposit. Once selected, the platform will show you an address where you need to send it from your wallet or exchange.
However, if you indeed like Hotcoin, but do not have any crypto yet, you can buy crypto via some exchange that does support regular money deposits and then come to Hotcoin Global and deposit those crypto funds there.
Withdraw system also seems to be pretty straightforward and easy to use. But, you have some fees here, let me break that down in the next section of the article.
Hotcoin Global Withdrawal Fees
Hotcoin Global charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. This fee is pretty fair since it is close to the world’s average (around 0.0006 BTC).
Hotcoin Global Trading Fees
Every time you try to trade or let’s be precise, each time you place an order, Hotcoin Global will charge you a trading fee. Most of the time, the exchange divides trading fees between takers and makers.
On Hotcoin Global, both of these fees are the same – 0.20%. Again, these fees are close to the world’s average, so Hotcoin is definitely competitive in that sense.
Does Hotcoin Global have mandatory KYC?
No, I did not find a mandatory KYC (Know Your Customer) verification system on Hotcoin Global. Once you register and verify your email, you can immediately deposit crypto and start using Hotcoin.
Hotcoin Global supported countries
The name of the exchange is Hotcoin Global so it can be used anywhere around the world, as the name suggests. However, as previously mentioned above, Hotcoin Global is not available in the US, so this is definitely a negative side of the platform.
Are US investors allowed on Hotcoin Global?
A significant part of the crypto exchanges does not allow US citizens to use their platform due to the SEC (the Securities Exchange Commission). Hotcoin Global is one of those exchanges since it is not available in the US.
Does Hotcoin Global have Fiat Deposit?
No, Hotcoin Global does not support fiat deposits.
Does Hotcoin Global have a Native Token?
No, the Hotcoin Global exchange does not have a native token.
Is Hotcoin Global legit and safe?
I would not say Hotcoin Global pays much attention to safety since they do not have a KYC verification system. However, they do have some safety measures. For example, there is an additional password you need to set in order to deposit funds (and each time you try to deposit you need to type this password).
Other than that, Hotcoin Global is a completely legit platform since it has thousands of users every day.
Hotcoin Global is a completely legit cryptocurrency exchange based in Australia. In general, the platform has some benefits, but also a lot of flaws and negative sides. Fees are pretty fair, but the lack of KYC verification, no fiat deposits, and the fact that the exchange is not available in the US are all things you should consider before using Hotcoin Global.
Of course, as always, please do your own research and decide whether you want to try out Hotcoin Global, or not really.
If you are not fond of Hotcoin Global, Make sure to check out our guides on other cryptocurrency exchanges:
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- AscendEx (former Bitmax) Review: Fees, Supported Coins, Security
- MXC Exchange Review – Is MEXC Legit & Safe To Use?
- FTX.US Review – Fees, Supported Coins, Payment Methods
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What devices can I use Hotcoin Global on?
Hotcoin Global is available on desktop (PC or laptop) and there is a standalone mobile app, available both on iOS and Android mobile devices.
Can I trade with leverage on Hotcoin Global?
Yes, Hotcoin Global does offer leverage trading. This type of trading is considered risky though, so please make sure you do your homework before going into it.
Does Hotcoin Global report to IRS?
I think the answer is no here (not 100% sure though). Since Hotcoin Global is not available in the US, I don’t see any reason why would they need to report to the IRS.
Is Hotcoin Global Safe?
This is a tricky question. I’d say yes since the platform is used by thousands of users every day, and I have not found any heavily negative reviews on the internet. However, the lack of mandatory KYC verification is always a red flag for me. It is just that you avoid a lot of scammers with that kind of verification method which immediately increases the safety of the platform.
- A significant number of cryptocurrencies supported
- Available on desktop and mobile phones (both iOS and Android)
- Fees are competitive and not that high
- No mandatory KYC verification
- No fiat deposit is available
- Margin trading is still not established
- Hot Launch tab is empty and not useful
- Not available in the US