What is Hotcoin Global?
Established in 2017, Hotcoin Global is a cryptocurrency exchange based in Australia controlled by Hotcoin Global Exchange Pty Ltd, which operates under two different licenses from AUSTRAC (for FX and digital currency trading).
Hotcoin Global Advantages
The platform specifically mentions its four advantages. First, they claim to be stable and secure. Secondly, their fiat money deposit and withdrawal system is user-friendly and seamless. Next, it frequently offers sales and promotions for its users. Last but not least, this platform prioritizes customers by providing many support centers. We believe that all of these benefits are important, but we have yet to validate any of them.
Trading Volume
According to Coinmarketcap, the platform’s 24-hour trading volume was USD 4.8 billion on February 16, 2021. As of December 2, 2021, when the analysis was last updated, the volume was around USD 976 million. At that time, the trade volume on Binance was around USD 30 billion.
Hotcoin Global Mobile Support
Most crypto traders prefer to use a desktop for their trading as its bigger screen allows traders to access more of the important data that they use to make trading decisions at once. It will also be easier to display the trading chart. Nevertheless, some people would rather trade cryptocurrencies on mobile devices. For such traders, they will be excited to learn that Hotcoin Global offers a mobile application for their trading platform. It is available for download to/from Google Play and the App Store.
Leveraged Trading
Hotcoin Global offers leveraged trading for its cryptocurrency derivatives products. It indicates that even if you don’t really own the required number of assets, you might receive a higher exposure towards an increase or drop in the value of a particular cryptocurrency by “leveraging” your transaction. Basically, this means that you borrow from the exchange to bet more. We are uncertain how much leverage you may get on this platform.
However, trading using leverage is risky. For example, suppose that you have 100 USD in your trading account and you want to bet it on Bitcoin going long meaning that it will increase in value. If the value of BTC rises by 10%, you will have earned 10 USD. If you had leveraged your trade 100 times, your starting 100 USD stake would have grown to 10,000 USD, earning you an additional 1,000 USD (or 990 USD more than you would have if you hadn’t leveraged your deal). However, the more leverage you apply, the shorter the distance to your liquidation price. This implies that you can lose all 100 USD if the price of Bitcoin goes the other way, which in this case is down. Remember that the more leverage you utilize, the smaller the opposite price movement must be for you to lose your investment. There are no risk-free profits in leveraged transactions, therefore as you might imagine, the risk-reward ratio is quite precise.
Hotcoin Global Trading View
Different exchanges also have different trading views, where you can see the price chart of a certain cryptocurrency and what its current price is. They generally support buy and sell boxes, where you can place orders concerning the relevant crypto. Besides, at most platforms, you will alsocan check your order history ( previous transactions involving the relevant crypto). Everything is in the same view on your desktop but there are modifications to what we have now described. Here is Hotcoin Global trading view:
It is necessary for you to decide which is the most appropriate for you. In addition, there are usually several methods available to you for customizing the trading display to your preferences.
Hotcoin Global Fees
Hotcoin Global Trading fees
The exchange charges you a trading fee each time you place an order. Usually, the trading fee is calculated as a percentage of the trade order’s value. Exchanges often distinguish between takers and makers. The people who “take” an existing order from the order book are known as takers.
Hotcoin Global offers a flat fee, which is the same amount charged by both makers and takers of 0.20%. These flat fees are around average for the worldwide industry for centralized exchanges, or slightly higher. The industry average spot trading fee for makers was 0.164%, and for takers was 0.217% according to the largest and latest statistical examination on typical crypto trading fees.
As a result, Hotcoin Global trading fees are a little below average for takers and slightly higher for makers.
Hotcoin Global Withdrawal fees
According to the latest information on the topic that we are aware of indicates that the average for the worldwide industry at this time is 0.000643 BTC for every BTC withdrawal. However, a withdrawal fee of 0.0005 BTC is calculated by Hotcoin Global for each withdrawal of BTC, which is a competitive withdrawal fee.
Deposit Methods and US-investors
Deposit Methods
To start trading here, you need a cryptocurrency first as you can deposit crypto only with Hotcoin Global. If you are a big fan of Hotcoin Global but haven’t purchased any cryptocurrency yet, you may simply open an account with an exchange that offers “fiat on-ramps” (an exchange where you can deposit fiat money), purchase cryptocurrency there then move it from that exchange to this one. To quickly identify the platforms that support credit card deposits or wire transfers, you can use Exchange Filters.
US-investors
Why do so many exchanges not allow US citizens to open accounts with them? The reason is the SEC (the Securities Exchange Commission) because the US does not allow foreign companies to solicit US investors unless they are registered in the US (with the SEC). The SEC can sue overseas businesses that keep seeking US investors, they have brought legal action against cryptocurrency exchanges on several occasions, one of which is EtherDelta as operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. More cases will likely continue after that.
We are uncertain whether Hotcoin Global accepts US investors or not since after reading their terms and conditions, we could not see anything specifically prohibiting US investors. However, we highly recommend all US investors analyze their own conclusions regarding the permissibility of their trading at Hotcoin Global.
Hotcoin Customer Support – Which Customer Service Options Does Hotcoin Support?
If you have any issues, you may contact Hotcoin Global’s customer service representatives via many types of methods, including:
Live chat: Users may utilize Hotcoin’s live chat function to ask questions in real time and get immediate assistance from the support staff.
Email support: Hotcoin provides an email support channel specifically for users with detailed questions or particular problems, guaranteeing thorough responses to meet their demands.
Help center: A one-stop resource providing the latest announcements and a comprehensive FAQ (frequently asked questions) section, ensuring that users have access to essential information and help, making their Hotcoin trading experience more efficient.
Hotcoin Reviews – Customer Feedbacks
There are differing viewpoints available about consumer reviews. Some users have expressed concerns, yet many users also praise the exchange, highlighting its prompt customer service, dynamic interface, and dependability. Some traders complain that the network has delays or has trouble receiving the verification codes while signing up.
This disparity in experiences is further reflected in the 2.7-star rating on Trustpilot. Although it means that Hotcoin has its advantages and an enthusiastic user base, the ranking also points out that the platform needs some improvements.
Final Thoughts: Is Hotcoin Right for You?
Hotcoin Global Exchange has established itself as a reliable platform in the crowded cryptocurrency market by providing a variety of trading tools and an obvious objective on user experience. It’s an exchange that respects feedback and strives to improve its services in response to customer demands.
However, selecting a cryptocurrency exchange is a personal decision that depends on one’s trading habits and preferences. Hotcoin is a platform that may be interesting for people searching for a platform that offers both an easy-to-use UI and a quick support system.
FAQ
Is Hotcoin reliable?
Indeed, Hotcoin Global is a reputable cryptocurrency exchange with its main office located in Australia. Although the platform has several benefits, such as affordable prices, potential consumers should be aware of some restrictions. Before choosing Hotcoin Global, please take into account its absence of KYC verification, the unavailability of fiat deposits, and its inaccessibility to US residents.
Can US investors take part in the Hotcoin Global exchange?
Unfortunately, US citizens are unable to access Hotcoin Global at this time thus they should look into other cryptocurrency exchange providers that adhere to US laws and guidelines.
How much does Hotcoin charge for fees?
Hotcoin Global charges a competitive fee structure of 0.2% for standard users as previously highlighted in our analysis of Hotcoin Global.
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