A brief history
The launch of bitcoin and other cryptocurrencies has brought with it a technological revolution that has been spun out to developing industries other than the finance industry. Whilst the common goal of everyone that has identified with this industry is its global adoption (which is happening fast), a much faster development is taking place in a very important part of the Crypto industry- the exchanges, where the buying and selling of cryptocurrencies take place.
Exchanges have always played a very vital role in how the Crypto Industry is perceived. While some previously established exchanges before the boom of 2017 (Mt Gox, bitcoinica and many others) have gone down and dragged bitcoin prices with them, other exchanges have emerged and are proving themselves to be capable of transparency, great customer care and most importantly, portraying cryptocurrencies in a much better light. These exchanges include hotbit, Huobi, Binance , Kucoin to mention a few. In a quest to be the best exchange out there, a healthy competition amongst these exchanges has brought even more awareness to the cryptocurrency market and has created a thriving environment for more crypto traders. One exchange that is clearly standing out and performing distinctively well is Hotbit.
Hotbit (website- https://www.hotbit.io) is a cryptocurrency exchange that was launched in January 2018 and located in Estonia. This exchange pulls an average 24-hour trading volume of over one billion dollars, thanks to its aggressive listing pattern that has provided over 700 trading pairs to its users. The qualities that one looks for in a cryptocurrency exchange- great customer support system, ease of use and security- are qualities that Hotbit has successfully maintained (writing from personal experience). In addition to these qualities, hotbit offers other services that have helped it secure a top position in the very competitive exchange space. These services include:
Liquidity
As mentioned earlier, the hotbit platform is home to about 747 trading pairs and a daily trading volume of over $1bn, ahead of so many reputable exchanges in the industry. This trading volume provides enough liquidity for the big players of the crypto industry. Also, the platform has a knack for listing undervalued tokens with great potentials. This makes them very user friendly, as you can find just about any great coin/token that you’d like to trade. Exclusive listings of high valued coins are also not new to this exchange, as they recently conducted sales for Telegram's widely anticipated token, 'gram'. A “No-KYC-Required” could also be attributed to why there are several users willing to trade on the platform (not everyone wants their KYC data stored).
Withdrawals are usually very fast with minimum limits as low as 5dollars for some tokens.
Incentives for Traders
All year round, the hotbit exchange always organizes trading competitions for traders and rewarding them generously with tokens for each competition. These competitions are usually (not always) at the listing of a new token and lasts for up to a week. The aim of these competitions is to continually incentivize traders who use the platform and reward them for loyalty and trading prowess. A great example is the just concluded ‘Search for the King of FSN’ trading contest. Airdrops (free tokens) are also given out from time to time to exchange users.
Hodlers’ Reward
For selected tokens, hotbit offers rewards for users who hold a certain number of these tokens for a set time. These rewards are paid into users’ accounts every day after a snapshot of the total holdings has been taken. This is a very special way of passive income for crypto traders, and Hotbit is making it even easier for its users. There are up to 17 different tokens that a hotbit user can hodl and get paid every day. Most of these tokens have proven to do well even in bear markets e.g Tomo, PCX, USDT, FSN, BTC and so on. No registration of any sort is required, just leave your tokens on the exchange and earn daily.
Fixed Term Investment Function
This is a very special feature of the Hotbit Platform. The fixed term investment function offers annual interests of up to 178% for PCX and up to 25% for FSN. Others include BTC, USDT, ATOM, ETH, and USDX. This service looks more like staking, but it’s much more flexible as you can withdraw your tokens at any time with the interests paid on it. This investment is of very low risk and one can start with as low as 10usd(t). Various times are available for this fixed term- 30days, 90days, 180 days for optimal flexibility for the hotbit exchange user.
Conclusively, Hotbit has strived to have something for everyone-traders, hodlers, and beginners. Most of these functions can be found on the home screen of the hotbit exchange platform with clear cut directions on how to benefit from these services. For a platform that is less than 2years old, the future is looking very bright. It wouldn’t be a surprise if they have more than 1000 trading pairs and leverage functions for traders by the first quarter of 2020.
As cryptocurrencies continue to be globally accepted, we would definitely see new exchanges spring up. One thing is clear though, the already established ones that are here to stay are doing all the right things. Hotbit is one of them.